The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19

patriot. With whatever ssnbanassments we may be
beset, there is redeemng power in the virtue end IN
teligence Of the American people, which will conduct
US in safety and triumph through them all Some gen
tlemen hnd still iondly their fsvorlte prescTip
ton Of national bank the panacoa for all our ills Ia
my humble Judgment sir. the remedy far worse than
the disease The protection Of q national bank would
be " such protection vultures give TO lambs" NO.
sir let rather invoke the protection Of our guardian
and victorious bird, tho American eagle the emblem Of
our freedom and strength An able and experienced
member Of the House Of Commons, speaking Of the
inherent tendencies Of the banking SYSTEM sad there
is in an inevitable tendency to over issues OF paper
without constant sentinel keeping watch upon IT, and
that sentinel (for hem) was the metallic sorereign
in constant circulation" The American metallic eagle,
in active circulation, will perform the same tutesry
Office for us; aud with such other provisions as the
practical and sagacous spirit Of American legislation
shall devise, will finally, firmly believe. place our cur
rency footing which, for convenience and security
united, will rival any other under the sun.
Let the State Legislatures proceed firmly and Vigor-
ousy in the suppression Of the small believe
they will. They have the highest motives which can
address themselves TO human action TO accomplish this
great reform Let them subject all banks both old and
new, to efficient regulation let them regard with
jealousy every proposition Tor an increase OF BANKS ana
yield to none which not founded broad consdera-
lions Of public utility let them impose strict practical
limitations both upon their issues and their discounts
let them provide for frequent periodical scrutnles into
their condition. and above all let them retain IN their
hands constant power OF correcting abuses, and
Of protecting in every emergency the interests Of The
community
II is this principle Of legislative regulation and con-
troll banking institutions which constitutes the dis
tinctve feature Of American policy II is tho result OF
the practical character Of the American mind and
am happy to perceive that the people OF older coun
trles-of England especiayare turning to us for les
and examples in this branch OF the public econo
my In that country beyond the IS miles from Lon
don, which define the limits of the Bank Of Enga land
monopoly, numerous broods OF joint stock companies
and private bankers have sprung up, without regulation
by law, without limitation OF number, without restric-
their issues discounts, and without respon
sibty TO the public authority The consequence has
been, that this branch of their system has into wild
disorder aud confusion. They now see that the priv
egc OF issuing money, Of whatever kind, is essen
tal branch OF the public sovereignty, and like every
other delegated power of that Sort it must be subjected
to regulation, to inspection, to responsibility, This lsa
lesson they have learned from aud is gratifying 10
that on another fundamental point the most en-
ghtencd minds in that country coming to the same
conclusion that we have attained They begin to
that the monopoly OF the Bank of England as that OF
the Bank Of the United States here, dangerous
nopoly that the dominion of such institution over
the circulation Is power more OF evil than good and
that it be brought down to the level OF compct
ton with other solid institutions. The opinions OF the
two countries this great concern OF the currency,
are mutually approximating and settling down upon
system. They are learning from us the neces
sary checks and controls of paper currency from
them trust the value and Importance OF an enlarged
metallic circulation repeat them there is nothing in
present situation to excite alarm dependency
whatever occasion there may be for vigilance and
ton, Lei look dangers steadily in the face but
let not be dismayed by them Let grapple with
the difficulties which may oppose in spirit of siren
and determined patriotism, and we shall triumph
and subdue them. In conclusion, let say to
the political friends with whom have had the honor to
in trying times that. after having successfully dlss
paled many pauics raised under other auspices,
shall not trust, at last become the victims Of panic
of our creation.