The Madisonian

MR. WRIGHT AND THE DISTRICT BANKS.

During the debate in the Senate on the District Bank bill, Mr. Wright, of New York, is reported to have said as follows:

"He denied that the District required the aid of banks in the transaction of its business; that its condition was never more prosperous than at present, when there were more houses building than at any former period, when the banks were in full operation. He thought it could do better without banks than with them; particularly banks that issued irredeemable paper; which, he really believed, were the veriest curses that could be inflicted on any community. All charters were for the "benefit of the People!" The first paper he saw in the shape of a memorial was from the directors of those banks to renew their charters for the benefit of the People! but the People—the honest mechanic and laborer—did not ask it.

A memorial of the citizens of Washington was presented to the Senate, signed by House-builders, Saddlers, Hatters, Boot and Shoe Makers, Druggists, Bakers, Confectioners, Brick-layers, Tin Plate Workers, Printers, Wood-dealers, Painters, Grocers, Brick-makers, Curriers, Soap and Candle Manufacturers, Carpenters, Merchants of all sorts, Watchsmiths, Auctioneers, Book-binders, Tailors, Cabinet-makers.

This memorial is printed, and is before the Senate. The "honest mechanic and laborer" therefore do ask for banks in the District. The People ask them. It is a great injustice that they should be deprived of them. Why have they not equal rights in this respect with the People of the States? Banks are as convenient and necessary here as elsewhere. As we are at present situated, we are deprived of all the facilities known in commercial communities, for the transmission and collection of funds. We have no places of deposit, and a man of the best property can scarcely procure a loan, except from the brokers at exorbitant interest. The District has had and would have considerable commerce with the surrounding States, but this is curtailed and embarrassed by the want of facilities known among other free communities.

We hope the interests of this people will not be neglected. Let Congress, before it adjourns, at least treat them with equal justice. We hope Mr. Wright was not in earnest in denying the necessity of banks in the District. They are necessary—they are constitutional—they are demanded by the People. Why should they be denied?