Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-07-08
IOWA NEWS.
DU BUQUE, SATURDAY, JULY 8.

Our exchange papers are almost entire
filled with articles on the subject of Natio
al Bank, State Banks, and the pressure. Fro
the tone Of the Wing press, it is rendered ce
tain that strong efforts are to be made at til
special session of Congress, for the charter ,
"National" Bank, t. take the place of tn
''United States" Bank, consigned to its gray
BY the people Of the United States.---This
thought BY the Wings to be proper time t
urge the establishment of Bank, in conse
quence of the general suspension of specie nav
ments by the State Banks; but we are Of opiu
,en that he'.'ere: .', they may raise the pres
sure, and loud may be the explanations of ruin
bankruptcy, and the impossibility of transact
ing the business Of the country without the cir
cuiatlon of the notes of Bank chartered and
however corrupt, sustained by the general 90
vernment, no such Bank can be chartered by III,
nextsession of Congress, and we are warranted
oythe most sacred pledges, that should such {
Bill pass both houses Of Congress, it can ne.
yer receive the sanction of the Executive
The plan Of National Bank has never vet. ir
our opinion, been given that could receive the
sanction of the President, and the BAsK1yc
SYSTEM will greatly change before such can
Dc the case, unless the confidence Of the peo.
PIE be betrayed; and we have no reasons 10
anticipate such an occurrence.
while the enemies Of the administration are
using the existing state of affairs as an evidence
OF the necessity for such Bank, we consid.
er it as strong and conclusive evidence why
such Bank should not be chartered. The
conduct of the Banks is such that any one
must see the dangerous tendency of the sys-
tem---a system which, unless checked by laws
forcing them to comply with the .Promise to
pay" specie "oN DEMAND will bring certain
and lasting ruin on the country.
II the constitutional currency, gold and sill
yer, is required for all the sources of revenue
to the government, it is essentially necessary
that no such privile yes be granted to institu-
tons, that they may at pleasure refuse to com
ply with their obligations, without mourning
any penalty. The currency esta blished by law
Is the only circulating medium that can be US
ed without injustice to large portion Of the
com nunity, for as much as the circulation Of
notes exceeds tho amount of specie for their
redemption, SO much is the value of money
reduced--'and it is no argumen. in favor of the
establishment of Banks, that there is not suffi-
Client specie for tho business of the country.
What difference can it make as 70 what ,,,,,n.
OF money is engaged in the general business Of
the people, if every thing is brought down to
the standard value of specie! In proportion as
'ss amount ofpaper put in circulation, the nc
cessaries Of life rise, SO that it will require the
same amount of Industry to acquire the means
of purchasing, the necessaries as il would were
1t at lower price. The late inundation of the
country with paper money, not one fourth Of
which can be redeemed with specie, has been
source Of great evil to the community at LARGE.
Men OF small means, who once were industr- |
GUS cul'ivators of the soil, have, with perhaps
not more than five hundred dollars, ceased their
honest vacations, and seated themselves down
in idleness, and set their heads TO work to stu
dy out plans of speculation, by which they can
make living without industry. 1t is fact,
beyond the power of refuta,ion, that industry
IS the only means by which community can
enrich themselves, and the idle portion are but
tho moths or canker worms that destroy the f.
nal fruits Of industry, and leave it in a |
state Of dependency. Then if Banks, which
can yield great per cent. upon the amount
Of specie paid in. the excess must rise from
tho laboring part of the community, and of
course they arc the sufferers. The Bank Of
the United States, which paid bonus Of half
a million to the government for its charter, was
assured that it would be nouo the looser, but
knew that from the people must como this largo |
amount. We consider such transactions as
but bride given to the government for the
privilege Of robbing the people Of the same.
It is urged by the Fedcralists, or modern
Wings, that the convenience Of transportation
is reason sufficient to satisfy them that a Ma.
tional Bank ought to be chartered, and why
the constitutional currency should be laid a.
way. II the necessity Of paper for transporta-
ton be of SO much importance, let the wealthy
who deal in nought but thousands, petition for
charter to secure them in their transactions.
and issue notes, payable on demand, backed
by the same amount Of specie, SO that let the
worst come, they may fear it not. This would
secure it confidence at home and abroad.
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We understand that wheat crops in the coun-