Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-09-16

ton Of them, combining great intelligence, activ
lty, and influence, are no doubt sincere 10 their
belief that the operations Of trade ought to be
assisted by such a connections; they regard q ma
tonal bank necessary for this purpose, and they
are disnclined to every measure that does not
tend sooner later, to the establishment of such
an institution. On the other hand, a majority of
the people are believed to be irreconcieably op-
posed to that measure; they consider such q con-
centration Of power dangerous to their liberties;
and many of them regard it a violation Of the
Constitution. This collision of opinion has, doubt
less, caused much Of the embarrassment to which
the commercial Transactions of the country have
lately been exposed. Banking has become po-
Itcal topic Of the highest interest, and trade has
suffered in the conflict Of parties. A speedy ter
mination Of this state Of things, however desira-
BILE, is scarcely to be expected. Wehave seen for
nearly half a century, that those who advocate a
national bank, by whatever motive they may be
influenced, constitute q portion of our community
too numerous TO allow to hope for an early a
abandonment Of their favorite plan. On the other
hand, they must indeed form erroneous esti-
mate Of the intelligence and temper Of the Amer
lean people, who suppose that they have continu-
ed, on slight insufficient grounds, their perse-
vering opposition to such institution; or that
they can be induced by Pecuniary pressure or by
any other combination OF circumstances, to sur
render principles they have 50 long and so n!exi-
bly, maintained
NV own views on the subject are unchanged
They have been repeatedly and unreservediy an
nounced to my fellow citizens; who, with full
knowledge of them conferred upon me the two
highest Offices Of the government. On the last
Of these occasions, felt it due to the people to
apprise them distinctly, that, in the event of my
election, would not be able to cooperate in the
re-establshment of a National Bank. To these
sentiments have now only to add the expression
Of increased conviction, that the re-establish-
ment Of such bank, in any form, whilst It would
not accomplish the beneficial purpose promised by
its advocates, would impair the rightfll suprema-
cy Of the popular will; injurc the character and
diminish the influence OF our political system;
and bring once more into existence a concentra-
ted power, hostile to the spirit and threat
ening the permanently of our republican institu-
tons.
Local banks have been employed for the depo-
site and distribution of the revenue, at all times
partially, and three different occasions, exciu-
sively, first, anterior to the establishment OF the
first b INK of the U. States; secondly, in the in
tcrval between the termination Of that lnstitu-
ton and the charter OF its successors and, thirdly
during the limited period which has now SD alb
ruptly closed. The connection thus repeatedly
ssss%esse RT0xe1 sns .sri0us
sures which were adopted to facilitate or insure
its success. On the last occasion, in the year
1888. the employment of the State banks was
guarded especially in every way which expert
ence could suggest. Personal security was re-
o:.:.-i &C. 49, 90 ,-~~'-c - r.":'r' r"s'"."nt
Of the moneys be rece ved, and full returns OF
their condition were, from to time, to be made
by the repositories. In the first stages the mea-
sure was eminently successful, Notwithstanding
the violent opposition of the Bank Ct the United
States, and the unceasing efforts made to over
throw ii. The selected Blnks performed with
fidelity, and without embarrassment to themselves
or to the community, their engagements to the
Government, and the system promised to he per
manently useful. But when it became necessary
under the act Of June, 1896, to withdraw from
them the public money, for the purpose Of placing
it in additional institutions, Of transferring j,
to the States, they found it, many cases, incon
venient to comply with the demands of the Treas
ury, and numerous and pressing applications
were made for indulgence relief As the in
stamenis under the deposite law became payable
their own endorsements, and the necessity un
der which they lay of curtailing their discount:
and calling in their debts, increased the genera
distress, and contributed, with other causes, t.
hasten the revusion in which, they, at length
, in common with the other banks, were fatally in
volved.
, Under these circumstances, it becomes our 80
Tenn duty to inquire whether there are not, II
any connection between the Government am
banks Of issue, evils of great magnitude, inheren
in its very nature, and against which no precau
tons can effectually guard.
e Unforeseen in the organization of the Govern
: ment, and forced on the Treasury by early neces
E sites, the practice of employing banks, was, ii
truth, from the beginning, more measure of emei
> gency, than Of sound policy. When we starte
! into existence as nation, in addition to the bui
e den of the new Government, we assumed all tn
: large but honorable load Of debt which was tn
o price Of our liberty; but We hesitated to weig
}. down the industry Of the country by rcsortlng
S adequate taxation for the necessary revenue
The facilities Of banks, in return for the privi'
q ges they acquired, were promptly offered, and pc
l. haps too readily received, by an embarrasse
J. Treasury. During the long continuance OF nj
II tional debt, and the intervening difficulties OF
Il foreign war, the connection was continued fro
8 motives Of convenience; but these causes has
Of long since passed away. We have no emergel
n cies that make banks necessary to aid the wan
=. Of the Treasury; we have no load OF nation
is debt to provide for, and we have on actual dep
e site large surplus. No public interest, ther
ir fore, now requires the renewal OF connect't
,e that circumstances have dissolved The COZ
a plete organization of our Government, the abu
" dance Of our resources the general harmony whi
4. prevails between the different States, and vi
foreign powers, all enable now to select the -
A. tenn most consistent with the Constitution, n
&c most conducive to the public welfare. Should '
x then, connect the Treasury for fou, tn time wi
nd the local banks il can only be under . convicti
"a H.. Al