The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-07-12
From he n. Y. Tdbuns.
nANK.

"A NATIONAL BANK.
WIN Mr.. Groely state il rs parer whether
Or not 4 is one Of the avowed principles Of The
Wing party to support the eslabllshmeni Of a
National Bankl ENQUIRER
New York, June -. 1883,
Rsply % he abore
We DO no, well see how favor or hostility 70
q Bank can wei be regarded asa principle
avowed or Otherwise. The principles Of the
Wings most nearly touching tbs subject we
understand 70 be as follows; !. That Gov
erameni should beoFgaaized and administered
as 70 promote, 10 the greatest possible extent,
the welfare ofthe feoplo; 2 That mixed
Currency, composed q Specie and Paper re-
deemable in and Of equal cuIreut value With
Spocie, Is most condlcre 20 that end, 3. That
this Currency, both is Specie and Paper,
shsal3 Be Il nnil1rm value throughout the IN
ion.and its paper In Ell sections readily CONVEX
tibleinio Specie These are oar principles
If ven choose 20 70 call themi md 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 0enefcence can be more easily secured
AMI will Be better subceryed bya NAr'oNAL
Bank, than 10 any other way. Such Bank,
formed upon a careful consideration Of al past
errors and defects as well as benefits, with a
view 10 avoid The former and double the latter,
rigidly guarded against abuse and suPefv's,ed
bV the Secretary OF The Treas'vy ana by ihe
finance Committees Of Congress while N ses-
sion conld no, faiito aid the Industry, facilitate
ths Evcl,anoes. and confer blessings on every
5s,erv;ng interest and eseFy class in the coun-
~ gncb 40 belie,o to be the dictate Of our
n:sr history and o. the dspassionaie good sense
sffhe eou6trv-a dictate which in some not
d,slan, hosr Of reason aud ealmress will be
hesrd aud needed. Our own cOnviciion--in
WHICH we DO not choose to implicaie any but
,hIse who share and avow i with us--is. that
only through the creation Of National Bank
can the country rid itself Of the mania for petty
Banking, or rather Cuuencymaking, which
we regard as one ofiis weightiest Affections.
A petty rag-mil in every village where ataior
can exist grinding out Currency, which IS not
credited fifty miles from home or known over
a hundred, We regard as great mistake, and
q mschicvous subtraction from the productive
industry Of the country for such uses as en-
craving, bill-priniing, dc With a currency
Bocreaied and governed, there must be endless
failures, excuses and Teyerses, counterieits,
&c, dc As things are, this may or may not
be better than no Bank-at any rate, il is err
tain to exist until something better is provided
10 supplant It. But trner and better system,
10 our judgment, would be 10 Jet every body
bank who chnse and could &c, custom, without
restr ction or interference, but allow no paper
currency but that issued by National Institu-
ton. carefully organized, aud loaning its pa
per at a low rate Of interest only u private
Banks upon tho most Indeslruclible security,
and these Bonks making loans again at the
legal rates Of interest 10 the community. The
National Bank should have no power 10 ex-
pand or contract lis issues beyond a narrow
limit, except upon public notice Of two or three
months under the direction Of the Board Of
Currency or Finance Committees Of Congress.
We believe that upon this plan a currency
might be created which would gradually re-
place the little thet remains Of the State Bank
Currency secure the country against injurious
expansions and contractions, unite public re-
sponsibllity aud benefit with the vigilance and
thrift Of private interest, aud furnish a curren.
cy every where equal 10 Specie and on which,
beng in universal use, noeounlerfeit could de-
eeivo the most illrorae. Such system We
believe would save millions now annually was
ted, ard ue better for the Banks than the pre-
sent, while Infinitely more benefcent TO the
People.