Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-04-03

Banks alonoi No sensible ut the present day vii
maintain such proposition. Can any be absurd a
suppose that such institutions deriving their existence
the legislation Of pc independent States and withou
any cectal checks control furnish such currency
But experience has shown how these institutions may b'
checked and controlled and the aided and in
Vigorsed by a national institution. DO YOU mushrooms
spring up in the glare OF the noon.day sum- Nor will
sound Banks spring up oNisi the presence of naona
nsttuton-aes prove ibis In 1892, when the inst Bank
OF the United States chartered there ~ Banks
the United Statesn 1911 being 20 years, they had in
creased to only sO-in 1890 Uherc having been Bank
ct the u = romlSl 1850 they had increased 3Oj
in 1888, in the at eight whilst there
no bank of tile u. :. after its restraining influence had
been destroyed by the upon by the government the
State Banks had increased the almost incredible number
Of $40. Do mushrooms spring up more abundsnty after
| the sun has sunk below the horizon
But the state banks in the south furnish such
rucncy the present of the world they
conducted ON the prudent principles, and not unduy
multiplied Their notes cannot be kept long enough IN cir
culaon, owing 10 the Indebtedness OF the States and people
Ass they issued they north pay debts; and
Notwithstanding the entire soundnes of many o the banks
they back immediately for the specie. Their issues
thus circumscrbcd they possibly furnish
adequate currency although doubt they would glad
IL do 50 II they could.
An obsolete politician has said that national bank
obsolete idea. will from purpose inquire
with what motive this extraordinary declaration made
leave that To the good sense OF the But affirm
that this the suspicious period Tor the establishment
such institution Nor indeed the accented firne
The abundance ct money ispecie) IN New York. Is nm
prcdcncd One Bank in Wall street, has million six
hundred thousand dollars vaults aud could readily lend
millions, IT it could find borrowers who could give the
requisite security. The complaint there upon all hands,
that money l. too abundant and that IL cannot Ice lent out
except less than legal interest These capitalists will
lend people Virginia, this money. because they
confidence ability or Willingness To pay. But how
readily this surplus of the North, might be trans
tercd 10 the South, through the insumenaliy OF Ma
iona Bank. What better investment could the Northern
capitalists make oi their idle money than IN the stock at
well regulated National Bank. Aud through its branches
IN Virginia how readily and naturally itwould be made To
circulate among The issues OF such bank moreover
would not be affected by Indebtedness abroad as the Is
of the banks having universal credit and cir
cuaton when north pay debts, they would not
come back bc redeemed IN specie but would be sent
where there jcmandior hcm-tu New orleans, or even
Chna-shoud the bank be able, as M time II doubtless
would be- establish high credit as the old bank OF the
| United States.
nsensble the evils that have heretofore result
ted from badly conducted banking system, yet have
fdence enough the wisdom and virtue Of INV county
believe that with the aid OF the ample experience
of the past guard against the recurrence of such
evils by proper checks 10 be imposed by the charter OF
Incorporation Upon this point cannot enter into de-
tails cannot believe that evils 10 be apprehendcd in
future can be of sufficient magnitude TO counerbaance the
great aud immediate benefits obe derived from such
stuton-Would you discontinue the OF steamboats,,
and return 90 the Hat boats at the Mississippi because boil
may occasionally burstl Would you rather require
that the boilers should be strengthened and less be
put on Tins would seem be the dictate OF sound
IL Is my confident opinion that the establishment of
we-reguated National Bank, would afford great and
mediate relief Ii it would not made "moncy plenty in
mans pocket" II wuUld al least furnish sound and
sufficient curcncypcventt the runOus sacrifice OF proper
ty and enable the honest and Industrious mechanics and
aborors OF the country reap the reward of their toll
have said nothing far the power OF Congress
charter u National Bank. | have neither space
discuss this question. Suffice say that have doubt
about it, and hold myself all times willing and able TO
Nndicaie the constitutional power by and authority
care for the epihets that may be hurled for dar
ing entertain and such opinion. They
nue they have heretofore been reckesly applied
such characters George Washington, James Madison
James Monroe, Albert Galain, VIM. Ii. Crawford, VIM.
Lowndes John C. Calhoun, Henry Clay, John 7. Hunger
ford James Barbour, Armstead Mason, Jas. Peasants
Henry ST. George Tucker, and host Of other patriots and
republicans, who had the moral nness by words
and acts the constitutional power OF Congress charter
National Bank.
These views fellow citizens though very hastily sketched
the result of long and abOous study and reflection
the subject OF which they have perfect confidence
their soundnes invite the scrutiny regard
hem and ask the dspassionae consideration of all patriots
To the important truths which they incucate
know fellow citizens, that large number of those op-
posed in politics. concur with the correctness
OF these vows-nd appeal you patriots, loving your
country; and men, having n due regard for your inter-
and those at your and children disregard the
camor ofnteroscd pazans, and IN the trial this great
and momenous issue find verdict in favor of suffering
country. Though party leaders may you your
consciences will approve the And may God, in his
wisdo enghen the Understandings Of the whole people
the perception of their interest, whatever that may be-
is the sincere and ardent desire Of your friend and we'll
wIsheT, WILLOUGHBY NEWTON |
FTedrieksJuTg, March 25ta, ls43.