The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1839-11-14
From the Cincinnati Gazette.
THE SUSPENSION.

vi NatOnal Dank 10 the IaltnIul cOllec-
ton and disbursement of the Revenues, is
in legitimate continuation of what was
urged in my last paper in reference to the
proper carrying on of commercial inter
course between the different sections Of
the Union. The commerce of the coun-
try, and the collection and disbursement
of its Revenues belong to the same sub
ject. Commerce and Revenue 60 hand in
hand, and what is true of the one. in re-
gard to facilities OF collection and disburse-
ment between different portions of the
country, is equally true of the Others; and
in this view, National Bank is indispen-
sable to both. The whole matter resolves
itself into the simple inquiry of the regu-
lation Of Exchange.
The Revenue of the country, for many
years past, has been derived from only
two sources; viz: Commerce and sales of
the public lands. Whether from the one
or the other of these, the fund received
was, up to the memorable fraud of the
removal of the deposits" placed in the
solid keeping Of the late u, s Bank
The appropriation Of this fund by Con-
gress, as it accumulated from year to year.
gave portions of it, for disbursement, to
every section of the Union. Did the ex-
igencies Of the Government require, at
any given moment, the placing Of a par
ticular amount, no matter how large, at
particular point, no matter how remote
from the financial centre Of the Bank, the
Secretary of the Treasury had only to
say the word and the work was done =
The power of magic could not have done
it better or sooner. And yet there was
no magic in the operation. How was it
erected? Simply by the transfer. by
means Of Branches from one section,
where the public monies abounded, to
another where they were deficient, of the
, necessary amount to meet the requisition.
And how was this transfer made? Simply
by drafts from the deficient on the alum
liant point These drafts, the establish
t ment of Branches enabled the Bank to
y make.
10 illustrate. The Commercial Rev
enues are collected in the East and South
n the Land Revenues in the North and
West. The Government wants funds to
S large amount for border purposes the
;. payment of the Indians or public works
in the North and West The deposits
- there are not equal to the requisition; Of
course the deficiency must be supplied
by drafts on the East. These drafts were
always wanted in settlement of the bal
r. ance due from the North and West to the
East. So that while the Bank, through
. a Western Branch, was enabled at a mo-
: ment's warning, to answer requistion
l. of the government, it, at the same time
/. gave facilities to the Western merchants
to pay Eastern debts, for which they pac
but triaing or no premium, and were
. thankful
e Another illustration-a rare case by thu
e way. Suppose the national Deposits were
larger at the West, from Public Lands
than at the East from Commerce and tina
). funds were required at the latter point
In such case the Mother Bank and East
ern Branches could always control the re
. quisite amount, in anticipation of the ma
e turity of drafts from the West, drawn OF
,e time upon the East, against shipments o
Western produce Or if need be, shor
Exchange of local Banks or individuals
), could alwas be commanded in the curren
" operations of Western Branch, to NEE
/ the needful by remittance without mo
A. ment's embarrassment or delay. I sa,
al nothing of the sending forward of specie
to meet the exigency. In the case sup
posed, as believe, in the whole histor,
of the late National Bank. such necessi
ty was never known. Indeed, the grea
r merit of the system of a National Ban
L is to prevent the necessity of transfer
id from one section of the country to anoth
er, of inconvenient and unporlable repre-
sentatives Of value except for the purpos
= es of consumption.
:, Nobody will deny, unless from igno
u rance or party madness, that all 1 hav
thus far said is true. And now, ask
what better system could be wanted O
expected! Perfection could hardly sre
II gest one more thorough, for all its prope
J. purposes and uses, and | want no bette
s. proof Of this, than that the experiment O
Of directly opposite system has brought in
Z, dividuals, and Banks, and Government,
one and all, to bankruptcy. Shall speal
e of the calamity and ruin which have par
'e allied the finest energies Of this grea
e country for the last five years. Shall
} tell of the sacrifices that honest industr,
If has made to sustain commercial credit
d against the inequalities of Exchange, wit
g which the madness If mere party expert
l. ment has cursed the land! Shall descan
at large upon suspension, and resumption
and suspension again, with all the attend
/ ant and agonizing evils Of daily fuc,uatio
l. and uncertainty, under which the na,io
a has groaned for years, now groans, AM
| must continue to groan, until that fuctus
e ton and uncertainty shall be put TO figh
by the establishment of well digeste
as and permanent system Of finance! t't
r there is something too solemn in the sa
+ story.of the changeto which | have re
is ferred-too full Of doubtful augury Of til
4 4 ~ n .r4sg r.