True American. [volume] (New Orleans [La.]) 1835-18??, 1838-10-26
COMMUNICATION.
Plan OE A GREAT IYESTEpN 2 4

In the event the Government of the United
states should fail to establish National Bank,
the States respectively will be left to themselves
10 provide such currency as will best suit their
views. Ehch VIII pursue her own policy, and en-
deaYor to adopt that kind of Banking system
winch will IN her lud gment go farlhcst to secure
hef the greatest advantages. Much seit:shness
may be exercised IN the course pursued Attempts
may De made by large stat, to override the IN
stitullons OF the smaller or new States Thrs
fshhs ylVania and New York, the one by charter.
ing large institution, and the other BY making
BANKING tree, have demonstrated di4 po stion, to
control the currency and trade of other portions of
the Union land particularly of the producing S a.es
OF the south and west. 1t m1y be said, other
States can do what they have DONE They can
each grant charters for large Banks of millions,
or they can make Blinking free. Bur, this Will
hos Put small State. or western State on an c.
quail tHo'ing with Pennsylvnnia, or New York.
eaPpos" Delaware to pursue this course, would i,
place her on an equality with the TWO large States
JUST mentioned! MOI at all Capital would not
go to Ne~-Casile or Wilmington to build IN free
n"ahs s. nor would 3O,C0O,OOo million of stock Gre
a'eu oy her' hni ready purchasers, or her money
ready borrowers nj hon,t. Her exchanges in either
eFeht would be against her, aud her mnaey a,
otoao h'iu al discount. Or take Illinois or Mis-.
sisS'PP or any other single Safe beyond the two
'"'ee states Just mentioned, especially one of tho
"est or southwestern States, and ct either start
s'hRly as large Bank as il plca4es, say with
capital OF 80, or 50 milIion If i. will and the bills
issued byt would be al discount in New York.
a"u 'he cltiZens OF the State would find exchange
ahhually Tanning against it. Ii may be snid the
oalance OF trade Is against the State or that the
expense or rlsk OF transporting bills from distant
otate, ought TO Jusity this difference in the value
Vi o''ls' AS TO tho balance of trade operating
ga'hst the value of bills, is out of tho question Be-
cause, if the bills are convertible INFO snece an
demand, tho balance Of trade, even if II existed.
should effect thor value. Tina, the eyDense and
fisK IN transportation according to tho distance of
the state from New York, or Philadelphia, we do
nor uenf. AS long as each State attemps to shift
tor itself IN forming currency of its own. which
IN the absence of National Bank or of some snb-
s''n'e, that shall supply its place. SO long will
81 1pc" currency oe under par in other parts of the
unton,-so long will the small aud distant States
oe under heavy tribute 10 the large Allan
NC states, so long will the west and south west
90 tributary 10 the east. Ii is remarkable fnct |
that the western and sou,l,-western Slntss wbirh
are emphatcaliy exporting States, and produce |
more 'han the remainder of the Union, vet acrue
my pay Bank Bills and Bills o. Exchange Not
'hly so, nut the bills current in varoas parts of
ne 'a',ey OF the Mississippi, although, in direct
'ld aaliy trade with her. And strice rcrsa /" hills
ssued oy many States lying IN thus ,alI az, and |
catered by The same grra, River and tributaries.
'fn not current in New Orleans.
, nus the producer OF grain, pork, cattle &c, in
ne e, upper states of tho West, finds when he gets
>" A's !" oIiesHS, ne Is compelled 10 receive money
u discount, though it may be in,rinsicnly better
nan his own paper. Tho merchant in New Or.
'""s' on the olher hand, requires discounts on
none! Drought hin from many of the other states
," 'heyal IHsle on, in confusion, some making,
y 'h's KIND OF money, and then losing it by some
'the' description; while this scene is going on
'nons tho people and stntcs Of the West, the
shole OF them arc annually neeced by the Eost
. the amount of mIlllons!! To show the utter
nethelcrcy OF sing 10 state TO form sound cur
ency, beyond tho large states before named: we
VII only mention the case of Louisiana. from
. heoa port rs millions of Exports make their e1i,
ct with banking capital OF 50 millions of dollars
: 20 Hillllons greater in amount than the Bank of
ennsylvana, while standing as a small state
ions, with all these advantages OF Export md
'ankihg Capital ye, her dependence on N York
nd Pennsylvania has been shown in tho most ab
eel manner. U. S. Bank bills have been at an
normous premium in New Orleans during the last
"e!vs months, and checks on New York still
igher; ami more recently the banks have declar.
d that unless Pennsy MA through their bank
nd M 6'dd's, give them assistance, they canno,
esume specie payments. This favor was ask ed
State Bank, built on no better foundation than
,e most OF the Louisiana banks, and only proves
sseTtlons previously made of the controlling in
nence OF larger states over small and new states
all attempts made to establish 26 separate State
lrrencies.
Some people seem 10 think there is no remedy
n these evils, but in The establishment of a Ma
onsl Bank. | think differently. II the States
lnnot get sound currency from tn hands of
e General Government, they must make one ,
r themselves. And this can only be done bv
Ting in concert
My plan is, for the Western States 10 unite, Tor
sufficient number of them J to firm A GREAT
ESlERN- FANk, with heavy capital, cav,
" or seventy millions if necessary, and locate
6 Mother Bank in .httc Orleans. lie, each state :;
the Valley of the Mississippi be privileged to
bscrbe tor such portion "t the capital stock
'suing her bonds for the same) as might fall 10
+ share: and have provisions m AIDE that Branch !
the Principal Bank shall be established in each
lie ihu, subseflbes for stock. |, would require
foresight 10 discover that money issued by
nk Of ib!s description, would virtually supply 4
, place. aad perform the functions Of National
NIX; and afford to the country a sound and uni
m currency. Il would raise the West to a level
III the East. "A man with us bills in his pocket
u!d buy aour and pork, and pay his travelling
oenses IN ILLINOIS, Indiana and Oio, and indeed q
onghout the Valley OF the Mississippi, and no ST
estions be asked about DISCOUNTS -5r he could :,
! sugar and coffee in New OIeans, or dry goods "
New York, or Philadelphia, and never be- leased
'ut discounts. The hateful word 'discoalts | :
i now rings inland nanoys every Western mans =
;, go where he viii, would cease. Owing TO this =
so OF perpetual yexaton. the pursuit OF honest =
~ and industry in the West, isl lite Of cease 4
psrplex,y. y
hen lei Louisiana, Alabama, Mississippi, Ar