The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-10-10

the price of lands the great and leading article o
western property, in the price OF crops. IN th'
products Of labor, in the repression Of enterprise
1 and in embarrassment to every kind OF bushes
and occupation. take this opinion strongly. be
cause have no doubt of It's truth, and am willn,
its correctness should be judged by the event =
| Without personal acquaintance with the western
States | know enough of their CONDITION to be sat
sfed, that what have predicted, must happen
! The people of tile west are rich but their richie.
consist in their immense quantities of excellent
J land, in the products of these lands and in theil
spirit of enterprise The actual value of money
or rate oi interest with them is high. because theil
pecuniaty capital bears little proportion to theil
! landed interest. At an average rate money is moi
worth less than eight per cent. per annum
throughout the whole western country notwith
| standing that it now has n loan, or an advance
| from the Bank. of thirty millions, at six per cent
To call in this loan at the rate Of eight millions
year, in addition to the interest on the whole and
TO take away at the same time, that circulation
which constitutes so great portion Of the medi-
| um Of payment throughout that whole region is an
operation which, however wisely conducted. can
! not but infiict blow the community of ire
! mendous force and frightfnl consequences The
thing cannot be DONE without distress bankruptcy
and ruin to many. If the President had seen any
practicable manner in which this change might
be effected without producing these consequences.
he would have rendered infinite service to the
community by pointing il out. Bot he has point
ed out nothing he has suggested nothing he con-
tents himself with saying without giving any rea-
son, that if the pressure be heavy the fault will
be the Banks. | hope this is not merely an at
tempt to torestal opinion, and to throw on the Bank
the responsibility of those evils which threaten
the country for the sake of removing it from him
self
The responsibility justly lies with him. and there
it ought to remain. great majority Of the peo-
pie, is satisfied with the Bank as it is and DESTROYS
that it should be continued. They wished no
change. The strength of this public sentiment
has carried the bill through Congress. against all
the Influence of the administration, and all the
power of organized party. But the President has
undertaken, on his own responsibility, to arrest
the measure, by refusing his assent to the bill
lie is answerable for the consequences therefore
which necessarily follow the change, which the
expiration of the Bank charter may produce and
if these consequences shall prove disastrous they
can be fairly ascribed to his policy only md the
policy of his administration.
Although, sir. | have spoken Of the effects of
this veto in the Western Country it has not been
because considered that part of the United States
exclusively affected by it.
Some of the Atlantic States may feel its conse-
quences, perhaps, as sensiby as those Of the West
though not for the same reasons The concern
manifested, by Pennsylvania for the renewal of
the charter, shows her sense of the importance of
the Bank to her own interest, and that of the ma
ton. That great and enterprsing State has en-
tered into an extensive sytem of Internal Improve
menis. which necessarily makes heavy demands on
her credit and her resources; and by the sound
and acceptable currency which the Bank affords
by the stability which it gives to private credit
and by occasional advances made in anticipation
Of her revenues, and in aid of her great objects
she has found herself benefited, doubtless, in no
nconsderable degree. Her Legislature has in
structed her Senators here to advocate :he renew
al of the charter, at this session they have obey
ed her voice. and yet, they have the misfortune to
find that in the Judgment of the President, the
measure is unconstitutional, unnecessary, danger
Gus to liberty, and IS. moreover, iH-timed. But,
Mr.. President, it is not the local interest of the
West, nor the particular interest of Pennsylvania
or any other State, which has influenced Congress
in passing this bill.
1t has been governed by wise foresight, and BY
o desire to avoid ou>barrnssn1ent IN .be rannnar ~
concerns of the country, to the safe collec
tion and convenient transmission of public mon
eys, to maintain the circulation of the country
sound and safe as it now happily is, against the
possible effects of a wild spirit of speculation
Finding the Bank highly useful, Congress has
thought fit to provide for its continuance.
AS to the time of passing this bill, it would
seem to be the last thing to be thought Of as
ground of objection by the President; since from
the date of his first message, to the present time,
he has failed to call attention to the sub
ject with all possible apparent earnestness. So
early as December, 1928, in his message to the
two Houses he declares, that he " cannot in JUS
tce to the parties interested, too soon present the
subject TO the deliberate consideration OF the Leg
islature, in order to avoid the evils resulting from
precipitancy, in measure involving such mpor-
tant principles and snch deep pecuniary interests"
Aware of this early invitation given to Congress,
TO take up the subject by the President himself,
the writer of the message seems to vary the ground
of objection and instead of complaining that the
time of bringing forward this measure was prema-
IL.
committee of the other House, the Bank should
have withdrawn its application for the present
But that report offers no just ground, surely, for
suchwithdrawal. The subject was before Congress :;
it was for Congress to decide upon it, with all the
light shed 0y the report and the question of post
pnnement was lost, having been made in both
Houses, by clear maiorities in each Under such
circumstances, it would have been somewhat sim
gular to say the least, if the Bank itself had with
drawn its application. 1t is indeed known to every
body, that the report of the committee or any
thing contained in that report, very little reli
ed on by the opposers Of the renewal. If it has
been discovered elsewhere, that the report con-
tanned matter important in ITSELF or which should
have led to further inquiry, it may be proof of su-
perior sagacity; but certainly no such thing was
discerned by either House Of Congress.
But. SIR do we not see, that it lcas time, and
high time, to press this bill and 10 send il to the
President Does not the event teach us, that the
uledsuTe WIS mol Drought forward one moment 100
early The time had come when the people wish
ed to know the decision Of the Administration, on
the question of the Bank. Why conceal it, or
postpone its declaration Why, as in regard to
the Tariff, give set of opinions for the North,
and another for the South !
An important election is at hand, and the renew
al of the Back Charter is pending object of great
interest, and some excitement. Should not the
opinions of men high in office, ard candidates for
reelection, he known, on this other impor-
ant, public questions Certainly it is to he hoped
that the people ofthe United States not yet mere
man-worshppers, that they do not choose their ru-
lers without some regard TO their political princi-
pies or political opinions. Were they to do this,
it would be to subject themselves voluntarily, to
the evils which the hereditary transmission Of
power, Independent of all personal qualifications
inficts on other nations. They will Judge their
public servants by their acts, and continue, or
withhold, their confidence, as they shall think il
merited. they shall think it forfeited. In every
point of view, therefore, the moment had arrived,
when it became the duty Of Congress TO come to a
result, IN regard to this highly important measure.
The interests of the government, the interests OF
the people, the clear and indispuiablo voice OF
public opinion, all called upon Congress TO act
without further loss OF time. 1t has acted, and its
aci has been negatived by the President end this
result ofthe proceedings here. places the question
with all its connections and all its incidents, fully
before the people.
| Before proceeding to the Constitutional qucs.
( ton, there are some other topics treated in The
message, which ought 10 be noticed. 1t common
! ces by an intamed statement of what it calls The
favor bestowed upon the original Bank. by the Gov
I ernmcnt or indeed, Ms II is phrased the :" monopo
~ of its favor and support, and through the whole
message all possible changes are rung on the "gra
,uity," the exclusive privileges" and "monopo
! w." of the Bank charter Now, sir. the truth is
that the powers conferred on the Bank, arc such