Wtring upon the countrv the scenes of 1817, when, through a combin-
ation of all the destitute towns and counties of bank capital-the
Legislature overthrew the monopoly of the Bank of Kentucky, by
creating at a single blow and in a single charter forty odd banks.
Such a state of things will follow the ruin of our southern trade, and
without new facilities, that trade must languish. How, I ask, is it
possible that our manuticturers of blae-rope and bagging can sustain
themselves until the currency of Ml!isissil)pi and Louisiana are re-
stored or how can our dealers of ive stock continue their business in
the south and bear the rate of exchange, if- nothine is done for their
reliet and vet they must do that or sell on credit, resting upon the
restoratij n of the exchanges between the south and east. The is-
saes of a new Bank wiil enable them to do this, besides give them
means to continue the purchase of the stocks of th  farmers. This
Bank will give aliment and vigor to the manufactories of our hemp
and to purchases and sales of our stocks-bY a baithfiul and judicious
distribution ot its capital in the tobacco growing portions of our State,
it will double the amount of that staple, where the trade is now lan-
guishing for the want of' capital; at 'east such are my own views, and,
I think I hazard little when 1 sav that f'ev men acquainted with the
nature and extent of our trade, especially those eng-ged in it, will
,differ with me. Befi)re I close: I deem it due to the country to show,
that the BKnk will not raise our c pital to too largre an amount for
our labor and enterprise, and that the proposed plan of increasing the
bank capital and of locating of it is not only proper, but the best
mode of doing it, and that this Bank will of neces.itv reduce the rate
of exchanges in all places where our stocks and manufactures are
sold to the lowest convenient standard of value, which distance and
insurance will admit of between the places of creation and of con-
sumption: First, this Bink is proposed to he a Bink of large capi-
tal and to embrace within its branches the whole circulation of the
country, by miinging its paper with the same credit with that of all
the is. uing Banks created by the State. Its books and its vaults to be
ever open to the supervision of the Legislature. The paper of this
Bank is also to be of the same value every where-that it establishes
a branch: on this plan, it will be perceived that the circulation of the
Bank will be the same to all and every part of the State, and the val-
ue of a dollar issuing from it the same to everv holder-it will pay
his taxes it will emphatically be money in his hands. Nothing butt
the grossest mismanagement on the part of its direction, and the at-
most supineness on the part of the Legislature, can ever expose the
paper of such a Bank to a loss of credit, nor will the holder, when
trading or travelling, have to waste hi, time in exchanging ihis money
for other currency to suit those he has to deal with or pay out his
rhouey to. Not se with local or independent bank paper-that pa-
per of necessity can only circulate within the neighborhood of the
Or that issued it. Thus the forty banks issued paper of aOWMt a