The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-05-09
ron TEE MADIsoSiAx.
THE DISTRICT BANKS.

"A Citizen says mo one has ever thought Of re-
gulatng the Banks Of the United States by means OF
the Banks Of the District Of Columbia = although he
before expressed great apprehension Of seiting here
bad moral example to the State Governments" Are
We then to follow in the wake Of the States So be
1t, except TO such prudent manifestations wise
expcdency, mindful of relative circumstances may,
from time to time, suggest towards general improve
neni Now il mo one has ever thought of regulating
the Banks Of the United States by those Of the Dis
trict, in the name Of sense, why should we
impose upon this little insignificant community,
through their pecuniary agents. restrictions
and conditions, from which every body else is exempt.
and TO which they cannot be subjected by the Eek
ample set hereP This little people must succumb to
the Others submitting to all the evils to which one
country or section Of country unprotected and con-
hguous TO another is exposed when that other is en-
joying vastly superior advantages either physical or
adventurous The latter have not the power Of inter
dicton prevention Of this state of things i, is
well for A Citizen, to dsclaim, expressly the qux
otto idea of here propounding and enacting system
or the United States Ought he not also 10 discaim
he unjust, reckless, and cruel design of making ex-
pcrmens upon these people to test the effects of new
and untried schemes by which TO decide the expedi
ency of their introduction among the States Or is
the requisite useful, practical knowledge in such
cases for such important purposes be thus sought
perhaps at the expense of the vital interests of this
little people, and contrary their fIiaI
| and entreaties But above ALL what can be the
justification, rather the motive for pertinaciously
urging here, system inconsistent and conflicting
with actual, existing, and predominatng State estab-
E.h..
thought Of regulating the Banks of the United States
by means Of the Banks of this District" if he had
gone and conceded the of the proposition
so far regards the prominent advantages ofthe State
Banks, he would have deserved more credit for pot
cal penetration and expanded consideration, than we
can award him The Banks here, | repeat, must
in their general principles and administration as well
as in many of their details be regulated in great
degree by those of the neighboring emporia of com
MERGE; and at all events only progress with them
IN improvement towards that point which both may
be most useful Every provdent and sagacious
man or financier, more anxious for the public good
than for the adoption of his egotistcal dogmas
will after mature dcliberaion assent to this position
But it is painful to that the whole tendency, if
not the design, of Mr. Tappans bill is to destroy and
prevent banking in this District as shall more clear
ly show presently And if such rcaly be his creed
and principles they ought to be avowed and known
to prevent deception error; and let him not es-
cape public reprobation if he be justly obnoxious TO
it, by pretending to advocate what he is insidiousy
endeavoring to defeat. Mr. Tappan cannot be igno
rant that in banking institutions the interest of more
than one party is involved. That banks are to he |
created exclusively for the public convenience that
IS for their dealers and customers as contradstin-
guished from their proprctors stockholders, is
extravagant, Utopan notion nculcatcd excite and
infiame that popular prejudice and agitation which
claim to be the sole guardians and protectors the
true public interest This is radical cant of the |
day II is cord which dcmagogues strike for the |
Of the vulgar and the desperate Of the disciples
of those boisterous apostles who preach universal
equality (not peacc) among men, to be carried out
unfortunately, per fas au nefas, to all wordy
passions whether they be the fruit of superior genius
industry and honesty, or of merely accidental
criminal means. But such trash is unworthy Of
use or countenancc by Mr.. Tappan in the Senate,
whatever it may be out of that distinguished body
The lurking doctrines Of agrarianism in various |
notifications and applications, however disguised, |
still betray themselves the lever by which the nu
merical weight of society to be moved by political
dictionaries and their livery men, until the prepon-
deratng scale supplies the means to crafty the worst
passions of human nature and to enable them to run
riot over the rights and interests of the very people
who have been duped and enlisted into this unholy |
service. According these principles and doctrines
in their pure and subimated spirit there ought to be
no banks or other privileged corporations but if
venerable experience and successful practice for many
hn 1raIy h,. Jsl.u.-
corertiy, and not openly, attacked sound habitual
and wholesome public opinion, sanctioned by ages,
must not be unceremoniously defcd or violated |
Irammcl or embarrass banks with SO many rcstric- |
tons, under pretext Of the public good that no CAPT
talist will surrender his to the hands manage
ment and benefit of Others whilst himself alone is not
to be a fair participation in resulting profits Soon |
then, there will be no banks; and whatever may have
been the agency and value Of such institutions in the |
most useful operations Of human business in all its |
variety and ramifcations and nowhere have they
been conspcuously than in the United States
Notwithstanding the odous delinquency of some of |
them-thcrc is end of them: the real design is |
consummated. An instance two in Mr. Tappans |
project will furnish useful illustrations He says by
the pen of "A Citizen" that because the public ought
to know who they to trust the Of all stock
holders with their respective amounts Of stock and
places of residence shall be, in his BILL recorded
and published in the newspapers three months before
any bank can be established or continued and every
transfer of stock shall be recorded and published in
like manner &c.
1t is not enough, it seems, that public act of ncor
poration should be passcd-that that should impc-
ratvely require that certain specific and prescribed
amount of specie capital should be actually first paid