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AMERICAN HISTORICAL ",ASSOCIATION.
establishing One Banking Institution on the_ plnn of the State Banks of Ky etc. with such a Capital as will insure credit and respectabil- ity abroad and enable the Directors of it to extcuid its advantages to every part of the Country at home by the establishment of Branch~ where required is the best one which ever has been adopted and infi- nately better than the policy pursued by P. and 0-of establishing innumerable petty independent institutions-the advantages result- ing from a State or Territorial Institution l!-re that in the first place the weight of its Capital must and will if properly managed secure its credit and respectability abroad as well as at home sir as a proof of this look at the Bank of Ky. dureing the late suspension of specie payments look at the State B. of N.-C. of T. of Virginia and you find that their paper has never depreciated abroad on the same ratio, that the paper of the Independent Banks have and within the State it has never yet in any one instance been below .par well sir compare this with the Paper of the Independent B. and what do you discover by the comparison. Sir the paper of the Independent B. was abroad always invariable below any of the State B. and that even in their own State at a distance from the B.they would scarcely pay at all and then at a discount'of 10 to 14 pr cent. and what is the cause of this dis- parity in the Credit of the State and independent B. sir what but the weight of capital. what but the respectability of an institution which is known to be fostered protected and watched over by the Legislature of the State by the Guardia:µ of the Peoples rights and prosperity. thus Sir we see the arguments in favour of State Bank over independent ones is that it Unites the Commertial and active capital of the State and there by give more respectability and per- manency to the establishment that it insures the Currency of its notes at par throughout its o·wn State and gives a greater and sure credit to them abroad, than the notes of Inde[pendent] Bank can ever have, which are often 10 to 12 pr cent below par even [in] their own State witness Philadelphia where pb. [Pittsburgh) notes are 12 1/2 pr ct below par but if there was one Bank for the whole State with Branches through out it this would not be the.case. I am therefore opposed to the system of Indepent Banks, One Bank is establishd in this T let us make that one a Territorial one on the plan of the State B of K ( n and supp[res]s all others- 2 I am opposed to this B because the Country cannot support 2 B at this time and because there is not specie •in it for their estab- lishment Sir ask any candid inteligent man ·who is ncquainted with the commertial and other exigences o:f this Country and he will at once say that it can not support 2 B. and sir I lay it down ns an estab- lished proposition or one which is self evident -and acknowledged
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