Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1839-10-03


temallc and diabollcal attempt % destroy all.
confidence, pubic or private. Tns viiess siaa-
ders against The instifutpns aud capacities q The
country have been every where promnlxated,
untl the lowering eye Of disirustfal suspicion Is
giarlng with bancfui influence over the whole
land. Credit, the child Of confidence and the
nrsc OF eniefprise has shared the fate Of It's pa
rent The currents Sr business have been rudely
diverted, AMI now creep lazily along through
ehoked aud ,ortuous channels.
During the exisirnee of United States Bank
the mixed eurrency Of paper aud precious me-
tabs performed to admiration all its appropriate
functions. At preseh. u Is totally inadequate To
The iuihlmenI OF lis duty as a medium OF domes-
oc commerce, or for the transactions Of the most
ordinary afalrs Of business.
When Gen. Jackson determined upon the de-
siruc,ion Of that bank. he did not nor did hrs
PainSa then deny that u afforded sound CIR
culaing medium, and constituted n cheap and
efficient channel through which to conduct the
exchanges Of the country. lie promised, how
ever that all these functions enuli be n well full
filled by the State banks. which he said were en-
nfely adequate TO that purpose. He proposed
20 dispense with this great wheel on the xptess
ground that II ADDED neither power nor certainly
20 the machinc-that the system was perfect
without IL. Experience has expo<ei. what rea-
son sifove IN vain TO do. the utter faiacy OF Gen
JaeksonS views on this subject. "a was always
length entirely abandoned nv the other party -
The Wings predicted that in the absence OF
national bank each State would endcayour, thro'
Us own interpretations, To seize the largest con-
troll vt the currency; and thus great number uf
weak and jealous systems would be thrown into
rude collision. aud the common good OF the Poo
pie entirely lost sight Of in the caShiny interests
OF thousand institutions, mutually hostile tn
each other, incapable of aggregate action, and
individually incompetent for any but local pur-
poses.
Our predictions have been verified Ia the let
yer. So Ear the State bank system has proved
failure.
All now admit its total incompetency, under
its present organization and mode Of operation.
for furnishing sound and uniform currency, or
Tor carrying on the exchanges vl the country.
Bur its original advocates as a national sys-
ten, instead OF honestly acknowledging their cT-
ror, and returning with us to the excellent path
from whence in an evil hour they straycd, with
their characteristic modeSty deny, that they ever
ahTocaied the system. aud not only repudiate
their paternity but boldly Law their il!esiii-
mate offspring al the door Of the Wings
In other countries Ministers are responsible
for measures, and upon their success depends
the stability OF the Administrator. Here IL
SeemS those ont Of power are held amenable for
tie malpraciiccS and failures Of those who WELD
II; aud se arc charged not only with their I'M
wise acts, but with thetr worn out and discarded
opinions. AZ all events, both parties aeknow-
ledge the inetiiciency of the present system, and
the nee sssiiy OF change The party in power
clearly indicates its intention TO wage a war Of
determination against its old allies the State
banks, and aims al the establishment upon their
runs Of the Sub-Treamry system In our own
State this IS openly avowed. Takin. advantage
Of the well-foundcd Indignation OF the People
against the miserable system, which they them
le1@ ". - 4.
pressing like an incubus upon the State, the
friends of the Administration have long since
commenced fierce crusade against al sorts Of
banking, Stale or National All bank paper
currency IL repudiaied by them, and banks, no
matter how honestly conducted, denounced in
the most unmeasured terms, not only as anti-re-
publican, bni Also in the language Of one Of their
distinguished leaders, rs aiming " a fatal blow at
private morality and at public virtue, and. as
consequence, destructive Of all pure aud sincere
religion"
On the other hand the Wings are DESTROYS OF
TcJorHiaE not OF dssiroying. the paper money sys-
tenn. They believe the plan Of an exclusive gold
and silver currency not only absurd, but in ihs
country impraciicabie. They advocate a mixed
currency OF coin and bank paper convertible in
70 coin al the will of the holder. They t.lieye
the present State bank system incapable Of pro-
dueihg snch result; but, IN conjunction with a
United States Bank, they know its entire compe-
tcney for the purpose.
The Wings are, therefore, in favor ~ es,ab-
fishing n national hank, independent Of Execu-
tive influence, but under strict accountability 10
The Representatives Of the People. They are in
favor OF such an institution simply because they
see no other mode of attaining their object, which
IS sound and uniform currency.
The Sub-TreRsurv scheme. which is set up rs
the antagonist Of United States Bank, does not
| even propose 70 produce such a result, hut mo-
dcsiy assumes us sole function IN be, the colIec-
ton and disbursement Of the pablo revenues.
II this be the extent OF the measure, its adop-
ton by no means diSpcnses with the necessity OF
national bank, Tor the collection aud dISburse-
meni Of The revenues would constitute but q small
portion Of the functions OF such an institution -
II. on the other hand, II IS intended, az il doubt.
less IS that the Sub-Treasury shall furnish a "a
| peT currency. IN the shape of its drafts and
checks, then u will constitute to all inteuts and
purposes, Government bank. under the control
Of the Executive: what the Wings Of all things
most fear and abhor.
am therefore opposed TO the Sub-Trcasury
sohcme, not only on account of its intrinsic ADD
| essential defects ~ q financial system but also
becau~e u proposes in its s-IfSh policy. 10 pro-
/ iect the Government and no: the People and
processes 10 conhns IFS benefits entirely 20 the
former
believe the People Of the United States 70.
4 gutre ana are sntitled, IRON sons source, TO .
sound and convenient currency. DO no, BE-.
lieVe Eolj end silver alone cen furnish u. I do
not believe the Stsis banks alone can furnish IL.
! DO believe the object cen be accomplished BIZ
the charter OF . national bank, sbd that Con-
grsss has the constitutional power 20 grant such
charter. Sooner OF later, the People uIlI
compel them TO t. The present system ofihioEs
/ cannot be submitted 10 much longer. Tirsdes
sguinsi banks ard credit may for = moment tic
ale the ear, bot they afford no relief to the suE.
fsrinzs Of en- outraged and betrayed community.
/ The People hsvs been visiting long enough foF
{ relief from the measures 81 he dominant party
I They are now looking 10 abOtbsF quarter. They
demand some better srgumsBt against BaIiossl
bsok than the pious approximations Of the adSo.
eats' If the sub-TrsPsury sod better model
Zoe The conduct q their sdsirs. tbAa the IasnA
I II Cuha. that colonial vsssal Of the worst 20
/ VeFntd nation 90 the earth.
| tits IN vain 70 ts'k even " The thing we're de-
! siFabie. 81 eFadealing Ell the state bank II