Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-01-20

bear upon the measure under considera-
ton. 1t is not proposed to borrow mon
ey, nor to pledge the faith ofthe State for
the payment, or redemption of any loan
or debt, growing out of such loans but
for the ultimate redemption of its Bonds
loaned to individuals upon the most APP
proved security. The object Of the pro-
vision, from its reading, is very apparent,
and was clear y intended to guard against
hasty and imprudent pledges ofihe faith
OF the State, to raise loan of money for
the establishment of banking institutions.
The Legislature at its late session in pass
ing an act relative to the reception of the
surplus revenue; pledging the faith of
the State for its saie-keeping and return
when called for, has virtually confirmed
the construction here given to the proyis-
ion.
! The establishment Of a National Bank
at some short period, is much relied upon
as promising the most efficient and speedy
corrective, for the existing evils and dis
tress.-But the time necessary for carry
ing into effect SO important measure,
the objections to be met and overcome, to-
gether with the great difficulty in settling
the details OF the charter: all conspire to
place such an anticipation upon fond
hope, rather than any well founded proba-
biIlty: and the unfavorable action OF Con-
gress at its late session upon the subject,
however it may be regretted, serves to
shcw the futility Of further reliance upon
a foreign dependency, and the necessity
of devlsing other means to avert the mis-
chief with which we are threatened
If our immediate interest was alone
consulted, the establishment of National
Bank would perhaps loose much OF its i'm
portance. If there is one State in the
Union above all others, that can dispense
with such an institution, it is Mississippi.
Our great staple commodity furnishes the
means by which the issues of a powerful
State Bank, properly organized, and back
cd by the credit and faith OF the State,
could be made TO supersede, TOT great ex-
tent, the necessity of a National Bank.
shall not, however, be found the adyo-
cate of a policy so contracted and selfish.
IA National currency is National concern
and properly to be urged upon the advan
tages to result TO the Nation, and not those
OF State.
The propriety of a single banking in
4efitnfian ias,arsd ny the State. with IA view
TO the enhanced credit and extended cir
culatlon gifts currency, as above limited as
it is an opinion long entertained and eX-
pressed. The amount Of banking capital
chartered by the State, is not so much to
be objected to, as the numerous indepen-
dent banks through which 1t is welded.
If, therefore, plan at some future peri
cd could be digested, SO as to induce the
banks to surrender their charters, and to
consolidate their capital into one or even
two State Institutions, feel satisfied that
would have the most salutary effect III
giving 10 its issues an extended credit and
confidence, that those of the numerous
banks, already chartered, can never real
ize.
believe, however, in order to ensure
a sound, uniform currency al home and
abroad: even with the existence OF such
a State institution, it would be better to
have branch OF National Bank located
amongst US, that they may act as checks
upon each other. do not wish to be UNI
derstood as being indifferent to the estab-
lshnent of National Bank, freed from
some well founded objections to It's former
and usages: on the contrary,
from the best reflections have been able
to bestow upon the subject, slleve II to
be essentially necessary ITO the Govern
ment as a fiscal agent, and Tor the reSula-
ton of the national currency.
A proposition, which has excited some
sensation, has been thrown out as a COM
promise, for the purpose OF facilitating this
object. The terms are an amendment oil
the Constitution of the United States, CIV
ing to Congress the power to act and by
fixed provision to vest in that body the
entire control ofthe banking capital ofthe
Union-to prevent its increase, and to
provide for its decrease; until the capital
among the States shall be reduced to ara
Ito that may be deemed safe by Congress;
and the States abjure the power Of incor-
bank beyond the amount OF
capital fixed as the ratio. .
No scheme has yet beeh proposed less
in its nature, or more directly |
tending to sap and merge in the whitening
influence of separate and independent
bank government, the sovereign action Of
the States. We should not wantonly |
the stability Of the government
by tampering with the constitution in the
way of amendments. 1t is not necessary, I
in order to effect the object desired: and
as precedent, it is impossible to predict
the consequences that might result from
the experiment.