The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-20
From he Boston Mxreentile JOurnal.

From me Boston Mercantile Journal
NJ BANKS are commercial institutions which, by
afodng credits or issuing notes, the representatives
oil money, enable merchants with greater facility buy
and sell commodities at home and abroad public
bank is generally regulated by certain laws enacted by
the Government which define its charter, limit its capi-
tai, and establish the rules BY which its business is be
conducted The establishment Of banking establish
ments, in almost all The popalous towns in the civilized
world, has produced the happiest effects by aording
the means Of promoting and extending agriculture,
manufactures and commerce. Banking institutions, in
the present age, viewed by all enlightened
absolutely necessary in every trading community TO ia
claie the ordinary transactions Of business The
precious metals being in scarce, cannot be always
commanded to the extent which occasions, and the cir
cumsances Of society require.
This Inconvenience was strongly felt at Venice, in
the middle Of the eth century, and gave birth to the
idea OF measuring value, and eectng the circulation OF
commodities, by Of credit instead Of coin, by
establishing bank. This the first establishment
Of banking in regular and systematic form; and this
bank has served model TO almost every similar
Enlistment in succeeding ages.
For two centuries and hall, the Bank OF Venice
the only existing institution Of the kind in Europe
for the progress OF Improvement is gradual and human
knowledge is only matured by the experience Of ages.
In 40 THE magistrates Of Barcelona establsheda bank
in that city. 1t called the Ianh de Cambi, (Tabe
Of Exchange) and properly bank Of exchange and
deposit. In 407, regular bank first established
in Genoa, called the Chamber Of ST. George" In
1902 the Bank Of Amsterdam was established in Hol-
land the Dutch being at that time one Of the most
ehteTprising commercial nations in Europe Its origin
is also partly ascrbed by DR. Smith, to the debased state
OF the current coin OF Holland, which the trade OF Am
sterdam brought from all parts Of Europe and which
sold reduction OF per cent beiop the money
Of the mint The bank, however, received the light
worn coin intrinsic value in the good money Of the
country, and gave credit for the amount its books,
thus establishing invarahe standard, which tended
greatly simplify and facilitate the operations Of com
merce. 1...
lii singular fact that previous to the year 1894,
there only four banks of any importance in Eu-
rope; but on the 27lh OF July in that year. charter
granted by William and Mary, for establishing the
BANK or ENGLAND, which, for opulence and extent Of
circulation, probably surpasses every bank the world
This bank was projected BY William Paterson native
Of Dumfresshire. in Scotland. II is said that he
assisted in his plans, by Michael Gregory, gentleman
OF great consideration in the city Of London This
William Paterson seems TO be one Of those enteprsing
to whom the trade and prosperity OF Great Britain
are so much indebted. He also projected the BANK OF
SCOTLAND, a charter for which was granted within
year after the establishment Of the Bank Of England
Since that time, banking institution has been esta-
bished in almost every town in Scotland, and in some,
two or three.
The French people unfortunate in their first
attempts banking The first bank established at
Paris, 7l6, by the celebrated John Law His brother
William partner. and the bank assumed the firm
q
the confidence Of The pnblc But was soon changed
by the arm Of despotsn from private into public
concern, and called the Royal Bank The Company
Of the West" the /" Mississippi Scheme" and the
Company Of the Indies" grew out Of this hank
Specuations were carried extent which would
even astonsh New Highlander Of the present day;
and in $780, this mighty bubble exploded, and involved
many thousands in utter ruin.
In this country the Bank Of North America was
established in 1881, with capital Of S2,000,000 II
m anI
Of ROBERT MoRRIs, who has been Justly styled "the
father of the system of credit and paper circulation in
this country" The Bank OF the United States, Ma.
tional Dark, conceived by Alexander Hamilton, the
Secretary of the Treasury Immediately after the adop
ton Of the present constitution The plan sub
mit,ed to Congress the 18th Of December, 1890.
aud the act OF Congress ncorpoi ating Bank passed
into law on the 25h Of February following. The
Massachusetts, Bank in Boston, the second bank
established in this country, in 1884 capital 81 600
600 The Bauk Of New York was established the
year. The Bank of Maryland in 1870 The
Providence Bank in Rhode Island 1891. The Bank Of
South Carolina, in 1902 The Union Bank Of Boston,
in 1892. The New Hampshire bank, in 1893. The
Bank OF PENNSYLVANIA established IN 1892. Tho
Bank OF Nantucket, in 1905 Since that time they
have been daily increasing and is found in
every Of any size Importance. Since the ex-
praon Of the charter Of the United States Bank they
have increased almost ad minimum. his multiplication
OF Banks exient far beyond what required by
the wants OF the trading community has proved Sc
rous evil This, in connection with the tranafer of the
"dcposics,n has caused the wild and erfraragant
specuianoshss weakened the confidence of the great
mass Of The people in banking instituons--and in
many cases has been productive of bankruptcy ard
ruin. This sad state Of things has been fell by all
classes Of pcope-and considerable time elapse
before the former healthy condition Of tho country is
restored even by The wisest legislation.
A WlEE--When a man Of sense comes to marry,
Il, - yyhu q war mt an 90 II 4.
not merely creature who paint, and play sing and
dancn-il is being who can comfort and counsel him