Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-04-17


rites he raised the veil; and, instead OF dlscos-
mo the promised vision Of heavenly light, exhl-
hifed his foul lineaments Sin grinning mocke-
rvs, exclaiming to his wretched victims,
e There. We wise saints behold your light your
Ye mould be dupes and victims, and We are.''
Nav the honest devotees Of a hard money
currency. the working mems society,"" and all
others who are opposed to the banking system,
mon whatever principles, take warning from
the example Of these voluntary victims OF dar
ring imposture, and avoid their tate! Ihey
here behold their fate accurately prehgured, II
they do not rise up and resist the scheme OF I'M.
posture which have attempted to expose Let
the people of the United States rouse up from
their slumber of fatal security, or when they do
wake, it will be only to clank their chains.
Sir, it never has been the intention OF this adj
ministration, to return, to specie currency.
From the very first message OF the present Chef
Magistrate until the present moment there has
been deliberate design the part Of those who
have written his messages, to establish Go
vernment bank in some form, to be used as
machine of political power. could establish
this before any impartial jury in the country by
chain ofevidence, strong and conclusive; but
have not time to go into details In his hrst
message he recommended bank founded
upon the credit of the Government and its re-
Gin the spirit Of Improvement and compromise,
which distinguishes our country and its institu-
TONS it becomes us to inquire whether 1t be not
possible to secure the advantages afforded by
the present bank, through the agency OF bank
of the United States so modified In It's prlncl-
pies and structure, as to obvlate constitutional
and other objections"
In his conversation with some of the commit
tees from our commercial cities, he informed
that if his experiment should fail, as it has al
ready. he would have a bank founded upon
the checks and balances of this Government" a
riddle which cannot interpret; but which, like
the responses of the Delphic oracle, will doubt
less be interpreted to suit any emergency We
have also heard, from a distinguished and con-
fidential friend of the second officer of the Go
vernment, that we must have political bank"
Now sir put this and that together, take all these
proofs and connect them with the visible por-
tents which we see all about us, and no man can
resist the conclusion that political bank WELD
ed by the Executive Department, and convert
ing the whole moneyed resources and credit of
the country into an element Of political power,
| is to be the final consummation OF this great
and desperate struggle for supreme power 1t
is easy to read the future history Of the country
| if the schemes of the reigning dynasty are not
| defeated by the people. Anarchy is the high
way to despotc power whether 1t be banking
| or political despotsm. When the bank of the
United States shall be destroyed, the currency
| will be thrown into such arrangement and con-
! FUSION that the country will be prepared to sub
NIT to any National Bank rather than endure
the prevailing evils. Then the administration
will come forward in that esprit of improve
ment' of which the President speaks, with their
grand scheme of "political bank, founded up
on the checks and balances ofthis Government"
| fear, Mr.. SPEAKER, that the lessons Of eXpe-
rience are lost upon nations. NO people have
bu faoc
than the people of the United States have been
on this subject. And l never reflect upon our
present condition and prospects, without recur
ring to the fate of the Italian who possessing a
strong and robust constitution, sacrificed it to
the tampering of experimental quackery. His
eptaph was brief and contained an instructive
lesson. C. was well; | would be better; am
here" May it never be the painful Office of the
historian to inscribe the same warning epitaph
on the mighty ruins of our national prosperity!
have few words to say to the southern gen
tlemen, who believe this Government has no
constitutional power to incorporate bank
And cannot but express my regret, that their
constitutional scruples should so operate as to
render them utterly powerless in the real con-
test which will here be decided between the
Bank of the United States, and that greatest of
all monsters, political bank. Disguiseit as we
may "to this complexion, it must come at last"
The question of maintaining and preserving and
continuing system of banking and currency,
is essentially different from that of creating such
a system. If the Bank of the United States were
political cancer in the body polite, | would
not have it torn out by the rude and violent
hand of an unskilful surgeon. Admitting it to be
unconstitutional, we cannot but perceive that it
has become incorporated with our whole sys-
tenn of national wealth and currency; and is as
essential to our prosperity the vital air to the
human system. To withdraw under any cir
cumstances would be hazardous; but to withdraw
it suddenly will be exceedingly hazardous and
productive of ncalcuable pecuniary embarrass-
ment and suffering. 1t appears to me that the
same principle which induced Mr.. Jefferson to
approve of an act establishing new branch,
though he believed the act of incorporation un-
constitutional, should induce gentlemen now, h
entertain the same constitutional opinion to &c
quiesce in a system which is already established
and which they will tear down, at our immense
national sacrifice, who vote against recharter.
If it were question of creating bank in a
doubtful case, wisdom would refuse to act be
cause inacton would leave things as they were
But the case is entirely reversed when action
leaves things as they are, and inacton throws
every thing into confusion
But the view of the subject which should be