The Northern star, and constitutionalist. [volume] (Warren, R.I.) 1834-1837, 1834-11-29

ty 10 sever the connexion between the Gov
ernment and this laithless corporation.
The high handed careeer Of this institu-
ton imposes upon the constitutional iunc-
tionaries OF the Government, duties of the
gravest and mest imperative chamberlain
Ties which they cannot avoid, and from
winch, trust, there will be no inclination
un the part of any Of them Ia shrink. NV
own sense Of them is most clear, as 10 also
my readiness N discharge those which may
rightiully fall on me. Te continue my busi-
ness relations with the Bank Of the Un ted
States that may be avoided without viola
ton of the national faith, after that institu-
tim has sci al open defiance the conceded
right of the Government 10 examine its al
| ia RS, after il has done all in its power TO de-
ride the public AUTHORITY; in other respects,
and Bring il into disrepure al home and a
broad after il has ATTEMPTED TO defeat the
clearly expressed will of the people, by turn
| ing ga inst them the immense power in
trusted to its hands, and by involving
country otherwise peaceful, fourshing and
happy, in dissention, embarrassment, and
dst"ess-would make the nation itself par
| ty 10 the degradation so sedulously prepared
for It's public agents-and do much 10 de-
stroy the confidence of mankind in popular
governments; and 10 bring into contempt
against an evil of such magnitude, consider
alions of temporary convenience should he
thrown out of the question, and we should
be influenced by such motives only as look
TO the honor and preservation Oi the republl-
can system. Deeply and solemly impressed
with the Justice or these views, ! feel il To
he my duty to recommend To- you, that law
he passed authorizing the sale of the public
stock; that the provision Of the charter re-
ouiriug the receipt Of notes of the Bank in
payment oil public dues, shall in accordance
with the power reserved TO Congress in the
18th section of the charter, be suspended un-
I'll the bank paws TO the Treasury the dvi-
drnGs Withheld; and that all laws connect
; ing the Government or its officers with the
bank, directly or indirectly, he repealed; and
that the institution be left hereafter to its
own resources and means.
: Events have satisfied my mind, and |
: think the minds of the American People,
h that the mischeGs and dangers which few
o from National Bank far overhalance all its
advantages. The bold effort the present
!, bank has made to control the Government,
= the dist il has wan'only produced, the
= violence Of which il has been the occasion in
, one Of our cities famed for its observance Of
: law and order, are but premonitiOns OF the
fate which awaits The American people
I should they be deluded into prrpetuatiOn
4 OF this institution, or the esta ablishmcnt Of
2 anoiher like it. II is fervenily hoped, tina;
Y thus admonished. those who have heretofore
:, favored the establishment of substitute Tor
: the present Bank, will be induced to aban-
Il don it. as it is evidently better TO incur any
e Inconvenience that may be reasonably ex-
'r pected, than to concentrate the whole mo-
y neyed power Of the Republic in any form
| L.. -,
is Happily it is already illustrated, that
4; ;he agency of such an institution is not
T. necessary to the fiscal operations Of the Gov
k crnment. The State Banks are found fully
o adequate to the performance Of all services
which were required of the Bank Of the y
c States, quite as promptly, and with the same
e cheapncss. They have maintained them
I selves, and discharged all these duties while
i the Bank of the Uaited States was sill pow
Il erlul, and in The field as an open enemy;- -
II and it is not possible 10 conceive that they
J, will find greater difficultes in their opera
tions, when that enemy shall cease 10 exist.
= The attention of Congress is earnestly in
n vted to- the regulation of the depostes in the
e State Banks, by law Although the power now
d exercised by the Executive Department in this
r behalf, is only such was uniformly exerted
!, through every Administration from the origin Of
i Government up to the establishment Of the
" present Bank, yet it is one which is susceptible
of regulation by law, and, therefore, ought SO to
N be regulated. The power Of Congress to direct
d in what places the Treasurer shall keep the mon
If cys in the Treasury, and to impose restrictions
upon the Executive authority, in relation to their
ST custody and removal, is unlimited, and its exer-
J. csc will rather be courted than discouraged by
e those public officers and agents whom rests
It the responsibility for their safety 1t is desrs.
BILE that little power possible should be left
: to the President or Secretary Of the Treasury
e over those institutons-which, being thus freed
e from Executive influence, and without COM
Il mon head TO direct their operations, would have
: neither the temptations nor the ability to inter-
II fere in the political conflicts of the country.
r l,ot deriving their charters from the national au-
. thorities, they would never have those in
:. ducements TO meddle in general elections which
= have led the Bank of the United States to agi-
is tate and convuse the country for upwards OF
J. two years.
6, The progress of our gold coinage is creditable
to officers of the MINT and promises in short
y period to furnish the country with a sound and
E. portable currency, which will much diminish
e the inconvenience to travellers of a want Of a
ne general paper currency, should the State banks
r. beng cap,be of furnishing it. Those institution,
ST have already shown themselves comPetant te
D.. purchase and furnish domestic exchange for the
~ convenience of trade at reasonable rates, and
not doubt is entertained that, in a short period
lie all the wants of the country in bank accommo
o dations and change, will be supplied as promptly
al and cheapy as they have heretofore been by
~ the Bank Of the United States. If the severa
t. States shall be induced gradually 10 reform thei
,n banking systems, and prohibit the issue of al
ut small notes, we shall, IN a few years, have
Is, currency as sound, and as little liable to auc
n tuatons as any other commercial country.
IS; The report Of the Secretary Of War, togethe
B, with the accompanying documents from the sew
II eral bureaux Of that Department, will exhibit III,
m taA
ie administration.
le No event has occured since vour lsst sc.s;ov