The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19

,ounty will learn wisdom from past and present expe-
rience Still, we cannot agree with those VINO eecy
the whole credit system To that SYSTEM principally We
owe our canals and other public works-t has extended
our commerce over the whole word-peoPled the VIII
d.rncss-bult our cities and villsges-iounded our
colleges and established our schools IL mas gwen us
national wealth and individual prosperity and II II has
brought some evils IN It's uain tney are NOT LOT mo
ment TO be compared TO the advantages which we have
NO abundantly realized None but q dreamer, who
yyould throw us back century, can wish to annhllse
credits With such measure the canal would indeed
become solitude" and the lake "a desert waste OF
waters" Instead Of enlsrgng the Erie canal we might
better discharge collectors and ocktendersaban-
don the project Of opening other public horoughares,
and content ourselves with once more returning TO
state Of barter Our Legislature would have little busi-
ness its hands beyond that OF declaring the State
bankrupt and imposing taxes to defsy the ordinary eI-
penses Of the government"
Hon. James Garland, member Of Congress
from Virginia, in recent letter to the editor
OF the Charlottesville Jeffersonian Republican,
enables US to add another good authority to
what we consider the true doctrine:
at should be borne in mind that we are COM
pletely involved in the Banking system instituted by
twenty-five independent State Governments each OF
which will probably adhere 10 il in some form. How
vain them the effort il attempted, on the part oil the
Federal Cove nment, by the mere employment oil It's
sructive the effects could il be suddenly accomplish
ed think the wiscst and most successful mode will
be TO invite the cooperation Of the States to gradual
reformation Of the Banking system by gradually reduc-
ing their paper and snlagng the specie circulation OF
the country.
Extract from the Address Of the Republi-
can Members of Congress from New York,
to their constituents, June 80, 1884.
:" In 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 moneyed power, and have
poused its interests The exceptions, however suf-
fcenty numerous, and especially in our own state to
vndicate the policy Of such institutions, and place
them in many instances, in close affinity with the people
Indeed although the whole banking system is
less liable abuse, and is only defensible in commun
ties like own, when actually required by the ext.
gences Of trade and carefully restrained by effective
regulations and vgilant CONTROL yet is morally impos-
sble that the state banks exercise any very
dangerous influence the politics or business of a
territory extended, and population so numerous
those Of the United States Their number would in
deed make them formidable could they all be combined
in effort but for thousand reasons, such
combination is utterly impossible In 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 thee is
no other organization BY which its power can be
tended every section Of the Union, and brought
hear NV concer and action all