Litchfield enquirer., 1832-07-26

hence
arose all the objections which he had repeat-
edly expressed to the renewal Of its charter.
aud that in the notifications Of the original
charter which the new bill contained. he saw
nothing which could have the effect of maxi
ing the Bank more consistent with the genius
of the country, aud the true interests of the
people. The present Bank, the President
saws, has been in existence nearly 90 wears.
in which time il has obtained an entire mo.
nOpoly of the Domestic Exchange and by
the elevation of its stock greatly beyond its
par value, it has thrown many millions into
the hands of few individuals holding the
stock of this bank. The bill proposes an ad-
ditiunal gratnity to these same individuals of
or millions, since, as the President reasons,
the passage Of the law continuing the charter
must have the effect OF increasing the value Of
the stock at least one fourth beyond what il
now is. This gratuity is not given to Amer
lean citizens alone-above millions of the
stock being in the hands Of foreigners, the
gratuity is, Of course extended to them.
The message then goes into view of the
character and effect Of mUnOpOlies ia general,
and contends against the cOnstitutiOnality and
expediency Of granting the money monopoly
to the same persons who are exclusively Of
the wealthy, to the exclusion of all other cit
liens of the United States, some Of whom
had offered to establish Bank on more "a
vorable terms to the people. The justice of
this distinction. the message says. is not appa-
rent. lffavors are to be distributed, all ought
to be participators.
1t had been alledged, the message goes on
to say, that the calling in Of the loans Of the
Bank would be productive Of great distress.
In case the management of the Bank had
hnon hat ~
could ensuc from the calling in of the loans /;
and il distress does not ensne, the inference
is drawn that this fact would be proof of mis-
management in the administration ofthe Bank.
1t il then insisted that at no time could the
affairs Ofthe institution be brought to close
with less distress to the country than at this
time.
In the notifications which had been adop-
ted, it is commended that few trilling changes
only had been made, while all the odious feu.
lures of the original charter had been retain
ed. In particular, the message objects to the
section which gives State Banks preference
over individuals. in the payment of Branch
Notes, 10 liquidation Of debts due to the
Bank, as forming bond of union among The
State Backs, erecting them into a dangerous
monopoly. The message also takes excep.
ton 10 the section which compels the Presi-
dent and Directors Of the Bank to furnish, at
the call of State, q list Of the Stockholders
resident in that State, for the purpose of tax
alton. 1t complains of this as aiding in the
imposition Of a tax of per cent. on the stock
Of citizens, while the foreigner holds his stock
free from this tax, and his stock is thus rem.
dered more productive than that Of our own
citizens.
The message then goes on to argue that a
great portion Of the capital Of the country
was annually drawn off to pay the dividends
10 foreigners; and that while this system was
continued, the country could not be safe in
war. or prosperous 10 peace. 1t regards this
money power resting in the hands Of aliens,
\ as more dangerous ~ the country than mill
tary hostility. The stock, it says, ought to
be purely 10 the hands of Americans-and j,
is asserted that goo, ZOO, 900 could be obtained
at once among American citizens, as sub
scrip,iOn to Bank such as ought TO be es-
tablished. There is no occasion, it contends,
to send abroad in search of capital.
The arguments in favor OF the Bank that
have reference q" precedents, the message re-
pndiates, regarding precedents as unaafa rnle.
! Oflegislation. One Congress refuses to char.
ter Bank, and another grants charter
Here the presidents are equal. And as tG
State Banks, the message assumes that they
are in the proportion Of four against to one in
| favor of the present Bank The indepen-
| dence of the coordinate branch Of the gov
eminent, the Executive, is asserted, it is treat
ed as having the same amount 0f indepen.
dence as Congress possesses in reference to
the Supreme Court. The Executive is main
tanned 10 be equally free from dependence
either on Congress or the Supreme Court.
From these views, the message goes into
an argument ON the onstitutiOnality of the
Bank. 1t is further asserted that the exist
ing Bank is not necessary for the purpose of
the Government. The old Bank, with cap
ital of ten millions, answered all its purposes,
and therefore the present bank, having cap
ital Of IS millions, is invested with an inHu-
ence to the amount of rs millions more than
is necessary.
Some further views are thrown out, as to
the right OF the States to tax, in which il is
insisted that the Branches of the u. S. Bank
nave no more claim to exemption than the
State Banks.
IL Is further suggested. that the effect of
[ lnese objections would be to excite discus.
SION, and to elicit new light from the people.
A new Congress will he elected, and a more
equal representation of the people he obtain
ed before the expiration Of the term of the
present charter. II is also held up as an I'M
constitutional act for this Congress to bind up
the hands Of its successors.
Inc message adverts To the suspicious a.
| HOat as to the NAL adninisf rsrion of the Rank