The Madisonian., 1840-02-20

not get along well without a Bank OF the
United States, have no thought Of proposing
such bank, and have no wish 10 see i pro-
posed by any other, until il is demanded by a
clear and undispu,ed majority of the People ol
the United States.
Seeing that Bank Of the United States
could not be established, two years ago ex-
pressed my willingness to make an experiment
with the State banks, rather than resort to this
Perilous measure. And now, such are my
deep convictions Of the fatal tendency Of this
project Of a Sub-treasury, that would greatly
prefer the employment OF the agency ol
State banks. But whilst should entertain
hopes of their success, confess that should
not be without strong apprehensions Of their
failure. My belief is, that the State banks
WIZ DO constantly exposed to disorder and de-
.~rahgement without the cooperation Of Bank
OF the United States; and that our banking
system will only be safe and complete when
we shall have both Bank of the United
states aad State banks.
! We are told by the President Of the United
States, in his Message at the opening OF the
session, that great moneyed power exists in
London that exerts a powerful influence on
this country; that is the result OF the credit
system and that every bank established in a
remote village in this country becomes bound
to that power by chord, which it touches at
its pleasure.
There is, sir, some truth in this representa-
ton, and every genuine American must feel
it with shame and regret 1t is melancholy
fact that the arrival Of steam vessels in the
port Of New York from England is looked for
with more curiosity and interest, on account
of the financial intelligence which they bear
from London and.the Bank of England, than
the arrival Of the mail from Congress. Our
people have been taught, by sad experience,
to expect nothing good from the Councils Of
their own country. and turn their attention to-
wards the operations in foreign country.
Was this eager inquiry into the transactions
OF the Bank of England made during the ex-
istence of the Bank of the United States
No, sir, no sir. You denounced this bank as
monster, and destroyed il and you have
thrown US into the jaws Of foreign monster
which we car neither cage nor control. You
tore from us our best shield against the Bank
OF England, and now profess to be surprised
at the Influence which it exercises upon our
interests We do not find that the cont-
mental nations of Europe, that have national
banks, complain OF the influence o. the Bank
Of England upon them. On the contrary the
Bank of England has recently been compelled
to apply to the Bank Of France for Il large
sum Of specie to sustain its credit and cha
racter.
But, sir, we must look to higher and much
more potent cause than the operations Of any
hank, foreign or domestic, for the lively inte-
rest which is felt in this country in the none
tary transactions of England. In England
ha n 10 a1
in a much more extensive dAgree than IN
this country and if it we're OF the nature
of that system, as is alleged, to render
one country dependent upon another,
why should not England be more de-
pendent upon us than we upon England
The real cause of our dependence arises out
OF the uniavorable balance of our foreign
trade. We import too much and export too
little. We buy too much abroad, and make
too little at home. II we should shake off
this degrading foreign dependence, we must
produce more, or buy less. Increase our pro-
ductions, in all the variety Of forms in which
our industry can be employed; augment the
products of the SOIL extend onr manufactures,
give new stimulus to our tonnage and fish
ing interests, sell more than we buy, get out of
debt and keep out of debt to the foreigner,
and he will no longer exert an influence upon
our destiny.
And this unfavorabc balance of our foreign
trade is wholly independent of, and uncon-
nectcd with the nature of the character of the
currency of the country, whether il be exclu-
svely metallic, or mixed of paper and the pre-
cious metals. England, in great measure,
by means of that credit or paper system, now
so much denounced, has become the centre OF
the commerce, the exchanges, and the mo-
neyed operations of the world. BY the extent,
variety, and perfection of her manufactures,
she lays most nations that admit them freely
under contribution to her. Ard, if we had no
currency but specie, we should be just as
much exposed to the moneyed power of Lon
don, or, which is the true state of the case, to
the effects Of an unfavorable balance o(trade,
as we now are. We should probably be more
so because large portion of the specie OF
the country being in the vaults Of few depo-
sitories, it would be easier then to obtain ii
for expectation, in the operations of commerce,
than now, when il is dispersed among nine
hundred or thousand banks.
What was our condition during the colonial
state, when, with the exception OF small
amounts of Government paper money, we
had no currency but specie, and no banks =
Were we not constantly and largely in debt TO
England Was not our specie perpetually
drained to obtain supplies of British goods
Do notyou recollect that the subject of the
British debts formed one of those matters
which were embraced in the negotiations and
treaty Of peace which terminated the Revolu-
tionary war; And that it was topic angry
and protracied discussion long after, until IT
was finally arranged by Mr.. jays treaty of
1894?
Look into the works Of DIR. franklin, in