The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-14
From The Penn Yan Demoera
our BANKING SYSTEM.

Continual charges are brought against our bank
ing sys,em.-Thc one of monopoly, and exclusive
privileges have been re-echoed by many ne
question is now being dragged to the polls, and the
banks are to b. crushed through an insane fear OF
monopoly and corporations. Giving the broad in
tcrpretation to the word monopoly" which the
radicals do every branch of business recognized by
law is a monopoly, because not alike open TO all.
There are many monopolsls, in this sense, besides
the banker Lawyers physicians, merchants, lar
mers mechanics, are all, in a certain degree, mo
nopolists But this is an unfair attitude in which to
present the question, There are considerations TO
be presented, other than those OF equal rights, as
they are fond of terming II.
l. The banking system Is intimately connected
with the trade, credit, and welfare OF the whole
community. To destroy it, is to ruin the country
2. In the absence of n sufficient quantity OF the
precious metals ii is the only medium OF furnishing
an adequate and solvent currency to the people
g. II is the cheapest, safest, and most convenient
agency, which government can employ in its hScal
concerns.
A. II furnishes at the present crisis the only mean
of purchasing the staple products OF the country
from the farmer, and OF carrying them TO market.
5. II is the only certain way by which the mocha.
mic and laborer carry forward their business and
be rewarded for their toll and industry.
II is not pretended that the banking system Is per-
feet II needs many alterations and corrections.
Our language is "reform and regulate, but do not
destroy"-To persevere in a course Of hostility To-
wards all banks and especially TO dissotrc gorerR-
ment connection ui them, will produce the following
results r.
l. An indefinite postponement of specie pay
ments
2 An insolvent, fuctuating, exclusively paper
currency al FIRST and
8 A total absence in the end of circulating
medium among the people al all, for any oil The pur-
poses above named. ..
l. total prostration of credit confidence, and
good faith 49,. T.
g. The want of market for produce, and manu-
...l lain
prices of produce and labor, and finally
6 General bankruptcy, distress and ruin.
We think this sufficient to meet all charges OF
monopoly. Our banking system is too firmly inter
woven with the business of the country 10 produce
different resulls--A well regulated banking SYSTEM
is that well regulated "credit system which all
approve.
These are not our opinions alone. They were
the opinions of President Jackson in his Message
of 1885; of Mr. Van Buren,, in his letter 10 Sherrod
Williams Of Mr. Rives, in his speech on the DE
posite Bill; of Mr.. Wright, in his speech Of janu-
arv 1884 on the DepoSitc Bill; Of Mr.. Woodbury.,
in his report as Secretary OF the Treasury IN De
cernber 1884, of Gov. Campbell in his last Message
to the Virginia Legislature Of the Albany kepubii-
can Committee in their late Address; OF MI Gar
land OF Virginia in his letter 10 the ChaTotiesviiie
Republican; OF the Republican Members Of Con
SrcSs from New York (among whom were Messrs.
W right, Tamadge, Beardsley, Cambrclcng, Gllei,
Howell, Mann, Vanderpoel, Ward, White, &cI ~
their address To their constituents June 1854 ana
lastly OF the veteran Richie of the Richmond In
qurer, in the article we copied in the Democrat last
week With such lights to guide US, we cannot
wander.