The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-08-30

u
its benefits entirely 70 the former.
believe the people of the United States
require and are entitled fom some source,
to good, sound and convenient currency.
| do not believe gold and silver alone can
furnish il. / do ut believe the state banks
alone can fdrnish it. do believe the OBJ
ject- can be accomplished by the charter of
National Bank, and that Congress has the
constitutional power TO grant such charter.
Sooner or later the people will compel them
to do it. The present system Of things can
not be submitted to much longer. Trades
against banks and credit, may for moment
tickle the ear, but they afford no relief to
the sufferlngs of an outraged and betrayed
community. The people have been waiting
long enough for relief from the measures Of
the dominant party. They are now looking
in an another quarter. They demand some
better argument against National Bank
than the pious apprehensions of the advo-
Gates of the sub-treasury; and better model
for the conduct of their affairs, than the
Island of Cuba, thai colonial vassal, of the
worst governed nation on earth.
1t is vain to talk, even if the thing were
desirable, Of eradicating all the state banks;
it could be effected only by surrender, on
the part of the states, of the power to char
ter such institutions. To suppose this sur
render will be made, is absurd. Even should
| it, the present generation could not attain
the proposed object. The larger portion of
the banks now in existence in the United
States, are protected by the sanctity of con-
| tract and shielded by the strong arm of the
constitution. A majority of them cannot
be got i'd of without their owRconsent, un-
less the people sect fit to follow the advice
of certain desperate and miserable partizans
| of the administration, and suppress them
by physical force.
do not apprehend that my countryman
will follow such wicked counsel take it
then for granted that, in some shape or
other, the banking system will continue to
exist, at least during our generation. This
being the case, the refusal to establish a
National Bank will not relieve the country
from the curse. as some are pleased to term
it, of a paper currency. All the evils which
can possibly be predicated upon National
Bank, with many more, are likely TO result
from the present system, while the latter is
incapable of affording, but in very small
degree, the facilities and advantages of the
former.
The most frequently urged, and most po-
pular objection to a National Bank, is that
which is deduced from its power. 1t is said
that a Mammoth Institution of this sort,
with capital of SO, OOO, 900, would be able
not only to control the currency, but through
that; to regulate by its expansions and con-
fractions, the prices both of labor and pro-
perry; that thus tile whole community would
be involved in its meshes, and so it would |
prove at the same time, dangerous to the !
government and fatal to the liberties of the |
people. But, though the experience of the |
past, ought to quiet all honest apprehen- |
sions of this sort, yet even surprising them
reasonable, would ask are not the same
dangers more impending under the present
system? The state banks now present the
spectacle of a large number of petty indie
pendent chiefs, waging war upon each other.
The stronger overcome the weaker, and the
contest goes on until some one wiser and
more powerful than the rest, reduces an to
subsection, and rules over them with despo-
tic sway. The state banks even now are i
weary of the ruinous strife, and anxious to
place themselves under the protection of
some institution sufficiently powerful to
sustain them. Many have already sworn
to the great Bank of Pennsylva-
are ready to follow the exam
pie; but the greater portion are anxiousIy
awaiting the final determination of the peo-
pie. whether they shall submit to control of
a national or mere state institution. A
round the former they would all rally, and
acting with confidence and concert, the {
immediate result would be, sound and q
uniform currency, and restored and heal ID
thy credit.-It is worthy Of observation, that I
some of the very states, which object to the {
chartering by Congress, of National Bank, +
lest it should prove too powerful for the a
country, very modestly propose TO charter s
similar institutions at home for the purpose d
0f affordinga currency, not only for them X
selves, but for their neighbors. This has b
oeen- alseady accomplished by Pennsy lvania. Il
Her Mammoth Institution is in full opera. e
ion, beyond our reach or control, and vet, 81
With all the capacity for evil that could be s.
attributed to National Bank BY its most D
bitter opponent. lis issues. at this very mo- v
nent, command premium in this state, n
,ver gold and silver. Our exchanges SUCH n
IS they are, principally under its control. g
What could prevent this institution, with d
Ter immense credit and capital from satura- a
ing the whole country, if she pleased, with q
Ter issues2 she could emit her hundreds of $,
Millions and il would all be grasped at; she
.ould then contract this unnatural expan- Il
ion. call in the paper, and, according to the L
Of those opposed to a National ',
sank, purchase at half price from a bank n
upt community the property Of the coun- ii
q. If such power must exist. let it be Y
nder the control and supervision Of the Y
shole people, and not Of single state. Butt II
bis Is the beginning only. Other states
mulous Of this power, are preparing to b
truggle for participation. Look at the
reat South Carolina Rail Roak Bank. aLE