Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1844-07-25

lish houses engaged IN the American ndt
II bank ~ the United States had been in
existence at that time il could have adopt.
sd some measure Of countcracuon. bat
there was none, and the bank Of ENGLAND
ELECTED IT'S purpose
II has been asked, what, will yon have
banks, merely because the monarchi Of
Europe have them Why not also intro.
lu,e their King, Lords and Commons. and
"elr arIstocucyl This is very shallow
mode OF reasoning. might ask, in turn
Why have armies, navies. laws. because. the
.nonarchics of the old world have them
Why eat, or drink, clothe or house our.
selves because monarchs perform these or.
peraiions suppose myself the course Of
'rue wisdom, and of common sense. To be to
lraw from their arts, sciences, and civiliza-
hon. and political institutions whatever is
good and avoid whatever is bad
Where, exclusive Of those who oppose
the establishment Of a Bank of the Unitcd
States upon constitutional ground. do we
Ilnd the greatest opposition to it2 You are,
fellow citizens perhaps not possessed Of in
formation, which | happen to have acquired
The greatest opposition to Bank Of the
United States will be found to arise ont OF
a foreign influence, and NAV be traced TO
the Bankers and brokers Of Wall stree, in
in New York, who are welding a foreign
capita. Foreign powers aud foreign capi.
talIss see, with satisfaction, whatever rcafds
the growth, checks the prosperity or arrests
the progress Of this country Those who
WELD hat foreign capital, find from expert.
encc, that they can enjoy it to the best ad.
vantage in a disordered state Of the curren.
cy, and when exchanges are fuc,uating and
irregular. There is no sections Of the Tn.
ion which need a uniform currency, sound
and everywhere convertible into specie. on
demand, so much as YOU at the South and
we IN the West. 1t is indispensable to our
prosperity And if our brethren at the
North and the East do no, feel the want of
it themselves, since it will do them no prcju.
dice, ihey ought, upon principles of svmpa.
thy and mutual accommodation. TO concur
IN supplying what is so essential to the bu-
sness and industry and of other sections of
the Union. 1t is said that the currency
and exchanges have improved and are i'm.
proving, and so they have, and are This
improvement is mainly attributable to the
slIutary operation Of the tariff of 1912,
which turned the balance of foreign trade in
our favor. But such is the enterprise and
bloyancy of our population that we have
no security for the continuation Of this state
OF thing. The balance of trade may take
another direction new rcvulsions in trade
may take place. seasons of distress and EN-.
barrassment we must expect. Docs any
one believe the local banking system of the
United States is competent 10 meet and pro-
vide for these cXigcncics ? It is a part of
a wise government 10 anticipate and provide
as far as possible for all these contingencies.
1t is urged against banks that they are often
badly and dishonesty administered. and fire.
qnen'ly break, to the injury and prejudice
of the community. am far from denying
that banks are attended with mischief and
some inconvenience, but that is the lot of all
/ human institutions. The employment OF
steam is often attended with most disastrous
consequences, of which we have had recent
mrIanchoI Y examples. But does any body
that account, think Of proposing to diScon-
tnue the agency o! steam power either on
land or water The most that is thought OF
is. that it becomes our duty to increase vigi.
l'nce and multiply precautions, against the
recurrence Of accidents. As to banks, the
true question is, whether the sum Of the in.
convenience Of dispensing with them would
not be greater than any amount Of which
they are productive? And, in any rev
charters that may be granted, we should
anXlnsIy endcaver to provide all possible
/ restrictions securities and guarantees against
/ their msmanagemrnt, which reason or cx.
/ pericnce may suggest.
! Such are my views Of the question Of cs-
tablislling Bank Of the United States -
They have been long, and honestly, and
/ sincerely entertained by me but do not
seek to niorce them upon others Above
all. | do not desire any Bank Of the United
States, attempted or established unless, and
until, it Is impcrativclv demanded, as be-
Iicye demanded II will be by the opinion Of
the people.
/ should have been glad, fcllow-citizens,
# had time ard strength. 10 make full
exposition Of my views and opinions upon
all the great measures and questions that
divide US, and agilale our country. |
should have been happy to have been able
to make fall examination Of the principle
and measures our opponents if we could
IND out what they are, and contrast them
with our own mean them no disrespcct;
would not use one word TO wound the
feelings Of any one olthem; bu, | an re-
ally and unafec,cdly ignorant Of the meas
ure OF public policy which they are desi-
Tlous to promote and establish. know
why they oppose. know that they stand
IN direct opposition to every measure which
the Wings spouse; but what are their sub
siltutos2 The whig. believe that the Exec
uiiye power has, during the two las. and