Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-09-12


fecied only by surrender on the part Of all tho
states. of the power charter such institutions -
To suppose this surrender will be niade IL absurd, -
Even should II BIZ, the present generations could not
attain the proposed object. 'rhr larger portion of
the banks now IN existence in the Unted States ara
protected by The sanety OF contract and shielded BY
the strong arm OF The constitution. A majority OF
them cannot be got rid Of without their own consent,
unless the people iii 10 follow the advice of GER
IAN" desperate and miserable parfisaBs of The sd
min'sfa'ion, and suppress them By physical force.
DO notapmehend that my eouBirymeu will follow
such wicked counsel take il then for granted that
/ IN some shape or other the banking system will
continue 10 exist. at leasl during our generation
This being the case, the refusal 10 establish n Ma.
iiona Bank will not relieve the country from The
curse, as some are pleased 10 term H. Of paper cur
reuey. All the evils which possibly be predicated
upon National Bank, with many more. arc likely TO
result from The presen system while tho latter is in
capable oi ailordnp. but IN very small deg,ee the
facilities and advantages Of the Turner.
The most frequently urged and most popular OBJ
jeolion 10 National Bank is thai which is deduceI
from tie power. II Is sad that Mammoth Institu.
ton OF this SORT, with eapHal II 30 ,o00 no0 would
be able only toeonro the currency, but through
that, TO regulate by lis expansions and conlraeiions
The prices both oi Labor and property thai thus the
Whole community would be involved in lis meshes
and so II would pfote n the same time, dangerous 10
the government aud fatal TO the benles Of the peo-
pie. But, though the experience OF the past ought
To quiet all honest arprebcnsons Of tins snrt, vet
even snpposing them reasonable, would ask are OF
the same dangers more impending under the pre-
Sent system The State Banks now present The
spectacle OF large number OF petty independent
chiefs, wagine war upon each other. The stronger
oseto ne the weaker, aud The contest goes until
some one, wiser and more powerful than the resi-. re-
duees all To subJoctipn and rules over them with de-
spollc sway The state banks even now are anxious
to place themselves under the protection Of some
institution sufficiently powerful 10 sustain tllem.-
Many hhve already sworn allegiance toIhe great
Bank OF Pennsylvania. othe1s are ready 10 folow
the example but the greater portion nro anxousv
waiting The final determination of the people, wla-
iher they shall submit tie control ofn national OF
mere state institution. Around the former they
would all rally, and acting with confidence aud con
ee, the immediate result would be sound and uni
lorm currency, and restored and healthy credit
II - worthy OF obsersHiop, that some oi the very
states, which object 10 the chaneting by Congress,
oil n National Bank. lest II should prove power
lul iof tile county, mudesily propose to char
tefanilh institutions Al oue for the purpose OF at
iori,ng n eunency not only for themselves hut for
then ueghbofs. THIS has been already accomplish
cd by lonnsyiyania. Her Mammoth Institution is
IN full operation, beyond our reach OF control, and
YET with all the capacity Tor evil that could be at
trbuied Ia "A National Bank by its most butter oppo-
nent It's issues nj tins very moment, mma1d
premium IN This state, over gold and silver. Out ex
charges, such rs they are, principally underlls
control What could preven thus idslul ion, with
her Immense credit and capital from salura,ng the
whole country, # she pleased with her issues S 10
could emil her hundreds OF millions. and all would be
graspcd at abe could then contract This unnatural ex-
panson,call IN the paper and according 10 tho arsu
mont o those opposed Ia n National Bank, purchase
bali price ffnm bankrupt community tic proper
~ of the country. II such power exist. let il
be under tho control and supervision OF the whole
people. and not OF siuee state. But this il the
beginning only. Other stairs, emulous OF this pow
Ell are preparing Struggle Tor participation. Look
nj the great South Carolina Rail Road Bank al
ready chartered 10 several states, aul determined
doubt, 10 seize the control and regulation OF The
rency Il the South. Look al the idea long since
thrown out and now ripe for aefion, OF fifty mil
lion Bank in the Guy Of New lok Is NOT tho
currency oi Mississippi already at the mercy Of other
states Shall we continue 10 groan under this de-
grading yassalage Which will Mississippi pre-
Ter rs the fegnlntorof her currency and exchanges
a hank chartered by a single state, in the consfuc-
lion and limitations OF which she lias no voice, and
in the supervision and control Of which she has no
power, or one chartered by Congress. in every pro.
vision OF which her voice will be heard, in every lim
taiion her suggestions considered and over the con-
duct aud operations Of which she will in common
wrlh the other states exercise continual supefy-
sion and control The question submitted 10
the people IL whether the currency of the country
shall be restored and regulated through the action
OF tho representatives. OF all The states, by the le
gislatlve power of single siatef regret that The
limits OF this communication will not permit me To
enter more nj large upon this view Of the financial
question. luus however have thrown out suffi-
clent hints the subject to;attract attention, and
10 constitute starting point for reflection. But
| have already exceeded the boundaries had pre-
scrlbcd. lfthe people shall see fit, through their re-
presentayes,to elevate me 10 the high and afduous
station towards which y6n kind partialities have
pointed can only say tia, for the fidelity of my future
SERVICE offer them The guaranty OF the past. To my
fellow citizens of Madison whom you represent,
well 10 The Wings OF other sections of the state
who have honored me with their une xpected and un-
sought confidence, allow me 10 express my most sim
cere aud grateful acknowledgements fhatI may
ever proye worthy of their good opinion S my high
esi desire that may be able, In even the smallest
degree 10 advance Common principles, is my sole
ambition. TO yourselves gentle aen permit me 10
present my thanks, together with my best wishes
lor your individual prosperity.
Very respectfully.
Your obdt servant,
S. S. PRENTISS.
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