Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-01-25
CANTON, MISSISSIPPI, SATURDAY., JANUARY ss, Hsao

III 1901, Wnscn was followed in quick
succession throughout the Union. was
produced By an application ef that pow
er, and It's low alleged, in exfenuation
. OF the present condition Of SO large q
portion OF our banks, that their embar-
easements have arisen from the same
| cause.
) From this influence they cannot now
Ientirely escape, for il has its origin in
the credit eurreHcies Of the two coun-
} tries; IT Is strengthened BY the current
OF trade and exchange, which centres in
London, and is rendered almost irresis-
table by the large debts contracted there
by our merchants, our banks, and our
States. lis thus that an introduction Of
new banks into the most distant of our
i villages, places the business of that VIII
lage within the influence OF the money
owner in England II is thus that every
/ new debt which we contract in that
country, seriously affects our own cur
rency, and extends over the pursuits Of
our citizens its powerful influence. We
cannot escape from this by making new
banks, great or small, stale or national.
/ The same chains which bind those now
existing to the centre Of the system of
paper credit, must equally fetter every
similar institution we create. It is only
by the extent to which this system has
been pushed of late. that va have been
made fully aware of its irresistible ten
dency to subject our banks and currency
10 vast controlling power in u foreign
land, and it adds new argument TO those
which illustrate their precarious situa-
ton Endangered in the first place by
! their own acknowledgement, and again
/ by the conduct Of every institution
/ 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
I the credits Of England to resort to-
| mean not to comment upon these mea-
sures present or past, and much less to
discourage the prosecution of fair com
marcul dealing between the two conn
tries, based on reciprocal benefits; but
it having now been made manifest that
the power Of Inhicting these and similar
| injuries is, by the resisgess law of a Gre
dit currency and credit trade equally ca
pable of extending their consequences
through all the ramihcations Of our
banking system, and by that means in
directly Obtaining, particularly when our
banks are used as repositories of the
/ public moneys, dangerous political in
i huence in the United States, | have
deemed it my duty to bring the subject
| to your notice and ask for your serious
consideration.
l. an argument required beyond the
Exposition OF these facts, to show the
Improperly of using our banking insti-
tutions as repositories Of the public mo-
ney? Can we venture not only to en-
counter the risk Of their Individual and
mutual encouragement, bat at the same
time 10 place our foreign and domestic
policy entirely under the control of a
| foreign moneyed interest? To do so is
to impair the independence of our Gov
ernment, as the present credit system
has already impaired the independence
of our banks. It is to submit all its inn
portant operations, whether Of peace or
war, to be controlled or thwarted at first
| bv our own banks. and then by a power
abroad greater than themselves. can
not bring myself to depict the humlia-
lion 10 which this government and peo-
pie might be sooner or later reduced, i'll
the means for defending their rights are
to be made dependent upon those who
may have the most powerful of motives
| to impair them.
Nor is it only in reference to the eff
feet OF this state of things on the indie
pendence of our government or of our
banks, that the subject presents itself
for consideration it is 10 be viewed also
in its relations 10 the general trade OF
our country. The time is not long past
when a deficiency of foreign crops was
thought TO afford a profitable market for
the surplus Of our Industry; bat now we
await with feverish anxiety the news of
the English harvest, not so much from
motives OF commendable sympathy. 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 beHeficicnt, wise or Just,
which creates greater anxiety for inter
ests dependent on foreign credit, thanfor
the gene raj prosperity Of our own coun-
try, and he profitable expectation Of the
surplus produce Of our labor?
The circumstanc to which have
thus adverted, appear to me to afford
weighty reasons. developed by late e
venls. TO be added TO these which ! have
on former occasions offered. when sub
hitting TO your better knowledge and
discernmont the propriety of separating
he custody of the public money from
banking institutions. Nor has any thing
occurred TO lessen, in my opinion. the
force OF what has been heretofore urged
The only ground on which that custod
can be desired by the banks, IS the prof
table use which they may make Of the
rnoaey. Such use woaid be regarded in
individuals as breach of trust, or a.
crime of great magnitude. and yet i may
be rea sonably doubted whether, FIRST
and last, il IS not attended with more
snischievous consequences when permit
tied 10 the former than the latter The
practice Of permitting the Pub bic money
| TO be used BY lis keepers as here, Is be-
Ilieyed to be peculiar 10 this country, and