Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-01-07

OF aiding the operations Of commerce. ra.X
than consulting their own exclusive adv,
tagc.
Institutions 80 framed have existed and u
exist elsewhere giving to commercial ~
course all necessary facilities, without nal
ing ~ depccisiing the currency. or sims'N
ing speculation. Thus accomplishing NJ
legitimate ends, thew have gained the !
rest guarantee for their protection and cnc,.l
! agement in the gnod win Of the commune,
/ Among a people so just az ours the sane !
I suits could not fail 20 attend a similar cos,E
! Tho direct supervision of the banks boil
! from the nature of our Government. n =
States who authorize them II is IN ,he;, J.
islatures that the people mus, mainly lool
action on that subject. But as the conduc
the Federal Government in the manapome,
its revenue has also a powerful though
immediate influence upon them, il becoE
our duty 10 see that proper direction is 4
en- to il. While the keeping fihe public
cnuc in a separate and independent Treas
and the collecting it in gold and silver.
have a salutary Influence on the system
per credit with which all banks are come q
and thus aid those that are sound and !.
managed, il will at the same time sen,
~. /.
holding the means of extravag anco afiord,J8
the public funds, and restraining them IA
excessive issues of notes which they wouR
constantly called upon to redeem.
! AN aware il has been urged that this ~
( troll may be best attained and exertea
means of National Bank. The cons,tu
al objections which am well known TO {,
tain, would prevent me in any event from y
10. hat do. H.. -|
dition to this | cannot, after past expene%
bring myself to think that it can any long.
extensively regarded for such purpose n
history of the late National Bank ihroua a
lis mutations shows that it was not SO
the contrary, IT may, after a careful consl
alton of the subject, be, think, safely Sd an
that at every period of banking excess It
the lead, and in II and 'is, and in 81.
"a, its vast expansions, followed by dis- E
ing contractions, led 10 those of the Sta,
s,t,iiions. Ii swellcd and maddened In,
the banking system, but seldom allaysl
safely directed them. At few periods "a
was salutary control exercised, but an \ IN
desire, on the contrary, exhibited for prs II
the first place and if, afterwards, its j
ures were severe towards other institute
was because its own safety compelled N
dept them.
1t did not differ from them in principal or tr Z:
, measures em,nafed from the same spirit Of r. &
felt the same temptation to over issues ii a IN
from and was totally unable to avert those d. 9
trade by which il was itself nfTer,ed eou,hk M
them. and ut leas, on one occasion, nj an e,n lin
u was saved only by extraordinary eIertinns nd W
same f'te that attended the weakest ,nsnsl
pr iessrd To supervise. In 1897 Il failed 4
with others. in redreming its notes though b, "a
xet hy rh.. fnr hat
expired, a large amount Of which iemalns to Il Ia
sent time outstanding #
u is true. that having so vast n rapts
strengthened nv the use Of all the rev. nue.
government, IL possessed more power bu,
was rseli, nv that circumstance, freed from n.
troll which al b,nks require ITS p,rs,mun
and Inducements were ieft the s,n,r--tn mm
most for its stock holders. not 10 regulate the n
cy orthc country Nor has il, rs far ~ we ,ns
ed been found tn he greatly otherwise else-N
I The national character gwen In the Rank oil
has not prevented excessive fluctuations in ia
rency. and il proved un bile 10 keep "a sur(
Of specie payments, which lasted Tor searly ~
Of a century. And why should we expect It
| otherwise
A natr mi institution though DERIVING il,
! from different source than tho state bank,
constituted upon the srme principles /.
ted by men equally exposed In tempiatia
as liable to the same disasters with ,he additioa
advantage that its magnt ude occasions an rra
confusion and distress which the misn,a ma en- n
sma'lerlnst 'tntions could not produce. -
can s'arce.y pe oooo'en 'na' the recent
wh;c, Tho effects are fol, M, ~ ,, ~ rn..'ep
over haIr the Union-hnd lis orcin in \ c,a '
sinoss commenced while i, was ua,,onnlio z
and there is no good reason for surprising
same consequences would not have foowe
stu derived It's power from the General Gov,t
1t is in vain. when the influences and imp,
the same, to look for difference in conduc
crease TIE mass Of paper credit and paoe, rs n
without checking their attendant evils and
ions. Inc etten, OF power aud tie eHiG'e"e
eial a,e ~ nr,c,;os wv s;,;vsi. !" ; y" u," Iu..
en- the chain Of dependence throughon, n.
subject all paris more certainly to common d #
and bind every bank more cfIeeiualIy. !" the