Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-10-28

". by the remittance q t"e st"~N " ~ 49,
INK 10 T. r ,,e, ~ a .sbs,itutc u their specie.
s ,ch a ncy bunk. one commencing business,
wo,Ij form a raiiying point; conn iencc woao re-
~,vc ex-h,uoes DO az ,in reg lated, ani inc ousT
sincss AMI prosperity Of the co ntry bc spceu''.
restored. Ani il isby no means certain tnal
there w.riid he any nc:uL a1g'ncntatm Oh W
banking cloital vi tbs country, Or u - highly
o-os,ab.c II, II the aggregate an,Jint 81 un=Din
banks which can nsvcr rcsiTnc s2o;sc .ymen's'
vo,Id ha a lite ca n. 4, th,t Of the new bank.
Al al hillary .cso, I,ion might he "i'ptcd w.tn
e,lns,ry effect. similar {, III II which was a0oo.co
Ia 1916. Offering 10 The Stl.n banks, 40 am''''c
a. cos,,ua s2ocio pIyn,en:s, tait their piper
sh,uId bo resolved s1. publ. dics; OF, a. thor
n.:rnbcr since that period g-c1fy lncreasecs I'd
make tho motive moro operative, tbs ohs.!h9
might be confined 10 onc or two banks III ete"
State know 20 be Trustworthy. Let inc" a"'
Il INK Of The United States cpnncnce specie pay
,ncnts. and all the other s,und banks would DC
constrained by the united tOscc Of pao''c ot''"''
anil the law, To follow the example,
IT, in contrasting the two periods OF 1871 anu
1897. SOHO advantages G'r the resumption oi sPc-
cic payments existed ut the former epoch' "'ers
which listing uish The present greatly Prcpohdcr-
atc. At the f list there were nonc except the
.v;s,,,cc If a n,,,;;c debt and II sm,l!cr Number
Of banks. BIT then cyhlust'ng warhid vast
cd n:r means Now VIC have infinitely greater
worth. Oh. res r,.ces are vastly more ocse'oPc'
anil increased, olr population hearty do'p.eo'"uf
kn,,vicdye OF the disease much better, ana, whH
Is of the utm sst im.ro,fnncc,a remedy, u aphi-
cd now, would lie administered IN MUCH eif'c'
stage Of tho disorder.
general currency OF so;in1 AMI UNIFORM 'a'-
nc IL necessary to the wc-bcing 81 all parts "
tho micjcracv, bit IL is indispensable 10 me IN
terror States. Thc scabori States nave c1cn %
them hanks whose paper freely Circulatcs with
IN ti,cjr respective limits, and serves all the pr-
p,scs Of their business cnl commerce nj tlc'r
Capitals AMI throughout their whole extent The
variations, in the value Ot this paper. IN p'ssin.
through those States, from ono great commcfc'a'
metropolis to another, nrc MT ortinir'ti'y very
great BIT how are VIC Of the interior to conc to
the Atlantic cities to purchase supplies Of for
cipn AMI domestic comm ,lit'cs, without n gcncr-
nj me dum2 The paper Of oar own banks VIII
not he received bt ut rain,Is discount. we
want general currency, winch VIII serve al
h Imc and cnlblc us to carry ON our accustomed
trade with orr brethren of the A'i1nfic Statcs
AMI sseh currency have Il right to expect
do MT arroy tic 10 myself Il right to speak
for and in bch,lto f the Western States; but as Il
senator fr,.n one Of them, I am entitled to nc
hoard This Union was formed To secure certain
generals, but highly important, Objects, OF which
the common defence, commerce, AMI Il un'f'fm
currency were leading ones. To the interior
States none Is more i'm ,,rtant than TINT cur
rcncy. Nov nc re Is the attachment 10 the tnion
ars'cDt ihnn in thJsc States; but 1t this Gov
crnmcnt sh ,uld neglect to perform rs duty. the
SaIC oil the Union wI!l Dcf.tfIiC OHDplIICt. us
very existence in process of time mly become
cuinD1crcJ. 1 do believe that between sound
nuI general currency, AMI the preservation of
the Union itself, in fill vgor and perfect safety
there is the most intimate conncxion.
II, Mr. President, the remedies which nave
suggested were successful, at fortlor period "i
orr hist 1ry. there is every reason to hope th''
thcy would again prove cfiicacions; but let me
suppose that they shoa!i not. AMI that some I'M
KIN ,wu cause, which could not then. should now.
4 t.,.F., ant O.
tw.,ri their operation, We sho:'id nave, III any
ycnt. the consolation oi knowing that we Ind en-
,Icayorci to profit by the lessons OF experience
AMI IL ,hcv fn,cd VIC should stand acquitted :"
that alignment of the People. They arc ncaf'hS
tired OF visionary schemes and wild experiment.
T.,cy wisi, to get out Of tho WOODS. into which
,hey have been conducted, back to the PLAIN, bca-
ten. wide road, which they hid before troddcn.
How and when, without such measures rs
have suggested, arc the State banks 10 RESUME
specie payments! They never can RESTING WIN
out con-cri; an concert springs from confluence
and confidence from knowledge. But what knowl-
cire can eight hundred banks, scattered over our
vast tcrr,;o-v, have Of the actual condition oi
Gael, o,hcr? Ii il in vain TINT statements OF u
DO periodically published 1t depends, at last,
u,,inly upon tho yolvcncy Of the debtors to the
bank; and how, whenever their names are MOI
known, can that be asccrtaiDcd!
Instead Of coming 10 tho aid OF these PROSTATE
institutions, and assisting them by mill AMI pa
rental exercise Of your power IN mode sanction
cd and approx ell by experience, YOU propose 10
aban lon them and tho country 10 their fate. You
propose worse: to discredit their paper, to DIS
trust them oven special repositories, am to de-
noIncc ag INST them all the pains AMI penalties
Of bankruptcy.
How AMI when will they resume specie pay
mcnis? Never, as far my infJrH,1tion en-
tends, have cxcr'ions been greater than those
which the banks hive generally m,dc oopcn a .
gain their vaults. 1t is wonderful That the CON-
IN unity should have been able to bear. with SO
much composiro and resignation. the prod'g'ous
curtailmen;s which have been made. Commence
rc-cstabisi,cd. the foreign debt cxtingui>hcd am
national institution created. most of them could
quickly resume specie payments. Some at them,
urgcI hy high sense of p-obity. and smtrtlng
under severe rcproachcs, will no doubt make the
experiment. of rcsumin.s and continuing payment
in specie. They my even 60 while; but
without the cooperation OF State banks general
~, AMI without the cooperation OF national
bank, IL is to he apPrchcnlcd that they will be /,
again srizc,l with paralysis. II ~ my dclihcr-
ate conv NJ that the preservation Of the exist
enc of the St,ic banks themselves depends upon
the institution Of a national bank. l, IS ncccs-
s,rv to them rs the Union - to the welfare OF
the St,'es in political system. Without II,
no hum,n being can forescc when VIC sh1ll G.
me- &C from the difficulties which surround us. Ii
has been INV fortune several times to the