Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-07-10
4 NATIONAL BANK

n NATIONAL BANK.
The following article is copied lrutn ihc Ph,adcl
phia American Sentinel of April Il. lsII. The
Sentinel. we believe, was an original jackson PAPER
Ii has been, and still is Van Buren, paper though
having the honesty 10 advocate the measures by il
deemed necessary TO the good Of the country. unre /
sirieicd by party subseryiency.
We are not disposed TO renew lust now the Ma |
uonal Bank question. but We are alnost dahl, smus |
cd with the dSnuncations Of such an institution As
anti Dcmocraiica nti-Aladisonian efIersonian
&c Sc. Ii i well for politicians as we'll a. liars TO
have good memories. by way Of ref eshng the re- |
collections Of the former we would plnce hec,rp |
them few historical facts, colaied to our hand b,
the Albany Journal
During The whole period OF Mr. Jefferson's nd
minisir0iion National BJnk was in existence The
revenues OF the country were collected transmitted
and discussed through It's agency Mr. JefIarson
a' allied himself Of the institution TO cyn,uct the
financial operations of the government The exis
'ohce Oi 'hc bank received his full assent lie
made no reinonsirlnce aga.nst IL TO Congress lie
waged no warfare upon It. lie sought no divorce
/ from II
The charter Of The old Bank expired durinr The
administration OF President Madison. In his mes-
sage TO Congress IN 1915. lac says
The arrangement vi the finances with view
/ 10 The receipts aud expenditures Of a permanent
peace establishment. viii necessarily enter into the
deh5eraiinn Of Congress during the present session
IL Is True that the improved condition of the public
revenue will not only afford the means Of maintain.
ing me iaita oi the government with its creditors
iuylnlaic, aud OF prosecuting, successfully HE
measures OF the most liberal policy but will also
JUSTLY an immediate allev iation Of tie burdens i'm
P'sed oy The necessities OF war. IL H. however
essential 10 every modification cf the finances that
The benefits OF uniform national currency should he
restored 10 the community. The absence of The
precious metals will IL Is believed be n te,npo,o,,
evil; bat uniil they again be rendered The zen
enl medium OF exchange, IL devolvcs on the Wis
dom OF Congress 10 provide a substitute which shnll
equally engage the confidence and accommudat
ihe wants OF The citizens throughout tho Union n
the operation OF the State Banks cannot produce the
I result The probable operation OF a NaIiunnl Bank
D VIII merit consideration and If neither of these
eNpcdIenis he deemed eeciuai, IL may be necessa-
~ 10 ascertain the terms upon which the notes OF
, the Government (uo longer required Ms an iusi,u.
4 ment OF crrdI) shall bee issued, upon motives of
Il general policy n common medium OF circulation
TINS PORTION Of Mr. Madis0n's me ssare wa, refer.
- red 10 select committee OF which John C. c a!hnuu
= was The chairman. On the 9Th of January 1876
e Mr. calhoun reported ball for a National Bank
,, M"ich passed both houses OF Congress the sam.
4 session ana received the signature of Presiien
= Aadis"n. Two thirds Of those who voted for IN,
e'Tuaf'eF o the bank were The political friends d
p Jefferson and Madison.
Alr Madison, IN his Ecxt annual message 10 Con
. gTess, alter the bauk had been rc-charlcred al M
suggestion, and by ihe votes Of has friends spokc %
p II AZ follows We quote from his las, message. da
y ted 81 December 1916.
1T Is obvious that tnere is only wanting 10 In,
5 hsca prosperity Of the government the restoration
OF IA uniform medium OF exchange The resource,
= ald idiih Of the nation displayed IN the svsteu
NhIH Congress has established, ensure rcsuect and
confidence al home and abroad. The local accu
= mutations OF ihe revenue have already enabled the
IrFsHHe frFnrf Il.
local currency OF most of The States: aud il l. ex
pecicd that Tic cause will uro,luce The same
'Iec' Throughout tie Union Bat for The interests
"i The commuEi:y at large as well as for The pur.
poses Of ao Treasury, II essential that the natiDn
'''ui' I'ssess currency 81 equal vaue credit and
use wherever II may circulate. Tho Constitution
Has entrusted Cong oss exclusively with The mower
OF creating ard regulating currency OF ,hat do
scfpin'n, and the measures taken during the last
session M execution Of Iho power eve every ur,.
mise OF success. The Bank Of the United states
mas Been organized under auspices the most favor.
L'''' ana cannot iaI To be an important auxiliary 10
those measures"
These were Mr. Nadison's opinions Now r., n.
Bank
iLhao' from JaeLsops FIRST message 10 Cong-css.
1T such on Institution is deemed essential 10 the
h-cal operations Of the Government submit rn flc
'islom oi The Legislature whether NATIONAL
one founded upon the credit OF the Government
una us revenues. might not be devised which vouId
AVOID all constitutional difficulties aud al the same
lime secure all Tie advantages TO The Cox eminent
and tie Country That are expected 4, rospI, g.,
The present Bank"
Eri5act from Jartsou's second annual s,essore.
In The spirit Of Improvement and compr,u,.s,
which distinguishes our country aud s iu,titut,,n
It becomes Us 10 inquire, whether il he not posibI,
, 20 secure The advantages afforded by The prrsen
o'hh' 'hrOHgh ihe agency OF a Bank Of the Unite,
STATES 80 modified Iu IL principles and struriur, al
10 obSiatc constitutional and other ohiccfi,ns I, :
! 'tO"gd' practicable o. organize such Bank viii
ne necessary officers, a branch of the Treasur,
Department, iascd on the public and indiyiIuo
\ ueP"s''es' DC. &c. "in times Of public emcrgepcv
r me eafaciiy 81 such an institution might be en-
, iarsod by legislative provisions"
Effrao' from Jaeksoz.s hird annual Nissan,
, Entertaining the opinions heretofore exnressed
ID relation 10 The Bank Of the United States os nj
present organized. ] felt il my duty m NV f,rme,
messages frankly 10 disclose them in order that rbc
attention Of the legislature and The peopIe sbo,IJ H.
selsolahiy directed 10 that important sGbiect WI
oui more particular reference 10 the Vows AZ ,b
subject then expressed. leave it for The present =,
'ie investigation Of an enlightened people and their
representatives" ''''''
Er',ocf from Ja,Eson's Veto Message.
That Bank Of the United States compe,en, ,o
",'''' "i'y ne required by The Gov
'''hehl' might be 90 organized as not 10 iptrirge
%" our own delegated powers or the reserved riyb.
%. 'bc States, DO not entertain a doubt Han Tho
Executive been called ppOn 70 furnish the pr,iect
81 such an institution. the duty would have been
chccruliy performed"
cod. -
I bANkRUPF LAW.-Thc following is the mes.
sage Of President Tyler. which uas sent ro the
House Of Repre- with memorial from
citizens Of Now York in favor Of q General Bank
rupt Law.
/ 1ohc Hone # RcpreseHia,ires oCas a. S,g,es.
The accompanying memorial in favor Of the ms.
s'gc Of lauLru law. signed by nearly firee
ih'Isuni Of The inhabitants Of The city Of New York
has been hrvarded 10 me. attended by request
Iial would submit q % TIE consideration of Con.