Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-12-14

War SAYS EXPERIENCE. = The fol-
llowing article, which we take from the
Louisville Journal, we commend to the
attention of our readers. Will our Van
Buren, patrons read it-ealmly, dispas-
siouaiely, and then we ask them to say,
rhat says experience?
If any man wishes really 10 know,
whether National Bank does or does
not tend to-prevent the multiplication OF
lS;a:e Banks, let him submit the question
to the abitrament OF the cogntry-s expe-
uence.
Ia 1892, when the FIRST Bank of the
United States was established. the whole
+ number OF local Banks in the Union was
lelcven 10 1911, when the charter of
1.-The United SAFES Bank expired. the
number of local Banks was So Hence
Iii appears. that. during the 10 years OF
the duration of the Old United States
Bank. the increase Of the number OF
/ local Banks was at the rate Of only four
tannually-an increase. which was no
doubt justified and demanded by the in
cresse Of the population and commerce
Of the country.
After the expiration If the first Unit
led States Bank, FIVE years elapsed be-
| fore the creation of the second. For
| five veal rs. therefore, the country was
without such an institution. During
those FIVE wears, the Rumber Of local
Bank increased from eighy-eicht to f1ro
| hundred and fortg-sir-an increase. with
BIN that short period, o. one hHHdref and
! ftfg-eighf: so that the increasa. from
/ having been ri the rae Of only f3Rr an
nuaIlv, became more than fhirfy-3Be an
nualIv. In fact the number of local
Banks, created during the five years of
the non-exisfence of a National Bank
was more than double the number that
had been created during the whole 10
years of the existence of such an insti-
kation!i
At the time of the creation OF the late
United States Bank, in 1916, the number
of local Banks. as we have already sat
ed. was 246. From that time till 1880.
the United States Bank was permitted to
go on in the regular discharge Of lis
functions without being subjected to the
assaults of the General Government and
Of an exasperated political party. In
1880, the number OF local Banks was
339: so that the increase from 1916 to
1880 was %, or at the rate Of about sir
aBnually-an increase, which was un-
questi-nabIy called for by the interests
OF our furnishing commerce and our IA
pld progress in national afilucnce during
that most prosperous period.
In 1880, the war of the Cove rnme0t
and OF the dominant party upon the Uni
ted States Bank commenced-a war o.
determination. The mandate wen |
forth that the Bank must be DESTROYED, |
and, in anticipation of that event, a. /
well as with view TO obtain the public I
deposites, distracted illegally from the |
United States Bank, local banks again be- /
gan TO spring up fas they had sprung up /
between l8ti and 1915. From 1880 To I
1887, the number Of these Banks in /
creased from three hundred ami MiY7y /
aine to eight hundred and tIceAtg-three-i
an increase, in seven years, of 434. or I
al the rate of about SeCenty annually.
Thus thu number of banks, created in /
seven years, was more than five times a
great as the whole number created IN he
fourteen years during which the United
STATES Bank was quietly and unmole sted-
y discharging its legitimate functions as
a national institution.
If such an experience is not sufficient
TO convince the nation that a United
Staes Bank is an efficacious and the only
sfii 5aclous means oil. restraining the ex
cesses OF local Banking, we know not
what kind or degree Of evidence the ma
-ional lnind can possibly require. Dur .
ng Inc nineteen years of the first Unit
al States Bank, local Banks, as we have
stated above, increased at the rate O. {
our annually; during the FIVE years |
hat interviewed between the anuihitatiou
If the first United States Bank and the ;
creation 0 the second, they increased a. B
he rate of betwoeH thirty and forty an +
luafiy, during the fourteen years OF the III
luIn9lested operation OF the second Unit d
ID States Bank as a Government insi 4
al ion. they increased at the rate of sew d
n annually; aud, during the seven p
ears after the breaking u of the reIa- 4
ions of the Bank with the Government ;
nd the commencement of the deadly #
warfare upon Its existence, they increas Il
u a. the rate OF more than seventy an ! n
at length the whole system :.
csuifed, as il had resulted in The inter :,
egnnm between 1911 and 1916, in ii II
enerai explosion of credit, universal H
OF specie payments. ).
The country must have a National q
'ank, and the country viii have Nal \
aBal Bank This is as certain as the I
Of human experience can rem ir
er any future event: the onIv question n
as to the time when the institution will bl
e established. The administration. i'm e
elled by pride or obsiinacy. and blindlv III
istalned by deluded and powerful par III
T. may pessuade the national L.egisIa- ps
ire 10 let the people drag oat few III
9rc miserable months or years in the bl
iai OF wild and crude and preposte rous IS
vperlments- but cark experience and or
trk adversely. when the whole wretch -
round of financial innovation SHALL
I've been again travelled rs II was ira &C
He'd upwards 5f twenty wears auo ie.
VI finally open the eycs-of the country: bu
q then the same remedy for the peo- wi
IS dist resses. which the D-onIc do. X