Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-10-19
From the Philadelphia Public Ledger.
A NATIONAL BANK.

A NATIONAL BANK. ..
No lnan in this country would desire
the establishment of great political en-.
gine of this kind, if he did not finally
believe that it would establish a currency
Of uniform value for the whole United
States. Before venturing upon an ex-
pedient, which is at least of doubtful con-
stitutionaIity, every man who casts his
vote for it, owes it TO his country to sat
isfy himself fully that such an institution
cannot fail to answer the purposes for
which it is to be created. If its issue
of paper money bq unrestricted, then
have we no security against the revival
of the old system of expansion and con-
traction. Ii the State Banks are TO con-
tinue in the old system of paper money
making, the action of the Government
Bank must be equally in operation. lis
power, against the united phaanx of
State Banks which would oppose it, Ui ct
Grmis, would be as rush-light to the
sun. They would collect her notes and
Withdraw them from circulation. Some
thing OF this effect, though not exactly
analogous in the cause, islseen in the
case Of the Treasury notes. The ne
cessary consequence would~be that TO
avoid a war which would ruin her means
of making profit, she would, like her pre-
decessor, make common cause with
them, and then would be re- enacted all
the scenes which similar causes have
produced and always will create.
/ am sure that it would crafty the rea-
ders of the Ledger if some advocate
of the proposed bank would show concise
ly how, and by what process, such an
institution could succeed in regulating
the State Banks and their issues,-What
would it do with such currency as the
new Pennsylvania State Bank bills, SAC
cording to'.. the act Of Assembly," | would
propose this question as problem the
first.
There is only one way that a paper
currency can be furnished of uniform
and of known value, which shall at the
same time satisfy the popular fancy for
large nominal prices-''the big figure"
There must be but one bank issue, say
National Bank. BY depositing with
her certain amount of specie, any baak
or individual shall be entitled to receive
certain increased nominal amount in
bank notes. 'As gold and silver are the
only constitutional currency, can there
be any objection to making a fixed limit
to the amount of notes to be manufac-
tured out of every real dollar; and oflet-
ting this proportion be as fully and as
widely known as possible? To effect
this what honest objection can be urged
against the insertion of this proportion of
legal expansion upon the face of the
note ?--would it be too plain2 Would it
remove all the mystery which prevents
the honest farmers of this republic from
clearly seeing the truth! II we take ten
nominal dollars as the amount which the
popular love for the big figure desires
should be manufactured from paper for
every real dollar we possess, how would
it answer to make the notes read thus.y-
The National Bank Of the United
States promises TO paw the bearer, on
demand, Ten Dollars, "according to the
act of Congress-" or One Dollar in gold
oEsilver coin, being the basis upon which
this bill is issued.
A. HUMBUc, Cashier.
To meet the prevailing weakness as
much as possible, the ten dollar promise
the fiction-may be in large letters,a and
the true value-the reality-may be in
very small letters, as in our State notes.
IknOw you will say, ''this would be
exposing the truth rather awkwardly. If
g. you remove the delusion in that way, the
'big igure' would lose its charm"
kHow it would; and Introduce the idea
10 expose the real nature and value Of
the currency which we have now, and
which we have had for some years bast
Jtdifered only inthe concealment Of lis
real value in coin, BY the large and nn-
qualified p roi1ise on the face Of the
notes; and thus lbe honest industry vol
the country has blinSly submitted to a
heavy tax, by saying TO tie Banks inter.
est on the fictitious amount of their notes
instead Of on their real value This is
whst they have been cheated into the be.