The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-23


power 70 do III but, for the present at least - only
exercising greater in the regulation OF these banks
by the States and in creating by both State and United
States Legislation, broader basis OF specie IN circua-
ton Tor the increased security e OF the banks OF
the community aud for the great and desirable improve
ment Of the currency Of the country"
Gov. Campbell, in his sound and sensible
Message, recently delivered to the Legisla-
ture of Virginia, furnishes us the following
excellent creed He says:
"The time is unproptious, il it were otherwise desira-
bic, attempt any radical changes in the policy Of the
commonwealth. The system OF banking has been long
since introduced, and we find il fixed upon us. The
commonwealth il largely Interested IN the stocks oil our
banking institutions, through the fund for internal I'M
provemeDt and the literary fund and the stock which
is thus held is part OF the security which has been
pledged to the holders Of the public debt Bank paper
has long performed all the purposes Of currency and by
the holders Of IT, the poor and the rich, is counted as
money. The merchants and traders OF our towns have
been accustomed TO look to the banks for facilities and
aid; and through their fundamentally was, they have
been enabled make their purchases OF the planter and
farmer. II would surely be unwise in period OF ditf
Guilty. and when private credit Is need Of unusual IA
ces put down institutions which so incorpora
ted with every public and individual interest," and from
which would result as an immediate Consequence and
the difficulties Of paying would be augmented whilst
the debt to be paid would be increased There are those
who would have no hanks either state federal and are
for enforcing exclusive metallic circulation. The pro-
ject. in the actual condition Of the country believe to
be wholly impractcabIe and the agitation Of it at this
period, could have other effect than still further 10
derange the business and Cypress every interest IN the
community. And consider II Of the highest importance
maintain the credit OF the state banks as forming
der proper regulations and reforms, the~oBly practical
substitute for United States Bankand their preserva
ton affords the only defence against the dangerous
scheme Of powerful and overwhelming national ins,i
tuition.
Again, in recent toast he gives us
Hard money for our common transactions. Bank
notes, equivalent specie, for the commerce OF the
country"
In the Address of the Albany General
Republican Committee6 . find the following
saving doctrine: -
ave are not advocates for UNLIMITED and extrava-
CANT credits and trust that all classes in the COM
munity will learn wisdom from past and present expe
renee Still, we cannot agree with those who docry
the whole credit system. To that system principally we
owe our canals and other public works II has extended
our commerce over the whole world-peopled the viii.
dcmess--buit our cities and vilagesiounded our col
lepes and established our schools, 1t has given
tiona wealth and individual prosperity and if has
brought some evils in its train, they not for
ment 10 be compared to the advantages which we have
so abundantly realized. None but dreamer, who
would throw us hack century. can wish to annhiate
credits With such the canal would indeed be-
come "a Solitude" and the lake "a desert waste Of
waters" Instead of charging the Erie canal might
better discharge our collectors and NEUTRALITY-SUSPICIOUS.
don the project of opening other public thoroughares
and content ourselves with once more returning 10
state of barter Our Legislature woul have little bus-
ness on its hands beyond that OF declaring the State
bankrupt and imposing taxes to deray the ordinary ex-
penses Of the government.
Hon James Garland, member of Congress
from Virginia, in recent letter to the editor
of the Charlottesville Jefersonian Republican,
enables us to add another good authority to
what we consider the true doctrine:
:" 1t should be borne in mind that now CON-
petely involved the banking system instituted by
TWENTY-FIVE independent State Governments, each Of
which will probably adhere to It in some form How
vain then, the effort if attempted, the part OF the
General Government, by the mere employment OF Its
revenue TO overthrow all these institutions, and how de-
structiye the effects could it be suddenly accomplish
ed. | think the wiscsr and most successful mode Will
be TO invite the operation Of the States to gradual
reformation Of the Banking system by gradually rednc-
ing their paper and enlargg the specie circulation OF
the country.
Extract from the Address Of the Republi-
can Members Of Congress from New York,
n the present struggle between the government and
the people, and the government OF the bank OF the Uni
ted States many of the state banks have rallied under
the banner Of the great noneyed power, and have
housed lis interests The exceptions however are sui
fciently numerous and especially in state to
vindcate the policy Of such institutions aud place them
in many instances in close affinity with the people In
deed although the whole banking system is more or
less liable to abuse and is only deensbie in connuni
ties like our own when actually required by the ext
gences OF trade and carefully restranedby the effective
regulations and vglant control, yet Is morally impos-
sibe that the state banks, ever exercise any very
dangerous influence the politics business OF
territory so extended, and population so numerous
those OF the United States. Their number would IN
deed make them formidable could they all be combined
in oue common effort but for thousand reasons, such
a combination is utterly impossible. In a national point
Of view, it is only by means OF bank OF the United
States that associated wealth." in this country,
ACQUIRE any great political influence because there
no other organization by which its power can be extend
ed TO every section Of the Union and brought to bear by
concerted and concentrated action on all the interests
of society" Signed by
Sas Wright, Jr Abel Huntington,
\. pTalmadge, Noudah Johnson
John Adams Gerrt Y Lansing,
Samuel Besrdsley, AbJah Mann, Jr
Abraham Bockee, Charles Nc Vean,
Charles Bode, Henry MITCHELL
John w Brown. Sherman Page,
&. G. Cambreleng, job Pierson,
Samuel Clark WIN. Taylor,
John Cramcr Joel TurrI,
Rowland Day, Aaron Vanderpoel,
William r. Fuller, Isaac Van Hoaten,
Ransom H. Glet, Aaron Ward,
Nicoll Halscy, Daniel Wardwcll
Samuel G. Hathaway, Reuben Whaon,
Edward Howell, Campbell z. White.
We might quote other authorities in sup
port of these doctrines, which we believe
coincide with the sentiment Of ninc-tenths Of
the republican party. We sincerely commend
thnm To The whole neonle Of the country and