Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-05-14

'L''' titan c John Barney, Esq. OF Baltimore.
r''. 10 o,e. an account ofan interview with the
nj Montpelier, not long before his DEATH Mr.
~. ia, s,b,ect Of a national bank he sand At one
Iofb his life his convictions OF It's nnconsiitu-
Inv were firm aud nncomproms'ne hut when
s',nrene Court Of the United States high
,5icia authority known 10 our country the
- hos, and most enlightened III Chfisiendom-
NV, ,6cr nature deliberaticn solenny pronounced
ho ,;, ,fte, the assembled wisdom of the ma
had ,wice called it into existence by Congress
'' Ileasl,ton and the People themselves
al If by their voice, the two coordinate branch
Ufl;oyernmen, thus deciding against his uvilu
In,non he could not permit himself longer to
dir. and sir sand he. my mind, after years oi IN
.q reflection, has artiveda at the conclusion that
commercial nation prosperwthout nation
b,pk f.: il is the great balance wheel IN the fiscal
oeerns the country-indlspensabIe 10 the prcser
| mon of a sound and wholesome circulating medl-
m without it specie payments could not have been
,nmed in 1877 without it they never can be per
n1ncny maintained
| The necessity Of National Bank has always
.est !=fent, since the separation between the
CLONES and Great Britain, The Revolutionary
Congress established the Bank of North America as
,y as Isl, and although ii commenced It's opera
,,ops with the sm1ll capital ofS 100000, the opinion
tla day was that it had an extraordinary effect in
.orng public and private credit, and was Of immense
uy in aiding The operations of the Treasury" Ten
year, afterwards the first Bank Of the United States
W; ncorporaed, and in 1911 il went out of existence
Ia 5l4 there was general suspension OF specie
g,menfs and an universal arrangement of the cur
rocy resulting in incacuable losses both TO midi
rlnals and to the government. In l8lG, the Bank
H. L
slln upon u.s. unchecked except by occasional de-
pnCements, resulting from commercial fluctuations,
and from the njudclous management Of the nsti
uion in the early period OF its existence. We
.4netnes, indeed, hear the "hdrd times" of 1910
aad 1895 adv rted for the purpose Of showing that
National Bank cannot avert these cataslrophes. /
Bawe would ask, hard as the times were, and severe
AVIS the pressure, 'ras there any suspension Of specie
javaentS hcn2 Or, acas the circulating medium ofI
nesscion 81 The Union at from 25 10 30 per cent dis
cunt in another section The answer to these ques-
HOES must be in the negative, ard, being in the mega
i've, it settles the question Of the utility of Bank
No one ever pretended that it could prevent COM
meclal revolutions or fluctuations in the prices
Of produce, the effects of wild and hazardous
ejaculation, which wholly independent of
3 innuence--Al that lis fIicnds say. is
haiti will prevent the doeraratoa of such calami-
lc. when they occur, by giving us sound currency
raIa stable medium ofexchancc Aud tins asscr-
is indicated by the farther history of the BaGh
ill., two years afierthe expiration Of its last charter
,sln the former case, there again general sus-
'ension Of specie payments, and universal de
tansement ofthe currency, the rates OF exchange
h. al
miles, and intimately connected by commercial
orercouye. ranging from 10 a per cent
Such coincidence Of results following the
d-rmction ofthe Bank in ISL and in 1886. could
not have been accidental. 1t is cause and effect
And if we would restore The prosperity of the coun-
n.y. and place it upon stable foundations, we must
-curto the same policy Sach, at least, is our be
lief. We may be wrong, however, and we shall be
we'll satisfied, Tor reasons stated in the FIRST part of
Ills article, ifthc result of Mr. Riycs's Experiment
shall show sthat we are 50.
Many persons admit the utility, nay. the nccessi-
Yef Bank, who are yet troubled with constitutions
a scruples on the subject In nine cases ont of
ten, however il will be found that these scrnplcs are
the result OF opinions adopted upon trust & without
nvesiigaon. Such was the case with ourselves.
Educated in the strait laced school Of constitutional
tOnslruction,one of our earliest convictions ON poni-
cal subjects was that National Bank could not be
fNNtered but by gross assumption of powcr-but
TWAS an opinion founded the assertions of Others +
'ni not upon enquiry and research. Whether we
have grown wiser as VIC have grown older. we do not
snOw: but we know that Oh this question we have
certainly changed our opnon--nor is it a simple [
"la'escence IN stem necessity, but a substantial
'h0rough, bona fde change wrought BY enquiry.
and founded upon honest conviction. Events,
sn9Hn to ALL have demonstrated to our satisfaction
mala Bank is necessary and proper TO carry into
elect the powers granted to- and the duties enoined
upon Congress by the constitution-and as the ex-
PRESS words OF the constitution are, that, in add
'on to all powers granted Congress may exercise
uch Others - necessary and proper" to car,v
raned powers into effect. the constitutional
=, 9''on IS, with us. settled. In addition to this,
We do not pretend to be wiser in constituting the
constitution than those who made it and it is a
nct, worthy Of special remark, that of the men,
'efs oil the Convention who framed that instrument.
~ were members OF the Congress which in 1851 F
naftered the first National Bank, and l. of them
o'ed Tor It, and that George Washington. who pre-
"ed over the deliberations Of that illusrious BODY
'"hes'tang'y sanctioned it. Nay, it is an historical
'c' mat 80 OF the members of that Convention
ave, At one time or another, sustained the const-
Oonality OF Bank--the Supreme Court has So
emnly affirmed it--with The exception of Mr. JEFF |
erson and Mr.. Van Buren, every President OF the
20 o'a'es has acknowledged it-and the people have