Litchfield enquirer., 1832-07-26

on the feW who have been fOTtusl
nate enough 70 eteuFe the stock. aud at this
moment, WELD the power Of the existing in-
StitutiOn. l cannot perceive the justice or
policy Of this course. If our government
must sell mOnOpOlies, 1t would seem to be its
duty TO take nothing less than their full value
and It gratNities must be made once in htteen
or twenty years, let them not be bestowed on
the subjects Of u foreign government. nor up
on designated and favored class Of men in
our own country. It is but justice and good
uOIicy, as far the nature Of the case will adj
init, to cOnIine our favOrs to our own fellow
citizens, and let each IN his turn enjoy an OPP
pOrtunity 10 profit by our bounty. In the
bearings Of the act before me upon these
points, find ample reasons why it should
not become a law.
1t has been urged as an argument in favor
of re-chartering the present Bank, that the
calling in its loans will produce great embar-
rassment and distress. The time allowed to
close its concerns is ample, and il it has been
well managed its pressure will be light, and
heavy only in case its management has been
bad. If, therefore, it shall produce distress,
the fault will be its own, and it would furnish
a reason against renewing power which has
been 50 obviously abused. But will there ey-
er be time when this reason will be less
powerful? To acknowledge its force is to
admit that the Bank ought to be perpetual,
and as the consequence. the present stock
holders, and those inheriting their rights, as
successors, be established privileged order,
clothed both with great political power, and
enjoying immense pecuniary advantages from
their connection with the government.
The notifications Of the existing charter.
proposed by this act, are not such, in my
sA inf
the States, or the liberties Of the people. The
real estate, the Limitation Of its power to es-
tabsh branches, and the power reserved to
Congress to forbid the circulation Of small
notes, are restrictions comparatively Of little
importance. All the objectionable principles
Of the existing corporation, and most Of its
odous features, are retained without allevia-
ton.
Extracts from Mr.. Webster's Speech on the
Veto Message, in the Senate, July -.
Mr.. Webster took the floor, and. ia a speech
of something more than an hour 10 length, ex-
amincd and commented upon the contents Of
the message; upon which he presented to the
Senate the full and frank expression of his
opinion. This, he said, was due To the Pres
ident, as well as the country. on the present
occasion. So far from evading the question,
the President had given clear expression Of
his own Judgment. that, under no circum-
stances. now or hereafter, should his aPpro-
baton ever be given to any bill for the re
newal Of the charter OF the present Bank. or
for the constitution fany similar Oue- laap-
peared to him. Mr. W. said~ that He are noa
approaching crisis, not only equally danger
Gus, but equally likely 10 &e embarrassing,
"A
occurred under this SoEt1nSDtut.
Mr.. w. Proceeded to repiew nbe sIiis,tions
of a constitutional manure continued ito uhe
message-1he dR8tnxana parts GG wdhirh, he in-
timated. were evidently fa,sm aIiStrAnt hands.
He entered into an argument GEn abe several
points made in the Ene-ssage. To show that
they were either unfWuNdrd. Unsound, or un-
tenable. In this constitutional disquIsitiOn.
some things were respectable and some were
new. Those which were respectable, he said,
" ere not new /: and those that were new, he
left 1t to be inferred that he considered not
very respectable.
Mr.. w. next examined the objections. sn
often repeated, to the present banls, on the
ground Of its being monopoly, and showed
sss.af It could not, In any sense Of the term, be
properly SD called. He then went into an arr
gument to show the fallacy Of the other oh.
jcCSiOu WHICH uau DeeO naOe, 10 foreigners
being stockholders in the bank which, he
said, instead Of putting us in their power, so
far as 1t goes, puts them 10 ours. The ten
millions which they hold In the stock of the
Bank, SO far as it had any effect, (sn,ah. in
deed, it must beg was hostage in our hands,
favorable to our peace and prosperity. He
then very seriously deprecated the effect of
this denunciatiOn, from such high authority,
of the holding by foreigners the stock 10
American funds. He advertcd to the canal
stocks Of several of the States-of Ohio. of
Pennsylvania, Of New York, the prices Of
which were every day quoted ON the London
Exchange, and which might be seriously af-
fscted, to the injury Of the interests of these
States, by this sweeping denunciation, if not
counteracted. He ridiculed the idea Of such
investments Of their funds in our stocks, by
foreigners. being " dangerous to liberty"
which he regarded as mere defamation, &c.
After adyerting to some other parts of the
message. he dwelt with great force and some
severity, upon that part Ofthe message which
states Ms an objection 10 the Bank on the part
of the Executive, that neither upon the pro-
priety Of the present action, nor upon the pro-
visions Of this act, ,was the Executive consul
ted. If Congress had not consulted the Ex-
eLntive, he said, the Executive had consulted
them: for the President had called their at
tention, three years ago, in most emphatic
terms, to the subject Of the renewal Of the
Charter Of the bank, aud afterwards recon-