The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-05-07

ron THE hADisos'AS'
THE DISTRICT BANKS.
NO. n.

THE DISTNlC1 pn<
NO. II.
M. h.ve lately seen country, oy ieg'1'au''
..r.~v and the poison Of political drugs, innaine'
-, DANGEROUS fever--such as cannot last long VIII"
-, .sctinu the brain or exhausng the patient bu'
,h.nk Providence this fever Is abang, and we So
every where the evidence Of returning health IN
mad career of partizan ultrasm has been run, and w
are subsiding into that calm composure favorable L
rational consideration and action The true groan'
on which 10 the subject Of banking Is the same
as that of all other human institutions Assume mo-
the perfection--nor the pcrfectablisy Of man
AT all events since the conspiracy CASA misan'hrop's
would say) between the serpent and the "omah' n'
has been otherwise God makes, and PERMITS nm y
remain imperfect; and we cannot presume 70 n'aAe
or think him otherwise. Banks are associations OF
men--of course imperfect. But, like men, they nave
faculties and capacities which experience proves may
be applied to, and employed in, valuable purposes.
pr~r;.lv an in the case of himself let us derive
az much good from their propensities as possible
whilst guarding against the evil Endeavor to make
your system little imperfect practicable awaiting
as much as you Of the advantages of which it is
susceptible This is the purpose and policy Of wise
legislation. Banks know, have failed bank Off
GERS as such, and banks themselves, have com
mtted frauds and impositions it is with individual
unassociated, man all this is still natural Let us
not for that reason, except in extreme cases, destroy
the guilty but punish with view to reform; and, by
wholesome legislation check and prevent the recur-
renee of crime in both men and banks, without pro-
nouncing both Unfortunately, hopclessly, and ex
clusively bad, now and forever Even the bloody
St.,..., ..f
crime. But will not moralize deliberately and abb
stractly on this subject Unless indeed the wise
acres Of the day more desperate and outrageous
than conceive understand them to be, they must
and do admit that credit is important desidcratum
in all business communities; and banking institutions
well founded, well regulated and conducted valua-
BILE agents in giving effect to the credit system
Banks then are useful to this District; where most
especially in the absence Of individual wealth. asso-
ciatcd capital is important to industry enterprise and
merit without funds for the Improvement Of opportu-
mites for the acquisition of comfort independence and
fortune. And, considering the relation of those peo
pie to, and their connexion with, the surrounding
country it is obvious that if we now establish for
them system Of banking radically or widely variant
from that Of the neghborng States and wealthy en-
operations and influence Of both the latter; if we
limit them to far inferior and comparatively trifing
facilities In point OF circulation and otherwise what
becomes Of this our own District II is for instance
against the nature of business and things nay against
the rights and interest Of man. that he should be pro-
hibted from receiving and paying the current and
accredited medium of neighboring countries and
places, if avors most the active and lucrative opera
tons OF trade, Suppose, for the sake of argument
that in this District there were to issue no bills or
notes OF less denomination than 20 dollars-every
thing below to be supplied by specie AL around it,
those of ., 3, and 10 dollars were to be in cur
rent egalized, circulation the capital and trade Of
neighboring places such as to produce constant
balance IN Their favor-an unremtting pecunary cur
rent setting from here thither lis it not papable that
com Will be invariably drawn hence, Ohc banks be-
ing always compelled to pay I'D and, to great ex-
tent be substituted by the foreign small notes And
can we, IN such case imagine more foreorn relative
monetary condition than that Of those people Il is
useless to multiply examples to illustrate propositions
seif-eSident to every Of business and reflection
With all our political blessings and advantages
have some disadvantages to encounter the latter
may view as the price of the former they arise from
the nature and in respects the variety Of our
general and local institutions If there were in our
system greater unity uniformity of Legislative
ton, we would have less troublesome pecuniary Huc-
tuation both at home and abroad. But the nconvc-
niences arising from this dscordance must to GER
tain degree be patiently submitted to- whilst still
aim at every practicable harmony We must, there
fore, advance gradually in the Improvement of the
system of banking in this District regarding the pro-
gress Of public opinion State laws and usage in the
country, inviting them to, and keeping pace with
them in, salutary reform Identified as these people
are, and necessarily must be- with the surrounding
country in monetary matters all must advance stimuli
taneously towards meloration if we do not mean to
crush or to abandon the weak
ANOTHER CITIZEN.