The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-02-17


period all the wants Of the country in bank accom-
modst'ons and exchange will be supplied AZ prompt
" and ebcsply as they have heretofore been by H.
Bank OF the United States. If the several State,
shall be Induced gradually 10 reform their banking
systems aud prohibit The issue Of small notes We shall
IA few years, have a currency as sound and as ht
Tie iiabe TO fluctuations as any other commercial
country
In his Message Of 1885, Gen. Jackson said
! "iiy the use Of the State Banks, which do not de-
rive iheir ehariers from the General Government
and are not controlled by its authority il is ascer
famed mat The moneys Of the United States can be
eoieetsd ana disbursed without loss inoonyeni.
enee, and that all the wants Of the community In re-
iation to exchange and currency are spplied as well
az they ever have been beioreo
We have thus shown that General Jackson was IN
favor Of State banks that he believed the peoole n.
quhed such Institutions TO aid in furnishing curren.
cy and TO operate IN exchanges. The General how
ever believed that the system required reformation
ami that the circulation of small notes should be FRA
dualy abosled--aDd think lac was right lie
thought that, in time the States, generally might be
induced 10 prohibit the circulation Of all notes under
twenty dollars, il indirectly aided by the action of the
General Government, using the local banks as depo
silories aud II possible that object may yet be ac-
Goa plished. The present, however is not a iayora
bic time TO attempt such a change. The pecuniary
pressure Is Too Intense the paper circulation too
cont acted the want OF money too seriously felt.
! IL has been urged that, the paper circulation
does not exceed ia amount the specie 10 the country
now is the time TO overthrow all banks and establish
an exclusive metallic currency. We do not doubt
that The paper circulation falls short of eighty mil
lons--that il has been reduced one half in the last
| five years This is the cause of the cry of hard
tines" and the distress now felt would be greatly
aggravated, were effort TO be made to crush all
banks.
This is the ground on which we Ioppose either un-
necessary curtaiIment or restrictive measures. The
people not in condition to endure either. They
are beseting the halls Of legislation for valuation
dempt on, stay ard stop laws; and if we desired 10
fore them back TO the OF exclusive paper cur
rency, We should have nothing TO do but increase
their embarrassmcnis in business by iegisating 10
make money scarcer, and rrate their feelings by the
en- elton of laws prescribing pains and penalties,
We hope, by the way, for better things. Oh o is
getting right, and trust prudent counscIs Will pre-
vail in Missouri At the present juncture mellorat-
ing measures are required demanded b, the people
and as an alternative we have recommended an in.
crease, on specie basis Of The circulating medium
as mears Of relief preferable to Unauthorized and
Impolitic nterferences between debtor and creditor
! Under such circumstances, we cannot go with the
Globe, Mr. Tappan, and Mr.. Reynolds, against al!
banks of issue. The contracted state Of the curren
cy and the distressed condition of the people forbid
the adoption of course SO rash and suicidal.