Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-03-22

steses W t@f fhS ~tso'e.st - ss~"~
Ter funds from place 10 place. as the
public service night require. and four
principal receivers 90 keep the public
be has eoojured up, with the |
AID or vivid Imagination, future |
bank. which. be told Us.
with the utmost confidence. would rise
like cloud. at iFd as b'g as hand.
bat which would soon daIken oil the
horizon. Now, il Is not little unlor-
tunate for bis confident predictions.
that these seminal principles from
which the bank is TO spring. have all
e Sisted from the commencement Of OUT
Government in full force. except the
iour receivers, without showing the
least tendency TO produce the result he
anticipates. Not only oms. but every
civilized Government. has The power
10 draw Treasury warrants and transfer
drafts; nor has the power IN single
instance terminated in a bank. Nor
can the fact. that the money IL 10 hc
kept by receivers, contribute IN the
ieas, 10 produce one. The public funds
in their hands will be as much beyond
the control OF The Executive Us II was
in the vaults Of the banks. But, 10
shorten discussion. would ask, how
can there be rank without the power
to discount OF to use the drposi,es and
out OF which Of The provisions OF the
bill could the Treasury. by any posi-
biliiy. obtain either under the severe
penalties o: the bill. which prohibits
the touching OF the public money. ex-
eept on warrants or drafts, drawn BY
those having authority, 10 due FORM.
aud Tor the public service?
But the danger which an excited
imagination anticipates hereafter from
the bill would cSis, in sober reality un.
der the Substitute. There It would re-
quire neither fancy nor conjecture To-
create one. II would exist With all its
faculties and endowmcn,s complete ::
discounts, depositcs, and all; with
which immense means, guided by a
central and directing head. aad blend.
ed and united with the Government, so
as 10 form one great mass of power
What contrast with the bill How
simple and harmless the one, with its
-four principal receivers. twice rs many
clerks. and five inspectors. compared
with this complex and mighty engine
of powell And yet there are many.
both intelligent and patuoiic, who OPP
pose the bill md support the substitute.
on the ground that the iormer would
give more patronage and power than
the latter! How strange and wonderful
the diversity Of The hun an mind!
So far from being true. the very fac,
OF the separation of the Govern peDt
from the banks. provided for in the bill
would OF itself be- the most decisive
blow that could be given against Co
vernmeni patronage. and the union OF
The two most decisive in its favor
When their notes are received in-the
public dues as cash, and the public
money deposited in their vaults, the
banks become the allies Of the Govern
mcnt on all questions connected with
its fiscal action. The higher its taxes
and duties, the greater lis revenue. and
expenditure: and the larger its surplus,
the more their circulation and business,
and, of course. the greater their profit:
and hence. on all questions OF taxation
and disbursements. and The accumuIa-
tons Of funds N The Treasury, their in
terest would throw them on The side oil
the Government, and against The Poo.
pie.
All this is reversed when separated
The higher the taxation and disburse,
ments, and the larger tho surplus. the
less would be their profit; and their in.
terest IN that case would throw them
with the People, and agains. the Gov.
eminent. The reason is obvious. Spe.
Gle is the basis of banking operations
and the greater amount they can com
mand. the greater will be their bust
meas and profits, bot. when the Go.
vernmentis separated from them, anC
collects and pays away It's dues in spe
ole instead of their notes, il is cleal
that the higher the taxes and disburse
mems, and the greater the surplus IL
the Treasury, the more specie will bt
drawn from. the use OF the banks. anc
the less will be len as the basis Of thei
operations. and, consequently, the les,
their profit. Every dollar withdraw
from them would diminish their bust
ness fourfold a. least, and hence a re
] gard to their own interest would inev.
itsbly place them on the side 10 which
have assigned them.
The efecison he politics OF the coun
Try would be grea, and sanitary. The
weigh: Of the banks would DO taker
from the side of the tar consumers
WleEe it bias been from the commcn ce
Of the Governments, aad placed or the
SIDE Of The tar pay1s. This great d.
vision Of the community necessarily
grows out Of tic fiscal action Of th,
Govemmenk Tike taxation and dis
buTssment together, and IT viii alw az
be found that one portion Of the com
munity pays into the treasury, IN tllt
shape Of taxes. more Than II receive,
backjn that Of disbursements, and lha
another receives back more than j
/ DaVa Tho fsruer are lie f.x 1900.