Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-05-04
MIR. McpUFFlE's REPORT.
CoSCLUDED.

bc obyiatrd It's loans would be confined 10 the
District of Columbia; or, II extended TO the various
parts of the Union--to say nothing OF the neon
Venicrcc 10 which IL would expose those Ut Il US
tarce who obtained acccnimcdations-they won!u "
rnavoidubly granted without any knowledge OF TIE
circumstances of the persons upon whose cFcuit
The Government would depend Tor Repayment IL
would in fact, be, for all useful purposes mere
dist riot Bank. ,
These views of The subjcct have brought the
committee TO the conclusion that u government
40 uuv branches as the Bank or tho United States,
and probably much greater number Few admins
trations would have the hrinness 10 resist an ap-
rlicariou TO establish branch, coming from any quar-
GER of the Union. however iniudic'cus the location
might be, upon correct principles OF commerce and
banking
qhe Bank of the United States employ FIVE
hundred agents IN various parts of the Union where
its Offices arc established From this fact some idea
may b. formed of the very great addition which would
he made the patronage of the Executive government
BY the cstah,hm OF such bank as TIE one under
consideration.
But the patronage resulting fronthe appointment
the annual apponln,onof these agents, great rs IT
wor!d doubtless be, would be insignificant and HARM
less, when compared with that which would result
FROM tho dspensption OF bank accommodate 10 the
SANDING anaunt of last fFy millions OF do!lars
The mind almost instinctivcly shruks from the con-
;uplution of idea ornlnous TO the purity OF the
Government and the liberties of the people No
Government Of which the committee have any know
edge except perhaps the desp tsTa of Russia, was
Invested
pious in its Influence and 50 dangerous in its char
actor In the most desperate financial eArenitcs
10 other European government has ever vCnturcd
upon an experiment peTilous II the whole pat
rc.iS &C of the English monarchy were concentrated
ia the hands of the American Executive, II may be
well doubted whether the public liberty would be
SO much endangered by it MS it would by this vast
pecuulary TIA chine, which would place in the hands
of every administration fifty millions Of dollars, as
fund for rewarding political partizans.
Without uiHlng That corrupt would Do
made OF this now species of government patronage,
very slight acr,rIn ancc with the practice ofo po
litica parties Whatever may he their professions will
DO sufficient 10 satisfy any rct citing mind that all the
evil consequences of corruption would flow from it's
exercise Have not political contests too fire.
urenlly degeneratcd into selfish scramble for the
Offices of the country? are there those who sin.
cerey and honestly believe that these Offices are le-
gtiulate objects Of political warfare and the rightI
iewardof tho victorious party' Aad, disinlefes.rd
and patriotic the great body of every political party
is admitted be, the fact is less than It is la
inevitable, that the devoted aud active parizans
very often soldiers of fortune, who watch
the political signs and enlist the eleventh hour
der the banners of the party most likely TO prove
successful. Such being, more or less, tho compost
ton Of all political parties, what wopd be the prcha
bic use made of fly millions of bank patronage, by
political party which conscentiously held the doc
trine that all the Offices in the gift of the Executive
should be divided among the purtiZOns of success
fnl political leader? Would not the principle be
even more applicable to bank loans? and wcuij net
the Treasury Of the u States, under the sanctfynr
influence OF party dcusion and party nfatuaiion be
literally P"adered, by mcrcenary retaners, bankrUps
in fortune, and adventurous ~ politics.
!Sven If tho aGTnist ration should be ever so much
disposed to restrain the abuse Of this patronage II
would De utterly inpra c;cabe to exercise any Ell
cient control ocr the great number Of bank directors
who would be scattered oyer the Union, and who
Upon all the known principles Of human nature il
may be confidently predicted, would principally com
sist of busy and lfficious political partzans.
Such would be the notwithstanding, not under
fia ptin -
sort of conceamcnt and secrecy deemed nGispensa-
bic in banking Operations-to whom not only tho
whole Treasury Of the Union would be confdod, to
be gqunndered, perhaps in pro!lgate favortsu, but
Of the nation under mortgage, for the redemption Of
the bids issued at their discretion. Tc say nothing
Of thctte insecurity OF the public revenues under
such system, new spcceS OF Legislative power,
unknown TO the Constitution, would be committed 10
these irresponsible bank directors Of which no hu-
man sagacity can predict the consequences
Just analysis Of the operation of granting loans
by this Government bank, in exchange for the notes
OF Will show that It involves the
exercise, the part of the directors, of the two
fold power of opPrOPratng the public in the
most dangerous Of all foTms-discretIonary loans
GUl Of pledging tho responsibility o. the government
u unlimited extent, for the payment Of the debts
ct tho time created against il. These are
among the highest functions oflegi,latiye power and
lave been expressly exclusively vested III Congress.
Lnless therefore, it be assumed, that Congress- may
Tightfuly transfer the powers with which il is inyes
TED 10 these bank directors, 1t will be difficult TO find
any warrant either in the letter spirit the Cou-
sttuon, for the creation Of this trcmendcAs engine
OF pecunisry influence II may, indeed, be doubled
whether all the branches Of the legislative AUTHORITY
united, have any constitutional power to lend the pub
lie revenue either to individuals, corporations, or
Statos without reference to the objects to which
shall be applied But, whatever may be the power
Of Congress tg SUBJECT, it appears TO the Cost-
hitee 10 DC ineZpedlcnt in every view ~ .JUes-
sion, thar to government sh0ud DC converted into
great m0n-y ioHder There is no species Of trade in
whichh would be wise for the Government 10 en-.
6ark but Of all the variety Of pursuits known TO n
aividuaI enterprise that Of lending money by the
Government TO the citizens Of the country would lie
'faughht win the most Pernicous coqgequences.
IN tho first place, II Is business 10 which in the
ery nature OF things no government is adapted and
east OF all, popular government THERE'S no en-
Ylsymen. OF capital that requires a moro yiriIsnt
ana Skihui supeTintendcnce Nothing but the eycr
actiYe moGYe OF individual interest can supply the
valentines necessary TO secure banking institu,
don against the Erosscst frauds and lmgostlons l.,
Pscumery transactions, few men arc 10 be found
Wh2 WIZ servo others ~ Involving the ezeroisa
trifH H. r . %.