Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-04-25
The poin. from whence we started.

Z
ment Of Congress, the Secretary of the
Treasury has directed the money f.ihe
United States to be deposited IN certain
State Banks, designated by him. and he
will Immediately lay before you his rea-
sons for this direction. concur lgidi
lin ENTIRELY in the Uisi0 he has taken of
this subject"
Among the reasons of the Secretary
thus 'sentfreIy'' concurred in by the Pre-
sident are the following:
! ..The State Banks, can, I hare no doubt,
/ furnish IA general circulating medium,
quite as uniform in value as that which
has ibeen afforded BY the Bank of the
United States; Probably more soi''--
Taney's Letter, p. 6.
Again.
sand by agreements among them
selves to honor each others notes and
drafts, they (the State Banks,) are pro-
viding a general currency at least as
sound as that Of the Bank Of the United
States, and will afford facilities to com
merce and IN the business Of domestic er-
changes quite equal to any which the
community heretofore enjoyed.
In the selection,
therefore, of the State Banks as the fs-
cal agents Of the Government, no disad-
vantages appear to have been incurred
on the score of safety or convenience.
or the general interests Of The country,
WHILE MUCH THAT IS VALUABLE WILL BE
SAVED !'-T aney's Letter, p. 20.
How then predictions and promises
were afterwards fulfilled we shall pre-
sently hear from the same high authori-
~ that so unequivocaIIy endorsed them.
But let US first look into the progress Of
this E.experlment,1 as annually reported
by the Executive.
In the message Of 1884, we have this
passage: "iiapailY it is already illus
trated that the agency Of such an ins.i-
tuition, (he b. u. S. IS not necessary to
the fiscal operations Of The government
The State banks are found FULLY ade-
quate TO the performance of all servi-|
ces which were required OF the Bank of
the United States, quite as promptly, and
with the same GREATNESS! They have
maintained themselves and discharged
all these duties, while the Bank Of the
United States was still powerful, and in
the field as an open enemy; and it is not
possible to conceive that they will find
greater difficulties in their ope rations,
when that enemy shall cease TO exist.
The progress of our gold coinage is /
creditable TO the officers of the mint, and
promises in a short period TO furnish the
with sound and PORTABLE cur /
rency, achich leiU much DIMINISH the iHcoH- |
Uenjence 10 traUcllcrs of the want of a /
general paper currency, should the State /
banks be incapable Of furnishing it
Those institutions have already shown /
themselves competent TO furnish domestic /
Exchanges for the convenience of fYade at /.
REASONABLE RATES, and not q dou5t /
is entertained that in a short period ALL /.
The ioaHts Of the country an bank acconnl2- /
cations and IN exchange, aciH be supplied /
IS PROMPTLY and CHEAPLY as they hare /
heretofore been By the Bank Of the United /
States! If the several States shall be 1
induced gradually to reform their bank
ng systems, and prohibit the issue oil
small notes, VIC shall, in a few years,
nave a currency as sound and as little
liable to fluctuations, as any commercial
country"
In the message 1885, the following:
cit has been seen, that without the
agency of a great moneyed monopoly,
he revenue can be collected, and conUe-
liently and safely supplied to all the pur-
poses Of the public expenditure 1t is
llso ascertained, that instead Of being
made to promote the'evils of
IN unchecked paper system, the manage
nent of the revenue can be made auxili-
Try 10 the reform which the legislatures
# several of the States have already
in regard to the suppression
If small bills; and which have only to
'e fostered by proper regulations on the
,art of Congress, TO secure a practical
.eturn, TO the-extent required, for the Sc
:urity Of the currency, to the constitu-
ioHat medium Severed from the gov Z
rnment as political engines, and not sus-
ePtib}e Of dangerous ertenSioa and com
inGtioR, the State banks will not be !
nor will they have the power
{ hich we have seen exercised, to divert
he public funds from the legitimate pur-
,oses of the government. The colIec- {
ion and custody of the revenue being, |
II the contrary, source of credit to {
hem, will increase the security which {
he States provide for faithful execu- {
ion of their trusts, by multiplying the !
ecurltIes to which their operations and {
will be subjected. Il
Thus disposed, as well from interest {
; the obligation Of their charters. it
anBot be doubted that such conditions
5 Congress may see fit to adopt respect
u the deposites in these institutions
18th view TO the gradual disuse of G
nall bills, will be cheerfully complied i
18th, and that IRE shall soon gain IN place |
{ The Bank Of the. United States. PRAc- r
IcAL REFORM II THE WHOLE. PAPER SIS
Ell OF THE COUNTRY, if BY this policy &
e can ultimately witness the suppress .
on Of all bank bills 6efolc t,ce4ty dollars.
as apparent that gold and sitrer agi7l n
ke their place, and become The principal v
rcaiating medium in the common bItsi- c
SIS Of the farmers and mechanics of the b
aafryt The attainment of such a re- Il
III will form an era ia the history of h
II country which will be dweIt upon h
in delight by every true friend of its Il
1erty or independence. Ii will Tighten Il