The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-23
VOL. III. NO. GA.


tlonal Bank will favor precisely that course OF pol
ICY and those measures, which will bring the great
est amount of money into It's vaults, and consequent
" the greatest amount of benefit 10 its interests,
must be lust as true as that the officers Of Bank
will consult their interests, and the interests OF
those who employ aud pay them, or that the stock
holders Of Il bank will prefer large to small dlyl-
dends upon their stock surplus revenue Is, to
such an institution, n permanent depose, per-
manent increase of It's banking capital; and tho
head of the institution can always tell, quite as ac-
curately as the head of the Treasury Department,
what rates of taxation will simply meet the appro-
priaons of Congress, and what rates will be sure
10 leave beneficial surplus of revenue for the use
of the Bank. Can any one doubt, then, which OF
these rates the influence of the bank will be exert
ed TO producer The natural tendency will be to-
wards the rates which will produce the surplus;
and that will be the practical tendency so long as
money corporation shall be the agent to exert the
influence The conclusion is unavoidable, The
business Of the bank is TO make money Io its oili-
GERS, managers and stockholders, Tho desire TO
be connected with the Government, as its fiscal
Agent, springs solely from the expectation of profit
to be derived from The extended powers conferred,
the strong credit impaired and from the use OF tho
money Of the people deposited; and It would DO
absurd TO believe that the influences Of the nsiitu-
ton are to be eXercd as 10 defeat the very OBJ
iec;s ofthe connection. The Bank, therefore, must
favor that system Of taxation which vii, draw tho
greatest amount of money from the pockets Of the
people to lis vaults, under the name Of revenue to
be collected, kept, and discussed by It,
Other inducements, however, besides that oltho
mere profits of banking, increase this tendency ola
National Bank to favor taxation. Next to the de-
sire of immediate profits, is the desire for perpetu-
al existence on the part of these money corpora
tons, and every thing which extends their power
over debtors, their means to accommodate more
borrowers, and to enlarge the limits OF their mon
ey power increases their security, strengthens Their
hold upon the people, and adds TO The chances OF
the extension ofa limited charter, Indeed the eX-
perience of the past has shown TO US that, when
the amounts Of surplus revenue IN the vaults OF
bank are large, and lis necessities pressing, DINER
| uses than ordinary bank loans can be made OF inc
money of the people to influence the actions OF the
people and of their legislative assemblies. lor-
tons of the press can be bought up and controlled
Mad spccuEtions can be set ON foot and stimulate
ed. The purity aud integrity Of the ballot box can
be secretly but fatally as.aiIcd The action OF the
State Legislatures, if not the action OF the National
Legislatures can be experimental upon, II not sue
ccs,uIly influenced, by such means IN such hands
And certainly the Senate will not be disposed mus
hastily to destroy Il safe and sauary fiscal system,
to substitute another, for the accomplishment ct
objects like these; nor will they be willing to draw
money again from the pockets OF the people Tor
such uses. ! will not say that future bank now
to be created will indulge in such practices, bu!
the daily developments of this present period aro
constantly showing to US that the late Bank Of Ito
United States has INDUCED in them; and more, that
main cause Of is present ruin and proslrailon Is
the uppropriatOn Of the means IN It's hands, public
and priyaic, to break down the local banks Of
single State. Such regulation OF oar banks and our
currency ought not to be desired by an interest, or
any party; and what security can We have mat
what has so recently been may not again be brought
about, if we voluntarily reconstruct the same dam
aerous machinery? We have seen what lis nat
ural tendencies are, and what It's action has been,
and have we any foundation for saving that elIher
will be different, in future II seems 10 mo not
\ Twill now examine very briefly the action of
these two systems Of finance upon credit Here
the greatest benefit is promised, and seems to be
expected from Bank of the United States; aud
the greatest injury apprchendcd aud feared from
the Independent Treasury. What must be tho
action, aud what the tendencies of each; The In
; dependent Treasury system must, from It's nature
and the necessity Of the case, as restraint upon
the excuses Of credit, and therefore, in that sense,
prove u sauury regulator of 1t. Using no credit
Itself. when il Shall hayo reached its perfect op-
Grafton. ii must constantly hold up before the banks,
the merchants the brokers, the business men OF all
| classes sound and uniform currency OF intrinsic
value a standard by which alone the value OF all
; credits, rs well as all property, ought to be-, ana
must finally be, measured. II stands III the whole
country Us do the weghcr, and gauger, and meas
urer, in the marts of commerce, and brings all
commodities to the true standard Of value, as do
the latter to their true standard ofquaulliy. The
Apprehension is that will prove too igld and Sc
we're regulator of credit, and no experience rom
its action has as yet confirmed TINS lear why
should it continue, The currency OF this syslems
the standard of truth, and none but false cred!t'
need apprehchd injury from trial by IT, IL Inc
credit be in fact. what every credit oughtto he'
representative ofnirnsc value existing any where,
7 this standard Of intrinsic value viii strengthen ana
confirm it; but iii be false credit, the mere rep
reseutalive of imaginary value HAVING not real eNS-
fence the standard will be precisely the one which
every ureot interest of a commercial country re-
ouires: the regulator, and the only one which can
prescrye sounhncss, uniformity in adc, by dlstn-
e guishino the sound credits from the false, and
strengthening and confirming the former, While
il discrediis and drives out Of the market the lat
ter.
How is it with National Bank in these respects,
= Under the system of banking which Universally
prevail in this country, bank may be not map
, nroprntcly defined 10 be incorporated credit, and
/ a National Bank may he as appropriately consld-
cred a monopoly Of incorporated credit. am
aware that here rests one of the great merits CT
such an institution in the minds of those who favor
- lis establishment, and that here am to meet the
strongest resistance from talented and respected
opponent. They consider the great value Of
National Bank 10 consist in It's power TO regulate
? credit, and especially to regulate currency OF
credit | must tell the gentlemen that the power
and the will to do are very different things asweh
in money corporation. as an individual. They
nav give great powers 10 bank, and oil great
powers may be used for the accomplishment
= Of great good, ifthe will and the wisdom exist
> and act with the power; but Congress cannot
give the will or the wisdom, and the dear bought
experience of our country, with two former banks
proves that these properties are not naturally
united. or likely to act together in money cor
marathon. know that the late Bank has some
; times proved severe regulator Of the credit Of
weak institutions and single individuals, in small