The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-23

questioned consiitulionaty, to make room for one
open TO such broad constitutional doubts, and such
wide spread and deeply settled hostility. am
sure, if they reflect, they cannot make themselves
believe that mere charter upon the statute book,
having the ordinary forms of law can possess that
lusmahiac power necessary TO surmOunt these al
most nsurmOuntable obstacles, and to draw around
it that broad mantle Of public confidence, entirely
Indispensable 10 enable it to regulate the paper
currency of this country, and sustain lis notes as
the standard Of value in the trade of the nation.
If any Senator possesses a faith in bank charter
so strong as this, such faith is unknown to me.
Again, we are told that new National Bank Is
10 be that great healing measure which is to re-
lieve every distress in the pecuniary affairs of the
whole country. to elevate the prices of property
and labor, and TO make money every where cur
rent and plenty. How is it to effect all this All
men of all parties now agree that we have IN the
country II large excess of banks. The complaint
is that they have been unfortunate, or mprovdcnt,
are unable to meet their obligations, and have lost
the public confidence. Can Congress remedy this
state of things and restore confidence to these
crippled and PROSTATE institutions, by adding anolh
er gicat Bank to the list! For we must not forget
that except in so far ms the national faith and credit
may be embraced in the charter, and the national
revenues shall be made capital for its use, such II
Bank will be no better than those which now ex-
list. There is no charm in a mere charter from
Congress superior to that which State Legislature
may impari.
suppose, however, the experiment must he made
and what must be the practical and immediate re-
suit Say 1t Is to be Bank with capital OF lilly
millions OF dollars, (the last amount remember to
have heard named in this chamber as suitable
sum for the object and The first step Is to aggre-
gate this iitly millions from the existing capital Of
the country. The instant effect Of this movement
must be TO double the existing pressure upon the
already crippled local banks aud ther embarrassed
customers. The valuable ana most stable dcpos-
ties must be WilhirawH from these institutions IN
the shape OF gold and silver, or their equivalent,
and their discount lines must be contracted, and
lher debtors MADE TO pay IN currency equally
valuahie, that the cnpnal OF the new IinnN may be
renl"ed, Inc eject OF nggregalng so vast capt
TAI IN CON- or lis equivalent at the present period
OF depression IN onr trade, and business and bank
ing, must he to bring every thing TO stand still;
and for how long time
What time do gentlemen suppose will he re-
Quilted to collect fifty millions Of dollars Of real
money capital in times like the present ask the
question, because will not presume TINT II is con-
tempated, at this advanced period in our eNpe-
ton without the previous payment of its entire
capital. Iho, mode of banking has been long since
tried and exploded in my own State, and trust is
not now tolerated any where The first step in the
process, therefore, must be TO obtain the entire Ca
pltal OF the new nanN in money. Here may and
probably shall, be told that foreign capital will seek
the stock, and thus relieve our own banks and bn-
siness men from the pressure anticipate. This
may be so; but | must think, If we ale to wait
| until English or French capitalists part with their
money for the stock Of another Bank of The United
States, we shall be compelled 10 wait until the
racHVm produced in their pockets by Investments
in the stock of the late Bank has been more filled
than it is at present. or is likely to be from the
proceeds of their interest there. Whether the same
considerations will influence our own citizens who
have money to invest, is matter worthy of con-
siderali0n by those who rely upon such Bank for
relief 10 the country, aud safe aud practical fiscal
agent for the Treasury. | do not wish TO express
an opinion upon it. II is enough for my purpose
that, if they do take the stock, the immediate con-
sequences to our banks and business men, which
have described, must Follow, from the withdrawal
Ilom the current business Of the country Of their
capital Tor the new investment,
This is no imaginary picture. 1t must be the
first result OF This measure Of rcllci, There is 10
not know that the location Of Il new State bank IN
any OF our tradlng towns, produces an immediate
and temporary pressure upon all the banks and
buSincSs men of the vicinity. The capital of the
new bank must be accumulated, aud that can only
he done by change of the amount of money re-
CURED, from old 10 new channels, from the Gus
toner. Of the existing banks, principally, to those
who shall become he customers of the new bank,
This, however, in the case supposed, is local and
limited operation; but the establishment OF new
National Bank must Affect, IN the same way to the
extent ct ITS capital, the whole non and II That
capital be hily MI ions, the local banks OF the Tn
ION must cur'all their accommodations to about
mat extent, unless the credit OF tins Government
shall be resorted to, and debt imposed upon the
whole people, TO inlse the money, and thus avoid
ms unpleasant consequence
suppose, however, the capital OF the new Bank,
aggregated by whatever means, and at whatever
s1crllicc 10 the business Interests Of the people, or
| the credit OF the country Thea comes the second
step in the process. The great National Bank of
fifty millions is ready to commence It's operations
of hanking, and wants customers. All the local
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