Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-10-10
CREDIT AND BANKS.


=, f,ou a critique upon Professor Tueker'
.Thsa,, of Money and Banks Investigated" which
&c i, The last No. OF the Ne1 York Rerter-
-s ~. - n. ablest American quarterlies
:. ,rh;. .,.n Of our reasoning brings us then TO
anclusion that banks of some kind on other
are a matter both Of public convenience ana puon'
safe,y-tbey give 10 private credts 'ac'h'y anu Sc
'y Had we no bankers IN the country, we
'iii ,;l have credits and those credits canstlin-
spo".~ na, ooney Individual securities would sup
nly the place ofbank securities, and the ons u''ef-
snee would be- thai the nation would nave u paper
s..,,,a,;o, less convenient and saie-our paper
.onev would be one OF petty localities Of streets
and neiphborhoods, incapable OF settling exchanges,
and recurring the actual transmission oil con ID az
payments between places Unoer snen a ooh'',
lion of things it is obvious tbaihe secono step OF
c,ed;t must be taken-soccty cannot get on WIN H.
frh. first was TO substitute promissoly Tor an actu-
=, n.,ment-tbe second is 10 give TO those promises
current and unqucstioned value. py exchanging
,b,, of the individual lor tnose OF assoc'aiea CAPT
,;als,s Such persons when associated together Ion
,h., end constitute bank. Banks, Therefore, are
needfuI associa,iops in some form or other-they
belong to the expanding energies OF nations indus,
try aud part Of the necessary machinery OF
rommerce.-Banks, therefore, are but functions
of credit which grow up with The advance Of a free
~ expanding society, aud can no more be permanent
n. y nut down. cast out Of nations use, when So
A6;iety has 10 the stage that demands them,
than could any other force OF laboi saving machine
~. The hand of arbitrary power may, indeed, put
down any thing for moment, but there are some
things that will not stay" put banks are OF
Them they are essential part Of the locomo-
tive by which The country is moving onward-and
IN some form OF other, will exist, and, though put
down will grow up, aud only The more lank and
amid from The vain ard insane attempt oil our rulers
10 extrpate them. The only choice, in point Of
fact left 10 the governments is, whether the banks
If the country shall be good or bad-sound un-
sound Banks or no banks-credn or hard money.
IS a different question, and choice not within their
power the nature Of man. working under its
uncbapgipg laws has already settled that question
The DAYS OF hand money and no credit, ale days gone
nv and will return more and though the nation
may be frightened, for moment, into the hope
fear Of its coming back, IL is ag ansl natures laws
the stream rolls on, and man, with his Iuny
strength. will be found attempting ~ stop the current
in yain.'
The Review states the question fairly and fully
The only point really at issue, is not whether we
shall have Banks not bur whether we shall have
sound or unsound Banking System The
Banks that present exist may, il is true be piostra
ted and the country thereby be involved in oonfu-
sion and distress, but another system will assuredly
spring from their ashes. If the present Admioistra-
lion, for example, succeed in fastening its Sub
Treasury system upon the county, as, from the in
dicalions Of the times, we suppose it will, we shall
never have, in all probability, National Bank, or
gained thai which has been destroy ed but
we shall have, in lis place, :" Colossal Treasury
Bank" under the management and control of the
President Of the United Sates-a branch Of the
Treasury Departmental eniralizng the Money Pow
ei OF the country at the same spot and consoda-
ting it in The hands Of the same man who Yields tie
Political power. 1t is passing strange, indeed, that
men who have opposed National Bank because
# the extensive powers which il supposed to
possess, and which they fsred might WELD to the
d. slrucon of the public liberty, should be willing 10
create, in It's stead, giant moneyed machine. which,
IRON The very nature Of its organization, be in
vested with vastly greater aud more dangerous pow
'rs while, in its close alliance with The Executive,
ii vii" find effectua shield from all respon sbility
The present State Banking system may share the
fate of The U. 5. Bank We presume 1t will But
what shall we have, in lis stead The hard money
age, which many deluded simpletons have b. en- SO
long expectingto see, but who WILL as many Others
before them have done, " die without the sipht"1-
NO, no: We shall branches Of the Sub
Treasury Bank springng up in every State to fur
nsh paper currency in lieu of that which will
have been destroyed, and substitute for wbic mus,
be found somewhere, n order to prevent that snd.
den and universal depreciation of values " hich uould
otherwise resultant which would be more destructive
and TO exempt debtors from their lab lies Then
indeed, we shoull see the futiy of Mr.. Calhoun's
Pretence of the State Rights chan acter aud tenden
cies OF the Sub Treasury system for, not only
would the enlre Moneyed power be centralized a,
Washington, and consolidated with The Political
but hosts of federal officers would be created in every
STATE welding, in every part of The Union, the same
potent and fearful engine of corruption and coercion
Inc people, although evidently perceving the nat
urai not 10 say the inevitable tendencies OF the Sub
Il treasury system, have declared their decided oppo
s't'on to II more than but under the guidance
o' traitors to prlncple.they have determined never
theless to "snk SWIM with the administrators
winch announced its resolution to stand or Cal', h,
IL The Executive has conquered The People n
'nS mere can be no question. Can the people won
9uef The President now letters those whom he ha,
s.aodued! In'oads upon popular rsh,s-the sub
version OF Republican principles-lhe annihilalior
oil all paper checks and baances-have always be
gun with usurpng Executives, in all ages and
IN all countries. We are now on the high road to
/ monarchy.-We have but one more step TO take
/ 'he destruction ofthe State Banking system ano
"e transfer of the whole Banking power to the Fed
/ %" Erecniire, which will be its consequence, vii
"e me final knell of civil Liberty in the land Of Han