The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-12-04
THE CURRENCY QUESTION.

Message Of The Governor of North Carolina
We copy the following paragraphs from the
message delivered by Gov. Dudley to the Legis-
lature now in session at Raleigh, and will copy
the remarks of others from time to time by way
of comparing opinions. Ii will be observed that
the Governor is favorable to the State Bank and
Deposite system in some form:
The object to be attained, is a uniform currency
throughout The Union based specie and on The credit
Of The States. or Of the United States. How can this
be accomplished is the rghtful enquiry. have no
fear in the answer, that only be effected by
rangeme entered into by lar, betreen The Slate and
Federal Government, for importing and using the
local Banks, by The establishment Of Bank Of the
United States, with sufficient capital assigned to each
State to supply the amount of notes for the useful and
necessary purposes. One kind Of bank notes, qcM a
specie basis and ample guarantees alone meet the
object and accomplish the purpose desired here as
at present, large variety of Bank notes, issued from
eight nine hundred Banks thrown into circula-
on experience has proven that they cannot stand on
equal footngactual and fictitious circumstances will
produce degrees of value totally destroying their worth
national circulating medium
would prefer an arrangement bv which tho local
Banks would be remodellel to the establishment Of
Bank OF the United States because the renewal of
their charters could be made to happen successivey
without producing the political CONFUSION which has
twice attended the renewal of the charter of Nation
al Bank because too some of the present institutions
could be adopted and the redundant merged into them
or allowed to expire at the end of their charters
a Bank of the United States, of sufficient capitol
to supercede all the local Banks might be made an en-
CINE Of oppression, and dangerous political in
stitutions, which the local Banks could not-The
supcrceding the local Banks by National Bank.
must PROFESSIONALLY produce revolution in the none
tary affairs of the country to an immense extent and
| unforeseen consequences.
Capitalists in all countries, and more particularly ours
are the pioneers of their fortunes and look with
eye single their interests the selection of man
ayers of institutions in which they invest their funds
Nor are they usually combined with the politicians
for their notions are antagoniscal The study and
success OF the one destroys that Of the other Stock
holders managers Of the local Banks The funds
of these Banks, divided over as great an extent Of
country ours, and under the management of their
own officers, presents an nsuperabe difficulty to the
formation of political cabals any other for the iniu-
ry of the great interest Of the country with whose vel
fare they are so intimately connected and identified
National Bank might fall into the hands of clique.
who conscious of their power, mic hit be tempted to in
tcrere in federal policy to the great injury Of its pec,-
mary affairs and inct stab the liberties Of the
country.
The Banks in the North much more numerous
than in any other section being established in most
parts where money could I've usefuly employed and in
such sums demanded by the capacities of the
country and they have been ably and successfully
managed pushing and developing the natural capaci
ties OF the country to great state of perfection stand
!
seldom of their notes in circulation in our
State, and greater part of them never pass out of
their immediate neighhorhoods The Banks of the
Southern and Western States, have parakcn more of
and doubt, have been influenced by the character
of the country. Many have been established on false
principles and been badly managed, and the result
could not be otherwise than disastrous to the stockho
Jers who had actual capital invested but that appears
not TO have been the TO any very great extent
have no doubt that those which have capital and will
take warning from experience will yet do a valuable
business.
The recupative powers Of these sections of country
are mmenseer, and afford great room for the employ
ment of capital Even under their recent manage
ment do not know that have more cause to lament
than to rejoice except to the injury our national
character and credit have sustained as il has resulted
in many great and solid improvements equal and per
haps superior, to any thing of which can boast
That the Banks are susceptible of Improvement both
IN form and management cannot be doubted now
when such vast and astonishing improvements have la
ken place in Agriculture, Manufactures sail and
steam Ships, Rail Roads and other inventions