The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-12-21
From the Charlottesville Republican

The capriciousness and fcklencss OF the human
character was never more clearly developed than
during the present crisis. It's liSessless TO past ex-
perience and It's proneness 10 fly from one extreme
10 another is, not only remarkable, but lainentabe
and alarming. But six years ago The whole country
in ferment about a National Bank, its Dangers
its arisocracy and its corruption; four years ago IL
was in arms against the Sab.treasury. The State
bank deposite system was all safely, all republican,
now the State bank system is all horror,-the Sub
treasury all beauty with some, and with otherS'no-
thing but National Bank will do. These shittings
and changings in such short periods OF time, re I'M
accountable for except upon the principle that the
human mind is too unstable, and too capricious TO
test, by sufficient experience any system and ind
Gates such decay Of public virtue, threatens the
death Of liberty, and the ruin of our institutions
We forget that every thing in nature the very
air which We breathe is sometimes disordered and
| thrown into commissions; man himself is frail. and
every thing which is the workmanship of his hands,
must partake Of that raity How then can it be
expected that any system either Of Government or
finance which depends upon the foresight and saga
city of such trail and imperfect being can be
otherwise than imperfect and frequently subjected
10 arrangement and disorderl For forty years we
tried National Bank system, and were not salts.
fed: the very idea OF Sub-treasuTy, which means
nothing more or less than an executive bank, all re-
publIcaus leprecate. Yet because the Stale banks,
which have not had fair trial, have submitted 10
| those calames which overtrading and runmad
speculation have brought upon the country, instead
Of remedying the evils, curing the defects and re-
|
the arms Of National Bank. Will any man, who
Is competent judge say that three years was suf-
fclent test Of the ability and safety OF the State bank
Systeml He certainly will not, for all must recol-
lect that the experiment was made upon the heel Of
the dissolution Of the National Bank and during
| three years Of excessive overrading and specula-
tion and this is all The time it had. II required five
times three years SO 10 modify and mature the sys-
tenn as TO make II safe and efficient In the Smoohest
and most quiet times. The disposition of so many
10 rush upon experiments and 10 adopt some novel
| system is truly remarkable.
But what is there in the nature Of National hank
that gives il such superiority State banks as
to cause such general rush in its favor2 Is II be-
cause lis a National charter7 Why do not The
banks OF the District Of Columbia answer the pur-
pose Z Is il because Of its greater capital Why
then does not the present bank of the United States
answerl Il has the same capital, the same Stock
holders and the officers and is all conscience
large enough. The true secret is that The Govern
ment co-operaed with this b1nk when il acted under
a national charter !. gave credit to its paper by
receiving ii in payment Of the public revenues and
made IL public depository; and II the Government
would give the like credit sound State institutions,
the country would be relieved from much OF the
1 embarrassment under which II labors for the want
OF uniform circulating medium No medium but
that OF gold and silver will be uniform so long the
government waes upon and depreciateS Il. With an
exclusive metallic medium, the commerce Of the
country, foreign and domestic, would soon dwndle
into insgni6cance and the people revert TO the ig-
norance and superstition OF the dark ages. II is too
scarce and too cumbersome and inconvenient. The
government must use the same medium with the
people, or The people, instead OF citizens will soon
become subjects OF the government.
For our parts, we can, in no event, advocate
Ell her National bank or a Subtreasury system,
which we regard as synonymous with EXECU-
TIVE BANK We regard them equally danger
ouS and both too dangerous 10 receive our humble
support Whatever reforms experience may have
suggested as necessary in the State banks-what-
ever restrictions, whatever limitations we are pre-
pared 10 sustain them, but we still think the State