Washington telegraph., 1852-11-17

surauce upon orr exports and IMPORTS hot one dol
lar of which ever finds its way back to Arkansas.
Thus, again, teaching us to dstfust Our own capa-
bilities to furnish these facilities and accommoda
tions, required by the people; and that we are to
look abroad for these things which should be se-
cured to us at home.
We have no monetary institutions among u.s.
yet our State is flooded with the paper currency
OF her sister States thus subectng ourselves to be
imposed upon by spurious and unsouud banking
institutions abroad about which we know nothing,
and in their management can have no hand; rather
than trust ourselves and institutions of our own.
1t is susceptible of demonstration that the citizens
of Arkansas pay, in the shape OF DISCOUNTS ex-
change and interest upon foreign bank paper, more
than sucien to discharge our entire State debt in
few years.
From these considerations, would recommend,
that such system oflegislation be adopted as will
supply all these necessities at home that will tend
to retain the proceeds OF our labor among our
selves; and, in word, that Arkansas may become
to our citizens, what it is intended government
should be to its people-the guardian of their
rights and the protector of their interests.
/ am not unintormed as to the extreme sensi-
tiveness of our people upon the subject of all as
sociations with banking privileges; and therefore,
approach this subject with great care. Perhaps,
were not so thoroughly convinced that the best
interest of our people demand something Of this
kind, would Weld my own convictions to the
opinions if not preudces, of Others and leave this
subject to the consideration Of my successors
am utterly opposed to all banking institutions
whether of National or State creation, dependent
upon, or in any wise connected with, either the
State or Federal Government, as well as all other
chartered Institutions, operating upon capital
which remains within the exclusive control and
management of the institution itself, and there
by coniding, without sufficient security, the inter-
ests of the community to their hands.
This is not the case under the system of Free
Banking, to which l now alude, can see
that the objections which have rendered banks of
every description, under the old SYSTEM SO Justly
odous obtain against the proposed system of
FREE BANKING, so emnently successful in answer.
ing all the objects claimed tor them in other States
1t would be well to bear in mind. that the resem-
blance between the system of Free Banking and
those incorporated institutions with which we are
more acquainted and from which we have suf-
fered closes with the name-the one being liable
to all those objections justly urged against ire
sponsible monopoies, while the other is purely
an individual enterprise, claiming and possessing
no privilege, which may not be enjoyed by every
member ofthe community; clothed with the pow
er to do much good by granting accommodations
to individual citizens and afording facilities to the
, commerce of the country, without the ability to
involve the State to the amonnt of one dollar; for
she will be in no wise connected with, or respon-
sible for the acts and doIngs OF these Institutions
and equally without the power to defraud the
people, or infict upon them an irredeemable and
deprecated currency. To guard against these
evils of the old system, and to protect the inter-
ests of the people against such abuses ample Sc
curity, in the shape of undoubted stocks: other
substantial means, are required to be deposited
with such individuals or State officers as the act
may indicate. with power to sell, without delay,
whenever the banker shall fail to redeem his cir
culaton or meet his other liabilities. Thus, it is
manifest, that every interest in the slightest de-
gree involved, is amply secured against loss; while
every respect, and current everywhere, can be
furnished to our own people within our own State;
the interest paid for accommodations kept at
home; and Arkansas made the recipient of those
profits that daily poured, by her citizens, into
the Golfers of other banks and other treasures
In conclusion, without going into the discussion
of this subject dt length, would recommend the
encouragement of Insurance Companies in our
princpa! cities and the passage OF law author
izing the establishment of the Free Banking Sys-
tenn, upon secure and well guarded basis.
You have my views, and the result of my re-
Elections, upon those subjects deemed by me of the
most general Importance, and in the most direct
manner involving the interest of the people of
Arkansas. If they shall be made the basis of
your legislation, L shall hope for future for Ar
Kansas tar better than her past--tar brighter than
she attain under the policy which has
long fettered and paralyzed her energies and still
withholds her from the race of Improvement
JOHN SELDEN ROANE.
Little Rock Nov 3, 1852.