The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16
BANKS AND CURRENCY.

| Tho currency question, like Aaron's serpent swat.
lows up all others. Having been called upon for ann
expression Of views, readily avail ourselves Of
the first opportunity to declare position
The alternative propositions before the country seem
to regard. The State Dauks. q A National BANK,
and 3. Treasury Agencies,
The State Banks placed in position by the sus-
pension of specie payments, not altogether favorable
unprcludced consideration Of their claims to be the
continued and recognized medium Of currency, which
are nevertheless, disposed to esteem paramount and
superior all others. 1t be conceded that upon
these institutions The ,rholc credit system Of the country
reposcs, thoroughly entwncd they are with the
business Of the country apd identified with every nte-
rest in the States We in favor of a reform of the
system by the ultimate suppression of all under
from len 10 ncaiy dollars and such other restrictions
experience may have shown to be neccssary hut the
annihaon Of the system ITSELF and the substitution of
an exclusive metallic currency, believe, would he
surrender, ia effect OF present advanced civilizations
and revolution OF the most desolatiug character sac
fcing every class of society to those who live upon
salaries and interest The reform Of the State Bank
system ohtch already liz progress. and which NAV
be materially aided and accelerated by the legislation
of Congress, would III opinion supcrsede the most
specious arguments that have been urged in favor of
National Institution. Such reform would also, We
think, satisfy the reasonable advocates Of an ex
elusive specie circulation while, at the same time, it
would avert the necessity OF National institution by
supplying the country through these institutions
With safe and restricted paper currency, and furnishing
in lieu OF small notes, half eagles and eagles, answer
the purposes Of distant travel, well abundance
Of silver change for the minor Transactions of daily life
We entertain doubt that these institutions might
thus he made perfectly sound within themselves, render
the currency sufficiently uniform, and continue to he
servccabc to the government safe, practicable and
faithful agents in aiding its revenue traasactons.
But useful as they have been, and important they
| arc, confess greatly fsr they destined TO
meet two kinds of uncompromsing hostility. On the
hand, they may be opposed by the advocates Of
national institution and the o,ler, by tho advocates
of an exclusive metallic currency Their great object
should be now The resumption Of specie payments as
carly possible They have that the aid extended
to them by the Legislatures OF the States as we'll as
the proposition for Convention, by which only there
can be any of action has been deprecated and
opposed in quarter whose position unfortunately gives
authority to its views They have also seen that this
disposition is in perfect coincidence with another autho
rity whose proximity 10 the slumberins Phnnv may
sustain Inference that another power will be exCrted
to defer the resumption Of specie payments, and involve
the State Banks much possible in difficulty
Extremes meet" and this is the point desired. The
alternative thus to be forced upon the country, to he
National Bank, exclusive metallic currency. The
arguments used in favor OF the latter specous and
equvocal We may be told that nobody is in favor Of
erciusre metallic currency, yet is TO be feared that
the design may be, to have currency sufficiently metal
lie 10 ereadc the existence OF state banks by rendering
their continuance discIcditable, Improbable and lnrrac