Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-11-01

mestic exchanges, at a less premium
than it would cost to transport specie
and enables the government to transmit
its funds from one extremity Of the I'm
ion to an other, without cost, without risk,
without pressure upon the section from
which they are Withdrawn, and with
despatch which is more like magic than
reality. Yet General Jackson would
destroy this institution, and expose the
country to all the evils from which it has
so happily but just recovered! And
wherefore His reasons render the act
much worse than it could have been
without any.
Let us for a moment examine those OH
which he chiefly relies.
"The bill to re-charter the Bank"
says he, sis unconstitutional, not because
Congress is not vested with power to
make bank, (for he recommends IL
Treasury Bank but because every
provision in the bill was not indispenss-
bic to its main object"
Thus profoundly constituting the con-
stitution as granting powers, whose limits
depended exclusively upon Presidential
notions Of their expediency. The same
reasoning might have taught him it was
unconstitutional to hang Mail Robber,
because such an execution was not IN
dispensable to the power "to establish
Post Offices and Post Roads !"
Another reason is, that Congress did
not drive better bargain with the
Stockholders; as though larger bonus,
though not indispensable 10 the banking
po'cer, might have weakened his consti-
,utional scruples."
But the object most relied upon s,that
Foreigners have invested their money in
the Bank.
Gen. Jackson appears not to have
Known that those governments which
best protect their peoples prosperity. ac-
quirc the confidence Of foreign capital
lists, who are seeking investments for
their funds, and that such has been the
confidence in our general government,
as well as those Of the States, that TO
reigners have freely loaned their money,
by investing it in stocks of the u. States,
Of the several states, and also in those
of their respective banks, as well rs to
the various companies engaged in public
improvements; nor has he realized, that
the effect Of these loans is to furnish cap
itals at lower rates Of interest than it
could otherwise be had for, to promote
our improvem ments in the arts, and the
extension, of our agriculture and com
merce. 1t is plain to the simplest under
standing that if Gen. Jackson's doctrine
in the Veto Message on the Bank Bill
be true, we ought to expuDge off our
loans, demolish our public works, and IL
ba1don all the improvements in which
foreign capital is elnpIoyed-lest the TO-
reign capitalists who have thus committed
their money to our care, to be increased
or diminished, as our country thrives or
languishcs, should exert an influence
dangerous to its prospcrity!! In pur-
! suance of the same doctrine he gravcly
asserts, that the western states are iniur-
ed by paying interest to the United
]. States Bank, from which he would re-
lieye them, by compelling the Bank to
demand the principal!! Whereby, a.
bout thirty millions of dollars, loaned at
six per cent. would be Withdrawn from
active and profitable employment, where
capital is in such demand, that money is
worth more than ten per cent. and well
secured loans by individuals, are now
made at rates Of interest too enormous TO
be crcdibly stated.
II ] have given you this hasty sketch of
Gen. JacksCn's conduct and character,
that you may perceive how much | de-
precatc a popular sanction of his acts,
how deeply l deplore the evils which
his reelection must fix upon our country,
and how imposing ! regard the obliga-
ton which urges every patriot to sacri-
flee minor considerations to the fulfil
ment of the high duty now presented.
n
! The present juncture eminenty de-
mands the sacrifice OF all prejudice, to
the public good. We must expect TO be
5 prescribed by the infatuated devotees of
Gen. Jackson. But it will soon be dis
covered, that all those who refuse to sup
; port for the Vice-Presidency his desig-
mated successor, are under the ban Of
, prescription, by the powers at Washing
ton, not less vigorous and vindctive than
that which is now enforced against the
open antagonists Of Jacksonism. 1t is "a
+ waste Of time, however, now to scrutinizc
the propricty Of proscriptive policy. The
existing struggle presents objects of inf
nitely higher moment than a scramble for
Office. The national character mast be
; disadused cfits imputed degeneracy, and
I the corruptions ,rhich announce The near
= approach of TYRANNY must be purged from,
{ our system. When the general watch
q word shnll be. Our CouaLru ANn Nnru-