Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-17

DW ono cI0sS OF tnesc dangers, exhibited III the
contest waged by the bank Of the United States
against the government for the last four years.
Happily they have been obviated for the present
by the indignant resistance of the People, but
we should recoect that the principles whence
they sprang Is an evcr-active enc, which will not
tail TO renew its efforts in the same and i'll other
forms. so long there is a hope of success,
founded either on the inattention of the People.
or on the trcacbery Of their representatives, to
the subtle pro.ress Of its influence"
1--WE are TO whether
the present favorable condition Of the country,
we cannot take etfectual stand against the Z
spirit "f monopoly, and practically prove, in re-
spect to the currency, as well as other mpor tant
interests, that there is necessity for SO extern
siye Il resort TO it as that which has been hereto
fore prac,'cal
out the agency Of great moneyed monopoly the
revenue can be collected, and conveniently and
safely applied to all the purposes Of the public
expenditure. 1t is also ascertained that, instead
of being necessarily made to promote the evils
of an unchecked paper system, the management
OF the revenue can be made auxiliary to the re-
form which the Legislatures Of several Of the
States have already commenced in regard to the
suppression Of small bills and which has only to
be fostcred by proper regulations on the part OF
Congress, TO secure Practical return, to the OK
tent required for the security OF the currcncy,to
the constitutional medium
As in tao instance % the attack upon the Bank
Of the U. States, the approach to the State banks
is slow cautious, and insidious. lie reminds Con
grcss and the country that all calculations OF tenn
porary convenience must be set aside; that
must recur to first principles; and that we must
see what it is that has prevented the legislation of
Congress and the States the sub jcct of the
rency from satisfying public expectation. He de-
clarcs his conviction that the want of success has
proceeded from the undue countenancc which has
been afforded to the spirit Of monopoly. All the
serious dangers which our system has vet encoun-
tered may be traced to the resort to implied pow
crs, and to tie use Of corporations. We have felt,
he says, but one class of these dangers in the
test with tho Bank Of the United States, and he
clearly intimates that the Otter class is the State
Banks. We are now to see, he proceeds, ether
the present favorable condition Of the country.
we cannot take efftc tual stand against this spir-
it of monopoly. Reycrting to his flvoritc scheme
of I Government Bank, he says it is asccrtaincd
that instead of being made necessary to promote
the evils of an unchecked paper system, the man
aSemcnt ofk:e rerenue can be made auxiliary to the
reform which he is DESTROYS to introduce. The de-
signs of President Jackson against the State banks
arc more fully evcIoped and enlarg cd upon in his
annual message Of 1886, from which beg leave
to quote the following passage:
II beg leave 10 call vour attention to an Other
subject intimately associated with the preceding
one-tie currency Of the country.
III IS apparent, from tfle WHOIc COntcAt OF tlc
Constitution, well as the history of the times
that gave birth to II, that it was the purpose OF
the COW ention to establish currency consisting
of tie precious metals. These, from their pecuIi-
ar properties, which rendered them the standard oi
value in all other countries, were adopted IN this,
well to establish its commercial standard, III
reference to foreign countries, by Il permanent
rule, as To exclude the use of Il mutable medium
Of exchange, such of certain agricultural COM
modtics recognised by the statutes of some States
az tender for debts, or the still more rernicIous
eXPedient of paper currency.
'.Variab!cncss must ever lie the characteristic
Of currency OF which the precious metals arc
not the chief ingredient, which can be expaH-
ded or contracted without regard TO the principles
that re Cuate the value OF those metals as stan
dard in the general trade of the world. With us
bank issues constitute such currency, ana must
ever do 50, unti they arc made dependent on those
Just proportions of gold and silver, as circulating
medium which experience has proved to be nc
cessarv, not only in this, but In all other CONNER
, cial countries. Where those proportions are no.
infused into the circulation, and do not control II
it is manifest that prices must vary according IL
, the tide Of bank issues, and the value ami sta
biltv of property must stand exposed to all the un
, certainty which attends the administration OF III
situations that are constantly liable to the temp
tation of interest distinct from that OF the com
9 munitv in which they are established"
$ "But although various dangers to our Republi
: institutions have been Obviatcd by the tliiur
C Of that bank to exort from the Government Il re
newal Of its charter, it is obvious that little ha
t been accomplished, except salutary change G
n public opinion. towards restoring to the countr
n the sound currency provided for in the Constitu
Il ton. In the acts of several of the States prohb
ting the circulation Of small notes, and the auxI
larry enactments Of Congress at the last session
Is forbdding their reception payment on public az
e count, the policy Of the country has been &C
vanccd and larger portion of the precious meta
l. infused into circulating medium. These mea
:. sures will probably be followed up in due time
:. The enactment of State laws, banishing from CT
t. cuIaton bank notes Of still higher denomination:
r. and tho object NAV be materially promoted b
Of further acts of Congress, forbidding the employ
aen. fiscal agents, Of such banks as issue note
Is of low denomination and throw impediments
n the way Of the circulation of gold and silver
IS "rhe effects Of an extension Of bank credits an
ovcr-is,ucs Of bank paper have been striking
st illustrated in the sales Of the public lands Fro
&C the returns made by the various registers and r
IL ceivers in the early part OF last summer. IT WI
C. perceived that the receipts arising from the sal
d Of pubclands were increasing to an unPrecedene