Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-10-11

III Is lnuccu KNOWN 10 every !
body, that the report of the committee or
any thing contained in that report, was
very little relied on by the opposers Of
the renewal. If it has been discovered
elsewhere, that that report contained
matter important in itself, or which should
ave led to further inquiry, it may be
foof Of superior sagacity !; but certainly
mssuch thing was discerned by either
Hone Of Congress.
Bun sir, do we not now see, that it ,cds
time, \nd high time, to press this bill,
and to end it to the President ?-Does
not theevent teach US, that the measure
was notbrought forward one moment too
early? lhc time had come when the pco-
pie wishd to know the decision of the
Administ ration, on the question of the
bank. Why conceal it, or postpone its
dcclaratiN Why, as in regard TO the
Tariff gie one set Of opinions for the
Nortls aid another for the South?
! An mprtant election is at hand, and
the rene val of the Bank Charter is
pending object Of great interest, and
some excitement. Should not the opin-
IONS Of MIN high in Office, and candi-
dates for reelection, be known, on this
as on Other important public questions !?
Certainly,it is to be hoped that the peo-
pie Of the United States are not yet mere
man-worshppers, that they do not choose
their rulers without some regard to their
political principles, or political opinions.
Were they to do this, it would be to
subject themselves voluntarily, to the e.
wills, which the hereditary transmission
Of power, independent of all personal
qualifications, nilicts on other nations
They will judge their public servants, by
Their acts, and continue, or withhold
thor confidence, as they shall think j
maited, or as they shall think it forfeit
: ed. In every point Of view, therefore
the moment had arrived, when became
the duty Of Congress to come to result
in regard to this highly important mea
urc. The interests Of the government
|, the interest Of the people, the clear an
indiputablc voice Of public opinion, a
called upon Congress to act without iuI
,Iher loss of time. 1t has acted, and it
/ act has been negatived by the President
and this result of the proceedings her
places the question, with all its connex
ions, and all its incidents fully before thu
people.
II Before proceeding to the Constitution
al question, there are some other topics
treated in the message, which ought
be noticed. 1t commenced by an inflan
ed statement Of what it calls the "iavor
bestowed upon the original bank, by I'll
Government, or indeed, as it is phrase'
r the monopoly Of its favor and support,
5 and through the whole message, all po
= sble changes are rung on the 'gra,uity,
r the "exclusive privileges" and "monol
G oly," of the bank charter. Now, 81
: the truth is, that the powers conferred {
= the bank, are such, and no other, as al
usually conferred OH similar institution
(, They constitute no monopoly, althoue
r some of them are of necessity and wi
propriety exclusive privileges. "Tl
original act" says the message, "oper
ted as a gratuity of many millions to Il
stockholders. What fair foundation
there for this remark? The stockhc
e dcrs received their charter not gratuitou
4 ly, but for valuable consideration
}. money, prescribed by Congress, al
+. actually paid.-Sometmes the stock h
J., been above par,-and at other tim
/. below par--according to prudence
K manage ment, or according to commt
o cial occurrences. But if by judicio
administration Of its aflairs, it had Ike
il its stock alrays above par, what prcten
a would there be, nevertheless, for sayi
v that such augmentation Of its value W
IS a "groiuiiy," from Government Il
. message proceeds to declare that I
q present act proposes another donation,
!. mother gratuity, to the same men, OF
, least seven millions more. 1t seems
), me that this is an extraordinary stateme
q and an extraordinary style Of argune1
q for such subject and on such an occ
,r sion. In the first place, the facts are
;. assumed; they are taken for true withC
evidence. There are no proofs that a
= benefit to that amount will accrue to
stockholders, nor any experience to j.
a ,ily the expectation of 1t. 1t rests
% random estimates, or mere conJectu
But suppose the continuance OF the chi
> ter should prove beneficial to the stoc
. holders, do they not pay for it Tn
- give twice rs much for charter OF
r teen years, as was given before Tor
/, of twenty. And il the proposed bonus
: premium be not, in the Presidents jud
! , ment, large enough, would he, nevertl
less, on such mere matter OF opinion
:, that, ncs ativc the whole bill |! May
~ ~ Congress be trusted to decide, even
ii such subject as the amount OF the mon
- I, premium to be received by Governm'