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

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Intention OF recharerng such institution. unlex.
inture experience shall demonstrate, by ano,he,
failure after iatria, CT the State Banks. NJ H..
isea deposltares and agents Of the General Govern
ment that there is other possible mode -,
regulating he currency one Of the highest dutiss .,
that 9oyefnment,and fequat,mg The erchanees az,
tally important consequence of the performance ~
that duty For one, repeat what we have here,of
sad, that, although we have rot the shadow -.
doubt as to the power OF Congress to charter , \.
tional Bank, and although we believe thar s,o, :
institution IS indispensable, yet we are ent,elv -,
Ing TO give Mr.. Rlvess proposed plan fair ,,,.,
and IL. shall succeed IN eiecting the great ebi,,.
ior winch dlone we desire National Bank-for. ,.,-
NIT us 10 say we have no possible personal interest
IN the qucstlOn,-we shall be free to confess ,h,,
our present convictions OF It's absolute necessi,v A..
untounded and no one will more heartily than on,
selves rejoice at the prospect Of forever getting rid
OF this bone OF contention, and of knocking from uo
der ignorant and tlamorous demagogues this ladder
upon which so many unworthy men have moupted,a
power. \ ell we must in candor add what we bax. al
ways said, that our confidence in the success of Mr..
Riyes'sleague of State Banks is by No means s,yo,y
Wetear 1t will again faiIaItloagh under dIerep,
/
tied together with grape v,ne"by the Joint couu-
sells aud efforts of Messls. Woodbury. and Kendall.
We fear II will again fail, because it is deficient in
mat essential feature Of every well organized system
political on financial, controlling head. Each Bank
being independent Of the others, is impossible
seemsto us, to produce that uniformity of action
which can alone spring from identity of interest uu-
der the direction and control ola common SUPERIOR
They can never we apprehcnd, be brought to act in
close alliance with each other, for the plain reason
it the interest OF one will sometimes clash with the
interest of another. But, our fears may be Unbound
ed. Mr.. Rlves and his friends express the most un-
bounded confidence in the success ofihe State Bank
system, attibutng its recent failure to any in
herent weakness in the league, but to the unpaial-
leled commercial tornado which swept the land,
crushing every thing in its track, and impovershng
and embarrassing the Government Itself as well as
the Banks. 1t may be wish the result may
yindlcate the assumption. If it shall. wo shall be
well content: But it shall motif our apprehcn-
sions shall be realized, aud the fleet" shall be again
scattered by the first tempest with which we may be
sised.--or if, still heepIRg together it fail to give us
"A good cnrrency,-a currency which is equally
valuable in Bangor and New Orcans,-we shall be
i've being a .Ntiioaal bank or Government Bqnk,-
National Bank, separated from the political power,
and exempt from Executive influence or Gov
eminent Bank, under the immediate control of tho
Pres dent,-a National Bank which protects while
II exercises salutary restraint the State Banks
preventing them from running into that wild excess
which they have failed 10 do whenever lis
pervlsing care has been withdrawn or Govcinmen
I + /
centfalize the whole fiscal power Of the country
al Uaslinet1R,-thcse being the alternatives from
which we shall be compelled to choose, we shall un-
hestatingly declare in favor OF a National Bank -
AID we believe risk nothing in saying that thou
sands Of It's old opponents viii 90 with u.s. in that
emergency.
But, as we before remarked, no dis olaimers on tho
part of the Wh,s will produce any cessation of the
efforts of the administration party TO identIi, them
wilha National Bank That issue will be forced up
on them, however they may protest against it. And
hence 1t becomes their duty, all proper occasions.
10 show that National Bank. properly organized and
restricted, viii be great national calamlty-and
thai IN supporting it, if lhcy err at all, they err with
the proionndest minds and the purcst patriots that
ever adorned the annals oflheir country.
For this purpose, we insert, the first page OF
this mornings paper letter from Ex-Presidcnt
Monroe to Sllas Burrows, Esq. OF New York, writ
ten in 1881, whilst the war upon " Blddle and the
bank ragged with the greatest violence and fury. Ii
shows that that lllustrious Patriot and Statesman
al one time himself opposed TO a National Bank Yet
subsequent experience, DUNG second War OF
Independence, convinced him not ouI OF It's great
utility but Of its indispensable neccssy-and hence.
I'll, NIi., - and t11n
tire Republican party, hc renounoed his early ana
long cherished prrudices against the Bank, As he
had previously done in reference to the Maya sac
rlfce OF the Pride of Opinion, which weighs down
many OF the strongest minds, upon the Altar oil
Patriotism and Duty. The letter speaks for itself,
| aud requires comment.
/ II is well known that Mr.. Madison changed his
opinion at the time, and under the in fuence
OF the same reasons winch operated upon the mind
of Mr. Monroe: and surely the most bigoted stick
Ter for d limited construction of the federal constitu-
ton need not fear follow where such as
/ Mr.. Madison. the author of the Virginia Re-
port and Resolutions of 90, leads the way. At
! least shall not hesitate to do battle
dersuch chief whenever the proper time shall ar
have. indeed, heard it said that Mr.. Madison never
did yield his constitutional doubts as TO the powero
Congress to charter Bank but they who say THIS
compliment hs consistency the expense OF his III