Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-10-29

"The bill to re.charter the Bank" says ne,
's,s unconstitutional, not because Congress IS not
vested with power TO make bank, for he recon-
mends Treasury Bank but because every pro-
vision in the bill waS not indispensable to its main
object"
Thus profoundly constituting the constitution
as granting powers, whose limits depended ex-
clasiyely upon Presidential notions OF their ex-
pediency. The same reasoning might have taught
him it was unconstitutional to hang Mail Rob
Der, because such an execution was not indispen-
sible to- the pnwer $50 establish Post Offices
and Post Roads"
Another reason is. that Congress did not drive
a better bargain with the stockholders; as though
a larger bonus. though not indispensable TO the
banking poUer, might have weakened his constr.
tu,iunal scruples.
But the objection Wostrelied upon ~, that Fo-
reigners have invested their money in the Bank.
Gen. Jackson appears not to have known that
those governments which best pr otect their peo.
Piles property, acquire the confidence Of foreign
capitalists. 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 foreigners 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 as tn the various com
panies engaged IN public improvements: nor has
he realized, that the effect of these loans is to
furnish capital at lower rates Of interest than it
could otherwise DC had for, to promote our i'm
provements in the arts, and the extension of our
agri uiture and commerce.
II is plain to the simplest understanding. that
If General Jackson's doctrine in the Veto Mes
sage on the Bank Bill be true, we ought to cx-
plunge our loans, demosh our public works, and
abandon ali the Improvements in which foreign
capital is emplOyeh-lest the foreign capitalists
who have thus committed their money To our care,
20 be- increased or diminished, as our country
thrives or langushes, should exert an influence
dangerous to its prosperity! In pursuance Of
the same doctrine, he graveIy asserts, that the
Western States are injured by paying interest TO
the United States Back, from which he would
relieve them, by compelling the Bank To demand
the principally! Whereby, about thirty millions
Of dollars, loaned at six per cent. would be
Withdrawn from active and profitable employ
ment. where capital is in such demand. that mo-
ney is worth more than ten per cent, and well Sc.
cured loans by indi, iduals, are now made at
rates Of interest too enormous to be credibly sta
ted.
have given you this hasty sketch of General
Jacksun's conduct and character, that ynu may
perceive how much ldeprecate popular sanction
of his acts. how deeply | deplore the evils which
his reelection must fix upon our country. and
how imposing regard the obligation which urges
every patriot 10 sacrifice minor considerations to
the fultiment af the high duty now presented
While there were two candidates sustained in
opposition to General Jackson, there was no mo-.
tive TO weigh the considerations which might en-
ter into an alternate choice; but the adoption af
the Writ ticket, by The Convention which lately
met at Harrlsburgh. presents, as you observe. a
new pusiiiun. whic,. demonstrates the possibility
of putting an end to the misrule Of which we
complain am perfectly satisfied. therefore,
that duty to the country requires OF all its
friends, who can realize the dangers which threat.
en- it, TO exert, by fair and honorable MEANS their
most effective power to avert them. The Objec.
lions to Mr.. Writ can weigh but as a feather
against t.ose which demand the overthrow of
Jacksonsm. H. possesses high intellectual en-.
d0wments, is intimately c0nv'r.ant with the
Constitution. laws, and operations Of the govern
ment. aud sustains reputation without bemish
in every walk Of life
Mr.. EIlmaker is also a man of high character
for talent and integrity. The Government can
not but be safe in the hands OF such Chief Ma.
gistrate as Mr.. Writ. But it will be SAID. that
he is an Anti Mason. and is virtually pledged 10
all The proscrlptive doctrines of that party To
this it NAV be replied, that he ia not ,rammeIled
by such pledge; and If he were, we know that
all political associations are proscriPtive. They
give public empoyments to none but their own
sect. But If this policy be justly o,ious. why
shall initiate ilf And more especially. is it
not wise to Give an example Of relaxing the risor
of party prescriptions. when. through the blind
zeal Of party discipline. stimulated by the too
common propensity for man worship. we find our
republican system on the verge OF a fearful pre-
cipire? There are seasons in the affairs OF ma
tons. when il becomes necessary to recur to first
principles 70, the test of duty. Devotion to our
country, aided by ordinary lights and careful
scrutiny, cannot fail to guide and guard US in our
course.
The present juncture emnentIy demands the
sacrifice Of all prejudIces, to the public good -
We must expect 10 be prescribed by the Infatu
ated devotees of General Jackson But it will
soon be discovered. that all those who refuse to
support for the Vice Presidency his designated
successor, are under the bar Of prescription, by
the powers at Washington, not less vigorous and
vIndlctive than that which is now enforced