The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-11-24
VIEWS IN GEORGIA.

The following are the views Of Governor Glmer
of Georgia, in relation 10 Banks and the Subtrcasury
system presented in his recent message 10 the Legis
lature.
transmit to the Legislature copies Of the last semi
annual reports Of the Banks Of this State Forming
the issues of the banks do the almost exclusive medium
through which all business transacted and the value Of
property estimated it is Of the most important duties
OF the Legislature to examine into their state, compel
them to fulfil the conditions Of their charters and to
strengthen their capscity for usefulness.
The lruinous effects produced in many parts Of
country by the late extraordinary commercial pressure
and demand for specie, have been comparatively but
slightly fe IN this state. The general soundness Of the
condition OF our banks, enabled them, during their sus-
pension Of specie payments retain the confidence Of
the country, and at the same time to give the usual IA
cies to business through the OF their credit Their
reports show that all the banks which had suspended
have resumed specie payments, except the Farmers
Bank of Chattahoochee Whilst the course Of the banks
an suspendng specie payments should be excused on
account Of the force Of the under which
they acted the Legislature should take care that it is
not again pursued but from the like necessity Indeed
the general converbility Of bank notes into specie
without difficulty delay is so important for settling
balances when trade has been against u.s. and keeping
the rate of exchange at its proper premium tina. may
be advisable for the Legislature secure this object by
additional enactments
Banks when established upon proper principles and
compelled to act up to their design should be sustained
by the state as exceedingly valuable instruments for
adding to the wealth and prosperity Of the community
by the profitable employment which they give 10 indus
try and talents through the Of their credit and CAPT.
tai tho great advantages which they afford for carving
on trade the means which they furnish for developing
the naurul resources Of the country and constructing
Important works OF internal improvement the stimulus
which they give TO enterprise their tendency to enlarge
the quantity of active capital and render its distribution
convenient to the people, fix the rate interest," and
lessen the exactions of usury.
H. H.. L..
any speculation whatever. would respectfully recon-
mend, that the privilege Of banking shall not hereafter
be conferred upon companies chartered for other pur-
poses. am also Of the opinion that i, will add to the
public security for the proper conduct of banks hereaf
ter to be created If their charters shall REQUIRE that the
stock shall be distributed among persons and
the amount to be held by individuals limited SO that no
one nor even few, will be able to obtain the entire
control or management Of bank experience having
proved that private banks apt run into specu
laton and that the temptations and credit
Individuals Is too great TO be easily resisted when the
banks are in the hands Of few
Intimately connected with the subject Of our banks
Is the policy proposed by the administration of the Ge-
neral Government Of collecting the public dues exclu-
svey in gold and silver, and entrusng their safe keep
ing until required for expenditure to individuals instead
ofbanks The effect of these measures fthey had been
adopted by Congress- would have added to the Of
al goods upon which duties paid :; increased the
difficulty OF purchasing public lands every citizen ex-
cept large capitalists and Office holders endangered
the currency by constantly Withdrawing from the banks
the basis OF their circulation lessened the safety of the
keeping OF the revenue added to the uncertainty and
expense Of transferring the public money from the places
OF collection to the places Of expenditure and to have
locked up the public money from the place of collection
until wanted for the purposes Of the government instead
OF permitting It to add to the circulating wealth Of the
country through the means of general depositcs the
banks. Nor would the country have been compensated
ior the injurious consequences from the proposed mea-
sure by any corresponding advantages The divorce of
the government from the banks could only have resulted
in forming intimate connexion between its bene
hcaries and the peoples money and increasing the de-
pendence Of the officers Of the government and public
contractors upon the President by enargng the profits
OF the spols to be divided among them