Litchfield enquirer., 1841-10-14
THE NATIONAL BANK QUESTION.

IL IS very commonly 4SSSTISu tuuS - AN~~ |
tional Bank is unpopular with the great mass |
of the people, and that its support will break |
down any party which undertakes It. We
do not believe il. If any proposition can be
demonstrated from the History of our Coun. |
try, it is that which asserts that National |
Bank in other days has been great benefit to
the country. If the reports to Congress OF
men who have been eminent as opponents
of a Bank are worthy of any credit, then 1t
can be shown that the whole existence OF the
first United States Bank was fraught with
blessings to the Industry and Commerce of
the Country, in providing and steadily MAN.
tainirg what she had before enjoyed-cheap
Exchanges and a sound, uniform Currency.
Every dollar deposited with the Bank by the
Government was drawn out again in full
whenever wanted there was no risk or loss
on the part of the Government; no suspen-
sion by the Banks; no deprecated currency
or shinplasiers to curse the People. But the
Bank was crushed in spite OF the warning
voice of nearly all our ablest Statesmen of
both parties and before three years had
transpired, we had the old currency Of the
Confederation over again-depreciated pa
per, ruinous differences Of exchange, and
shinplasters thick as the frogs Of Egypt
Well, we tinkered away, trying this expedi-
ent, then that, for five years, and matters
growing worse all the time, until at last we
returned to the old medicine-a National
Bank. This did not cure all existing evils
in moment; our Tariff was far below that
of the nations with which we traded our
Currency was inflated rs we'll as deprecia-
ted and the land deluged with debt in eve
ry form. The Bank was badly managed at
first, but it soon righted itself, and began to
be every where recognised as great public
benefit. In 1924, we had five candidates for
President; every one but Gen. jackson
openly and warmly in favor of Bank. Mr..
Van Buren,, with all his Albany compatriots,
ardently supported VIM. II. Crawford,
strong Bank man, for President, and petition
ed for Branch at Albany. Mr.. Adams was
elected violent crusade was commenced
against him; he was known to be firmly in
favor of a National Bank, but not whisper
of objection was made to him on that ground.
Gen. jackson was strongly supported for
President in opposition, and every thing was
raked up against Mr.. Adams, all sorts Of
changes promised in behalf Of Gen. jackson,
but never an overthrow Of the Bank. No
man can gainsay this. Yet why was not the
question raised If Bank is intrinsically un-
popular?
first time began TO hint his opposition to a
recharter of the existing Bank. The subject
was thereupon referred to the appropriate
Committees of Con gress-in the Senate to
that of Finance, of which the veteran Dem.
ocrat, Gen. Samuel Smith of Maryland, was
Chairman; in the House to that of Ways
and Means, of which Mr.. McDuifie of s. G.,
was Chairman. Both Committees and
Chairmen were warm partisans of General
Jackson, yet both reported strongly, unani-
mously in favor OF the rccharter OF the Bank,
and were sustained by Congress and acqui-
esced in by the country. Ofthe fifteen hum
dred journals then printed in the country,
not twenty dissented from the conclusions of
the respective committees. No one attempt
ed to controvert their array Of facts and ar
guments in favor of the Bank. Why not, If
the Bank were either pernicious or unpopu-
lar! 49,,
In 1882, strong jackson Congress rcchar-
5hck Bon veXoe afcfyeb 81 tes BanE
was dead. unless Gen. Jackson's reelection
should be averted. In this dilemma, the
friends of the Bank attempted to make an is
sue on the question before the People. But
they were divided with respect to a cundi-
date for President, while Gen. jackson pop
ularty was irresistible. He was reelected.
In this and one or two succeeding contests
i. is believed that the Bank embarked in the
struggle to perpetuatc its own existence
printing documents in its own defence, and
making unsafe, unmercantile loans 10 those
supposed able and willing to mid it in the
struggle. This course was very unwise, short
sighted and wrong; the Bank gained moth
ing but obloquy by it. Finally it ceased 10
be National institution, had paid most
extravagant price tor State CHARTER
squandering more money 10 secure it, The
result of this course was such as might have
been expected-such as will prove a warn
ing TO all future institutions. The Bank
was overwhelmed in the pecuninry revul- !
sion Of 1889, its assets turned out badly. and
it is now broken down. If, in its desperate !
struggles for life, it committed grievous err
rors, grievously has it answered them. But |
nearly all its faults and losses bear date since
it ceased 10 be National Bank; the rest
were consequent on the attempt to destroy
it. There can hardly be fear that another
have they to do with the question respecting |
the utility of National Bank?
Yet we know that many well meaning but
not well.informed persons fail to distinguish
between National Bank and the unwieldy |
State Monster Mt Philadelphia. This was
natural, and has doubtless made many enc
mies-most mthinkngly-to any National
Bank. And for years the friends of Bank
have disliked to make the question a promi-
nent one before the people, because so ma
ny muddy headed persons failed to distin-
guish between National and an overgrown
State institution. Yet with ell this drawback
and its consequences, we believe good Ma
tional Bank is this day appreciated and de-
sired ny large majority of the People
We do not say that no better mode of secur-
ing to the whole country the blessings of a
Sound and Uniform Currency may not be
sod IL, Oh hsA