Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-09

themselves, at the expense Of others all the bene-
hts OF banking. j recollect well how banks were
originally first introduced into many olthe South
ern and Western States They found themselves
exposed TO all the Inconvenience, without enjoy
ing the benefits, of the banking system; and they
were reduced to the necessity OF establishing banks
10 share the advantage as well as the disadvantage
of the system. rr...
Banks, bank notes, convertible paper money,
are hei efore, inevitable There is escape from
them You may deliver ms many homilies us you
please, send forth from this Capitol os many es-
says and dsquisitiOns rs you think proper, crcu-
late Presidents messages denouncng them ms
widely as you choose, and thunder forth from n
party press as loud and as long rs you cam against
banks and they will continue to exist in spite of
you. Wlnt, then, isit the duty Of II wise praclic-
at national slntesnan to do? Since he finds
state Of things which is unaltefabIe, TO which he
must submit, however convinced he may I've ofthe
utility ola change, his duty is to accommodate his
measures to this immulable state Of public affairs
Aud, if he cannot trust the eight or nine hundred
local hunks which dispersed through the coun-
Try, Crente Federal Bank amenabe TO the Cen
era Government, subject to its inspection and atl-
ihoriiy, md capable of supplying general currel-
cy worthy offs confidence; make, in short, the
government of the whole partake of the genius &
conform to the fixed character of the parts.
MIR, President, never have believed That the To-
cal banks were competent TO supply such gen
eral currency, of uniform value, as this pcope
wants, or 10 perform those financial Offices which
are necessary TO q successful administration OF this
Government pronounced them incompetent ut
| the period of the removal of the depostes; and
we ioretold the unfortunate state of things that
now exist. But the party in power, which now
denounce them proclaimed their entire ability not
only to supply good but better currency than
that which was furnished by the Bank OF the u
ned States, and TO perform all the financial du-
ties which that institusion fulfilled After that
party has succeeded in putting down the Bank of
The United States, and got their system of State
banks into full operation, it continued, year after
year, TO tell The public that all its expectations had
been fully realized. .-
/ A Bank of the United States established by this
Government would not only furnish it a currency
in which might safely confdc, in all ecelpls and
payments, and execute every financial office, but
il would serve as a sentinel, corrector and reg
ulator to the State banks. The Senator from
Pennsylvania has urged that the present U. s.
Bank of PENNSYLVANIA has charter more extern
sive than that of the late Bank of the United Sates
that il is in tact the old bank with new charter ;
and that, with all its vast resources and means, II
has been not only unable to act rs regulator of
the local banks but was recently the first to set
the pernicious example of suspension OF specie
j payments.
\ Mr.. President, can the distinguished Senator he
serious in his description Of those attributes OF the
Pennsylvania bank ? Surely he must have in
tended that part of his speech for some other lIe
atre. In the first place, Pennsylvania, besides
sundry other onerotIs conditions Of loans and SUBJ
scriptioDs to objects of internal Improvements,
levied upon the present bank, in the form OF bo-
nus. some four or five millions of dollars. Then,
the General Government has wi,hnrawn from it
the seven millions of stock which 1t held in The
old bank-n circumstance which have no doubt
has tended to cripple its operations. And it is
wholly without the deposiles of the Government
which the former bank possessed. Instead of be-
ling an ally, the General Government has been III
the relation of an enemy TO it. And il has had TO
encounter all the enmity of powerful party with
in the bosom Of The Commonwealth. So far from
assuming the office of a regulator of the local
banks its late distinguished President upon whose
authority the Senator relies for proof of the extent
ond beraliiy of its charter, expressly declar-
ed that il had ceased to he general agent, and
had retired within The circle OF lis State duties.
So far from having derived any strength from its
connexion with the late United States, there can
not be doubt that that connection rendered il far
less efficient lan it would huve been. if it had
gone into operation " it'll an unencnmbered cap-
tai, freshly subscribed, of twenty-five millions of
dollars.
To guard against all misconception misrep-
reseniaiion, ! regret, what said oil former oc.
casion, that, although am convinced that this
country cannot get along well without Bank of
the United States have no thought Of proposing
such hank, and have no wish to see il proposed
undisputed majority of the People ofthe United
States.
Seeing that Bank Of tile United States could
! not he established, two years ago expressed my
S willingness TO make experiment with the State
banks, rather than resort TO this perous measure.
. And now such are my deep convictions CT the
| false tendency OF this project OF a sub Treasury,
e that would greatly prefer the employment of
$ the agency OF State banks. But while should
g entertain hopes of this success confess that |
. should not be without strong apprehen.ions of
: their failure. My belief is that lie State banks
will be constantly exposed to disorder and de
Y range without the cooperation OF Bank of the
. United States; and that our banking system will
e only he sufe and complete when we shall have
: both Bank of the United States and Stale banks.
We are told by the President Of The United States
in his Message at the opening of the session, that
Il a great moneyed power exists in London that E
erts powerful influence on this country that il
r is the result of the credit system and that every
# bank establishment in remote village in this
}. country becomes bound to that power by cord
II which it touches nj its pleasure.
n There is, sir some truth in this representation
IS and every genuine American must feel it with
@ shame and regret. II is melanch by fact tina,
IS the arrival Of steam vessels in the port of New
N York from England is looked for with more curl
d osy and interest, on account of the financial in
10 diligence which they bear from London and the
Bank Of England than the arrival ofthe mail from
- Congress. Our people have been taught, by sad
10 experience, 10 expect nothing good from the Coun
ellis OF their own country, and turn their attention
N towards the operations in foreign country
Was this eager inquiry into the transactions of the
= Bank of England made uring the existence OF
'e The Bank of the United States? No, sir no, sir
il You denounced This bank as monster, and des
! troyed II; and you buve thrown us into the jaws
lie foreign monster which we can neither cage MOI
l. control. Yon tore from us our best shield agans
a the Bank of England, aud now profess to be sur
y pilsed NJ the influence which it exercises upon
s. interests We do not find tina, the continental ia
H. Mons o Europe, that have national banks complain
or ofthe influence oflhe Bank of England upon them
nj On the contrary the Bank Of Eng and has recently