Columbus Democrat., 1840-01-18

was saved only BY extraordinary exert50n from lhe
same fate that attended the weakest insttuiiou
! q proessed 10 supe ryise. In ls37 failed, equal
+ iy with o'hers. m redeemIng is notes. though
the TWO years allowed BY is charter ior that pur-
I pose had not expired a large amount Of whIcl
remains 10 the present time Outstanding. It's ire
that having 50 vast capital, and strengthene9bY
the use Of all the revenues Of the Goyernmeil, u
/ possessed more power, but while II wa Itself,
by that circumstance freed from lie cJntol which
a" banks require, It's paramount object and n.
ducemenI we're ett the sane-to make ma most
Tor rs stockholders, not to regulate the currency
ofthe country.
Nor has u, as far as We are advised, been
found to DO greatly Otherwise elsewhere. The
national Character gwen 70 the Bank of Enrlnd
has not prevented excessive huctu1,ioos IN their
currency, and Il proved unable to keep off a sls.
| pension OF specie payments, which lasted for
nearly quarter OF a century. And why should
we expect !, to he Otherwise A national ins,i-
luton, though deriving its charter from a differ
ent source than the State banks IS vet cons,iru.
ted upon the same principles; is conducted BY
men equally exposed TO temptation and IS liable
/ to the same disasters, with the additional dsad.
vantage that lis magnitude occasions an extent of
confusion nnd distress which the mismanarement
OF smaller Institutions could not produce. II can
scarcely be doubted that the recent suspension
| Of the Unaed States Bank Of Pennsylvania-of
winch tho effects are felt not in that State alone
ou' over half the Unlon-had its origin IN a course
Of business commenced while il was a national in.
Stltuilon; and there Is no good reason for suppos.
ing that the same consequences would not have
followed had L still derived its powers from the
General Government. 1t IS in vain, when the in.
fuenccs and impulses are the same to look for
difference IN conduct or results. By such ere.
atlous, we do therefore but increase the mass Of
! paper credit and paper currency, without check
ing their attendant evils 'and fluctuations. The
extent of power and efficiency of organization
whlcl we give, SO far from being beneficial /;
are IN practice positively injurious. They strength
en- the cham of dependence through the Union,
subject all parts more certainly TO common dlsas
ter and bind every bank more efFcctuallv, IN the
| first instance, 10 those Of our commercial cities,
and, IN the end, 10 foreign power. In a word,
| canlot but believe that, with the foil understand.
ing Of the operations ofouf banking system which
less opposed TO the creation of National Bank
for purposes connected with currency and com.
merce, than for those connected with the fiscal
operations oft the Government.
Yet the commerce and currency Of the coun-
try are suffering evils from the operations Of the
State banks which cannot and ought not to be
overlooked BY their means, we have been foo.
ded with deprecated paper which it was eyi.
dcntIy the design Of the trainers of the Constitu.
ton to prevent, when they required Congress
to "con money and regulate the value of foreign
coins, and when they forbade the States ",o coin
money, emit bills of credit, make any thing but
gold and silver tender IN payment Of debts, OF
pass any law mpairng the obligation of con
tracts" II they did not guard more explicitly a.
ganst the present state Of things, il was because
they could not have anticipated that the few bank,
then existing were to swell to an extent whci
would expc to so great degree both gold and sil
yer, for which they had provided, from the chan
nes of circulation, and fill them with a currency
that defeats the objects they had in view. TN
remedy for this must chiefly rest with the State
from whose legislation It has sprung. No good tina
might accrue IN particular case from the exer
else OF powers, not obviously conferred on tb
General Government, would authorize the inter
ference, or Justify course that might, IN the Sigh
test degree, increase, at the expense Of tn
States, the power of the Federal authorlles-no
do doubt that the States will apply the remedy
Within the last few years, events have uppcae
10 them too strongly to be disregarded The
have seer that the Constitution, though theoret
cally adhered to, is subyerted in practice III,
while on the statute books there is no legal tendt
but gold and silver no law lmpairing the oblgj
, tons OF contracts, yet that in point of fact,he pr
{ vileges conferred on banking corporations ha,
made their notes the currency ofthe countr,
that the obGgationsimposed by these notes are vi
lated under the impulses of interest or conven
ence and that the number and power of the nc
sons connected with these corporations, or plac,
under their influence, give them fearful weig
when their interest is in opposition TO the spi
of the Constitution and laws, To the people it
mmatcria whether these results are produced
open violations of the later or by the workin
Off system of which the result is the same.
iniieXlbIe execution even oft&e existing statutes
!, most of the States, would rehress many e'
now endured would etfectually show the ban
the dangers OF mlSmanage neni when lmpu
, ~ encourage them 10 repeat; and would Tea
=, all corporations the useful lesson that they
). the subjects OF the law and the servants OF
:, people. What is still wanting to effect these {
- lects must be sought in additional legslatio
IL or, It that be inadequate, in such further con,
70 tutonal grants or restrictions as may bring us ba
!, into the path from which we have SO widely WI
!" Tered,
4 4 In the meantime, il is the duty of the Gen
~ al Government to cooperate with the States,
!; wise exercise nf its constitutional powers, d
!, the enforcement Of its existing laws. The
I oJ tent 10 which 1t may do so by further enucimer
- have already sdvered To- and The wisdom
-. Congress may yet enlarge them. But, alb,
all, II IS mc&berl Upon US TO hold erect the pl
/, clpes Of morality and law, constantly execul
= our own contracts IN accordance with the pro,
ions of the Constitution, and thus serving a
'"S ralyins point by which our whole country n
-o- LIE krLlhI hnck q Ihal saln nrA hn..o..-l :.