Alabama state intelligencer., 1831-05-04

to them in the shape of bene6cent expenditure.- In the of every other tax, in all the contrbu tons levied for the purposes of government, there
 is some aleyiallOn of the burthen-some restrc- ton of the abducted treasure-some return to the pe0ple-some re-lnstitutiOn of strength into their l ranks--n the customary reimbursement of the re- venue. The government usually pays it back or portion of It, for salaries, services and supplies.- But, in the of the Bank tax, there is nothing of this reimbursement. The Bank refunds nothing ; but all the money il makes out of the people IS gone from them forever It goes into a of the UniOn and remains there: goes into private hands and becomes individual property. The stockholders divide it anong themselves. Twice in every year they make the division oi these modern spOa 0pima -these dearest spolls,-no of the enemys general. killed in batile but of American citizens leeced at hOmc This IS d gneVous aggravatlon Of the amount of the tax It is the aggravation which renders taxa
 ton nsuppotable. It is dbStntecism " in new, and legalized form It is tie whole mischief of tat sys- tenn of abSenteeiSm which drains of the wealth of Ire
 land to ertalize England, France, and Italy, leaving Ireland itsel the most distressed and exhausted cou try in Europe, instead of remaining God created it, one of the richest and most hourishng. te;nal drawing oui, and no bringing back, is process which people, country endure. It is pro- which would exhaust the resoulcees of nature } herself The earth would be deprived of its mos ture, aud changed into desert if tie exhaltons Of , the day did not return in dews at night. The vast ocean itself with all it's deep and boundess waters. ? would be sucked up and died away, if the varors drawn up by the sun did not form into clouds and descend in lain and snow So will any people be , exi,auscd of tler wealth no matter how great tha wealth may be, whose miserable destiny S! all sub ject them to system of taxation which Is forever levying and never reundng: system whose cry is tlai of the hoseeech, More! mere !! more whose l voice IS that oG the grave Give! give give L. whose attribute IS that of tie grave also, never to render back -and, such, precisely, is the system oi taxation to which the people of these States are subjected by the Federal Bank.
 or the three great divisions, Mir PRESIDENT, into which tIis quesQn divides itself, have touched but one have Jeff untouched the constitutional diff culty and the former mismanaeement of the Bank. l 1 have haLdled the question if the constitutional authority for the Bark express. and as fl its whole administration had been free from reproach. I have looked to tEe NATURE of the INSTITUTION alone; and, finding in it's very nature, insurmouna- ble objections to its existance, have come to the conclusion, that the public good requires the nstu- tion to believe it to be an institution of too much power,-of tendencies too dangerOus,-of pfl- | vileges too ocious,-of expense too enOrnous,-to be safely tolerated under any government of free and equal laws My mind is made up, that the pre- sent charter ought be allowed to expire its limitation; and, that no other, subsequent one, should ever after be granted. This is my opinon may add my belief; for have tine consolation to be- lie,e that the event will not deceive my hopes. l l am willing to tEe claler exriie. without providing any substitute for tie present Bank. am willing to see the currency of the Federal Gov ernment left to the hard money mentioned and lIi- tended in the Constitution: I am willing to have hard money government, as that of France has been since the time of the dsSgndtes and ndndates Every species of paper might be left to the State au thorties, unrecoghized by the Federal Government and only touched by il for its own convenience when equivalent to gold and silver. Such currency fill ed France with the precious metals when England, with her overgrcwn Bank. was prey to all the evils ol unconvertibe paper. It furnished money enough | for the Imperial Government when the population of the Empire was three times more numerous, and the expenses of government twelve times greater than the population and expenses Of the United States; and, when France possessed no mines of gold or silver and destitute of the exports which command the specie of other countries. The United States possess gold mines, now yielding half mil 1 lion per annum, with every prospect oi equaiing those of Peru But this is not the best dependence We have what is superior 10 mines; namely, the ex ports which command the money ol the word that is to say the food which sustains life, and the raw materials which sustain manufactures. Gold and sil- yer is the best currency for Republic it suits the men of middle property and the working people best; and if was going to establish working mans par ty it should be on the basis of hard money; n hard money party against paper party.
 I would prefer to the charter expire without any substitutes but am willing to vote for the sub stitute recommended by the President, stripped as it is of all power to make loans and discounts Dl- vested of that Power it ooscs the essential feature, and had as well lose the name of Bank. 1t be- comes an office in the Treasury, limited to the lssue of species of Exchequer Bills, differing from the English bills of that name Tn the vital particular Of a prompt and universal convertibility into coln- Such bills would be in FACT as well as Tn ndme, the promissory notes ofthe United States oi Anerica- They would be p.yable at every land office, custom house, and post office, and by every collector of pub | lie moneys in the Union Payable every where. they would be at par every where. Equal to gold and silver the spot. they would be superior to 1t for travelling and remttances This Is not opnion. but history Our own country, this Federal GoyeIn- ment, has proved it; and that on scale sufficiently large to test it's operation, and recent enoueh to be remembered by every citizen. ] alude to the Misss- sppi scrip issued fiom the Treasury some 15 years ago This scripwus no way equal totfe proi osed k chequer bills; for it's reception was limited to sim gle branch of the revenue, namely, lands; and to small part of them: and the quantity of scrip, five millions of dollars was excessive, compared to the | fund for its redemption yet as soon us tle land office, ofAlabama and Mississippi opened the scrip was at par; and currently exchanged for gold and silver, dollar for dollar. Such, and better would he l the proposed bills To ite amount of the Revenues they would be founded silver. This amount, after the payment of tie public debt (post offices
 ncluded) may be about fifteen millions of dollars. They would supply the place of the United States notes they retired, and issuing from the Treasu- " only Tn payments, or eXcHdHSe TOT htIu money, all room for avoritism, or undue influence would be completely cut off If the Federal Government
 is to recognize any paper, let it be this. Let it be | its own.
 have said that the charter of the Bank of the United States cannot be renewed And in saying this. I wish to be considered not as a needless de- nunciator, supplying the place of argument by emp ty menace but as a Senator, considering well what lie says. after having attentively surveyed his sub- iect repeat then, that the charter cannot be re-