Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1838-12-15

ana control TOO large capital ana Otate IN
fuence, ever to allow the people of this coun-
try to enjoy the benefits ofa Bank of the Uni
ted States, under the direction and control Of
the People through their Representatives in
Congress- That these institutions may do
much to equalize the exchanges and give uni
formity to the currency, is not to be questioned;
but that they will feel any direct responsible
ty to keep up q healthy and sound circulating
medium throughout utegery portion of our con-
federacy, unless it may add to their profits as
bankers, is not to be anticipated. 30 tas.
9To say that money corporation necessa-
rily implies hostility to the public interest, ap-
pears to me to be taking high rank among the
absurd theories of the day. Itmay become SC
by injudcous management, admit. Banks
originally were regarded in this country as
public benefits. Their organization is entirely
| in accordance with the spirit of our institu-
tions. The division of the stock into small
sums enables persons withvery small property
to enjoy share in profits which commonly be-
long only to the very largest; and the distri-
button of the loans among the enterprsing
class who have not been favored by an inheri-
tance Of wealth, gives them power to wield
captain not often possessed, even by our veal.
thiest individuals. 1t is, surely, arguing rath.
er too strongly against the capacity of the peo.
pie for self government, to maintain that from
the outset of our government, they have moi
/ known what they were about, when year after
year,and in every one Of the States, their repre-
sentatives have been creating Banks on this as
sociated plan. They still maintain the right to
do so, and it is probably one of the last they
would now be disposed to surrender. But the
people in the separate States can do no more
than to control those Banks, authorized by
them as citizens of States, without insuring
any uniformity of action There is no pow
people of the Union as mass--and there, for
one, do believe that it does reside." Pr.
"But it is often maintained that, however
beneficial the original creation of Banks may
have been supposed to the people, their present
situationis very far otherwise, and calls for en-
tire reformation. While admitting my belief
that there are evils incident to the state of the
present system, am not so clear of the re-
publican tendency Of any proposed change.
Discreditthe present plan of joint stock bank
ing or open il to thatfree competition which
would very soon discredit all men operating
upon borrowed or inadeduate capital, and
you may introduce sounder system; but you
will open the way for those colossal private
bankIng-houses established upon immense
wja'th; which have controlled, for years, the
pecuniary operations of the Monarchs of Eu-
rope. Now, the question is plainly reduced
to this (which is most accordant with our
republican institutions, one National and many
State Banks crcatedin shares, not for private
benefits but for the public advantage, subject
to the coucrol of the people, through theirrep-
resentatives--or ca1few great bankers doing
business entrelyfor their own account, irres-
ponslble to the people, and yet at critical mo-
ments, able, very seriously to cripple their re-
sources? The majority will answer this ques-
ton as they like best. and in this matter they
will have, and ought to have, their own way.
Butfno reasoning yet applied to the subject,
can convince me that atthe0emocracy OF WASH
rington and that of Madison, was not as deeply
founded upon the interests The people which
they protected, as that Of others, who, in pro-
Tossing more care, do, by their practice, throw
them entirely away."w Hs gnaegg9a. .,4aa 4
o Under this state of things, it is grave ques-
tion of State policy, what course the people OF
Ohio should take in the use and employment
of Bank capital. The charters of our pre-
sent institutions will mostly expire within the
term of fonr years, and if we are to enter into
the new theory of an exclusive metallic curren-
cy, the policy should be declared and under
stood, that the Banks may have time to close
their business and wind up their affairs in a
manner that shall cause the least possible pres
sureOn the people.3 oi baiiImd mgI asTcil
9 If other counsels shall prevail, and system
of Bank credit isito continue, question will
then arise, what shall be its character, and
how shall it be oganized and thrown into form?
Our present system of independent Banks
worked wellunder the influence of the Bank
of the United States. And with that great
balance wheel to control their issue and regu-
late their exchanges, it was certainly prefera-
Bile to any system of Bank credit that has ever
existed in this or any other country, But this
important auxiliary q to independent State
Banks, is no longer at our command; and as
the rate of exchanges is,a matter that lays a
positive and direct tax upon the business ope-
rations Of the conntry; and as there is but lit
tie probability that uniformity will ever exist
under the management of thirty or forty inde-
pendent state institutions, it is certainly wor-
thy of consideration, whether something can
not be done to correct and amend this evil. Il
Free banking vas attempted in Mcbigan,and
failed; but II has been more successfully
brought into use in, the state of New York,
under q better regulated system and under
more favorable auspices. lts adaptation to
the wants of this state, is at least question:.
bic, and ought not to be adopted without ia
borious, and careful Investigation, 90 not be-
lieve that bonds and mortgages on real estate,
within the limits of Ohio, would give the con-
fidence necessary to sustain bank credit: and
as to- state, stocks, they are not 10 be had in