The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-09-15
mo. 363.

without producing any such change ana
the lesson OF experience must be forgotten,
If we suppose that the present overthrow Of
credit would have been prevented BY the
existence Of national bank Pfoneness 10
excessive issues hns ever been the vice Of
the banking system a vice as prominent IN
National as IA State institutions. This
/ prosperity is as subservient TO the advance
meet Of private interest IN the one Ms ~ tho
other; aud those who direct them both, be.
lng principally guided by the same views,
aud influenced by the same motives, will
be equally ready TO stimulate extravaganza
Of enterprise by impro,ldence of credit.
How slrIkmQly ~ thus conclusion sustained
+ by experience. The Bank Of tie United
States, with tue vast powers conferred on It
by Congress, did not or csUld not prevent
former and slmllisr embarrassmenls nor
has the still greater streugih II has been
SAID TO possess under IT'S present charter,
enabled II, IN the existing emergency, II
check other Institutions, or even To save IT,
self. In Great Britain, where, It has been
seem the same causes have been attended
with the same effects, a national bank, pos
sesslng powers far greater than are asked
for by the warmcst advocates of such an
Institution here, has also proved unable 10
prevent an undue expansion Il credit, aud
the evils that ilow from It. Nor can find
any teuable ground FOR the establishment
Of a national hank, IN The arrangement al.
legged At present to exist 10 the domestic
exchanges Of the country, ~ 10 the ilclll-
ties It may he capable &C alioldIog then.
Although advantages Of tbs, sort where att
,lcipaied when the FIST Back of the tu.
tod States vas created, they we're regarded
n IN incidental accommodation met euc for
Wbich the Federal Government was bound,
or could be called upon 10 Furnish. ho
accommodation Is now, md ed. after the
lapse ot Dot many years, demanded from
II 1913 amongst u.s. frs, duties, and an omls.
slaa 10 atd aud regulate commefcml eN.
change, 4s treated Is ground Of loud aad
serious complaint. such result, ouIy scr,,
20 rAemp.By the constant desire, among
some Of cor ci,zeus b. enlarge toe powers
81, tho Government, aud extend rs control
to subjects With winch il Should u"' inter.
lera. They can never Jn.hiv lue creation
e an institution 70 promote such objects.
Ca the contrary, they lustIy excite amoug
tho community a more dihEeul inquiry ta.
10 the character Of Those operations Cd iute,
towards which Il IS desired 10 cNi4ud such
peculiar layofs.
The various transactions which bear tho
name q domestic exchange, differ essen.
uaIls % their nature, operation, ajd ullIny.
One class Of them CONSISTS az u.a- ol ey.
change, drawn for the purpose Of transfer.
RUG aetualcafilaI from cite part uiihc coun.
trS t. another or to anticipate the proceeds
~ property actually transmitted. Bills of
tins description are highly useful IA the
movements Of trade. aud sell deserve all
the encouragement which eau nghtiuIiy TO
gwen to them. Another class Is made up
al biii- vt exchange, not GmNn to transfer
actual capital, nor on the credit Of proper.
u transmitted, hot 10 create fictitious fapl.
tal par'akug nj once ot iae character Of
notes discounted IA bank aud OF bank notes
IN circulation, and swelling the mass Of pa.
per credits 10 a vast extent IN the mos, OBJ
lec,iouable manner. THIS -pecs ottuilic,
instead Of being upheld, ough, to be DIS
counicnouced By the Government and the
people.
But it vas not designed By the Constltu.
ton that the Government should assume the
management Of domestic or foreign ex-
change. II is indeed authorized 10 rcgu-
late bg law The commerce between the
Siatts, and TO provide a general standard Of
yaluc, o. medium Of exchange, in gold and
silver; but il is not lis province 10 AID midi
viduals IN the transfer of their funds, other.
wise than through the facilities afforded by
I the Pos, Office Department. As justly
might il he called on 10 provide for The
Transportation oFthejr merchandise. These
are operations Of trade. They ought to be
conducted by those who are interested in
them, in The same manner that the inclden,
tai difficulties Of other pursuits are enccun-
tered by other classes Of citizens. Such
aid has not been necessary IN other coun.
tries. Throughout Europe, the domestic,
as well as the foreign exchanges arc car
red ou by priyiie houses, often II not gea
orally without the assistance OF banks. Yet
hcy extend throughout distinct sovereign.
/ tics. and ar exceed in amount the real ex.
I channes Of Tie United States. There IL no
+ reason why Our own may not be conducted
IN the same manner, with equal cheapness
and safety. Certainly this mtoM be &C.