Southern telegraph. (Rodney, Miss.) 1834-1838, 1837-08-22

.olid wealth lhan can he found clswhcre in
he United States, aud vas the location OF
he two former Banks established un'ler the
Of Washington and Madison;
in the winding up of which not IA dollar was
LOST to he stockholders; lhelr capital stock
was returned to them in each case, and "a
final dividend OF surplus VI twelve rar cent.
at lcas', was also paid 10 t':tm; indeed -
settlement recently made with the govern
mcnt Tor its proportion Of the capital in the
late B3Hk was at a rate OF lmc.hlnL more
;hon 10 per cont Pennsylvania is the
most-central State, and is also ono OF the
ltrsesl agricultural, commercial and man l.
featuring States in the Union. These cIE-
cumstnecs contribute largely to the s'ea-
dncss aud uniformity IN tie use Of credit
there and consequently establish AMI keep
the val re Of The representative convertible
pap.r money at a fixed or nearly certain
rate.
Thcunity REORGANIZATION fthc monoycd
capital in Bank Of Discount ur Depo'l;c,
cnlcr the sanction Of the Government, al q
central position, where there Is wealth aud
intelligence to insure ildirinus mlnlge-
mcni Of is ali'lrs. and for the purpose oi
issuin paper is Indispensable to the rcga-
latian of die exchange and success Of the
trade and commerce of our country. No
thing short of such system can succeed.
and any substitute that may he attempted
win prove aborIive; it is precisely that
winch is suited to the genius Of our people.
and was rec amended to Congress at the
fOrmation Of the Government by that DIS
cngui,hed Statesman AlcVander IItmtio u.
II IL one also that has been well tried by the
experience offorly years, during which pc
riod iha most extraordinary political events
and vicissitudcs of fortune in commercial
af'irs have occurred in Europe and Ameri-
ca that can be found upon the pages Of his
tory; and yet neither the fist nor the last
National Bank ever suspended specie pay
ments for single day, or failed TO collect
and dlsburse the revenues of the country, or
to pay their amount in gold and silver Both
these institutions succeeded in equalIzing
our domestic exchanges and furnishing them
below the cost of the transportation Of sPc-
Gle.
The late Bank of the United States as
the fiscal agent of the government perform
ed ali the duties imposed upon it by the char
ter with promplltude aud success which
the most slnguine of its friends could moi
have anticipated. Under lis control and
agency the public funds were collected and
disbursod in every state in the Union, in
currency equivalent to gold and silver; and
the domestic exchanges were SO nearly
cqnallzed that the vibration between the
most distant places in the year 1880 did not
exceed one 10 one half per cent, although
Only about six months prior 10 the com
mcncemcnt Of the operations of the Bank,
the exchange between Blllimore and New
York, in time of peace, was at a premium
Of la per cent. in favor of the latter, and
between Richmond ana Baltimore at s per
cent against the former.
Indeed such was the well established Gre
dit offhe institution abroad and at home that
It's Bills on LONDON were RENTED by oar
merchants to China, India, South America
aud elsewhere, in preference to Spanish |
dollars; and but for the Termination Of the |
chatter the benefits to tho foreign commerce
Of orr country, by means of the extensive
credit system, established by the B ak, |
would have been equal in all respects to
the export Of 50 much actual capital in mo-
ney, or meFch1nlize; and its effects or in |
ilncuce upon foreign trade would have been
precisely equal to the same amount of ad- !
dilional capital
The resumption Of specie payments viii
probably NJ; be attempted without the aid Of
a National Bunk, in shorter period than
two years. We must first greatly reduce
or debts to England. by export of specie,
which will now daily find its way from the
interior to the seaboard, in consequence of
The premium offered for it: and we must
have benefit also ofat least two wears crops
)t grain, cotton, tobacco, e.. The suspen- |
sion ought to have taken place three months
earlier, which would have prevented the
'dcrtl e of commercial credit and propertv
o a great extent. That wise measure was
escorted to by the Blnks at New Orleans
before they heard that it had been adooted
1t the North, Notwithstanding their specie
means were greater in proportion to their
'ircullilon, than the Banks possess else
where: and they assigned the true reason
or It's adoption, "that it was necessary 10
prevent the general ruin of the merchants
md planters Of louisiana" And as it is
low obvious that the course pursued by the
Banks will receive the sanction of intelIi,
.ent people generally throughout the United
states, the constant discussion of the pro-
nety OF The measure, or of the period ut
WHEEL! 1t will be proper to resume its paw |
nent Is out ofplace, atthis time, and can do /
o possible good; but may be productive of {
zach harm, as it only serves to agitate i
ne minds ofthe timd and uniformed. and c
} depress the value of stocks and every J
'cces Of property. Besides it has ten 5
ency to prevent the return of confidence Y
nd the resumption of the general business q
'ncerns of or country, upon which all i
asses of or citizens depend for profitable /
and until this desirable OBJ t