The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-17

lawful coins being the recognized standard) whether u
be offered near 10 or at distance from the place Of It's
issue is OF course, its conyertblly INTO coin Neither
Of the u. States Banks, when m complete operation
was ever able at any given tne had ran been made
on il. TO redeem with epn the whole amount OF ITS notes
in circulation just so has ever BEEN too, almost or
notl universally with the State banks. But the State
banks in The main, might be shown by undenlable
statistics have generally kept IN their vaults larger
fund of gold and silver In proportion to the amount Of
their issued paper than usually kept by either OF
the u States Banks. notwithstanding, the notes OF
The State banks more able to Withstand the true test OF
the ustness Of their claim 10 credit and currency have
almost invariably been uncurrent, or az discount ex'
cept in the vicinity Of the places oil their issue while
the notes Of the q States Bank, less able 10 withstand
the true test, have been always current eyewhere, at
or above par Why has il been so! Is II merely be-
cause the u States banks have beer directed with
perior skill Might not equal skill be engaged IN the
direction of State bank In fact, the very same skill
is engaged in managing !" the pennsylvania United
States Bank 1" and hemncd IN, as II Is, by host OF
other State banks aud having equals IN other States,
with and by-whch it may synpathlze and be assisted,
j. has been found necessary TO repress IT'S legitimate IS
sues and in lieu thereof 10 circulate anew the notes OF
the old bank, ichieh are better kRocn Besides there
is another vicw with just regard TO which, u Is moi wise
that IT, States Bank be preferred, merely because the
best skill in the country will be engaged N directing II.
The country wants system Of banking that will endure
through all time to come and such one us may be
cessully conducted by more Than one man out OF
population Of twelve fifteen millions Nor Is Il GER
tain that in each succeeding generation, the country
will be blessed with Cheves to save such an lnstitu-
ton from bankruptcy when trembling on It's brink Nor
il certain thar, IN each succeeding generation, the
stockholders in such an institution, 50 dhcut 10 be
directed with success, will be blessed with Bdde,
endowed with financial ability to make for them the
largest possible profits As TO the present the excel
len nanccr who has directed aud ruled the late United
States Bank, will not live long as the country will
want and will have banking system Of some
Sort suppose, Then, If the friends OF a United
States Bank rest It's support on the ground that
its notes have enjoyed better credit than have the notes
OF the State Banks merely because 1t has been better
directed thanthey their reliance too unsnbstanal and
apt to perish quit this view Of the subject with the
sincere wish that the excellent nacers alluded TO- may
ENJOY many, very many years OF prosperity and haPpl-
ness And now the question rccurs Why has been os
II has been with the respective notes Of the State and
the United States Banks Rather, why has not the re-
verse been the experience! Why have not the notes OF
the State Banks more able TO withstand that true test
enjoyed credit In the ordinary transactions OF com
aud trade, equal to. if greater than that en-
joyed by the notes of the United States Banks The
only true aid substantial consists in this that
the trading community IN every State, soon after each
of those banks was pu, (pcr tds aat INTO com.
plee operation, became acquainted with the TACT oil It's
existence, with its name, the amount, OF It's capital Cargo
and therefore, captivating, and with the chartered term
OF its DURATION and shortly after its notes had obtained
general circulation, at first in virtue Of The fact that
they receivable in payment OF government dues,
all became acquainted with the signatures OF IT'S off-
and with the engraving the face OF ITS notes
1t was in these things alone that the charm which Sc
cured universal credit TO its notes, consisted while the
notes OF The numerous State Banks have fingered about
the places Of their issue, though more able to Withstand
the only substantial test Of just CLAIM to universal
credit. They have fingered about the places Of their
issue, merely because it has been impossible Tor The
trading community in distant parts, TO become acqualn-
ed with them in the important particulars mentioned,
and be enabled Judge Of their commences And the
cause, invincible while there many OF men,
which has kept back their notes, currency IN reta
trade, distance from the places OF their ISSUE mas
operated, and alone, prevent their becoming me m
strumcnts of exchange larger scale his defect
inherent in the prcaen, constitution Of the State Bank
system may be removed and cured and the system he
leit obnoxious to of the valid and nsnperahe oo
ections to United States Bank and that charm when
secured universal credit the notes OF the late United
States Bank, is capable Of being transferred and ea-
grated upon the State Bank system. Reduce Inc
number in each State properly constituted and
restricted, and the defect will he removed Reduce
them thus and give each large capital and lei their
convertible notes he receivable in oil payments Of
ney the pubic account and let an acquaintance with
them be thus brought within the easy reach o The
trading community, and the charm will be instantly Sc
cured They will win the general confidence. and their
avn interest to promote the public convenience will not
fail to impcl them in conducting the exchanges and in
facilitating the fiscal operations Of the federal Treasury
TO rely on, to conhde in and help another and be-
coifc efficient.
,.,s PuBLIus.