Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-11-18
$l45,OO0,OO0
55,OOO,ON
100000
ere
100000
30
72,ooO,OOO
323,OOO,OOO

323,OOO,OOO
Making total Of three hundred and twenty
three million Of doilars, and something more up
to this time. SO much for the number Of banks
and banking capital.
Now for your circulation; and it will be found,
20 concur with the other evidence, and comes to
precisely the same result. From tho year 1880 to
1857, the circulation Of bank paper increased in
the United States from SCI ,OOO,OOO to upwards
Of $lS5yOOO,OO0 Tho discounts and deposits
were increased, probably, in the proportion !;
that is 10 say the sum total of the banking
operations was thus increased with rapiditv ne
yer before witnessed, and, trust, not to
be witnessed again, in six years twas more than
trebIcd.
Sir, I am not adverse TO the State banks; there
10 too vast an interest nv olved in them to be vast
Cd and destroyed. a capital Of between three
and four hundred millions Of property ought not
10 DO sportcd with or endangered, for injury to
IT must do extensive mischief to indiv iduaIs and
individual interests. But the statement of which
] have given the particulars deserves in my judg-
mont, the serious attention Of every American
statesman; in 1t arc involved all the owls that
arc complained Of What il it that has produced o.
vertrading and speculation, and vcr-purchases of
land2 What is it that has stimulated the inter
esfs Of the country to morbid state Of activity,
threatening the existence Of cvcryi Thing, disturb
ing the relations between the different portions Of
tho Union, embarrassing tho intercourse between
man and man, and compelling us to be here at
midnight TO pass bills TO rescue tho Treasury
from impending bankruptcy? ! need not go fur
ther back, and tho result Of the whole is that in
forty years such thing occurred; that in
elk wears it did occur, and that in less than six
years IL occurred again; and that this state Of
things happcned at two periods precisely inden-
teal and alike distinguished f;om two other peri
DDS, indentical also with each other when it did
not happen.
Tho difference, 50 Car as VIC are able to discern,
Il tn hq Gxaud in ur la tdfnO e
that at the two favorable periods you have great
fiscal institution acting the fiscal agent OF the
Government, and at the other period, you had
none. ] will not undertake to show that, even
with such institution, it is impossible that such
. arrangement could happen. 1 do not believe
that il would. lam content at the present time
10 say that ii you want an experiment, the ex-
pertinent has been made. You know the results
Of that experiment perfectly well, and in n man.
ner to be relied upon; You know you can have a
uniform currency you know you can avoid the
suspension Of specie payments; you know that
you can furnish medium between the inhabi-
tants OF the most distant parts OF this great con-
Sederacy for carrying on your intercourse. You
know ii, because you have done it twice for long
periods; and the experiment has been twice SO
successful that no doubt its efficacy up
on the nero affirmative evidence, you have
had its opposite also, the negative evidence, ALSO
u concurrent and complete.
You have tried tho experiment Of doing with
OUT ", u p10 tWlce feSujtC0 the same way.
and brought US to the same condition. Tbs CO
existence is, humanity speaking, and according to
the soundest philosophy, good reason for infer
ring that one ~ the cause and the other effect.
And then you have the deduction from the whole
that q national bank has prevented and will pre-
vent such occurrences, and without such IN
stitution You are inevitably exposed TO them.
Now, sir, you are in this crisis not deeper
then you were before the remedy is not more dif-
6cut than before, nay, firmly believe, and thou
sands in the United States believe, that precise
ly tho same treatment will give relief. = = =
j not the Government of this Union establish
I'd for tho common welfare, TO do those things
which the States Individually cannot do, to keep
this Union together, to regulate its foreign com
morcc and the commerce between the States. Il
give to the institutions OF these United States a
nationality and TO give to that nationality preva
ding charac,ers The subject we arc considering
embraces matters which deeply concern thu
general national interest in its whole extent i
the Government Of the United States to take nt
need OF this! Are they to suffer centrituga
1ofcc TO become prcpondcrant, and enianger the
Union itself? Arc thcy 10 incur the manifest risk
nay the absolute certainty, Of suffering the beau
t'fui spheres which constitute this system rush
into confusion and collision zoe want, in its pro-
per place, Of the most beautiful Of all the need.
Sul kindred. national sphere, which corubines and
regulates them all, and presents them a. one har.
mo0cous whole? Are they to take No caro- tina,
The centrifugal force shall, by appropriate and
adequate means, be SO restrained as to endanger
the system itself, to separate those intended to
b kept together, to produce adv interests. te
let the needful balance be DESTROYED. and leave
10 Ia our daily concerns if We had no common
country, and no national chlracter2
Sir, what is this Government Of the United
States fort II Is to make US a nation. Its Il
give u . national character. 1t is to give us ma
tsoaal capacities and advantagcs-not by conso.
sdatson, not by interfering with destroying the
rights and powers. and privileges Of the State.
Das to facilitate their intercourse. without cacins
ne lines between Thorn; to give tho rights, the
.mnan's'es' and tho privileges Of FREQ citizen.
shsooghs the United States; and, 90 far a. il can
y these acts. to promote whatever J. rood, ans
6Ouard against whassver i. evil.