Alabama state intelligencer., 1831-04-20

gence of those whom 1t daily attacks and if any one is ignorant of this fact let him look at the case of the Bank of the United States against Owens and others, decided in the Supreme Court and reported in 2d Peters.
 (Here MT B. read part of this case, showing that 1t case of usury at the rate 46 per cent, ana that Mir Sergeant counsel for the Bank resisted the decision of the Supreme Court upon the ground that it would expose the charter of the Bank to forfeiture; and that the decision was nevertheless, gwen upon that ground, that the Bank being convicted oi la king usury in violation of it's charter was liable 10 to be deprived of its charter at any time that Sclre Facias should issue against it.)
 Mir B. resumed: -e
 Before proceed to the consideration of the Reso- lution, wish to be indulged in adverting to rule principle, of parliamentary practice, winch It IS only necessary to read now in order avoid the sbty of any necessity for recurring to hereafter It is the rule which forbids any member to be pre- nt,-which in fact requires him to withdraw, during the discussion of any question in which ms private interest may be concerned; and authorizes the expurgation from the Journal of any vote which may have been given under the predicament oi an interested motive demand that the Secretary of the Senate may read the rule to which allude.
 ( The Secretary reads
 THE RULE.
 "Where theprUate interests of member are concern ed i b or question, he is to acithdraD. And rhere such interest has appeared his Uoice has been ds- aoiced, eren atter dioision h case so contrary, not only to the ta,cs o decency, but to e tundaentat principles of the social compact, acich denes 10 dny man to De ajudge n las cause, is tor he honor 9 the house Mat this rule, of immemoriat obserrdnce, should Dc strictly adheredto."
 l. MT President object to the renewal of the charter of the Bank of the United States, because look upon the Bank an institution too great and powerful to be safely tolerated in government oi free and equal laws.
 Its power is that of the purse; power more po- tent than that of the sword, and the means posses ses to degree and extent that will enable this Bank to draw to itself too much of the political power of this Union; and too much of the individual property ofthe citizens of these States.
 The money power of the Bank is both direct and indirect
 (The Vice President here intimated to MT B. that he was out oforder, and had not right to gonto the merits of the Bank upon the motion which he had made. Mir B. begged the pardon of the Vrce Pre- sdent and respectfully insisted that he was in order, and had right to proceed. He said he was pro- ceeding upon the parliamentary rule of asking leave to bring in Joint Resolution, and in doing which he had a right to state his reasons which reasons con stituted his speech that the motion was debateabe, and the whole Senate might answer him. The Vice President then directed Mir B. to proceed.)
 MT B. resumed:
 The direct power is now prodigious, and, in the event of the renewal of the charter, must speedily become boundless and uncomfortable. The Bank IS now authorised to own effects lands, inclusive, to the amount of ty-fve millions of dollars and to is- sue to the amont of thrty-6ve millions more. This makes ninety milions and in addition to this vast sum, there is an opening for an unlimited increase for there is dispensaton in the charter to issue as many more notes as Congress, by law may permit This opens the door to boundless emission; for what can be more unbounded than the will and pleasure of successive Congresses7 The indirect power ol the Bank cannot be stated in fgures but it can be shown to be immense. in the first place, it has the keeping of the public moneys, now amounting to twenty-six millions per annum, (the Post Ofhce Department included and the gratuitous use the undrawn balances, large enough to constitute, Tn themselves the capital of great State bank In the next place, its promssory notes are receivable, by law in purchase of all property owned by the United States, and in Payment of all debts due them; and this may increase its powers to the amount of the annual revenue, by creating demand for its notes to that amount In the third place it bears the ndrat of the United States and has the Federal Govern ment for pdrtner and this name, and this partner ship, identifies the credit of the Bank with the cred of the Union. In the fourth place, it is armed witt authority to dsparage and dscredt the notes othe banks by excluding them from all payments to the United States: and, this added to all its other pow direct and indirect makes this institution the comfortable monarch of the monied system of the Union.-To whom is all this power granted7 To
 
 eigners, and the mass of them residing in a remote and narrow corner of the Union, unconnected by any sympathy with the fertile regions of the GREAT VALLEY, in which the natural power of this Union the power of fnumbers,-will be found to reside long before the renewed term of second charter would expire. By whom is allthis power to be exercised By Directory Git may be) ofseven; governed by majority Git may be) of four; and none of thest elected by the people, or responsible to them- Where is it to be exercised? At single city, dis tant thousand miles from some of the States, re ceiving the produce of none of them (except one !; no interest in the welfare ofany of them except onc no commerce with the peoples with branches il every State; and every branch subject to the secre and absolute orders of the Supreme Central head thus constituting system of CENTRALIsM, hostile tt the federative principle of our Union, encroachine upon the wealth and power of the States, and organ lzed upon principle to give the highest effect to the greatest power.-This mass of power, thus concen trated, thus ramhad, and thus directed, must neces sarily become, under prolonged existence the ab solute monoposts of American money the sole manufacturer of paper currency and the sole autho rity-for authority it will be-to which the Fedora Government, the State Governments the great Ci ties, corporate bodies, merchants traders and every private citizen must, of necessity, apply for every loan which their rexigences may demand. THE RICH RULErH THE POOR. AND THE BORROWER IS THE SERVANT OF THE LENDER Such are the words of Holy Writ; md if the authority of the Bible admit ted of corroboraon, the history of the world is at hand to give it. But will cite the history of the world, but one eminent example only, and that of a nature so high and commanding. as to include all others and and recent as to be directly ap- plicabe to our own situation. speak of what hap pened in Great Britain, in'the year 1795 when tile Bank of England, by brief and unceremoneous let- ter to Mir PITT, such as miser would write to prodigal in pinch, gave the proof of what great moned power could do, and ,could do to promote its own interest, in crisis of national alarm and diff culty will read the letter. It is exceedingly short for, after the compliments omitted there are but three lines of it. It is, in fact about as long as sentence of execution, leaving out the prayer of the Judge Ii runs thus. :