Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-09-13


On no question OF domestic policy IS there
stronger evidence that the sentiments of a
large majority are deliberately fixed, and /
cannot concur with those who thidk they see,
in recent events, proof that these senti-
lnents are, or q roason that they should be-.
changed.
l Events, similar in thcir origin and charac-
ter, have heretofore frequently occurred with
out producing any such change; and the les
sons of experience must be forgotten, If we
suppose that the present overthrow CT credit
wtald have been prevented Ey the existence.
Of national Bank. Pronencss to excessive
issues has eyer been the vice Of TIE banking
system; avicc as prominent in National as IN
state institutions. This propensityisas as sub
servient to the advancement OF private inter-
tests in the one as in the other;. and those who
direct them both, being principally guided ny
thc.same views, ard influenced by the same
motives, viii be equally ready to stimulate
extravaganza of enterprise by isnproyldence
of credit. How strikingly is this conclusion
sustained by oEperience> The Bank dt The
:! United STATES, with the vast powers conferred
on it by Congress, did not or could not prevent
forper and similar embarrassnlents; nor has
the still ereater.SiEength it.has been said TO
! possess, under its present charter, enabled il,
in the existing emergency, to cheek other in
s.itutions, or even io'save itself. In Great
Britain, where, it has been seen, the same
causes have been attended with the same ei-
.! tects, a national bank possessing powers far
greater than are asked for by. the warmest ad-
tocates of such an institution here, has also
! proved unable to prevent an undue expansion
| of credit, and the evils that fow from it
Nor can | find any tenbe groln1 fer the
establishment OF a uationaf bank, III the
arrangement alleged at Fsesent to exist IN
the domestic exchanges OF the country, or
in the facilities it may be capable of aaors-
ING them: Although advantages of this sort
were anticipated when the first Bank of the
United States was created, they were regard
ed as an Incidental accommodation; not one
far which the Federal Government Was bound,
4. or could be called upon to furnish. ihe &C,
commodation is now, indeed, after tie lapse
Of rot many years.. demanded from 1t IS a
mcngst it's first duties; and an omission to
aid and regulate commercial exchange, IS
treated as ground of loud and serious com
pliint Such rcsul;s only serve to exenpkfy
the constant desire: among soma of our Gill:
zens to enlarge the powers of the. Govern
. ment, and extend It's cohtrol'to subjects with
which it should not interfere. They can
never Justly the creation of an institution TO
promote such objects. On the contrary, they
Justly excite among the community more
dgent INQUIRY into the character OF those
operations OF trade, towards which it is desi-
red TO extend s@ch peculiar favors.
]. The various transactions which bear the.
name of domestic exchanges, differ essential
ly in their nature, operation, and utility: One
class of them consists of bills Of exchange,
drawn for the purlcss of transferring actual
capital from one part of the country to anoth-
er, or to anticipate the proceeds of properly
actually transmitted. Bills OF this descrlp-.
tiop arc highly useful in the movements 'of
trad4, and well deserve all the encouragement
which can rishtiuliy be given to them. An
other class is made up of bills of exchange,
not drawn TO transfer actual capital, nor on
the credit Of property transmitted, bnt to
create fictitious capital, partakmg at once OF
the character of notes discounted in bank
and of bank notes il circulation, and swelling
the mass of paper credits to a vast extent IN
the most Objectionable manner. This spe-
cies of traffic, instead of being upheld, ought
Ito be d:scorn:eaaaced by the Government
and the people.
But it was notdcsigGed by the Constitution
that the Government Should assume tie man.
acement of domestic or foreign exchange. II
is indeed authorized to regulate by law the
commerce between The States, and to provide
:, a general standard OF value, or medium o'
exchange, in gold and silver; but it Is motifs,
province to aid individuals in the transfer OF
their funds, otherwise than through the faclii-
ties afforded by. the Post Office Department.
As Justly might it be called on TO provide for
the transportation Of their merchandise
These are operations Of trade. They ought
to be conducted by those who are interested
in them, in the same manner that the inciden-
tai difficulties of other pursuits are encounter
ed By other classes Of citizens. Such aid has
not been deemed necessary in other countries.
Throughou Enrope, the domestic as well as
the foreign exchanges are carried OH bF'pri-,
vi,e houses; often. il not generally, w!toat the
assistance of hanks. Yet they extend through
) out distinct sovereignties, and far exceed IN
; amount The real exchanges OF the United
, States. There is TO rcasen why oar own
NAV not be conducted FL the same ma,ner,
, with 'eaual cheapness and safety. Certainly
this might be accomplished, Ii IL were !aEofea
BY those most deeply interested; and lew can
; doubt that their own interest, as wen as the
general welfare of the country, would be pro
noted byleaving such subject in the hands
| of those to whom it:properE belongs. Asys.
: tenn founded on private interest enterprise,
l. and competition, without the aid Of legislative
grants or regulations by law, would rapidly
p-osrer; it would be free from the influence
ofpolitical agitation, and extend the same ex-
euiption to trade Itself; and it Would put an
; end to those complaints Of neglect, pastiahiy,
Injustice, and oppression, which are The una
vooidable results of interference BY the Gov
ernment, in the proper concerns of 'ndlv'du-
ais. Al former attempts on the part OF The
Government to carry its legislation, m th;ss
rosnect. further than was designed by the