Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-09-15
No. TO-

$500 OOO 600 under the substantial dominion OF one
corporation! The president Of the late Bank Of tbs
United States testified, upon public occasion, that
there were few 81 the State banks which It could
no, have crushed had Il been 50 disposed The pow
er Of the proposcd new bank viii be greater, and
every new State bank which has been or may be es
t1bshcd, will add TO its power By Increasing the
humber oiiis dependents, and charging the sphere
of IFS influence.
What under such system, is TO become Of the
Independence Of the several States, and their right
md power TO regulate and control their lnSti-
tuiiOhs' VIII the State banks be governed By the
States which created them, or will they look for
their superior to the monarch Of the great bank
credit sgsfem on whom the memorable and inevta-
bic laws Of credit and Of trade confer the power to
crush caress them, according to his uncOntrola5le
! wins
such institution; for every year adds 10 the nHm
her Of State banks, which must ot necessity be Its
subnrdina,es and dependents. if il ever be estab-
lishcd every hank within he States will, necessarily
become the ally and citadel Of this centrsl power.
Surely il is enough that the interchangeable laws Of
credit and trade subject tie distant State banks 10
| the influence of one common centre.-Thst consel
quence is inevitable, and unless trade should be
more extensively diflused must be horne.
! But, as friends of the rights and independence Of
the States, can We desire TO see this suhlecton
made more absolute and degrading BY artificial reg
nlations Icas, Of all. can we desire To wee he
administration Of the laws Of credit and trade pa-
ccd in hands which are no, only independent Of the
States, but u a hatis popularin the General Gov
eminent! When guaranty can BE- discovered
aganst the lrsilties Of our nature, maaknd may be
safe under ahgbute dominion Nhrp directors OF
banks can be selected itoma supefMr rsce, Thea the
| existence oi bank of the United States may hc
compatible with tie rights ol the States. and the
Ibcrii;y, prosperity and happiness Of the American
people.
That there are some advantages To be derived ifofa
a Bank Of the United States cannot be denied. a
species of paper answering the purposes Of money,
aud so nearly uniform in value to be available az
par throughout the Union, is, for many purposes
great public convenience But what Republican
would purchase il al the hazard Of lie liberty, espe
cally when hc sees that effective substitute may
be obtained without III II may he doubted vheh-
er such bank could now be Of any zeal utility W
cquall2ng domestic exchanges.
That which is now very generally called the diff
ference Of exchange, is, IN reality but difference
IN the value OF the prevailing paper currency at dl'-
tcrcnt points. To put an end to that, requires no
Bank Of the United States It's now yanshugas
fast as the barks resume specie payments. and VIC
trust, will soon cease Throughout, the Union without
the agency Of any coercive power whatsoever. The
real difference ofcxclnnge will then remain, consist
ng Of the cost oil transporting specie or specie iusds
from one place to another. In this business there
!, has been heretofore, and will soon be again, vast
competition, which will reduce the expense 10 THE
lowest amount for which the operation can be per.
formed. For the country, this is the safest basis Oh
which 1t can rest. II great national batk Ue ed
tablished, having as Il rhIst the mastery Of the
whole banking system of the Uniou, il will be strong
enoogh 10 prescribe the rates Of exchange. end
drive competition out Of the market, not by redu.
= eng the price, but by wave Of its sceptre.
II il were 10 indicate u the State banks that cx-
change was considered lte own appropriate harvest
HELD IN which Il was not agreeable 10 have a com
peitlor, they must necessarily submit to the will Of
This legal superior, and withdraw from The business.
Would 1t be safer 10 have exchanges regulated, ana
the prcc ixed by the president Of bank WHOSE
ilrsi ablect Is to make as much money rs possible
than by The general Jaws Of trade, which know no
seisInesS, and have no Gvor,tes? Not only would
II De more SALE but II can scarcely be doubted that
general competition among banks aud individuals.
,,SV that tue whole process and The necessary ma
chinery is well understood, would secure TO fhe
country lower rates.
The same state of things readers bank lcss use.
fol 70 The Government, as an agent 10 transfer its
funds fom one section Of The UnNn 10 another. tan
II was when the tate bank Of tie u. S was establish
cd, and for many years afterwards Competent
gents for this purpose may now be found in the State
banks and in private bankers md these facilities
multiply ng even more rapidly than the growth q our
has, therefore, ceased 10 have the weight 10 which
was formerly entitled, and gees but little way TO
countcrbolanre The many fatal objections 10 such
institution. II can only be SAID, with truth, that II
would save some trouble TO the officers and clerks
Of the Treasury Department. and that IS the onlg
Just eXtcntof the Argument
: The same reasons which oppose the establishment
Of a Bank of the United States, are equally hostile
10 Treasury Bank, or any pacAipsrS il The ma.
ture Of a bank, attached 10 The Treasury Depart
mept The former would be tie creation oil an in
dependent and irresponsible power in the country,
whose inclination and interest would generally
prompt i TO support a friendly Executive. aud
whose power would almost certainly be ereateporgh
20 overthrow one which was rot The after would
al all tines act in concert with the Executive, with
power TO give him strength in proportion TO its cap
llal and the extent Of is machinery. Both abke are
calculated 10 enlarge Executive power aud al
though Treasury hhnk would IN ihcary .. least
to more contfjable b. The popular viii constituting
a pat of the Government, both are 10 be dreaded
aud rejected alike by ttuSe who would preserve the
simplicity and purity Of our institutions. But as
we do not know OF any advocates, in the Repubh.
:, can party, Of Preasury bank, though such
= scheme is most unlusily imputed 10 them, we deem
ii unnecessary to multiply arguments against i.
The cheapness Of our system OF Government,
compared with the monarchical systems Of the Old
world has been one of its Chief recommendations
10 the favor Of mankind. This is one Of lis charac-
erstcs which every Republican will strive TO main
tain. Injudcious legislation, and the spirit of spec
ulation in merchandise and public lands, had with
in lew of The last years, brought into the Treasu-
~ redundancy OF revenue. As natural conse-
!, quence, this influx has been followed by loose and
cxtavagant appropriations by Congress, and an in
creased expenditure. II is an inevitable law Of our
system of Government, aud perhaps OF every 9TH
rr, that il it collects much, il must cxpend much
II could not be safely tolerated II it were pracca-
bic, that the government should collect hundreds of
millions iroE the people, 10 be retained by il in the