Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-08-30

y ~
csin"ll>hcd under such auspices, thus loca-
ted and with such acapital as an institution
eminenily dangerous To the liberties. of the
country ] will not disguise my opinion.
mat Il Bank Gi The United States established
under The most favorable circumstances
! however perfect as Il regulator Of The cur
Ichry, lS liable to- become Il very dangerous
institution IN he hands of the Federal Exc
I curve. The Old D;ink Of the l.. States
s"rt'pnl"usly abs;aincd from politics until
'orcrd IN sclidcicncr, to abandon, in some
degree, It's neutral position. regarded
TINS as one of lis great merits. Blu, whar
would necessarily be the character of n Lan;
"i 80 million established in New York.
under ilir present circumstances of the coun-
Try! Bank or no Bank is clearly and dis
tihc'ty The I>snc which is to decide the ucxi
PRESIDENTIAL election and to be decided bv
II. S'ich :. Bank would he unavuidnbly =,
Icrc cn@inc III he hands Of the isccadnn,
parry Il tremendous instrument of power
and ni>rhici lhrIS created ami thus wi,l:!cd.
i"n may re 'ol!crt that i'll my last spccc',
on tilr dcpn~itc question. stated rs :, rca.
sun Tor supporting ilc existing hank thai
lis overthrow would produce precisely snch
as'aIc oil anarchy rs VIC now have in the
| Icurrrnry and exchanges: that tucxIricatn
! themselves irou such Il CONDITION. tho pconle
would iiy into The arms even ofa .;nvrru.
nlcnt Bank, upon the principlc ,i,a, men
| VII! seek refuge from anarchy even i'm The
worst form otdc~pnt>in. fear my pre-
"icii"n has been very nearly fulfilled. For
inc ch;!nccs are that any bank established
under liic prevailing auspices, would be in
fHci Government Bank whatever j,
! might be III .j"tm. And here am rcinin-
hcni "i tie extraordinary speech of MIR. Clay
III winch he maintains thai the proposed or
"aiiHat'nn "t The Treasury, maxim: it indie
pendent of Tanks, Is in fact II Govcnmcn;
bank. Whatever other objections may he
nsCd against this treasury Scheme il is Ger
inirlv free from this. 1t has not one of tI,.
attributes Of Il bank. IL would nr.hcr dis
count notes nor issue bills. II wou!d I.,v,.
n" iav"rS 10 confer upon any body. unIrS-
The payment Of Il nsI dchI may DC so rcSar
dcd. lfihc fact OF drawing upon its own
i"'''" - .,-. - ! BIS lii p,r'r H.. rvaa-
~ ,.auh, ,'ory uHt" :. f. l5utcr
" inrtiilu - -" s.,'.! ., pi 4, Iiark 81"
nc '''ii,."' '':i',-. :. ,."n .ru'.,d 81. .ar,
ii1rk q! u.': ta8i"i .lv.,ys ait.s.n,..sa 30, It,
r so Hs''st = ''"s'z,-' 7.s.
%" '''' >"'g,ci Wuttd ne 90 a.
'- fuii, n~.i...f.,,
iricd before any attempt should he made ia
incorporate another. Unless f!I. puhlic
mind can be brought. as in England, To re
gar" such Il bans as Il national institution.
supported by all parties nlil;c il vii! aIway.
'c II party engine. 4 party contest for the
renewal Of The charter at The end of every
10 or 20 years. would he almost crual 20 +,
disputed succession in Il monarchy. The.
mos, painful Of all processes is the reform of
currency. hy The AGENCY of naiional i;n,.k
after several year. OF unrrs:raincd and nx-
,c>~lvc bank lSsGcS. Such WIS the case in
iSio--'.o aud such would be moro drri
dcdiy the cH>" nnw. Such dreadful rem.
dies are not 10 bc risrh every ,!nv Aud I!
can scarcely sec with patience many ocI!o~r
VIII" co-upcra,cd with General jackson. in
drslr"yin. the late Bank when il was uu
popnlar. now cnulrndino for lhc establish
incnt OF another. when distress ha, turned
The pu5hc opinion III favor OF Il National
Bank. under the vain and dciusivc cyuccta-
'i"n that II will relieve Them from their pc
cnnary cmharrasuicuis. Nol!lin. could
prove more cnncluSivcly that distress is Il
! bad rcaSoncr. Than rhnl people who are in
VOWED in dcbt should cxpccr to bc relieved
by such an institution. lis very fY.r r,licr
would be 10 correct Il redundant currency.
Lei It's 50" bow this would he performed. -
a bank oi Fifty million would probably issue
III least thirty millions nf lis own bill. -
fhl> would Increase the existing rc,Iunacn-
cN, aud 0l course, render il uCccss;Ir, tipr ,I,r
State hank>io rurtai! their i>~uc> so much
the more. In fact, if National ErnS per
formed us dni". lis entire operation ut FIRST.
would hr 10 IcrraSc the pressure nnru the
s;talc hanks and through these the distress
scs of the people.
Nothing ha, surprised me more Than 1l,,t
the state EankS should in some urartrrs of
the tnon look To Il National Bank rs q
means relieving them. On the contrary
so far rs they are concerned the Nai;onal
| Bank w"nil be worse than an lnl"pcndcnt
Treasury. with the specie feature rs il j.
called. The public monies would be OF
course deposited in the National Bank
| Now we know thai although tho late Bank
ni lie L. :. was very liberal in its DEALING,
with IN" Stale iankS, they were constantly
| compIainnG that when their bills were de-
posted by the Treasurer in that Bank. il
liahiuair demanded The specie for them ",
drafts upon distant points that were cumiva-
lent 10 specie. This grew ont of The com.
mon uSngcs of Banks q the obligation of tho
Bank to plac" the fluids of the Go,crnncu
Were lii@y might hc wanted. For example
the Go.crnmcnt cnllccrS Il half million %
revenue in Charleston, in the local bill, I'm,
dcpu~ircs them in the Branch Of the l. :
Bank. These funds are wanted M Norfolk
aud as :. G. bills will nor answer there, th,
branch demands specie or draft on Nor
Folh. which Is perhaps as costly To the loca
Banks.
Upon the whole then. though believe
well regulated and well conducted Rank n