Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-14
NO. 80.

sfcss or the Executive; either Will be
subjected 10 appeals made in eve
~ form which the sagaoity Of int
rest can suggest. The banks. under
such system, are stimulated tn make
The most Of their fortunate acquisition;
the deposites are treated as an increase
Of capital, loans aud circulation are
rashly augmented, and, when the pub
lac cxigencies require a return. NJ 10 at
tended with entertainments not pro-
vlded for. nor forescen. Thus banks
that thought themselves most fortunate
when the public funds were received,
find themselves most embarrassed
when the season Of payment suddenly
arrives.
Unfortunately, too, the evils Of the
system are not limited To the banks -
IL stimulates general rashness Of en-
terprise, and aggravates the fluctuations
OF commerce and the currency. This
result Was sirikiHgly exhibited during
the operations Of the late Jeposi,e sys-
TEN, and especially in the purchases
OF public lands. The order which ul.
tima,ely directed the payment Of gold
and silver in such purchases, greatly
checked, but could not altogether pre-
vent the evil. Specie was indeed
more difficult 10 procure than The notes
hich the banks could themselves Gre
ate at pleasure; but still, being obtained
from them as a loan, and returned as a
depos,e. which they were again ut Ii.
beriy 10 use, 1t only passed round the
circle with diminished speed. This
operation could not have been perform
ell, lad the funds of the Government
gone into the Treasury 10 be regularly
dIsbursed, and not into banks, 10 be
loaned out for their own profit, while
they were permitted to substitute for It
credit in account.
In expressing these sentiments.
desire not TO underv alue the benefits ii
n salutary credit to any branch Of en-
terprise. The credit bestowed on pro-
5ity and industry is the just reward Of
merit, and an honorable incentive TO
further acquisition. None oppose il
who love their country and understand
us welfare. But when il is suddenly
encouragrd-when tits made TO inHame
the public mind with the temptations
OF sudden and unsubstantIal wealth.
when it turns industry into paths that
lead sooner or later TO disappointment
and distress-it becomes liable 10 CEN
sure and needs correction. Far from
helping prohity aud industry, the ruin
TO which il leads falls most severely on
the great Iaboring classes, who are
thrown Suddenly out OF employment.
and, by the failures OF magnificent
schemes never intended To enrich them,
lrc deprived IN a moment Of their only
resource. Abuses OF credit and excess
Is in speculation will happen in des-
pi,e OF the most salu'lry laws; no Co
yernment perhaps can altogether pre-
vent them, but surely every Govern
meut can refrain iron contributing the
stimulus that calls them into life.
Since. therefore, experience has
shown that Ia lend the public money
TO the local banks is hazardous TO the
operations OF the Government, at least
Of doubtful benefit to the Institutions
themselves and productive OF disas-
trous arrangement IN the business aud
currency Of the country, - It the part
OF wisdom again 10 renew the connec-
ton
II is true tina: such an agency IL IA
many respects convenient To the Trea-
suD. bat It IS not Indispensable. a ia.
imitation Of the expenses of the Govern
inent. 10 rs aci"al wants. and Of the
revenue 10 those expenses. with con-
yemen: means for ITS prompt appllca-
. ton TO the purposes for which Il was
raised, are the objects which se would
seek TO accomplish. The collection.
saie-keeping. transfer and disburse-
; meuts OF the public money can, Il -
believed. be well maneged by officers
ct the Government. IT. collection,
and, to a great extent is disbursement
also. have indced been hitherto con-
Quoted solcly by them; neither Nation
al nor State banks, when employed,
hcing required g. do more than keep
4, safely while ~ their custody. and
transfer and pay o IN nleh portions add
1t such times a. ihc Treasury may d.
rect.
Surely banks are not more able than
he Goscumrut 81 secure The money
ig their pu .rs.iIu against accident, VI
oIsu,e. az fraud The assertion hat
shes are a'. must assume that atsult an
ban s stronger Than a vault IN tie
Ifea.Ty and that directors. cashiers.
aGdolriks oct selected bv ihe Govern
r.lt nor under IT. cratIOl. are more
sof'hy oi confidence than officers sc-
'rci-i from The people and responahle
90 The GJ,efumcnt officers bOund BY
othcisl oath, and boads tor a faithful
Performance q their duues and con.
stately subject 70 ihe supervision Of
I Congress.
Iho dlMcllties 4 fansifr and The ad
heretofore rsn8ofed t} books. have been les
/ Tran is g..isly s4gpssri The a~t4sl accgthtf
,toH uat ~ co. tha larger E1tiieg n PSI
\ mssf. o. atI, ~ tttn short pf Cgntenieni DE-
'fssr,s ifsni us places ~ toileclfro snd tho
I sif.le buHs1fT of Saffsnis issued "a zee Tee
.ury i1 tbr yfsr I az seer. the results ~
. sttfh uHi d 81 believed I'll 80 ,tif iesi -
Z tts fai1fs i-I .hoit q Eve thIutstd. % 81
/ assfsEe oi fr-s ttas src dstls ior each state,
Boo thr cpty 81 See tofk ibcy ~ % sssfafe
.r5tfs fis.n fs.l. f.t ar1 "a ffr rfT e W asii-