Washington telegraph., 1843-09-06
From the TKhig Banner.
NATIONAL B A N K.
No. l..
NECESSITY FOR A BANK.

i his we propose 10 cStdolSu bl iSletSHSC
to the comparative state OF the country
during the operation and the absence OF a
National Bank.
The state of things at the time the Fed
eral Constitution was adopted, has already
been noticed. The fact that the finances
of the country continued Ito labor under
extreme embarrassment" up to the year
1891. together with the conviction upon the
minis of many of the sages Oi the Rovolu-
ION. shat il was essential as au auxiliary OF
the Government, induced the establishment
of the first Bank OF the United States
From that period till 1910, we read of no
complaints of embarrassments in conducting
the business of the Treasury--no ouicry
against the wis of a depreci paper cur
Iency--no clamor for gold and siyer.--
The National Bank conducted its own affairs
with prudence and transferred and dIsbursed
the revenues of the Government with strict
fidelity. The State Banks were kept sound,
and their notes redeemed with specie
Through all the excitement OF the political
struggle of 1900, between the Federal and
Jefiersomian II parties. aud during the hrsi aud
most critical stages of the elnbsfgo aud nom
intercourse acts, the National Bank pre-
served It's credit and integrity, conserving
at the same time the interests OF the To-
cal Banks aud securing the confidence OF
both The yuli,ical parties that divided the
country.
From 1911 10 1914, in the absence of Ibe
National Bank, the evils of deprecated
paper currency growing out OF the rapid aud
unreasonable Increase of Slale Banks, were
superadded TO the horrors of war. Far tive
and a half millions United States Bank notes
Withdrawn from circulation, tweniy two mil
lions local Bank paper was substituted For
ten millions at National capital, twenty NIL
Lone L,cal capital. For sound and uniform
currency. the general suspension of specie
paymeu,s in The fall of 1914, with the Inevi-
liable coucomIIant of iunu,neFable indiVidua!
failures.
So deeply impressed in 1914 vas the late
Felix Grundy then Representative IN Com
press from Tennessee, of the necessity for
The re.es.ahlshmcni of National Bsnk, that
he brought forward and urged with PerIina-
city. & bill to charter Bank of the United
STATES. We make u brief extract from the
debates:
81 (said Mr.. G.) have no secret on this
subject: irish 10 see d Bank cstibiied as
q Vitioaql Object, lei trho JrM he IN PolrsT;
osg geacrdI measure ie.sb 10 see 4: adopted.
Look atthe situation of our connlry--and |
saw the gentleman should fITgei ais home,
and not leave his country in peril. You
have authorized loan Tor twenty-five mil
lions. and have provided for the expenditure
of so much muuey. Where IS the money?
Some we'll informed men say there will be
no difficulty in obtaining IL; others, as well
informed, say that the attempt to obtain 1t
nay no; be successful. hope that gentle
men of The former description are correct.
I know not what the prospect Is: but one
ti,.ng do knuw--l would run no hazard ON
,lis point: and for one, though have as
much anxiety te be at LONE as any one, |
am willing 10 sit 4 few days lun2er to gee
how il will be The gentleman fom slr-
piuIa. no doubt, felt the same anxiety Tor the
nublic service, and Alr. u. SAID, II his con-
s,itutional scrupes were SO great that he
conld not vote for This measure, IN case the
none should not be conveniently obtained,
itm,ubt be necessary to resort to some other
Fnr General consideration Mr. q. said he hdI
alrGus been in faror Of a measure Of his
sort. and he entertained no constitutional
ecrnpLes about it, In point OF time, he
thought the present situation OF the country
afforded cogent Argument in favor oil lhe
measure" )"
A National Bank was restored IN 1910.
In 1917 il went into operation under all The
disadvantages growing Oui OF an inflated and
non-specie paying currency to remedy which
WAS the work of several years And here
we NAV remark, that in the event of the re-
establishment Of National Bank in 1873,
which we look 10 as the certain result of Mr..
Claws election To the Presidency, this dill
Guilty will not stand in the way OF its prompt
and healthy action on The trade and business
of the country. The State Banks though
still laboriug under the effects of the last re-
vulsion, and daily subject TO panic and pres
sure from the want Of a National regulator,
are for the most part redeeming their issues
in specie. They may be able 10 sustain
themselves, without however, alleviating the
hardness ofthe times or realizing profit liom
,beir business, until a National institution is
broupht 10 The relief of the country. IL SO,
and there is no Intermediate reVulsion, a
National Bank, in the event of Mr.. Clays
election in 1914, will go into operation
,,nder the most favorable auspices, prepared
=, once TO relieve the Treasury of its EN-
barrassmenis and the people OF the evils
of an Ill regulated trade and pIecarlous
currency.
The state of the country from lS2O TO
1882, is familiar to most of our readers.
National Debt of 100 millions was paid of.
Agriculture, manufactures and commerce
H.. 4 lx..sI sI,r.