Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1838-05-10

InenL Oh inc business OF our community; ana
there is no doubt but that they are now do
ing their utmost to sustain the wasting ener-
gies, and sinking spirits of the people. They
would have done more, had they not been
paralized by the ever-shifting policy of the
Administration, and the virulent attacks of
the misinformed, and prejudiced. Unfoun-
ded jealousies have been created against
them they have been arraighed as hostile to
the labOring classes, and favorng the rich /;
while in truth they are great Jewellers of
rank, by extending aid to the industrious,
and enterprising; thus making their abilities
and credit, equal to the money ofthe opulent;
and putting into operation capital which 9TH
erwise would be unemployed. l would re-
commend the repeal of those laws, which
prohibit our banks from issuing bills of less
denomination than five or three dollars; the
convenience of the people requires the cir
culation of small bills; and this necessity
has often induced them to disregard the pen
alties Of the law, and openly violate its pro-
visions; SO that foreign banks have not only
taxed us for their own benefit, but the moral
sense of this community has been blunted
and impaired, by an open disregard of pub
lie authority.
From the returns made by the banks in this
State to the Comptroller Of public accounts,
showing their condition on the last Saturday
of March last, it appears that their joint in
debtedness exclusive of what they owe to
stockholders for stock,) is $3,54S, O0O-their
effects or means of paying their debts are,
$l2,293 600; this latter fund must be ex-
hausted before any persons holding their
bills can sustain loss. An abstract of these
returns will be laid.before you, from which
it will appear that these institutions are SOL
vent and judiciously conducted. Their cir
culation is less by more than one half what
it was last year.
Many are the theories upon currency, and
banking, afloat in the community. What
ever might have been judicious before pri-
vate charters were granted, it is now the part
OF wisdom to retain, and perfect, what we
possess, and not run wild in golden dreams
in pursuit of what cannot be realized. Cur
rency should not be separated from the busi-
ness of a country; that is its congenial soil !;
it shrinks from the touch Of the mere politi-
clan, and perishes in the refinements of theo-
rists. Doubtless there are evils incident to the
existing system of banking; banks will some
times fall into the hands of dishonest men,
and sometimes be conducted by honest men,
unwisely; but Notwithstanding this, shall
they be discarded, and hunted down as ene-
mics, and made responsible for evils which
are chiefly attributable to unwise legislation
Shall we throw away the advantages of steam
power, or the element of fire, because when
uncontrolled these agents are eminently de-
structive? Banks are SO identified with the
prosperity of their debtors, and of the whole
community, that in self-interest alone, we
have pledge for Just, and honorable deal
ing; but since their influence is great, and
their control committed to few PERSONS it is
prudent that the General Assembly should,
by means of commissioners of experience
and Judgment, carefully watch their opera
tons, and often inspect infinitely their con-
dition. The knowledge that they are thus
under a cautious, and jealous supervision,
will tend to prevent fraud and abuses,
and inspire confidence in their honesty and
solvency. The history of banking and Of
commercial credit in the United States, is in
timately connected with the history of her
progress in wealth, and intelligence. Our
public finances early experienced the ad-
vantages of the U. States Bank, chartered in
1871 bringing order out of confusion, and
establishing the credit of the government !;
such too was the effect of the bank in 1916.
The chartered institutions Of the States, with
a system of we'll regulated credits, have,
from the first. given life, and vigor, to every
department of industry, to every meritorious
pursuit The energies of the people, under
these fostering influences, have changed the
face Of every thing around us; they have
made the forest fall, the earth yield her
treasures, skirted our rivers with beautiful
villages, intersected our vallies with canals,
raised enterprise to an equality with wealth,
and, in word, filled our new and growing
country, with busy. virtuous population.
They have carried our commerce round
tho oloho on1 ran rod in, tho midst IF o,,n
most valuable and praiseworthy institutions.
Are these agents, then, deserving only oblo-
guy and reproach?
Every country must consult its own pecul-
iarities, and not, of course, adopt the systems
Of finance, and political economy, Of other
governments. An exclusive metallic curren-
~, or one chiefly so, may answer for the
governments of tyrants, where there is no
credit, because there is no security and so
It may answer, to some extent, for circum-
scribed kingdoms, as in Europe but the
of China, or Turkey, or Holland, or
France, is no precedent for US; and their
is, no more than their laws, adapted
to new and enterprising nation. spreading
like ours over vast territory. There is not
specie enough in the world, for the business
of the United States, nor did the trainers of
our national constitution attempt to establish
any such exclusive currency. There is none,
in the sense in which it is claimed. A cur
rency as such, is not found in the instrument.
The wise men who made it, we'll knew that
the business ofthis country could not be con-
Quoted in metallic currency. At the time
the constitution was adopted, the country was
afflicted with deprecated State paper this
species of paper, the constitution does forbid,
but no other and in declaring that gold and
silver only, shall be legal tender, it provides
ooo oI$or onA ~ ,Ch oro1s<ar ,,oaxy