The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-11-18

We offer these as coniectures, founded
upon present appearances. If they are
verified, we shall have spoken prophecy:
if not, we shall have been mistaken, like
millions before us.
First, then, National Bank cannot be
created. The Southern States have
generally opposed such an institution
upon constitutional ground, and have aid
cd in destroying tUo. Besides this objcc-
ton, they urged that national banks, by
concentrating capital and business at the
North, promote its prosperity at the ex-
pense OF the South. This was Mr.. Cal
houn's objection in 1923, and in his mind
and those of his Southern partisans, has
probably lost none of its force. New
York has combined with the South to de-
stroy two National Banks, because they
were located in Pennsylvania, the object
of New York being u monopoly of such
institutions. Reasoning from the past, we
say that New York will support no Ma
tional Bank, unless it be located in ''Wall
street," forwc cannot suppose that after
such excrtions to destroy National Banks,
because they were created in other States,
New York will support another without
the monopoly. This would be throwing
away the exertions Of the past. Through
this combination of the South with New
York, Pennsylvania has lost two National
Banks; and when Pennsylvan!ans consI-
der the motive of New York to their de-
struction, we cannot believe that they
will support another, to be located in the
latter. The contest about national banks
always has been, and always will be, a
contest between "Wall street and Ches-
nut street," and as neither will yield mo-
nopoIy, New York and Pennsylvania can.
not agree about National Bank, and
either, united with the South, will con-
stitute decisive opposition.
Secondly; tile Independent Treasury
act" cannot be repealed. The only sub
stitutc which its oponents will offer us first,
is National Bank. That measure being
defeated, as we have already proved
their next substitute will be the State
banks, as "fscal agents" of the Federal
Government. Bul the people will remcm-
bcr that this experiment has been tried
twice, and has utterly failed, producing
the most dcplorab!c m!schiefs; aid we
cannot believe that they will forget the
experience of the past, and submit to a
third trial. Hence this project is Out OF
the question. Ii, then, no substitute fer
the "indepcndent Treasury" project can
be adopted, it must remain from ncccssi-
tv; and if it do, the election Of General
Harrison will produce 10 more effect up
on the business Of the country than that
of Mr.. Van Buren,, excepting the short
lived expansions and speculations, pro-
duccd by the dclusivc hope of National
Bank, that will be excited Immediately al
ter the election Of the former. So soon
as this question about National Bank is
decided, this expansion will end IN ano-
ther pinch Of the screws; and those who
put to sea in such uncertain weather, will
be shipwrccked, or compelled to return
with loss. But this expansion will not be
great; for the "Indcpendent Treasury"
cannot be repealed before the end of next
Congress, and therefore will restrain the
banks for year at least; and the State
banks, anticipating the creation of a Ma
tional Bank, will not expand much, for
fear of being called upon for specie TO fill
its vaults. Thus, whether National
Bank be created or not, and we regard its
creation as utterly improbable, expansion
cannot be extensive or great, and money
will be scarce for every thing but mode
rate, prudent, legitimate business. If
then, General Harrison be elected, we
advise no man to buy stocks, or any thing
else, in the expectation of rising prices.
The rise, in any probable event, cannot
be great, and must be temporary.