Alabama state intelligencer., 1831-02-02

,ene to the Rank ce United Nates ,ptich report lp0s
 fn fhe House cf cfRp,csenf0ffrcs o he United Sdes,
 and faid on Me table, April 13, 1880.
 VII.
 And this is the experience of all apcs. If the thirteen kingdoms of Europe, perfectly independent of each other, and not more sove- reign and independent than the United States are of each other, in their. reserved nnwers, can get along with metalic currency, and their own local institutions, without the aid of General Bank to issue paper currency fer all Europe, why may not the twenty-four Sovereign States do the same thing If they had remained independent of each other, eve ry body sees they would have done it, and what produces the necessity of taking that right from them If it be answered, for the purpose ofborrowing money for the benefit of that Union, of facilitating it's commerce, of collecting, transmitting, and disbuisng its funds, then we reply, you are provided with the only means of effectng these objects, in the metallic currency prescribed to you in the Constitution. And as a further procf of this, we ask you, does your bank bills circulate in Europe, as they do here? Arc they there en- ployed to facilitate your foreign commerce, more important On the score of revenue than your domestic Do they answer to pay your Ambassadors. Ctnsuls, Navy, and many eth CT purposes, fer which ycu have use for row money in Europe, where you T can eF ceF tainly get it upon better terms than at home An as to foreign countries, our worthy and esteemed cor7loration has as little credit or control as the State Banks It can only grind the twenty-four States. And pray why do you not extend its charter over al, the world, at least, where ycu have any busness9 Ycu certainly have the right, you have great fo- reign commerce, ycu have much money to disburse abroad, you may sometimes want to borrow money frcm thence, and this corpu- ration being necessary and froher instru- ment to effect those objects, no foreign State would dare to dispute your authority, and if they did, you could tell them that the point is settled, that the Federal Court has determ;n- ed that the twonty-four States, as Sovereign as they are, or this subject, have been compl- ed to submit toit But, perhaps you will say, rather than have any disturbance about the matter, though we have no doubt of cur right, yet as MT Blackstone says, ''money (made of metal, is an universal medium, and can easily be reduced to the same common SfQndard in au nations, we will nensnct cur businass a. broad with that currency, through the usual substitute employed by individuals, common ly called bills of exchange, and drafts, and sometimes the valuable productions of the country; these, though they answer every purpose abroad, will not do at home, it will net give to favcrite corporation monopoly of sll the monied transactions of the country. Will the time never come, when the people will open their eyes to this glaring usurpatcn!
 The committee proceed to give dreadful picture of the paper currency of the country, during the late war, and the very great ob- stacles which it threw in the way of the Go- vernment, in the prosecution of that contest. And by way of giving melancholy case, they state, that in the sum of eighty millions of dol lars, borrowed by the Government, it lest forty-six; more than half of the want of bank. Before we answer this argument, we must solemnlY enter cur protest against req sonlng away any of the provisions ot the Con stitution, by events happening subsequent to its adoption, and not foreseen by its framers; such arguments will, sooner or later, pros trate every principle within that instrument; for nothing short of inspiration can provide forall the inconveniences which lie in the pathway of every humanre regulation. Now let ussee how they establish the loss above men tioned In the first place, they say, the Co., vernment had to give it's paper for eighty millions to the persons from when they bor- rowed, andreceived in return, but sixty eight millions, not in cash, but Sin such Bank pa per as could be obtained" This was fifteen per cent. they had to give for borrowing; Ga Joss, say they, of twelve millous of dollars, which would. in aH hrobabiAty, have been saved, if the treasury had been aided by such an institution as the Bank of the U States. D Now we know several pleasant anecdotes about this very same If; but as we expect they. CT some of them. are we'll known to all cur readers, and as we do net wish to give an aii- of ridicule to so grave an argument as a Congress report, we will forego the pleasure oftheir mention, reserving, however, to cur selves the benefit of the principles which these bumor GUS cases have settled; for it was there in decided, that A is no driom; nay, not even a hostuiate: and consequently, the loss of this twelve millions is not yet proved. But sup pose the Bank had been in existence, are we to understand that it would have lent the eighty millions to the Government for no- thing9 Now, this must have been the case, if twelve millions were lost. Who believes such dcctrinel When has ii ever lent money for nothing? lfthere be such case, it ought to be canonized! If then, it would have charg- ed but five per cent, this would have reduc- ed the less to eight millions. But we do not know what it would have done; the same state of things might have produced the same result with that institution, for the money was mostly borrowed where Statf Bank pa- per was at par, and could have actudiiy com manded the specie, as appears from the com mittee's own showing, in their table of prices current affixed to their Report. There is, however, some other reascn for this Is per cent. discount, independent of the deprecia- tion ct the paper currency, and we are ser ", for the want of the laws, and terms regui.,t. ing the lean, that we are not able to explain 1t, but as the committe have acted so disin- geniously in concealing it, we hope it will oc- cur to those familiar with the circumstance Every body knows money did not lend at Is per cent, and that at the time the govern ment was said to have procured an advanta- geous loan. Now, as to the other part of the loss. Listen to the Committee, sbut the