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

Again to create q national bank, az a fiscal n
gent would be to disregard the popular will, twice
solemnly and unequivocally expressed. On no
question Of domestic policy IS there stronger EVIL
dence that the sentiments Of a large majority are
deliberately fixed; and Icannot concur with those
who think they see, in recent events, proof that
these sentiments are, or reason that they should
be changed
Events, similar in their origin and character,
have heretofore frequently occurred, without pro
ducing any such change; and the lessons of ex
perience must be forgotten, if we suppose that the
present overthrow Of credit would have been pre-
vented by the existence Of q national bank
Pronencss to excessive issues has ever been the
vice Of the banking system; a vice as prominent
in National as in State institutions This pro-
pehsity is subservient to the advancement of
private interests in the one in the other; and
those who direct them both, being principally gui-
ded by the same views, will be equally ready to
stimulate extravaganza Of enterprise by improv-
dence Of credit. How strikinglv is this conclu-
sion sustained by experience. The bank Of the
United States, with the vast powers conferred on
il by Congress, did not could not prevent for
mer and similar cmbarrassmen.s; nor has the still
greater strength it has been said to possess under
its present charter, enabled it, in the existing E.
mergency, TO check other institutions, or even to
save itself. In Great Britain, where it has been
seen, the same causes have cen attended with
ers far greater than are asked for by the warmest
advocates Of such an institution here, has so pro-
we'd unable to prevent undue expansion Of Gre
dit and the evils that flow from it. Nor can
find any tenablc ground for the re-establish,nent
of a national bank, in the arrangement alleged
at present to exist in the domestic exchanges of
the country, in the facilities may be capable
Of affording them. Although advantages Of this
sort we're anticipated when the first Bank OF the
United States was created, they were regarded
incidental accommodation; not one which
the Federal Government was bound, or could be
called upon, to furnish. This accommodation Is
now, indeed, after the lapse Of not many years,
demanded from it as among its first duties; and
an omission to aid and regulate commercial ex-
change, is treated a ground of loud and serious
complaint. Such results only serve to excmplify
the constant desire among some Of our citizens,
to enlarge the powers Of the Government, and to
extend its control to subjects with which it should
MT interfere. They can never justify the crca-
ton Of institution TO promote such oil jects-
On the contrary they Justly excite among the COM
NJ unity a more diigent inquiry into the CHI ,rac-
ter Of these operations of trade, towards which it
is desired to extend such peculiar favors.
The various transactions which belr the name
OF domesriccxch-sg~~va il,s 4.saaaaialiy in their
nature, operation, and utility. One class Of them
consists Of bills Of exchange, drawn for the pur-
Pose OF transferring actual capital from one part
of the country to another, to anticipate the
III.
OF this description highly useful in the NOV e.
.~...s- IS $3.50, oil L.
agement which can be rightfully given to them.
Another class is made up of bills Of exchange, not
drawn transfer actual capital, nor on the cred
it Of property transmitted but to create fictitious
capital, partaking at once Of the character OF
notes discounted in bank, and of bank notes in
circulation, and swelling the mass Of paper cred
its to vast extent in the most objectionable man.
ner. These bills have formed, for the last few
/ IS vn.>A H,ee Unrf hi
domestic exchanges Of the country, serving as the
means Of usurious profit. and constituting the
most unsafe and precarious paper in circulation
This species Of traffic, instead of being upheld
ought to be d;scountenanced by the government
and the people.
In transferring its funds from place place, the
Government is on the same footing with the pri
vate citizen, and may resort to the same lega
means. 1t may do SO through the medium OF bill.
drawn by ITSELF purchased from others: and II
these operations 1t may, in a manner undoubtedly
constitutional and legitimate, facilitate and asss
exchanges OF individuals founded on real transac
tons of trade. The extent to which this may b
done, and the best means Of effecting it, are en-
titled to the fullest consideration. This has bceI
bestowed by the Secretary Of the Treasury, an
his views will be submitted to You in his report.
But it was not designed by the Constitution
that the Government should assume the manage
ment Of domestic OF foreign exchange. 1t is in
Oe0u 0utnOrlZcO 10 Regulate " law tue COu1tiScFC
between the States, and to provide general stan
dard Of value, or medium of exchange IN gold Q
silver but it is its province to aid individual
in the transfer Of their funds, otherwise than thr.
the facilities afforded by the Past Office Depar
ment. As Justly might it be called on to provid
F; for the transportation of their merchandise
These are operations of trade. They ought
!, be conducted by those who interested in then
in the same manner that the dental dIicultiee
q Of other pursuits are encountered by other ella
. SEES of citizens. Such aid has not been deeme
6 necessary in other countries. Throughout Fl
i rope, tho domestic as we'll the foreign exchal
ges carried on by private houses, often, If n
generally, without the assistance of banks. 4
n they extend throughout distinct sovereigntie
j. and far exceed in amount the real exchanges
J. the United States. There is no reason why o.
own may not be conducted in the same manDc
T. with equal cheapness and safety. Certainly tn
I, might be accomplished If it were favored by tho
e most deeply interested; and few can doubt the
J. own interest as well tho general welfare Of Il
country, would be promoted by leaving such
D. subject the hands of those to whom it proper
D belongs. A system founded on private intere
ID enterprise and competition, without the aid Of
v gislative grants Of regulations by law, would I
e. ridly prosper it would be free from the infuen
Of Of political agitation, and extend the same {
70 emptiou 70 trade itself; and il would put e