The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-30
ICHABOD PRALI.,
EDWARD SANFORD, Sec.
THE STATE BANKS.
Chairman, pro TEN

country, charged with baseness, treachcry,
pcriidy, and fraud; bascness in misappropri-
ating their funds and abusing their privileges
pcrtidy in the violation Of their engagements,
and fraud in "robbing the poor of their hard
earnings" by means of irrcdeemablc paper.
These arc grave and fearful charges. If
true, every bank against which they shall be
substan,iatcd, ought to be destroyed; if not
true, a yindication is due to them, and some
SAVIOR Of Justice should be administered to the
authors Of "a scheme calculated to stab with a
fatal wound the dearest interests of this coun-
try, and to turn back that tide Of prosperity
which has so cminently distinguished it
above all other nations of the earth. The
parties in this case must be put upon trial
and the subject should receive calm, unprc-
JUDGED, and thorough investigation. 1t Is not
our purpose at present TO enter field Of such
gravity and importance. Upon the explana-
tons of the President and his Cabinet, the
whole matter must speedily come under the
supervision of Congress, where VIC are quite
willing it should be left.
Before trial, we cannot see the proprlety
or justice Of prejudging and eliminating those
institutions, with which the characters and
fortunes Of thousands of our fellow citizens
arc identified. We wish not to apologize for
fraud or injustice. But the authors Of our
calamities, whoever they are, we would hold
TO the fullest responsibility. If they are the
banks, let them suffer if others, Let them be
brought forth and punished. But there seems
no more reason at this time, in charging the
banks with treachcry to the country because
they suspended specie payment, than to
charge the government with the same crime,
when from the same unforeseen and irresistible
causes, they were unable to pay specie to the
public creditors. This war upon the banks
however, is not a new war. TO the contest
against hemheretoforc, is rcferable in no low
degree, the position which now seems to rem
der them obnoxious to ccnsurc. The denun-
Citations, inputations, and assaults, it has been
their lot to suffer, have been part of con-
rivcd plan to bring them into discredit and
difficulty. That they are any more to blame
in the creation Of the present state Of things,
than the government, or individuals, we have
yet to learn. They may not have been able
to discharge their appropriate duties; neither
has the government, nor individuals, nor hun
drcds Of corporations, Of characters differing
from banks. If the temperament" of state
bank agency has not succeeded, to the extent
desired the question may well arise whether
it is the fault Of the banks, of the government,
or Of the people. II is at least certain that a
state of things has happened over which the
banks had no control, which has Invested them
temporarily Of that natural condition neccssa-
ry to give the experiment a fair trial. lftherc
is any crimnalty in this, it is partakcn Of by
the government in common with every indi-
yidual III the community. And arc the banks
to be singled out to bear the burden of ge-
neral sin : There is obviously no sort Of JUS
tice in casting imputa'ions upon any particular
class when all are alike liable to similar CEN
sure.
But We arc told that, the banks arc under
the control Of i foreign power and the subjects
it commands among us, that, they arc alto
gethcr alien III interests, feelings and prnc-
pies, to the producing classes Of the United
States" We have heard much alarm pro-
tossed to be apprchcnded at the employment,
Of foreign capital in his country. With how
much Justice, common sense and experience
have shown. We dis,lain as much as any can,
either direct, or implied allegiance to foreign
powers; we feel proud as any, in the cons
ciousncss Of being absolutely independent Of
all foreign nations. But because We are ira-
lous Of our ncighbor, is il any reason that we
should not borrow his lever, AM use if posi-
bic 10 our advantage the great secret Of lis
success Why is it that men will be guilty
of tho singular anomaly Of chcrishing, if not
coHr'lng, the poverty Of Eu1opo, while they
affect the most alarming apprehension at the
ldra Of touching its money
here is no truth in the sweeping dcclara-
ton that the hanks are under the control Of
foreign power. " hcn in interests - ThcN
nave been tho best promoters Of the most che
rlShed interests OF our country. /" Alien in
feelings They carried us triumphantly
through two wars, and secured to us an homo
rahlc peace, and the condition of highly
cultivated community. "Alcn in princi-