Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-01-09
and gives such Increased stability to oil their

:ervcs only to render it the more ihcuinbenl un
Us, Notwithstanding tie dlsronrasemcns Cf the
past, to slrIye i'll our respective salUrs to uIItl-
rate the evils they produce; to take iIo ON tleln
Us rapidly as The obligations oI public faith anu
Il rnr, tilI consideration OI the inIlnrdIale Ihler
esls oil the community will pelni, lie I'LL! usl
character Vi MOI opcli,s: To- cnech so lar as
n,sy b. practicable by prudent iegslatinn, tII'se
temptations Of interest and those opportunities
for dan. ern,is indulgcicr, winch DrSet lhen'
on every side; and to cnnfime Them strictly to
the performances oltllelr paramount duty. thai
nruhdns the operations Of conIm rec, rather
than consulting their own exclusive ad. alhasr.
These and olIer salttary rels'ihs may, 1t Is
believed, he accomplished wi,houtthe violation
of ony of the great principles OF The sOcial con
p,ct the observance oi which is indispensable
IN its existence, or inter lerins i'll any way viii,
the n-elu and profitable employment oi Ieai
capital. IN
institutions so framed have existed aid still
exist elsewhere. giving 10 commercial lDier-
course all necessary facilities, without lillhl'hs
or depreriating the currency, or stimulating
specualion Thus accomplishing their leSl'
maze cntIs, they have gained the surcst guar
anty for tEeir protection and encouragement
uroplr sn lust MS ours, the sanr results could
not iail to attend Il similar course. The direct
supervisiou of the hanks belongs, f'om the ma
tlie ofour Government, to lIle states who ALI
thoriZe them. 1t is to their Legislatures that
the people must mainly look for action OIL thai
subject But us The conduct oi the Fed, raj Gur-
crnnrnt III the management ol the revenue has
also Il powerful, thong less immediate intn
cncr upon them, il becomes our dnty 10 see
that proper dircc ion is given TO II. While
the keeping of The public revenue IN separate
and independent Treasury, and ofcole ting
il in gold aud silver, will have salmtary irfu-
ence oil the system of paper credit, with which
all hankS are cOune,trd, and thus aid those that
are sound and well managed, it will, at the
same time, <ersib;y the' X such Us are other
wise, by at once Withholding thu mealis oI cx-
travagancc afforded by thu public llllds, and
restraining them from excessive ISSUES Of notes,
which they would be constantly called upon tU
redeem.
am aware it has been urged thai tits c. n
troll may be best attained and eXer,cd by nea IS
OF National Bank. The 90 stltu; 'onal OBJ
,ectIons, vii" | am well known 10 entertain
would prevent me in any event from proro,.
ing or asserting TO that remedy. but. in addi-
lion to this. | cannOt, alter past cypere! ce.
bring myself tc t:ink that II can any longer be
extensively garded as effective for such apnr-
pose. The history of the lae National Bank.
through all IFS mutations shows that il was not
so On the contrary il may. after careful.
consideration Of the subject he. think. safely
stated that Il; ev"ry period OF banking exc.B- it
tonk the lead; thai in lolT aud Io, in 1873 in
lS:}l and in 1891. ils ras expansions followed
BY distressing contrac;ions led to those lic
Slate institutions. Ii swccd md nmddrncd
the ;ides Of the banking system, bnt seldom al.
laved 0r safely directed them. AT Il few peri
DDS Unl. was salnta:y control exercised. but an
eager desire, on the contrary, exhibited for
profit i'll e first place: aud il, afterwards. its
measures were severe towards other iIIsttu-
lions. II was because 'tS own safety compell' d
il 10 admit Them. II did not differ from them
in principle nr in form; IFS measure, cmanatcd
from the same spirit of lain; il felt the same
temptation 10 nyer-issue; il suffered fr,ln, and
was totally unable to avert those inevitable laws
of trade, by which it was Itself affected equally
w illi them: and at least on one OCCASION. at an
early dav, il was saved only by extraordinary
exc, ,tions, from the same Inte that attended tile
weakest institution it profrssed TO slrpervisc-
In l|.7. i ia,Ipd equally with others in redrrm.
ing i'< notes, ihougI. the two years allowed b,
ifs charter. fir tlnt purpose, had not fxpiI ed
Il large ainoi,n' of which remains in the present
time outstanding. Il is true that hnvllg so
vast capital, and sreng ihened by the use of all
the revenues Of the Government. it possessed
more power. bnt while II was itself by that cir
cumstance freed from the control which ali
banks require, its paramount object and induce
mrnt were left the 81 e-to make the most
10" it, stockholders, not to regulate the curren
cv OF the coRiliry Nor has it, as far rs we are
adj, sed, been found to be greatly otherwise
elsewhere
The natioral character given to the hank of
England, has not prevented excessive tluctua-
tions in their currency. and it proved unable
to keep off suspension Of specie rayf ens,
which 'asted Tor nearly quarter of a centnty.
Aud why should we expect it to hc otherwise
4 atnnal institution though dcriviI its char
ter from dItlerrut source than The State banks
is yei constituted NJ on tho same principles. is
conducted bv men equally exposed to tempia.
ton andis liable tn the same disasters; with the
ad,iiOnal disadvantage. that its magnitude oc-
casOns an extent OF confusion and distress
which the miSnianagcment of smaller insiin
tinlis could not be produced. Itran scarcely
be doubted that the recent suspension of the U.
States Bank Of Pennsyll ana-Of which the
effects ARE not felt in that State alone huf over
half the Union-had its origin in a course Of
buslnrss commenced whilst it was a national
institution: and there is no good reason for SUI
posing that the same consequences Onld not
have followed, Lad il still derived its pow RS
from the General Government. II is in vain
when thr influences and inrnlses are the same,
TO look for Il dtiere: ce IN conduct or results
Bv such creations. we ID therefore but ilc crease
the mass OF paI er cred, ard payer currency,
without checking their att ndant evils an fuc-
,uations. The exicntoi power aud the efficien-
CIV of orga,lizali, n which We give so far from
being beneficial. are in practice positively in.u.
rious. They gihen the chain of depend
ence tfroug lrout the Union. subject all parts
more certainly to common disaster, and bind
every hank more eff ctuaI!y.in the first instance
to those of our commercial ri:ics. md. in the
end 10 foreign power. In word cannot
bu, he ve IN nj with tho fDlI ufl,rst, pd;uo oc