Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-13

! 1900.
The bank went into Operations, and its success
was great and Instantaneous and during the whnlr
period Gifts existence, there complaint of the
state OF the currency of the exchanges.
Aud now, SIT, let me ask, what was II that gave this
success to the new institution Its capital small
aud Government had = participation in its drec-
ton IL committed cntfcl, 10 indI, dual manage
mcnt and control.
Its notes, il is true. made ,vabe IN pay
mcnts 10 Government that WAS one advantage. 1t
had solid capital and lis paper At all times
,erble into gold and silver At the will and pleasure
OF The holder that was another and most impor-
tant ground Of its prosperity. hut, sill, there
WAS something more Than all tins. There was
something which touched mems sentiments as
well rs their understanding. There was cause
which carried the credit of the new born bank
the wings OF the wind, 10 every quarter aad every
extremity oi the country There charm
which created trust, and td,h, aud reliance, not only
IN the great marts Of commerce, bat every corner IN
10 winch money, III any ioun, could penetrate,
That cause was its nationality Of character. II had
the broad seal ofthe Gnonto its charter. Il the
institution OF the nation, established by that new
Government, wh,eh the People altcad, loved and
1t was known 10 be designed revive and foster that
commerce, which had long been PROSTATE and
hcless
Mr.. President let il be borne in mind thal | am
not NOW arguing the constllntionay, OF present
pedicncy, Of II banh ui the fnited States. My
timcnls already we'll known Oh that subject :;
and, II they were not, the subject i, nol now before
But have ndserrd to the history of the first bank
aud examined the grounds On which, and the purpo-
ses o which II established III order to show the
fact, that tins Government, from the first. has
knowledgcd the Important duty aud obligation of
providing Tor currency aud exchange rs part oi the
necessary equation 81 commerce. do not mean
Al present. 10 say HAT abanh Is The only, the indis
pcn~abe, means by which tins duty can aud must be
Yet will not set limits TO the wisdom and sagacy of
gcntcmcn III tho Invention and adaptation o means.
II they do not like bank let them Try whatever they
do like. Ii lhey know better instrument Or agent,
let them use it. But maintain that the perform
ancc OF the duly. by some means. or some inslfn-
mcnt o, some agent, IS Indispensable aud SO long
it shall be neglected, So long the commerce
and business Of the country must suffer.
The history OF The lac Bank ofthe United States
mauicsls, clearly that ol the first, that the
Government, III creating it. wa, acting ayo"edly, IN
execution oi it, duty, in regard 10 the currency.
Fiscal aid except 50 ia asthe furnishing OF
rency was concerned, WAS hardly thought Of II.
bills were made receivable for revenue, indeed but
that provision, rs far asst went WAS ooyousl" ,,o
vision for eur1cay. currency for tho revenue,
however, was not the leading object The leading
object was the currency for the country.
The condition Of things at dat time was very
much like that which NOW exists. The revenue OF
the Go,ernnlent VAS entirely adequate I" all It's
wants but lis operations all ohsructfd by the
arrangement Of the currency. aud the People u.
bad oil As the Government. The banks, most Of
thc'n had suspended payments. Their paper was
Deprecated IN .arIou. degrees the ex,lunges were
all dlsordcred. AMI the commerce ol The county
thrown INTO confusion. Government aud People
were all rich; but, with all their riches, they had
10 money. Both mis- hl apply 10 themselves what Nj.
Addison, being u much reader writer Than speaker,
said of hiuscii when he observed. thai although he
could draw lor thousand pounds, l1c bad Eota gui-
ia his pocket
Mr.. Madison Il lhai linr, President Of the
Enicd States. lie had been OF the opposers OF
thc first bank. constitutional grounds but he had
Welded hi, opinions 10 the General sentiment Of
the country aud 10 the consideration that the power
had been established aud exercised. lie was
who carried his respect for himself, aud his own o.
piuous lar overcome Ia, respect iof all 9TH
Ell mems judgments. WI se men, sir, are 50 uetimcs
wise enough TO surrender heir own opinons or at
lea, TO that there !. time when questions must
he considered rs srulrd. Mr.. Madison was one of
rhcsr. In his annual Message IN December, 1915,
he SAYS:
The arrangements Of tie finances, with view
the receipts and expenditures Of permanent peace
establishment, will necessarily enter into the dclbc
f1tIuns OF Congress during the present session 1t Is
true. that the improved condition Of the public
venue viii not only afford the means OF maintaining
the iah o the Government with lis creditors n,lo-
late, aud OF prosecuting successfully the measures Of
the most liberal policy. but viii also justly an imme
diaIe alienation ol the burdens Imposed by the ne
cessltIcs oil the war. 1t is, however essential TO
~ modification OF the finances that the benefits of
uniform national currency should be restored 10 the
community. The absence Of the precious metals
will ii i, believed, be temporary evil but, until they
tan again be rendered the general lne,utn OF eX-
change. IT drvolvrs tie wisdom of Congress to
provide 4 substitute. which shall equally engage the
confidence, and accommodate te wants of the cIli-
zcns throughout The Union. II The operation Of the
State banks cannot produce thls result the probable
operation OF national baun VIII merit cousde, alton
aud ifncher Of these expedlens be deemed cllrcual,
may become necessary To asccr in the terms upon
viii, h the notes of the Government (no longer
CURED as an instrument oi cedit) shall be issued,
upon motives OF general policy, as Il common mcdi-
um Of circulation"
Here, sir, is the express recommendation TO Con
gross to provide a NATIONAL tuERENcY," Il pa
per currency, for the uses Of the community, as Il
substitute iui the precious metals and us medium
Of exchange. 1t deyoycs Congress, says Mr..
Madison, To provide such substitute as SHAH en-
gage the confidence aud accommodate the wants o!
the citizens throughout the Union aud If the State
banks produce this result, national bank will
merit consideration Can language be more explicit
Currency, national currency, currency for exchange,
which shall accommodate all the People, Is the
great and leading, and may add The sole and single
object the recommendation
Contrast now sir, this language, and these senti-
menis, with those OF the Message before Dad
Mr.. Madison confiue his recommendation to such
mcs of relief rs might be useful TO Government
merely Did lie lookexclusiveiy to the Treasury (!
Dad lie coutent himself with suggesting proper
| medium for the receipt Of revenue, or proper de-
poste for its saie-heepiug! Far otherwise His
view general, statesmanlike, and fitted to the
,r.., al tl,. avid .vH