Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1851-06-14

one that considers all progress as Improvement he pr-
dent man foreseeh tho evil and hidsh himself" How long
will il be before individual responsibility will be introduced
into the charters Of all banks The people Of Maryland
just adopted Constitution requiring the Legislature grant
no bank charters without such provision and there
chartered banks in the District Of Columb because char
can pass Congress without such provision. think there
is but little doubt that when the present bank charters in
Virginia EXPIRE that such provision will &c insisted by
the Legislature if the Convention n session should
not require il. which is highly probable
81 freely admit again quote the language Of the article)
that its notes endorsed by the State would give greater
y the holders Of them than the present bank not
dorsed and will further admit that all the States in The
Unon or portion Of the world, would sgree that bank
should issue any other than notes secured by the State
would give better currency than has hitherto eristed
would materially advance the interests Of commerce. and
great the public aganst the contracons and
expansions which have, in measure, grown out Of the
sent system. Bot this hopeless in Confederacy" &c
Why is it hopeless Do find the people Of this Conede
racy slow adopt improvements think the reverse
true; and already has Maryland in her Constitution
and other States by law, provided for the establishment Of n
dependent banks; and 1t would to be the dictate Of pa
triosm and sound policy to aid in giving effect this sys
tenn, and not draw upon fancy for imaginary objections par
cuay such great benefits admitted by is opponents
flow from it, generally adopted The writer Of the article
under review says may be asked what bank, with such
sues located State against which exchange always runs
and the face Of other Of less value can operate
all And ask the rate Of exchange between Virginia and
the North is not considerable extent caused BY the
branch bank system
But let us again recur TO Baltimore The banks of that
city and Of the State Of Maryland Independent specie
paying banks apd yet they operate in the face Of other Issues
Of less value especially in the face Of the issues of the branch
banks Of Virginia. always Of less value than their There
is much demand for specie in Maryland, and in New
York particularly certain times, and those the most dam
gerous for banks In Virginia Let It not be Understood
the advocates Of the independent banks expect to do
extensive business the present banks They expect and
with reason, to give at least good dividends and much
better currency II is believed that after the FIRST year. they
will give nine ten per cent. The article admits that The
new system has one signal advantage il is that those who
really interested in the capital elect their directors
"Dhit under the present system the Gorerna, ,cikhout
ko,oing, personally single ,Vhom he appsiss, mag
be urged cntreatcd cajod and controlled lis appoint
e by those Uho haUe no interest Uhateuv IN the bank,
arl seekers Of dignes Uhich the stockholders pouM
Ter confer for money i0hich those stockholders ,ooud
neuer lend, both Of Which however, they may hope to get
Uen they become at the lenders and borrowers of those
stockholders' money"
The style of he writer rises much in force and vehe
in this last paragraph that strongly inclined to
suspect that he one who had considerable interest in cor
tain late bank transactions Norfolk Quorum pdvs magma
fu concur, however. fully in these sentiments There
is topic which must briefly refer. In my sim
plcity have thought that State credit well indv
dual credit desirable ,hng and that more
important to States than individuals but in this according
to the writer Of the article which replying. mis-
aken He says: :" But whatever uncertainty may be felt
in regard to the merely banking portion Of this scheme there
will be in such demand that ruers-I like not the term
ruermay deceive themselves that the credit Of the Com
monweath will suffice for all Of internal improve
ments That il 10 desirable raise the credit Of the State
supposed would deny, see the wisdom Of
that policy which would depess it. Let the policy of inter-
nal improvements stand upon it's own merits. see not
that New York has been led into extravaganza by this system
although greatly enhanced the value Of her Stale stocks
In Pennsylvania, Maryland, and many other States, they
have launched into such extensive plans Of internal improves
ents greatly embarass those States and to deprecate
their stocks, with which endorsements the independent
banks had connexon nor it be doubted but that if
the new system Of banking had existed in these States,
would have greatly relieved their people, the interest
their debt would then have been paid to their citizens
instead Of foreigners The article puts down the debt Of Vr
gina at than twenty millions but fails give the Offsets
which reduce that amount to six millions.
Such statement however unfair, Is not to be wondered at
in who thinks good policy depress the credit Of the
State lest she should desire those advantages by railroads and
canals 70 which she is entitled by her position and natural
resources, and with the want Of which the writer with sin
gular inconsistency, upbraids her. VIRGlNIUS.