The North-Carolina standard., 1838-09-05

pIOpOSeu IlSW bdllk Will nA1o OHC1 y
new State bank which has been or may be
established, will add to it's power by increas
ing the number Of its dependents, and enlarg-
ing the sphere of its influence,
What under such system, is to become
of the independence Of the several States, and
their right and power to regulate and control
their own institutions? Will State banks
be governed by the States which created
them, or will they look for their superior to
the monarch Of the great bank credit SyS-
tea1l on whom the inexorable and inevitable
laws of credit and of trade confer the power
to crush or caress them according to his un-
comfortable will?
Every year increases the danger OF estal1sh-
ing such an institution; for every year adds
to the number of State banks, which must OF
necessity be its subordinates and dependents.
If it ever be established, every bank within
the States will, necessarily, become the ally
and citadel of this central power. Surely it
is enough that the Interchangeable laws OF
credit and trade subject the distant State banks
to the influence of one common centre
That consequence is inevitable, and unless
trade should be more extensively ditfased,
must be borne.
But, as friends of the rights and indepen-
dence of the States, can we desire to see this
subiection made more absolute and degrad-
ing by artificial regulatiOns} Least OF all,
can we desire to see the administration OF
the laws of credit and trade placed i'll hands
which are not only independent OF the States,
but Of all that is popular in the General Gov
eminent? When a guarantee can be dis
covered against the trailties of our nature,
mankind may be safe under absolute domin-
ion When directors of banks can be selected
n nj q
Bank of the United States may be compatible
with the rights of the States, and the liberty,
prosperity and happiness of the American Peo-
pie.
That there are some advantages to be deri-
we'd from a Bank of the United States cannot
be denied. Aspecies of paper, answering the
purposes of money, and so nearly uniform IN
value as to be available at par throughout the
Union, is, for many purposes q great public
convenience. But what Republican would
purchase it at the hazard of his liberty, especi-
allv when he sees that an effective substitute
Imay be obtained without it2 1t may be
doubted whether such bank could now be
of any real utility in equalizing domestic ex
changes.
That which is now very generally called
the difference of exchange, is in reality, bu
a difference in the value of the prevailing
paper currency at different points. To put
an end to that, requires no Bank of the United
States. 1t is now vanishing as fast as the
banks resume specie payments, and, we trust
will soon cease throughout the Union, with
, out the agency of any coerclve power Whatso
ever The real difference Of exchange will
: then remain, consisting ofthe cost oftransport
ing specie or specie funds from one place tc
: lanother. In this business there has beer
4 Ha
, ton which will reduce the expense to the low
, est amount for which the operation can b.
performed For the country, this is the safes
! basis on which it can rest. If a great Ma
ltional Bank be established, having, sit mus
+ the mastery of the whole banking system o
the Union, it will be strong enough to pre-
| scribe the rates of exchange, and drive com
/ petition out of the market, not by reducing
the price, but by a wave of its sceptre,
If it were to indicate to the State bank
S that exchange was considered its own appro
pirate harvest field, in which it was not agreea
! BILE to have a competitor, they must neces
sarilv submit to the will of this legal sup
e erior, and withdraw from the business
: Would it be safer to have exchanges regulat
t ed, and the price fixed by the president of
bank, whose first object is to make as nlucl
), money as possible, than by the general law
: of trade, which know no selflshness, and haV
! no favorites? Not only would it be NOR
e safe, but it can scarcely be doubted that
: general competition among banks and indiv
! duals, now that the whole process and the ne
n cessary machineryis we'll understood, woul
s secure to the country lower rates.
: The state of things renders a Bank less use
k full to the Government, as an agent to transfe
its funds from one section Of the Union to ar
# other, than twas when the late Bank OF the I
v States was established, and for many years a
n forwards. Competent agents for this purpos
): may now be found in the State banks and
? private bankers and these facilities are mu
l. tiplying even more rapidly than the growt
d of our country. This argument in favor
- a National Bank has, therefore, ceased to haN
" the weight to which it was formely entltle
% and goes but little way to counterbalance tk
IF many fatal objections to such an institution
rs 1t can only be said, with truth, that it wou
save some trouble to the officers and clerks
IS the Treasury Department; and that is tt
i, only just extent of the argument,
ID The same reasons which oppose the esta
J. lishment of Bank of the United States, a
= I. Rank q