The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-10-06
A NATIONAL BANK AND SOUTHERN
NOTIONS.


gJWith their powerful banking institutions, with
boundless credits, and an exchange in her favor
against all with whom she trades, The North cares
nothing for National Bank. Her means Of con-
cen'rating capital into her own hands, are greater
now than they would be with such an institution
This fact, we believe, can be sustained by irrefrag
BILE evidence: and we begin 10 think with the specu-
lative gentleman whom our neighbors of the Wing
alluded to few days since, that the day in not far
distant when the South will pray for a National
Bank the surest deliverance from their vassalage
TO Northern capital and commercial power.-Rieh-
n0nd Compiler.
There is, probably, much truth in this
We have, ourself, entertained no great con-
fidence Of the success of associations under
the New York General Banking law but,
we know, from operations actually beginning,
that wiser heads than ours are confident that
the new system will produce revolution
in finance very much to the improvement of
our general currency-that the associations
will be eminently successful, and perhaps,
even supplant the old institutions. In this
event, the Wings might at once abandon the
idea of ever coming into power with Ma
ional Bank. Two such institutions as the
Philadelphia Bank of the United States, and
the North American Trust and Banking Com
pany at New York, each with their enormous
capitals of fifty millions, Of good character,
and sound credit would, practically, annhi-
late every hope of National Institution, to
be chartered by Congress. They would be
able to accommodate the business Of ex-
change, and supply a currency that would
circulate at uniform value in every part of
the United States. This is all the people de-
sire, and this we admit they will have IN
der these circumstances, the South may still
pray for National Bank on the ground that
these associations cannot establish branches
in the States as the former Bank of the u S.
did, which they may esteem essential to the
equalization Of the exchanges; but it remains
to be seen whether this objection cannot be
obviated without resort to national charter.
1t certainly can, if those States desiring
branches, will but permit these associations to
establish agencies in their midst, with the
rights and privileges similar TO those they
would be willing to cede to the offspring Of
federal legislation
But if the South demand these benefits
through either a National Bank or National
Sub-Treasury system, for the additional OBJ.
ject of :" deverance from the vassalage to
northern capital and commercial power" we
think they will proceed upon false ground,
and will probably be, and perhaps deservedly,
disappointed and defeated. We regard all
this talk about "vassalage to northern CAPT
tall" as positively fallacious and absurd. If
the South are vassals at all, they are vassals
TO the nature of ,hings-they are vassals to
their own circumstances. They cannot force
capital into the South by any system Of fcde-
raj legislation, for it will not 90 there, under
present circumstances, any more than stones
will fly into the air. 1t is impossible to annul
a natural law, by legislation. As long as
capital can be more pro6tably employed in
the North for commercial uses, than it can in
the South for agricultural purposes, the South
cannot prevent its concentrating" in the
North by the interposition of a National Bank.
The southern Sub-treasuryites entertain no
less misconception, it strikes us, when they
urge inc adoption oil the Sub-treasury scheme,
or executive bank, as a means also of break
ing up this concentration of capital. Their
mlsconceptoh is two-fold. Capital, as VIC
have said, will seek its most profitable en-
ployment, The sub-trcusury cannot prevent
its finding that in the North, unless it should
have the atrocious operation of destroying all