Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1840-01-11
their embarrassmeats have arisen from the

From this influence they cannot now en-
tlreIy escape, for it has its origin in the Gre
dit currencics Of the two countries; il is
strengthened by the current of trade and
exchange, which centres in London, and is
rendered almost irresistible by the large
debts contracted there by our merchants,
our banks, and our States. 1t is thus that
an introduction of a new bank into the
most distant Of our villages, places the bu
siness of that village within the influence
of the money power in England. 1t is thus
that every new debt which we contract in
that country, seriously affects our own cur
rcncy, and extends over the pursuits Of our
citizens its powerful influence. We cannot
escape from this by madng new banks,
great or small, State or National. The
same chains which bind those now existing
to the centre of this system of paper credit,
must equally letter every similar institution
we create. 1t is only by the extent to
which this system has been pushed of late,
that we have been made fully aware of its
irresistible tendency to SUBJECT our own
banks and currency to vast controlling
power in foreign land; and it adds new
argument to those which illustrate their
precariuus situation. Endangered in the
first place by their own mismanngement,
and again by the conduct Of every instltu-
ton which connects them with the centre
of trade in our own country, they are yet
subjected, beyond all this, to the effect Of
whatever measures, policy, necessity or
caprice, may induce those who control the
credits of England to resort to. mean
not to comment upon these measures pre-
sent or past, ard much less to discourage
the prosecution Of fair commercial dealing
between the two countries, based on rcc:p
rucal benefits: but it having now been made
manifest that the power of inilicting these
ana similar injuries, is, by she rcsistless
law of a credit currency and credit trade,
equally capable of extending their ccnse-
quences through all the ramitications of our
banking system, and by that means indl
rcctly obtaining, particularly when our
blnks are used as repositories of the pub
lie moneys, dangerous political influence
in the United Statcs | have deemed it my
duty to bring the subject to your notice,
and ask for It your serious consideration.
Is an argument required beyond the ex-
position of these facts, to show the inpro-
prlety of using our banking institutions as
repositories of the public money! Can we
venture not only to encounter the risk o!
their Individual and mutual mismanage-
ment, but, at the same, to place our for
cign and domestic policy entirely under
the control of a foreign moncyed interest
TO do so is to impa. the independence of
our Government, as the present credit sys-
TEN has already impaired the independence
of our banks. 1t is to submit all its mpor-
tant operations, whether of peace or war,
to be controlled or thwarted at first by our
own banks, and then by power abroad
greater than themselves. cannot bring
myself to depict the humiliation to which
this Government and people might be sooner
or later reduced, If the means for defend
ing their rights are to be made dependent
upon those who may have the most power
tul Of motives to impair them.
Nor is it only in reference to the effect Of
this state of things on the independence of
ourGovernmcnt or ofour Banks, that the sub
ject presents itself for consideration it is
to be viewed also in its relations to the gen
er1l trade Of our country. The time is not
long past when deficiency of fforeign crops
was thought to afford profitable market
for the surplus of our industry; but now we
await with feverish anxiety the news of the
| English harvest, not so much from motives
! Of commcndable sy npathy, but fearful lest
its anticipated failure should narrow the
field of credit there. Does not this speak
volumes to the patriot? Can a system be
benefcent, wise, or Just, which creates
greater anxiety for interests dependent on
foreign credit, than for the general prospe.
rity Of our own country, and the profitable
ex portaton of the surplus produce of our
labor!
The circumstances to which have thus
adverted appear to me to afford weighty rea.
sons, developed by late events, to he added
to those which have on former occasions
offered, when submitting to your better
knowledge and discernmcnt the propriety
of separating the custody of the public mo-
ney from banking institutions. Nor has
any thing occurred to lessen, in my opinion,
the force of what has been heretofore urg-
ed. The only ground on which that Gus
tody can be desired by the banks, is the
profitable use which they may make of the
money. Such use would be regarded in
individuals as breach of trust, or crime
of great magnitude, and yet it may be rea-
sonably doubted whether, first and last, it
is not attended with more mischievous con-
sequences, when permitted to the former
than to the latter. The practice of permit
ting the public money to be used by its
keepers as here, is believed TO be peculiar to
this country, and to exist scarcely any where
else. To procure it here, improper inAu-
ences are appealed to-; unwise connections
are established between the Government
and vast numbers of po werful State institu-
tions; other motives than the public good
are brought to bear both on the Executive
and Legislative departments, and selfish
combinations, leading to special legislation
are formed. 1t made the interest Of bank.
ing institutions and their stockholders
throughout the Union to use their excrtions
for the increase of taxation and the accu.
mutation of surplus revenue; and, while
an excuse is afforded, the means are fur
nlshed for those excessive issues which lead
to extravagant trading and speculation, and
are the forerunners of a vast debt abroad.
and suspension of the banks at home.
Impressed, therefore, as | am, with the
propriety of the funds of the Government
being withdrawn from the private use of
either banks or individuals, and the public
money kept by duly appointed public agents;
and believing, asl do, that such also is the
judgment which discussion, reflection and
experience lave produced on the public
mind. | leaUa tt,a suhiact ,yit h ynu II =,