Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-03-13

A.. rn,,o, The present system Of Banking, is, in !
nv humble opinion, radically defective nov su'
prsns III at individuals have sought Tor corpora"
,n- cr,vcres The surprise IT, that Legislatures shod
ever have charletedbanks such erroneous principles
Banks can do no harm, Il they like individuals are re
qu red to stand on Just responsibility How DOUBT
fil would th credit Of that man be, who was Known
10 owe from three 10 ten times more than his properly
Is W nth Yet bank notes labor under the same owl
The present system of banking Is bad because Il le
,l,zss crcd, where there is no corresponding capital
There is fraud at tho bottom II Is credit without Sc
cpr,v The system Of banking mus, undergo an i'm
portant hanrc-banks mus be established on honest
PRINCIPLES If the public will shun the stimulation and
depression growing Of the contraction and expansion
incident 10 these moon. shine corporations Let the
banks be established on honest principles and present
difficulties and "pressures would vanish There is no
difficulty in suggesting plan provided there be dis
position to execute it, There is no difficulty ~ giving
soundncs 70 paper currency provided every siockhold
er gives security on real estate 10 tie amount OF his
stock Put these corporations under the same rospon.
sbility that indyiduals under the payment OF
their debts, and paper money will assume an ahny 10
gold aud silver Such system Of banking would re-
the pressure that now exists And such system
this enterprsng nation will sooner or later call in be
ing. There is sufficiency Of gold and silver ior
the circulating medium, and il there was, Bank Notes
would frequently be great convenience Nauona
bank would no, interfere with state institutions II was
established the principles, for the credit OF boil
would be alike good 1t is to be regretted, that qnes
ton Of vital interest to the country should have beer
p identified with party politics The currency Of thu
country ought stand aoof from party lines and truth
justice honesty and the public good should be the on
judges in n matter of much importance. In 0
i the inability OF such banks 10 redeem their bills vii,
&c specie at all times the known sovency of the bank
r. would sustain the credit of their notes 1t is the konw
instability of the present system of banking tina, cause
ID so much anxiety exchange bills for specie Whereas
e if the banks were safe repositories the hard
20 would great extent lie undsturbed in the vaults
IS the banks But the present sy stem must 90 till ban
r charters expire by their limitations in the mea
time however, there Should be watchul that
banks shall be ushered in existence the old pla
II seems to me Mr. Ed or with my limited views Of th
Of subject that Congress would be employed wise
if instead of devotng their present session to dscu
lie sion of the Sub Treasury scheme they should esab
o. national bank, giving the United States half
ed Of the capital stock and pedgg the nationo
ng for its security, and requiring the plcd
to of individual holders of bank stock national
es tuition has been tried in former although
its features cxceptionable, yet after ALL prom
q ted the general prosperity. When the country sh
ID have endured the long night of bank depression tt
OF prosperity may again shine but It's steady lust
will never be obtained under the present banking
~ tenn. IL will DC the alienation Of night day
~ hours-but we may expect, what have indeed
ready realized, the long night of the polar regions