Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-09-14

as in State institutions. This propensity
is as subserv;ent to the advancement of
private interests in the one as in the
other; and those who direct them both,
being principally. guided by the same
views, and influenced by the same mo-
tives, will.be equally ready to stimulate
extravaganza Of enterprise by improve
dcnce Of credit. How strikingly is this
conclusion sustained by experience. The
Bank of the United States, with the vast
powers conferred on it by Congress, did
not or could not prevent former and SINH
lar embarrasments; nor has the still grea-
ter strength it has been said to possess,
under its present charter, enabled it, in
the existing emergency, to check otheH
institutions, or even-to save itself. III
Great Britain, where II has been seen,
the Same causes have been attended@ith
the same effects, National Bank, pos
sessing powers far greater than are ask
cd for by the warmest advocates of such
an institution here, has also proved una
bic to prevent an undue expansion Of
credit, and the evils that flow from it.
Nor can find any tenable ground for
the re-cstablishment of a national bank,
in the arrangement alleged at present to
exist in the domestic exchanges Of the
country, or in the facilities it may be
capable Of affording them. Although ad-
vantages of this sort were anticipated
when the first bank Of the United States
was created, they were regarded as an
incidental accommodation; not one which
the Federal Government was bound, or
could be called upon, to furnish. This
accommodation is now, indeed, after the
lapse OF not many years, demanded from
it as among its first duties; and an omis-
sion 10 aid and regulate commercial ex-
change, is treated as ground of loud and
serious complaint. Such results only
serve to exemplify the constant desire,
among some of our citizens, to enlarge
the powers of the Government, and ex-
tend its controlto subjects with which it
should not interfere. They can never
justify the creation of an institution to
promote such objects. On the contrary,
they justly excite among the community
a more diigent inquiry into the charac-
ter Of those operations of trade, towards
which it is desired to cxtendsnc peculiar
favors..
| The Various transactions which bear
the name of domestic exchanges, differ
essentially in their nature, operation, and
utility. One class of them consists Of
bills ofexchange, dawn for the purpose
oi transferring actual capital from one
part oFthe eountryto another, or to antic-
ipae the proceeds of property actually
transmitted. Bills Of this description are
highly useful in the movements Of trade,
and well deserve all the encourag ement
which can rightlully be given to them
Another class is made up OF bills of ex"
change, not drawn to transfer actual cap
ital, nor on the credit of property trans"
mitted, but 10 creaIe fictitious capital,
parakipg at once Of the character of notes
discounted in bank. and OF bank notes in
circulation, and swelling the mass of pa
per credits 10 vast extent in the most
Objectionable manner. These bills have
formed, for the last few years. large
proportion Of what are termed the dnmes'
tic exchanges Of the country, serving as
the means Of usurious profit. and constr
tutng The most unsafe and precarious pa>
per in circulation. 7 he species Of traf-
fic, instead of being upheld, ought 10 be
discourtenanced by the Government and
the people. "
In transferring its funds from place TO
place, the Government is on the same
footing with the private citizen, and may
resort to The same legal means. 1t may
do so through the medium of bills drawn
by itself, or purchased from others and
in these operations it may, il, manner
undoubtedly constitutional and legitimate,
facilitate and assist exchanges of indtyId-
uals founded on real transactions of trade.
The extent Of which this may be done.
and the best means Of affecting it, are en-
+ titled TO the fullest consideration, This
has been bestowed by the ec,etary Of the
Treasury, and his views will be submitted
10 you in his report.
\ But it was not designed by the Consti-
tutlOD tIldt iU6 SOFCIIlillSHl Snoulu ass uilIo
the management, of domestic or foreign
exchange. II is indeed au horized toreg,
uate by law the commerce between the
States, and 10 provide general standard
Of value or medium of exchange, in gold
and silver, but ii is not its province 10 aid
individuals in the transfer Of their funds,
otherwise than through the facilities af,
froded by The Post Office Department.
As justly might il be called on to provide
for the transportation of their merchan~
disc. These5are operations of trade
They oughtto be conducted by those
who are Interested in them, in the same
manner that the Incidental difficulties of
other pnrsuitssare encountered by other
classes Of citizens. Sach aid has not
been deemed necessary III other couns
tries. Throughout Europe, the domestic
as well as The FOREIGN exchanges are carried