The Evansville journal. (Evansville, Ind.) 1834-184?, 1844-07-11
o whatever benefits might arise from such in

whatever benefits might arise from such in
situations.
The same necessity that prompted, at that
period, the legislation of Virginia; would
hereafter influence States having no banks,
but adjacent to those which had. 1t follows,
therefore, that there are and probably always
will be local banks. These local banks are
often rivals, not only acting without con
cert, hut in collision with each other, and
having very imperfect knowledge of the
general condition of the whole circulation OF
the United States, or the state of our none
tary relations with foreign Powers. The
inevitable consequence must be, irregularity
in theiI movements, disorder and unsound-
ness in the currency, and frequent explo-
sions. The existence of local banks, under
the authority and control of the respective
States, begets a necessity for a United
States Bank, under the authority and con-
troll ofthe General Government. All that is
general and national, appertains to the fed
eral government; all that is limited and To-
cal to the State governments. The States
cannot perform the duties of the general
government, nor ought that to attempt to
perform, nor can it so well execute, the trusts
conided to the State governments. We
wan a National Army, a National Navy, a
National Post Office establishment, Nation
al Laws regulating our foreign commerce
and our coasting trade, above all, perhaps,
we want a National Currency. The duty OF
supplying these National means of safety,
convenience and prosperity must be execut-
ed by the general government, or it will re-
main neglected and unful6lled. The sever
al STATES can no more supply a national cur
rency than they can provides armies, and
navies tor the national defence. The ne
cessity for a national Institution does not
result merely from the existence of local
Institutions, bat it rises also out 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.
1t is said that money is power, and that 10
embody and concentrate it ina bank, is to
create a great and dangerous power. But
we may search the records ofhistory, and we
shall gnd no instance, since the first intro
duction of banking Institutions, of any one
of them having sought to subvert the liber-
ties of a country or to create confusion and
disorder. Their we'll being depends upon
the stability of laws and legitimate and reg
t ular administration of government. If il
were true that the creation ola bank is TO
, embody a monied power, is not such a pow
er in the hands of the general government
S necessary TO protect the people against the
monied power in the form of banking institu,
/ tions in the several States, and in the hands
of Foreign Governments? Without it how
+, can the of the United State.
! cone and compete with the commerce Of
foreign powers having national banks? In
the commercial struggles, which are con
2 stantly in operation between nations, shoulC
| we not labor under great and decided dis
e advantage, if we had no bank and they hao
their banks? We all recollecta few year
ago, when it was alleged to be the policy O
4 the bank of England TO reduce the price Q
r our great Southern staple, in order 10 accom-
plsl that objects the policy was adopted O
refusing 10 discount the notes and bills c
t any English houses engaged in the Ameri
a can trade. If a bank of the United Stare.
had been in existence at that time, it coul
have adopted some measure ofcounteractiUn
but there was none. and the bank of Eng
land effected its purpose.
1t has been asked, what, will you hav,
banks, merely because the monarchies c
Europe have them? Why not also intro
duce their King, Lords and Common.
and their aristocracy? This isa very sha'
low mode of reasoning. l might ask, j
turn, why have armies, navies, laws ~egr
lie lating trade, or any other national institr
S tons or laws, because the monarchies of tn
10 old world have them? Why eat, or drinI
a clothe or house ourselves, because monarch
S, perform these operations!-l suppose myse
IS, the course of true wisdom, and of commo
at sense, to be to draw from their arts, science
and civilization land political institutions, wha
ly ever is good, aad avoid whatever is bad.
n Where, exclusive of those who oppos
ut the establishment of bank of the Unite
lis States upon constitutional ground. do W
ia find the greatest opposition to it? You ar
IS fellow citizen, perhaps not possessed of i
lie formation, which | habpen TO have acquire
in The greatest opposition 10 a bank of Il
n United States will be found TO arise out OF
Vn foreign influence, and NAV be traced to IL
CHI bankers and brokers Of Wall street in Ne
York, who are wieldinga foreign capital
lte Foreign Powers and foreign capitalists SEE
he with satisfaction, whatever retards the growt
IN, checks the prosperity,or arrests the progre
Nv of this country. Those, who WELD that fc
'ut eign capital, find from exprience, that tht
to can employ it TO the best advantage, in a d
It's. ordered state of the currency, and when e
ere changes are fluctuatIng and irregular. The
'er are no sections of the Union which need,
aid a uniform currency, sound and every whe
IN convertible into sDecie. on demand en- mn