Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1844-07-25
RUTLAND, THURSDAY. JULY %, 1874

I 'Idt nave arisen uuIlng tnc progress OF tht
Of the administration Of the constitution,
have been happily quoted and accommoda.
/ ted.
Next, If not superior IN importance to the
| question Of encouraging the national indus
try IS that Of the national currency. | do
not propose TO discuss the point, whether
paper representative oithe precious metals
IN the form OF bank notes, or IN other forms
convertible into those metals. on demand, at
the will OF the holder. bc or not be dIsIrl
bic and cApeJltut believe II could BE- easI-
| " shown, that IN the actual state OF the com.
merclal world and considering the amount
and distributions Of the precious metals
! throughout the world, such a convertible
paper is lndIspensIbly necessary But that Is
not an open question. Ii II were desirable
that no such paper should exist 1t is not IN
J power Of the General Government. under
| It's present Constitution, TO pat it down or
prevent us creation and circulation Such
a convertible paper has existed, does exist
| probably will always exist IN spite of the
/ General Government The twenty SIX
States, which compose the Union, claim
/ the rig and exercise the right, now not to
be controverted, TO authorize and put forth
such convertible paper, according to their
own sense OF their respective interests. II
even large majority ofthe States were to
resolve 10 discontinue the use of a paper
representative OF specie, the paper would
nevertheless be created and circulated, un.
less every state in the Union abandoned It's
use; which nobod believes is ever likely
to happen. If some Of the States should
continue to employ and circulate such pa
per, it would flow into aud be current in
other States that might have refused 10 os.
tablish banks And, in the end, the states
winch bad them not would find themselves.
in self Defence compelled to charter them
| recoIlect perhaps my friend near me, Mr.
Is. w. Leigh,) if he be old enough may
also recolect-the introduction Of Banks
in our native State Virginia adopted slow
Iy and reluctantly the Banking system
recolect when boy, to have been present
in 1892 or 1898. when a debate occurred
IN the Virginia legislature on proposition
| think it was. to renew the charter of
ola bank in AleXand ria-lhe first that ever
was established in that State, and it was
warmly opposed and carried with some diff
flcuty. Afterwards, Virginia, finding her
selfsurroundcd by States that had banks
and that she was subject 10 all their lncon-
veniences, whatever they might be, resolved
TO establish banks upon more extensive
scale, and accordingly did establish two
principal banks with branching powers
TO secure TO herself whatcver benefits might
arise from such institutions. The same
necessity that prompted, at that period, the
Legislation Of Virginia, would hereafter in.
luence States having no banks, but adjacent
to those which had. 1t follows therefore.
that there are and probably there always
will be local banks These local banks
are often rivals, not on y acting without
concert but in collision with each other
and having very imperfect knowledge of
the general condition of the whole circula.
ton Of the United States, or the state OF our
monetary relations with Foreign Powers
The inevitable consequence must be, irreg-
ulariiy in their movements, disorder and
unsounduss in the currency and frequent cx.
ploslons. The existence Of local banks,
under the authority aud control of the res
pectlve States DcgetS necessity for a Uni,
ted States Bark, under tie authority and
control of the General Governmt ut. The
whole power Of the Government is distrb,
uted in the United States between the States
and the Federal Government Al that is
general and national. appcrtains to the fed.
eral government, all that is limited and 10.
cal to the State governments. The States
cannot perform the duties OF the general
government, nor ought that attempt 10 per.
form nor can II so well execute the trusts
conhded to the State oveInmcn,s We
want National Army, National Navy.
a National Post Office establishment, Ma.
,ional Laws regulating our Foreign Com.
merce and our coaslng trade, above all per-
i haps we wan, National Currency. The
duty of supplying these National means Of
safety convenience and prosperity must be
executed by the general government, or it
will remain neglected or Uniulhlled. The
several States cannot no more supply ma
tonal currency tnun they can provide ar
mics, and nayics for the national defence
The necessity of na,loal institution does
not result merely from the existence Of local
institutions, but II arises oul OF the fact that
all the great commercial nations of the
world have their banks. England, France,
Austria, Russia, Holland, and all the great
Powers of Europe have their national
banks II IS said that money is power and
that - Cmbody and concentrate it IN a bank,
is TO create great and dangerous power
r But we may search the records Of history
and we shall fin no instance, since the first
introduction ofbankIng, institutions, Of any
of them having sought 10 subvert the liber,
ties Of country or to create confusion and
disorder Their well being depends upon
the stability OF laws and legitimate and reg
ular administration OF Government. j. u