THE AUSTIN PAPERS. 277 goes into opperation will be overstocked-your notes therefore must fl.ow from the circulation into other channels thnn foreign specula- tion and sir where will they fl.ow to where but to the source whence they issued, Sir they will return to the Bank and the specie will be drawn for them and that Specie carrying upon the face of it a guarantee which insures its currency through out the civilized world will be taken from the Country and employed by merchants and Speculators in foreign trade, and thus is the Country dreaned of Specie the Banks are dreaned of Specie and involved in the alternative of importing Specie at an emmence hazard and expence or of stopping payment. an event which like the thunder bolt that rends in fragments what- ever it comes in contact with would prostrate the prosperity of the Country to a state of depression whence it would take the labours and exertion of years to redeem it the establishment of another Bank therefore at this time would most clearly and unquestionably have a tendency to drive almost all the specie out [of] circulation and entail up[on] us the numeroul evils resulting therefrom Sir Experience has shewn that the Ban11 ing system has been carried to an excess in the United States whic endangers their prosperity and there is reason to fear may even shak the foundation of the government itself and aught we not to profit by the examples before us, to view the acts of those States who have multiplied Banks with a scrutinizing eye and to take warning by their Errors-look at the commencement of the Banking system in those States and trace its progress and you find in every instance that Charters were obtained with difficulty at first, but the granting of one was made a president for granting another untill the interest of the Banks predominated over the interest of the Community and then charters were granted indiscri.minately--so it will be in this • Territory unless a che<!k is put to it at once, the establishment of two Banks at a time when the Territory is hardly able to support one will reiterate in the case of future Legislatures as a most weighty presi- dent in favour of granting 50 or an 100 Banks as soon as we lmve n state and the population increases We see therefore upon a fair and impartial view of this subject that no evil can possibly result to the community from a Postpone- ment of this bill·in as much as the charter Bank now going into operation will be sufficient to supply the present state [of] the country and to drive away foreign Bank notes and that no evil will result to individuals but that on the contrary by adopting the Bill nt this time we run the hazard.of involving both Banks in ruin. "'e do an act of injust.ice to the Bank already chnrtered by depriveing [it] of those fncilities of procureing specie and the ndvantage which it otherwise would have and in contemplation of which the stock
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