THE AUSTIN PAPERS. 275 that the Country at this time· can not support 2 B. well ·sir if 2 are established under those circumstances what is the consequence to the Bank to the individual and aggregate wellfare of the Com- munity sir it is ruin to both, you have been told that no injury will [result] to the community if the B do not do a profitable busi- ness or do not even make one cent for the Stockholders but Sir the Gentlemen who have advanced this doctrine have by doing [so] only shewn that as relates to Banking and the opperation of Banking they are totally and profoundly ignorant, for Sir if it is known that a Bank is doing a bad business and if its stock is below par the public suspicion is at once aroused and fixed upon it Something is suspected to be wrong to be a-s it should not be it is immediately suspected that the funds of the Bank are in disorder and its notes are receivd with caution and reluctance they circulate with difficulty and are crowding into the Bank and finally fall much below par this is the inevitable consequence the notes of the Bank will de- preciate or rise in proportion as the·Stock of the B is below or above par, this Sir I lay down as another axium another self evident and acknowledged proposition, well Sir and who can say then that no injury can result to the Community if the Bank do no business if their Stock is below par- • Will it be no injury to have our country filled with paper the credit of which is fluctuating and below par, yes Sir it will be an evil and it is so perfectly self evident that it will be an evil that I deem it unnessary to attempt to prove that it is one. Emmence and incalculable evils therefore will result to the Country if these Two Banks ii they are both established, do not do such a business as will keep their stock at par and that they cannot do such a business at this time I lay down as a self evident proposition and therefore it is equally self evident the establishment of 2 Bs will be an injury to the Country and literally ruin its commercial advan- tages for if our paper· is below par at home what will it be abroad Sir it will be blank paper- 3 I am opposed to the establishment of another B because it will be rearing up in the heart of our Country two Rival Institutions_ who wonld view each other as adversaries plac'd in oppositio11 by the Legislature to cut each others throughts as soon as possible 4th the President [precedent] it establishes of extending the B- system to an unlimited extent. • the establishment of another Bank at this time I consider as mili- tateing with the best interest of the Country and tending most inevi- tably to involve it in evils·the effects of which will be felt for years to come. Sir every one knows, who knows anything about the quantity of specie in circulation in this Territory that there is not
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