Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-10-26

tho late message. as being the Presidents present
opinioas and proofs of hs present purposes, and to
the consequences, they shall be ,aaintained by
thu cointry. Thcbc principles there expressed,
In language which needs no commentary. They
go, with point blank aim, against the fuudainenta
stone of the protecting system; that is to say,
gainst the constitutional power of Congress To Us
tablish and maintain il, in whole or in part.
The question, therefore, the raritf-thc qucs.
ton of every Tarii-tho question hctw.cn main
tanning our agricultural and manufacturing inter
csis where they now urc, and breaking up tho Ell
tire system and craSng every vcstgc of it from tb,
Statute Book, is aqueston materially to be affect,
Ell by the pending election
The President has cxcr. iscd his NEGATIVE mower
on the law for continuing tho Bank Charter -
Here, too, he denies both the constitutonalty and
the policy of AN existing law of Congress. 1t is
true, that the law, similar one, has been in
operation near forty years. Previous Presidents
toned aud upheld it. Tho highest Courts, and,
indeed, all the Courts, have pronounced it constitu
iional. majority OF tho people, creator than
exists almost any other question, ag -ees with
the Presidents, all the Congresses, and all the
Courts of Law Yet, against all this weight OF
authority, the President puts forth his indi.
vidual opinion and has ncgatved the Bill for con.
tinuing the law Which OF tho members of his
administration, or whether either of them, concurs
in his sentiments, wc know not. Some of them,
we know, have recently advanced precisely the op.
posi,e opinions, and in the strongest manner re.
commended to Congress the continuation of the
Bank Charter. Having. hinself, urgently and re-.
peaty called tho attention OF Congress to the
subject, and his Secretary OF tho Treasury, who,
and all the other Secretaries, as the Presidents
| friends say, but many pens in his hand,
having, Mt the very session insisted in his commu.
nication to Congress, both the constitutonality
and necessity OF tho Bank, the President, mover
thelcss, saw tit to negative tho Bill, passed, II
had BEEN by strong mujoritcs i'll both Houses, and
passed, without doubt or question in compliance
with tie wishes of vast majority of the American
People
| The question respecting the constitutional power
of Congress tn establish Bank, | shall not here
discuss. On that, as we'll the general ex-
| pcdiency of renewing the Charter, my sentiments
have been elsewhere expressed. They are before
the public; and the experience of every day con-
firms in their truth. All that has been said of
from disseminating the Bank, falls far short of an
adequate representation. What prophecy only
two months ago, is already history.
In this part of tho country, indeed, we expert
cnce this distress and embarrassment only iii n
mitigatcd degree. Tie loans of the Bank not
SO highly Important, or at least not absolutely
necessary, to the present operations of our com
merce; yet ourselves have deep interest in
the subject and it is connected with the general
currency of tho country. and with the chcapncss
and facility of exchange.
| The country, generally speaking, was well salts
fed with the Bank. Why not lot it alone7 No
evil had been felt from it in thirty six years. Why
conjure up troop of fancicd mischiefs, as a pre-
tcnce to put it down? The Message struggles to
excite prejudces, from the circumstance that for
eigners stockholders, and ON this ground it
raises loud cry against a monied arstocracy.
Can any thing, sir, be conceived, more inconsistent
| than thsl Any thing more remote from sound
policy, and good craftsmanship? In the United
States, the rate of interest is high, compared with
the rates abroad In Holland and England, the
actual value OF money is no more than three. oil
perhaps three and half per cent. In our Atlantic
States it is high five six, taking the whole
length of the sea board; in the Northwestern
SiHfp tl .Ipht tam and
ten twelve.
| If the introduction, then, of foreign capital he
discountcnancod and discouraged the American
money lender may fix his rate, any where
| from five to twelve per cent per annuIn. On the
other hand, ifthc introduction of foreign capital
he countenanced, and encouraged, it's effect is TO
keep down the rate of interest, and to bring the
value of money in tho United States so much .he
nearer to it's value in older and richer countries
Every dollar brought from abroad, and put into the
mass of active capital at home, by much diminish
eS the rate of interest; and by much, therefore
benefits all the active aud trading classes of socie
ty at the expense of the American capitalist Yet
the Presidents inventon for such it deserves to be
ca!lcd-tliat which is to secure against the pos.
sibility OF being oppressed by mopied aristocracy,
is to shut the door and bar it safely against all IN
PRODUCTION of foreign capital.
Mr.. President, what is it, that has made En-
gland sort of general banker for the civilized
world! Why is it, that capital, from all quarters
OF the globe, accUmulates at the centre of her EN-
pre-, and is thence again distributed1 Doubtless
Sir, is because she invites IT. and solicits it. Sht
sees the advantage of this. She manifests no veal
or pretended jealousy of foreign influence, from
} the trcest intercourse with the commercial world
and no British minister yet did thing so rash
so inconsdcratc, so startling, to exhibit ground
less feeling of jealousy towards the introduction
employment of foreign capital. Sir, of all the class
es of society the larger stockholders of the Bank
are among those least likely to suffer from its dis
| continuance. There are, indeed, the list o.
stockholders, many charitable institutions, ma
ny widows and orphans, holding small a
mounts. To these and other proprietors o
"A like character the breaking up of the Bank will
no doubt, be seriously inconvenient But tho
capitalist, he who has invested money in the Bank
merely for the sake of the security, and the inter
est, has nothing to fear The refusal to renew the
charter, will it is true, diminish the value of the
stoch but thon, the same refusal will create scar
city for money; and this in time will reduce the
price of all other stocks that the Stockholders
IN the Bank, receiving its dissolution, their por
ton respectively of its capital will have opporlu
mites of new and cheap investment.
The truth is, sir, the great loss, the sore embar.
r1ssInent the severe distress arising from this VIZ.
TO, will fall OH the public, aud especially on the
more active and industrious portion of the public
| 1t Will inevitably create scarcity for money; i'm
the Western States il will most materially dcpress
the value of property; it will greatly enhance every
where, the price OF domestic exchanges; it threat
ems, every where fluctuations of the currency: and
IT drives all well settled and safe operations of
revenue and finance out o. their accustomed chan
| nels And all this, OIL the pretended ground of n
constitutional scruple, which no respect for the
opinion OF others, Difference to legislative pre.
ccdcnt, no decent regard for judicial decision no
/ homage to public opinion, expressed and maintain
| cd Tor forty years, have power TO overcome
An idle apprehension of danger is set IN Against
the experience of almost half a century: loose and
hlnSy theories are asserted, against facts of gene.
rel notorlety; aud arguments are urged arlinst
continuing the charter, superficial and frivolous
| No tlt H.