Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1841-12-03
BANKS AND CURRENCY.
From the New York Tribune.

From the Nev York Tribune.
Every days experience serves 10
convince US more thoroughly of The i'm.
pregnable soundness Of the good old
Whig ground, that without a National
Bank, or something equivalent to it, this
country can never enjoy the blessings
Of sound, adequate, and uniform cur
rency. We may preach the advantages
Of rigidIy specie currency Till dooms
day, suppress small bills, and all bills.
so far as law can effect it, enact Sub
Treasury laws and hang up bank presi
dents,o the lamp posts, and after all the
actual circulating medium Of the coun.
try will consist mainly Of promises in
some form or other. Danish all legal
paper money, and we shall have illegal
in its stead Of inferior character and
utility; sponsible and irredeemab
shinplaslers in place OF the notes Of sol.
vent specie paying banks. The attempt
10 shut out the tide OF paper currency is
as Idle as to dam Niagara Close one
avenue, and il rushes in with redoubled
force at another In fact, laws to pre-
vent or repress the use Of mere (aciIi
ty oftrade-to say that one man shall
not pay and another receive what they
mutually agree upon in a bargain, can
never answer any good purpose.
Paper money, then, is form OF credit,
a facility Of traffic, which must and will
exist. Hostile Legislation caC vitiale,
but not suppress it, The only pracli-
cal question is, How shall we secure the
best possible currency of paper and sPe,
Gle! Legislation cannot annihlIate pa
per, but il may make it vastly better or
worse. And our conviction is daily
strengthened that the aim of Legislation
should be TO secure, first, the certain
and absolute sovency and converiblIity
of all the paper money which NAV be
issued; and, secondly. the uniformity
Of such circulation throughout the coun,
try.
To these ends we believe National
Bank, or some agency performing the
functions Of a National Bank, iIdispen.
sable. We could wish that there we're
but one institution in the country au-
thorized to issue paper money, and that
the profits of such emission were TO 60
into the Treasury Of the United States
The further its management could be
removed from the politics, and the more
intimately it could be associated with
the substantial business of the country
the better we should like it. But, con-
: vinced that large proportion OF the
People regard with prejudice, passion
and dislike, any National institution -
unlustly saddIing it with the abuses no
,, merely of its managers, but even OF ll'
enemies; while another portion are wea
ry and heartsick Of the tormoll, the
disappointment, the rruitless strife, anC
the unjust obIoQuy to which the adVo-
!, Gates OF National Bank have been sub
jected, we are opposed 10 any new agl
talon Of the subject. Let us submit
with grace TO that state OF things "h'cf
unforeseen casualties, rather than any
It fair expression of The popular will, ho'
= brought upon US. Let National BanE
d rest until the necessities Of the people
call for it without distinction of party -
It until the mists of party prejudice shaI
a be dispelIed by the clear light of eSPe
: rience and truth. Meantime, letus otie
r no opposition to President Tyler's "hs
u cality," but give it trial, with the un'
o dersanding that Wing Congress cal
i repeal II at the next session, shoult
it prove injurious to the public wei
) fare.
g But while we counsel submission Il
e what appears inevitable, we ask tn
Il People universally TO realize and ac
c knowledge that a currency Of bank pa
, per, uihom any national regulation o
If central GgencN is not q Wing currency
r and that the Wing party is no wise re
y sponsible therefor He was not WIFI
n President who proposed. in destroying
= National Bank, TO furnish the Peopl
rs "betler currency" by means Of tn
D. State Banks alone. He was not VIII