The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-09-19

things anG do foolish ones .nr rice rersa there
is one subject upon which his professions and
his acts have wonderfully tailed That subject
Is the BAXK of THE UNITED SrATEs. Ne une
can doub, that the denunciation OF the Bank was,
from the beginning, his own, though it may be
expressed in the language oihls official advisers.
Failing to find il in the servility and supple
ness necessary TO constitste il an instrument OF
Rewards and Punshmenls, the President seems
to have taken po1U against it. Dsienda tSt
II fills his thoughts by day, and at night i,
hsunls his dreams. IL is at his firesidc il is in
his cabinet: he takes it tn The Capitol: it ac-
companies him on his Journeys Not content
with putting his Veto upon it, his known pleas
ire has set all the minons nj power and all the
followers OF his fortunes TO work upon it, The
cry is up We hear nothing else, but Down
with the Bank, Like an in.uriate mob-But.
we anticipate
In the Message which we are now speaking
of the President thus, for the second time, call.
ed the attention Of Congress 10 the Bank
" 1t is thought practicable TO organize such
Bank, VITA the necessary officers, as
branch of the Treasury Department, based
on the public and individual deposites, ,cit&0Wt
pOtoer to make loans, or purchase property
which shall remit the funds of the government
and the expenses of which may be paid, i:
thought advisable by allowing lis officers to
sell bills of exchange to private individuals, at
a moderate premium. No: being 4 corporate
body, having no Stockholders, dtbtors or proper
ty, and but few officers, it would be obnoxious
to the constitutional objections which are ufg,
ed against the present Bank and having no
means 10 operate on the hopes, fears, or inter
ests, of large masses OF the .ommunity, it
would be shorn Of the influence winch makes
that Bank formidable. The States would be
strengthened b. having in their hands the
means of furnishing the local paper currency
through their own banks while The Bank OF
the United States, though iSsuisg no paper,
would theck the issues OF the State banks, by
taking their notes IN depOSits ami for ezchaBge,
only SO long as they continue 10 be redeemed
with specie. In times of public emergency,
the capacities of such an institution might be
enlarged By Legislative provisions
We have inserted this paragraph at large,
and itallcsed certain parts of 1t, to revive in
the mind Of our readers the image of this most
curious monster, which the President seriously
proposed to Congress TO organize. Here was
to be a Bank, under the thumb of the President,
which was to make no loans, nor to issue any
paper, though it was to sell hills Of exchange !;
which was to have 10 debtors. though it was
TO receive and exchange the bits Of State banks
Cresus, what a bank And, having realized
this miraculous conception, such Bank was
not to be - obnoxious 10 the constitutional OBJ
icctions which are urged apainst the oresen,
Bank" The President had told us. in his frsI
annual MESSAGE. that the constitutiopality of
the p,esent Bank might "1ceH be questioned -
In the naragra,h now nuoted he tells us ,chy.
The present Bank il apyears, is deemed uncon
stituti2nal because il is not owned by gobOdg.
but by stockholders Because it lends money !
Because it holds property Freed from these OBJ
iecions, the President thinks ii would be constl-
tutional. We could point out a Reform which
would, withou. the trouble Of establishing a
new Bank, have c0astituuonGli=ed the present
one II the government of the Bank had re
moved Mr. Mason from the Presidency of the
Portsmouth: Branch, and PIT a party tool in his
place if il had been The agent of similar re.