The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-01-24

Hltssut W1tIate 49, P0tH0Ai ~ - 800
circulation, and lOck IS up unproftably IN the
public vaults. 1t would not, IN my opinion,
be difficult to preventsuc an Inconvenience
from occurring, but the Authentic statements
which have already submitted TO you in
regard TO the actual amount in the public
Treasury at any one time during the period
embraced in them, and the little probability
ola different state of the Treasury for at
least some years to come, seem to render it
unnecessary TO dwell upon it. Congress,
moreover, as have before observed, will in
every year have an opportunity to guard a.
gainst il, should the occurrence of any cir
cumstances lead US TO apprehend injury from
this source. Viewing the subject in all its
aspects, cannot believe that any period
will be more suspicious than the present for
the adoption of all measures necessary to
maintain the saEctity of our own engage
ments, and in securing to the communi-
ty that abundant supply of the precious me-
tails which adds so much to their prosperity,
and gives such increased stability TO all
their dealings.
In country so commercial as ours, banks
of some form will probably always exist; but
this erYes only TO render it the more incum-
bent cn Us, Notwithstanding the discourage
ments of the past, to strive in our respective
stations to mitigate the evils they produce !;
to take from them as rapidly as the obliga-
tons of public faith and careful conside-
ration of the immediate interests of the
community, will permit the unjust character
of monopoles; to check so far as may be
practicable, by prudent legislation, those
temptations of interest and those opportu-
mites for their dangerous indulgence which
beset them on every side, and to conine
them strictly to the performance oftheir par
amount duty, that of aiding the operations
of commerce, rather than consulting their
own exclusive advantage. These and other
salutary reforms may, it is believed, be ac-
complished without the violation of any of
the great principles of social compact, the OBJ
serVance of which is indispensable to It's ex-
istence, or interfering in any way with the
useful and profitable employment of real
capital.
Institutions so framed have existed and
still exist elsewhere, giving to commercial
intercourse all necessary facilities without
initiating or depreciatng the currency, OF
stimulating speculation. Thus accomplish
ing their legitimate ends they have gained
the surest guarantee for their protection and
encouragement in the good will of the COM
munity, Among people so just as ours
the same result could not fail to attend a
similar course, The direct supervision of
the banks belongs, from the nature Of our
government, 10 the states who authorize
them. 1t is to their legislatures that the
people must mainly look for action on that
subject. But as the conduct of the FEEDER
al Government in the management of its rev.
enueAhas also powerful though less imme-
date influence upon them, it becomes our
duty TO see that proper direction is given
to it. While the keeping of the public rev.
enue in separate and independent treasu-
ry, and Of collecting it in gold and silver,
will have a salutary influence on the system
Of paper credit with which all banks are con-
nected, and thus aid those that are sound
and well managed, it will at the same time
sensibly check such as are otherwise, by at
once Withholding the means of extravaganza
afforded by the public funds, and restraining
them from excessive issues of notes which
they would be constantly called upon to re-
deem.
am aware that il has been urged that
this control may be best attained and exert
ed by means of National Bank. The con-
stitutional objections which am well known
TO entertain, would prevent me in any event
fro al.
but in addition to this, cannot, after past
experience, bring myself 10 think that it can
any longer be extensively regarded as eff.
eciive for such purpose The history of
the late National Bank, through all its mu-
tations, shows that it was not so. On the
CONTRARY, it may after careful considera-
ton of the subject, be think, safely stated,
at every period of banking excess it took the
lead, that in 1877 and 1918, in 1928, in 1881
and 1888, its vast expansions, followed by
distressing contractions, led TO those of the
state institu tons. 1t swelled and maddened
the tides of the banking system, but seldom
allayed or safely directed them.
At few periods only was a saIutary con-
troll exercised, but an eager desire, on the
IOHLIdI GAHlDltCu III punt III IHe uISl pace
and if, afterwards, its measures were Sc
1ere towards other Institutions, it was be- |
:ause its own safety compelled it to adopt
hem. It did not differ from them in prin-
;iple or in form; its measures emanated from
ne same spirit of gain; it felt the same
to over issues; it suffered from,
nd was totally unable TO avert, those inevi-
able laws Of trade, by which itself was aft
cted equally with them; and at least on
ne question, at an early day, it was saved
My by extraordinary exertions from the
anne fate that attended the weakest institu-
ion il proposed to supervise.
In 1887 it failed, equally with others. in
IFS notes, though the two years
flowed by its charter for that purpose had
OF expired, large amount Of which re-
lains TO the present time outstanding, 1t is
ue, that having so vast capital, and
by the use of all the revenues