Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-10-02

A BANK on THE UNITED


LaDLanlnB an INSTITUTION Of TINS kLuus n or
der to cure our disordered currency, and
keep il hereafter ina healthy state. Twice
already, in our short history, has the es-
adjustment Of a National Bank been a.
tended by sound currency, and its ex-
tinction been followed by suspension Of
specie payments and severe commercial
embarFassments. Twice has q National
Bank rescued US from financial disorders,
and twice have State Banks, freed from
the control Of their proper regulator, plum.
Red Us anpw into pecuniaty difficulty and
distrsssr-impairing the national finances,
and producing commercial bankruptcies to
nsafearfnl extent. In 1871, the first Bank.
of the United States was established, and
fortwenty years Gifts chartered existence.
.ddispansed the blessing Of sound paper
currency equally to Government and to
81 the People. In 1911, It's charter expired,
dand narrow construction of the Consti.
.tutionby the political party in power, hav.
ing prevented its renewal, the monied and
fiscal concerns Of the country fell into the
bands Of the State Banks, and in three
years, in 1914, the result Of the withdraw
al Of the great regulator was suSpenSios
of specie payments, and the compulsory
adoption Of both Governmental People,
qof an unsound and deprecated paper cur.
srency. The fiscal and commercial evils
incident TO this state Of things, compelled
the party in power, in two years, in 1916,
Ito abandon their constitutional scruples,
land, under the lead of the great bank adj
CVersaTy OF the present era, 10 charter an
other bank of the United States. The re-
suit was again suspicious, and even more
so than ever. In spite of early misman-
agement, which threatened its own exist
'ence, the new National Institution again
brought order out of confusion, restored
specie payments, confined the State Banks
within sanitary limits, and restored asound
paper currency for b 9th the Government
aadthe People. Never did country en-
10Y a better and more uniform currency,
than did this republic, un der the regulating
influence of the late BaL'k OF the United
States. Its paper, convertible into specie
on demand. was even better than specie,
Circulating at par over the entire Union,
and asserting the soundness ofits credit
by answering tine purposes OF trade even
in the remote region of China -the tea
trade Of which was once the Unsuitable
gulph of specie. The whole country, with
exceptions too inoonsiderable to be worth
notice, was satisfied, because blessed with
this admirable currency commercial ex-
changes were facilitated and equallzed,
and the public revenue was collected and
-disbursed without expense, pressure or
dlficulty-bOth the People nd the Gov
ernment, prospered in the EMO yment of
sound and uniform currency. In an evil
hour, while there was scarce breath of
discomfort stirring against the exist ing sys.
item, false notion Of danger to the ma
tional finances, (falsi6ed by fact) entered
the brain of the distinguished chiefta in at
the head ofthe Government, and, although
already in possession of the very best cur
rency, he got astride of the fantasy that he
could give us a better currency! A bit |
ter and relentless war against the United |
States Bank ensued. The head of that
Institution, being a far better fnancier
than politician, imprudently armed for Of
fence as well as defence-the struggle be-
came a personal one for political ascen-
.dency--the popularity ofthe hero, and the
power of the President were too overpow-
~ering for the Banker--and the triumph |
over the bank and the currency was COM
plete. Emboldened by the success of the
UetO, on the renewal Of the bank charter,
in revolutionizing popular opinion, meas
sure as arbitrary as it was bold, was next
executed by the President, in prose ution
>of his war against the bank. In 1884,,
the public deDosites were removed from
the custody Of the U. States Bank, and a
fiscal connexion formed with a league Of
State Banks as agents for the Government.
The bitter fruit, Of this folly soon riPened
into disastrous maturity. In march, 1885,
the chartersof the United States Bank ex-
spired, andsiR May, 1887, the State banks
again suspended specie payments, and the
country was involved in commercial en-
barrassments, and the finances in disorder,
from which they are yet but slowly recov-
ing. VIII any one contend, or rather
pretend, that this historical detail exhibits
.onlY precedeIGt and consequent, and not
cause aRdefect? Are the lessons of past
experience to be utterly wasted upon Us
like pearl thrown to sWinel Will we OBJ,
.stinately eont:RNe to set up theory agains
fact, and call that coincidence which SC
.manifestly involves eausationl The exis
stenee ofthe iUnited States Bank, a sounC
vandupiform currency, equalization of ex
- changes easy fiscal action of Government
! and commercial prosperity, belong to on
'category-the unregulated dominion of th'
State Banks, DEPRECATED and fluctuating
currency, arrangement Of exchanges, diff
cult and disordeTed fiscal action, and com
mercial panic and pressure, belong to tSl
FOthef. Can this moral demonstration o
history and experience fail 10 convince u.
thatwe have UnwiseIy swung from oul
moodng, and that our only proper ant
permanent remedy is to regain the safe an
chorage ola National Bankl We hav,
already twice tried two systems--anl
twice has the one worked well and tn
other 81. What then2 Shall we abandon
boihl Shall We give up both the good an,
the bad--and embark on the troubled wa
tiers Of new, untried and perilous expert
Ineutsl Its sound policy, good commoi
sense, PracticalWisdom, to dissatisfied wit
doing Hell--and especially so ia matter
1ot finance, who're. change is identical wit
danger and convulsion, If not lasting IN
jury.
CO.. = recurrence to the hate government
connezion with the State Banks as demos
Al