Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-02-14
Political.
Extracts from the Hon. Chas. Shepards
Address, to the Freemen ofthe fourth
Congressional District of N. Carolina.

Address, to the Fresmen ofthe fourth
Congressional District Of N. Carolina.
/ am opposed to the establishment Of a
National Bank, or the existence of any
corporation, whose power and whose bu-
siness pervade the whole Confederacy.-
1t is not 10 be denied, that Federal
Institution is a convenient agent to the
Secretary of the Treasury. The rev.
enue, wherever collected, can be depos-
lied there, and wherever needed, can be
disbursed through its various branches {;
and if regard he had only to the ease of
public officers, or the despatch with which
credit can he transported, a National Bank
is ;hc most appropriate instrument. But
it is not indispcnsably necessary. The
commercial relations of the Union, enable
the Bank to perform the duty above men
toned. and the same reason will put it in
the power of the Government To expend
Fs .ncley through its owu officers. Most
Of The revenue is collected in New York,
and some Of is wanted in Missouri. The
merchants of the latter State purchase their
goods in the former, and are always glad
10 have funds where their debts are paya-
BILE; and if the money of The Government,
be in safe hands al New York, draft on
this deposite will be equivalent TO the
specie in ST. Louis, and eagerly desired.
This simple illustration throws ight on the
whole subject in early times, when there
were ueither banks nor brokers, it might
have been necessary to put up a. National
Institution, but a check or draft of the
Secretary of the Treasury, wherever it
may now go, wiil purchase the best cur
rency, aud bo sufficient to pay the debts
of the Government.
A paper circulation, common to the
whole country. has been much landed. and
is certainly useful TO The travelling com
munity. 1t is said that if person started
at New Orleans and went TO Boston, half
of his expenses nigh, be charged to bro
kerage; bul The taking of a small quantity
Of specie would remedy this evil, ever if
we were disposed To compare the tempo.
rary convenience Of "A few travellers, 10 the
permanent interests of the thousands who
never leave their own State. The local
Banks, il properly managed, can always
furnish exchange at a moderate premium.
The relative business of the differen, sec
lous Of the country. is the basis Of this
operation; if Ncwhern buys more than il
sells, exchange will he against Newbern,
and if il sells more than it hugs. exchange
will be in its favor. and this is The univer.
sal law under every system Of finance -
During the late crisis, exchange at New
Orleans on New York was 10 per cent.
above par, while in North Carolina. "a
draft could be obtained al per cent. the
reason was, that New Orleans was heavily
indebted To New York. willis, the mer-
chants ofour own State had been doing n
snug and prudent business. The Bank of
England has no branch at Dublin or Edin-
burg, yet the merchants of rhat Kingdom
do not complain of the. arrangement of
exchanges; there is no bank to regulate the
commercial intercourse between N. York
and Liverpool, and there is no justihable
cause why the business Of our own cities
should not be on footing equally favora-
BILE. In the breaking up of an old system,
and the commencement of another, there
will be some distress and confusion. but in
a short time the business of the country
will become adapted 10 the new slate of
things, and the predicted evils will not
appear.
The chief argument. however, in favor
of National Bank, is its supposed ability
to carry on a sound currency. The pre-
cedenl of lSl6,wheu Nj. M Madison gave up
his objections and signed the bill for the
establishment Of the late Institution. is fire.
queutly referred TO. and at one time it had
great weight in my own mind. But a
more minute acquaintance with The history
of banking, and a more searching invesri-
CATION Of It's tendencies, have shaken nv
faith in the soundness Of this opinion.
The General Assembly grants charter
of incorporation, and ifmoneyed men sre
pleased with its provisions, they subscribe
tar stock, and the bank begins its opera
tions. The object of the Legislature is to
furnish a paper currency to the people,
that of the capitalist,io make good invest
ment for himself. Prudent, and keen
sighted, looking 10 his own interests, he
manages the bank,o make money for the
stockholders. The greater The issue of
paper, the larger will be The dividends,
and the higher the stock will rise in the
market; thus for time, even an honest
man will be tempted to go beyond The
bounds Of prudence, and throw out more
currency than is wanted. When 10 this is
added the eagerness of borrowers, the re-
suit of the whole affair is easily percepti-
BILE. Though young in years, the country
is already in the old age of luxury and re-
6nement. Habits Of industry and econo-
my are distasteful to many Of our people.
They wish 10 substitute speculation for
patient labor,an1 they are greedy of riches;
they indulge in expensive pleasures. A
temporary combination takes place be-