Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-06

ally transmitted. Bills of this description are highly
useful in the of trade, and well deserve all
the encouragement which can rghtfully be gwen
to them. Another class is made up Of bills OF ex-
change, not drawn to transfer actual capital nor on
the credit of property transmitted bat TO create nct
tious capital partaking nj of the character OF
notes discounted in bank and of bank notes IN circu
ation, and swelling the mass of paper credits TO
vast extent in the most objectionable manner. These
bills have formed tor the last few years large pro-
portion of what are termed the domestic exchanges
fthc country serving the means of usarous pro-
fit, and constituting the most unsafe and precarious
paper in circulation This species of traffic, instead
Of being upheld, ought to be dlscountenanced by the
government and the people.
Ia transferring its funds from place TO place, the
government is on the same footing with the private
citizen, and may resort to the same legal means. IL
may dosso through the medium of bills drawn by IT.
sel purchased from others and i'll these operations
il may, in mapner undoubtedly constitutional and
legitimate facilitate and assist exchanges OF ind1idu
ais founded real transactions Of trade. The ex-
to which this may be DONE and the best means OF
etiecng It are entitled to the fullest consideration
This has been bestowed by the Secretary OF tho
Treasury and his views will be submitted TO You in
his report.
BUTT was not designed by the Constitution that the
Government should assume the management Of do
mestic foreign exchange. 1t is indeed authorized
to regulate by law the commerce between the States
and 10 provide general standard o. value or medl
UNI ofexchange in gold and silver but IL - not It's
province aid individuals in the ranter of their funds
otherwise than through the facilities afforded by the
Post Office Departfaent. As justly might it be called
TO provide for the transportation of tker mcrchan
dze These are operations of trade. They ought TO
be conducted by those who interested in them, IN
the manner that the incidental difficulties OF
other pursuits arc encountered by other classes vi cit
liens. Such aid has net been deemed necessary in
other countries Throughout Europe, the domestic as
well as the foreign exchanges carried on by pr
vae houses, often ifno generally, without the assis
pfh an Of fbavn hon,
sovereigntes, and far exceed in amount the real
changes of the United States. There is no reason
why our own may not be conducted in the same
manner with equal cheapness and safety. Certainly
this might be accomplished, if it were favored ~
those most deeply interested; and few can doubt that
their own interest, as well as the general welfare of
the country, would be promoted by leaving such a
subject in tho hands Of those 70 whom it properly be-
longs.
4 system founded on private interest, enterprise,
and competition, without the aid of legislative grants
or regulations by law, would rapidly prosper; It
would be free from the influence of political agitation
and extend the same exemption to trade itself; audit
would put an end to those complaints of neglect par
tiaty, injustice, and oppression, which the una
vodabe results of interference by the government in
the proper concerns of individuals. All former at
temps on the part of the government carry its le
gslaon, in this respect, further than designed by
the constitution have in the end proved nurlousand
have served only TO convince the great body Of the
people, more and more, of the certain dangers of
blending private interests with the operations of pub
lie business; and there is no to suppose that
a repetition of them now would be more successful.
1t cannot be concealed that there exists, in our
community, op Mons and feelings this subject in
direct opposition 10 each other. A large potion of
them, combining great intelligence, activity and in
huencc, are doubt sincere IL their belief that the
operations Of trade ought to be assisted by such
connection; they regard National bank as necessary
for this purpose, and they are disnclined to every
that does not tend sooner or later to the
adjustment OF such an Institution. On the ether
hand, majority of the people believed 10 be ire
concilaby opposed 10 that measures they consider
such concentration ofpower dangerous to their ber-
ties; and many of them regard 1t violation of
the constitution. This collision Of opinion has doubt
less, caused much of the embanassmens 10 which
the commercial transactions of the country have late
ly been exposed Banking has become political
topic of the highest interest," and trade has suffered in
the conflict Of parties. speedy termination of this
state Of things, however desirable, is scarcely 10 be
expected. We have seen for nearly half century,
that those who advocate National bank by what
ever motive they may be influenced, constitute por
ton -four community too numerous TO allow us to
hope for anearly abandonment of their avoitc plans
On the other hand they must indeed form erroneous
of intelligence and temper the American
people, who suppose that they have continued, on
slight insufficient grounds their persevering oppo-
sition TO such institution; that they be induc-
ed by pecuniary pressure or by any other combna-
ton OF circumstances 10 surrender principles they
have 20 long and so inhexibly maintained.
My own views Of The subject are unchanged. They
have been repeatedly and unreservedly announced
my fellow citizens who, with full knowledge of them,
conferred upon me the two highest offices OF the Co
vernment On the last of these occasions felt il due
10 the people 10 apprze them distinctly that in the
event ofmy election, would not be able cooper
ate in the re-establishment OF national bank To
these sentiments have now only TO add the express
sion of an increased conviction, that the rc-estabish
ment Of such bank, in nny form, whilst 1t would not
accomplish the beneficial purpose promised by It's adj |
vocates would impair the rghiful supremacy Of the |
popular will njure the character and diminish the
influence Of our political system and bring once |
more into existence concentrated moneyed power |
hostile 10 the spirit and threatening the permanently
Of our republican institutions.
Local banks have been employed for the deposite |
and distribution Of the revenue, at all times partially
and, on three different occasions exclusIvely first
anterior TO the establishment OF the first Bank Of the
United States secondly, in the interval between the
termination of that institution and The charter Of its
successor and, thirdly during the limited period |
which has now 80 abruptly closed. The connection
thus repeatedly attempted, proved unsatisfactory on
each successive OCCASION Notwithstanding the various
measures which were adopted facilitate or insure
It's success On The last occasion, in the year 1899
the employment OF the State banks was guarded es-
pecially in every way which experience and caution
could suggest Personal security was required for J
safe keeping and prompt payment Of the moneys to
be received and full returns of their condition were
from time 10 time, to be made by the repositories.
In the first stages the measure was emnently /
cessfu Notwithstanding the violent exposition OF the
Rank of the United States and the unceasinp efforts