Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-11-06
A NATlONAh RANK.

/ r uC iOltOWulS HIOuCy altlCtC llOlAi ttlG
New York Express, was undoubtedly |
written with full knowledge Of the facts
therein stated. 1t shows that a National
Bank, to all intents and purposes, will
sooh be in operation, without the action of
Congress. This is to be effected by the
issue of notes by the United States
Bank of Pennsylvania, payable at differ
ent points in the Union. OF course,
notes Of that description will be prefera-
bic to, and more valuable than, any other
description of bank paper. To a consid-
cradle extent :hey must supersede the cir.
culatlon of the ordinary State Banks.
The latter viii have the privilege of fur
n'ShiRg Specie, whenever it may be wanted;
while the u. S. Bank will be operating
upon its credHg
In reference I'd the tinkering with tie
currency by the party in power, and their
fierce opposition to a National Bank, we
beg leave TO "tel a story"
During term of the Supreme Court of
this State, some years ago, the learned
and eloquent, but eccentric Judge H.,
) with brother Justice, occupied one of
the rooms of our Office. One morning,
by the dawn Of day, we overheard them
/. busily examining a case connected with the
1 Statute of Limitations, about the con-
structiCn Of which it was known that some
difference of opinion existed with the
members of the Court. On this occasion
the two Judges in question differed.
5 Judge II. bore down upon his brother
t Justice with his superior learning, to
r bring him over to his way of thinking,
2 but without success. He piled him with
d arguments and authorities, but his cOadiu-
It tor continued obstinate. At last, wearicd
g out Of all patience, II, exclaimed, Well,
do you and----go on--and presently
e you'll play HI" This energetic caution
: had the desired effect.
e The party in power have gone on, and
IS gone on, tlnkering with the cure ncy and
n waging war against the banks, until
II through their laundering policy, State
institution has risen up, of incidentally
greater powers for mischief, should those
powers be ever exercised, than the old u.
le s. Bank, or than any tolerably we'll regu-
n, lated National Bank.
IN Are not the state banks Just as much in
$. power and grasp Of the United States
n Bank us they ever were
ms Is not Mr.. Biddle more of Money
We King" now than he ever was
OF Who shall prescribe limit to his ope
sc rations Not Congressman the State
OF governments. He is wholly indepcn.
M dent of them.
n! We have seen no indications of dis.
es position on the part of Mr.. BiddIc to
K abuse the vast power he possesses; We dc
a, not think he will abuse it. But between
nd such an institution as his and a well regu
ne lated National Bank, who can hesitate
ne Which of the two would be the safer in
or stitution?
a Should a National Bank, however, il
e process of time, come to be regarded a.
G. the least of the two evils, we doubt very
n much, whether it will be possible to get 1
Ok charter through Congress. Pennsylvania
", will probably be opposed to lt' Mr.
sc! BiddIeS national bank win be IN tul
II, blast, and it is reasonable to suppose tina
nd all his influence will be thrown against
let project for the charter of one by Congress
C. Besides, how larte a National Ban
lily would it take to cope with, regulate an
'es keen Mr.. Biddzc in subieclion F? A Mon
he ster of the first magnitude, it seems 10 us
ire would have his hands full 10 keep up witt
much less control the Pennsylyani
tn " Squire.
ely 1t has been suggested that the Admins
ed tration will probably form an al!ianc
we with Mr.. Biddlc. Strange things haV
M come to pass Their present allianc
in with "John Cataline Calhoun" for il
ev- stance. As Mr. Richie would sa,
ess Nous Terrons.-Nasa, { Tenn. } Bdnnei
be- MONEY MARKET-ClTY NEWS
or- We doubt very much whether the e
&c adjustment of a National Bank will
81 brought forward again for many years
az come. The u. S. Bank has now got
/" ~ fast hold in this city, and in manner tn
- is likely 10 be permanent. It is establls
led under a law of our State, which, II
stated, ifaltored OF repealed, cannot cfe
~ those banking institutions which have be'
or may be organized under it; and If II
is correct we do not see why the charter
ave no, perpetual. The bank is now in su
~ cessiul operation in this city, as well as
10Y Philadelphia; It's branches are establish
in New Orleans, Cincinauti, aud vario
IN other large places. As soon as the ban
T. in Alabama, Louisiana and Mississippi
sumo specie payments, as they nnqpestio
lese ably win in the course Of a few mont
5cos there is no reason why this bank may
we deal in domestic exchanges as extensive
ton- and at as low rates as formerly.
lied have it from such authority as we de-
Sc OF satisfactory, that the great bulk here
can their operations, will consist in discou
SAY ing this description of paper. The oil
tent. large banks recently commenced in !
ause city under the present law, and the gr
'ates charters granted IN South Carolina, u
nessee and Mississippi, will beyond
question soon be in operation. Mos
IN. them haveestabEished a credit in Eur
wing that will afford them the facilities they
Foco quire. These banks viii find il fol. u
them interest also 70 deal ia domestic exch
Ten. ges; ell which win create rivalry an
lg Of competition That will keep down the }
upper of internal exchanges to a point equi
&c Of le t to the transportation Of specie.
les Of Ifthe rate Of exchange should rule
all parts ofthe United States 1T Or all
s. we one per cent, as. we. think It win, the 4