Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-06-22
A NATIONAL BANK.

Will Mr. Greedy state in his paper whether or
not it is one of the avowed principles of, the Wing
party to support the establishment Of National
Bank ENQUIRER
New York, June l3, 1913.
Reply TO The ADORE.
We do not well see how favor or hostility TO a
Bank can well be regarded as prineiple,' uvow-
ed or otherwise. The principles of the Wings
most nearly touching this sub iect we understand
TO be as follows: l. That Government should
be so organized and administered as to promote, to
the creates, possible extent the welfare of the Peo
pie 9. That mixed Currttfcy composed of Spe-
Gle and of Paper redeemable in and of equal cur
rent value with Specie, is most conducive to that
end; 3. That this Currency, both its Specie and
Paper should be of uniform value throughout the
Union, and its paper IN all sections readily con.
verllble into Specie These are our principles,
! If you choose so to call them; and we believe we
but express the very general conviction of the
Wing party along with our own, when we say
that these great purposes of National utility and
benehcence can be more easily secured and will be
better subservedb ya NATIONAL BANK, than nany
other way. Such Bank, formed upon a careful
consideration Of all past errors and defects as we'll
as benefits, with view to avoid the former and
double the latter, rigidly guarded against abuse
and supervised by the Secretary of the Treasury
and by the Finance Committees of Congress while
in session. could not fail 10 aid the Industry acil-
ita,e the Exchanges, and confer blessings every
deserving interest and every class in the country
Such we believe to be the dictate of our past histo
ry and of the dispassonate good sense ofthc coun.
try-a dictate which in some not distant hour Of
reason and calmness will be heard and needed
Our own conviction-in which we do not choose
to implicate any but those who share and avow it
with us--is, that only through the creation of
! attop al nj ~ ri.
mania for petty Banking or rather Currency
making, which we regard as one of its weightiest
Affections. A petty rag-mill in every village
where tailor can exist, grinding out Currency
which is not credited fifty miles from home or
known over hundred, we regard as great mis-.
take, and mlschievous subtraction from the pro
ductiye industry of the Country for such uses as
engraving, illprinting, Is. With q Currency
so created and governed there must be endless fail
ures, excuses and reverses, coun,erfeits, &C. &c.
As things are, this may or may not be better than
no Bank---at any rate 1t is certain to exist until
something better is provided 10 supplant it But
truer and better system, in our judgment, would
be TO lie, every body bank who chose and could
gd custom, without restriction or Interference bu,
allow no Paper Currency bu, that issued by a Ma
tlonal Institution, carefully organized. and loaning
It's paper at low rate Of interest only to private
Banks upon the most indes,ructbe security and
'hese Banks making loans again at the legal rates
OF interest to the community The National Bank
should have no power to expand or contrac, It's is.
sues beyond narrow limit except upon public
notice OF two or three months under the direction
oil The Board Of Currency or Finance Committees
OF Congress We believe tina, upon this plan
Currency might be created which would gradual.
y replace the little that remains Of the State Bank
Currency secure the country against injurious
expansions and contractions, unite public respon-
slbllty and benefit with the vigilance and thril of
private interest and furnish Currency every
where equal TO Specie and on which, being 10
universal use, no counterfeit could deceive the
most illileraie Such system we believe would
save millions now annually wasted, and be better
Tor The Banks than the present, while infinitely
more benefieeni to the people-N Y Tribvne
wei Joe,are you making money these days p
SiiQ Bill the other iay IA an a.f,ye