Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-04-10

speech ON MIR. w ebster's Bill iar the extension
of the Charter Of the Bank Of the United States,
is most able and eloquent production, and fully
establishes tho good faith with which he accept
cd his post in the Senate Of the Uaitsa States in
accordance with the resolutions Of the Logisla
ture Of Virginia. while he oonears with ma
iorty Of the State in the belief that Congress.
has not the power to create Bank Of the United
States, he secs clearly the use which the friends
Of the President are endeavoring to make OF that
sentiment, and he exposes, Ia manner which
viii carry conviction TO every unpreiudiccd mind,
the folly and madness and ruin, of the schemes
to which the whole power and influence Of tho
Executive are directed. We give the following
extracts, 10 which we solicit the aitcator Of our
readers
ltmay soon appear manifest to oil the
world, that the natural death, or the
violent destruction oftho existing Bank,
which has been essaycd, is to be only
tho prelude 10 the scheme of another
National Bank, constructed on the same
general principle, with as large or lar
ger capital, and obnoxious 10 the same
constitutional objections, as the mother
Bank, with these only differences, that
the mother Bank will be located at
New York, instead of Philadelphia,
and the direction put under the absolute
control and dominion Of the President of
the United States. The first may serve
TO conciliate a powerful popular influence
to the support Of the scheme; tho last will
will give the President far more Of real
substantial power, than the whole patron
| age of Government. now vested in his
hondo, (which has given him power c.
nough. and too much, already can be
made capable of exerting--a power to dis
pense the wealth Of the nation--a power
TO tempt or 10 eonslrsin them into passive
| submission to the Executive will.
Then, sir,
cannot help remembering, that the Pre-
sldent, in lis veto message, told Congress
and the Nation, that, ifhe had been con-
sulted. he could have given such plan
OF a National Bank, as he would have ap-
proved Il speak from memory, aud do
not pretend to quote bis words bat am
sure Of the import Of tbem.)
The President, therefore, is of opinion.
that there may be National Bank con.
siruc,ed, which will be no wise unconsti-
tutionai, and he will give Congress tie
plan, If il will only consent TO the intro.
duction of Poynings' law; that law so cum
ningly devised to keep Ireland in subiec.
ton TO the crown of England; that law.
by which the Irish Parliament could pass
no bill except such as the heads of which
wore furnished from the Castle. They
who tell Us that the President thinks this
Government has no constitutional power
to incorporate a National Bank, either
forget his avowal of opinion in one of the
most solemn acts of bis official life. or
they do not think he was then sincere--
No, sir, the President does not concur
with the General Assembly of Virginia on
this point He may, with perfect consis-
tency, approve charter Of Bank which
shall be conlormed with his ideas Of ex.
pediency; and, rs his avowed objection
10 the present one is. thatit is capable Of
interfering with his Government. we may
infer that he will approve the charter Of a.
mother Bank so constructed as 10 be under
the control of Government, and il he will
not, his successor may. =.
Or. perhaps, the developments Of the
present year may open 10 Us the prospect
OF that Bank Of the United States, the
scheme of which was darkly intmated 10
the public in tue first message Of the Pre-
sident to Congress, at the first session
after his first inaugui ation--the same that
was commonly called Treasury Bank.
do not know that fully penetrated the
design. perhaps it was not intended to te
ineligible to ordinary minds; or, perhaps.
ii was. at the time. in crude, undiges
ted state--but, as understood il, Indeed
| could make nothing else Of it) the plan
was, TO convert the revenue OF the United
between the time of the collection
and the Disbursement oft, into Bank
capital, TO be managed by the Treasury,
under the controul Of the President Now
sir, suppose the alternative shall be pre-
sented to us, whether the charter OF the
existing Bank of the United States shall
be renewed, or such Treasury Bank as
this established Such Treasury Bank
as this! Ii would give the President the
means of purchasing crown; no matter
whether he should employ those means or
not, they would constitute the potentially
of kingly dominion, and would not trust
such faculty "a any President; no, not if
he we're the father from whose loins
sprung-a po.yer dangerous to bis own
virtue, destructive OF the virtue of tho
people; odious, fatal, damnatory OF our
free institutions.
At all events, sir, the developments Of
the present year must enlishten us as TO
the nature and effect of the scheme which,
so far as any scheme has been announced
TO the Senate by any friend of the Admin
istraiion on this floor, or announced to the
public by the President, in those answers
of his 10 the Committees from the great
C ties, is the scheme Of the Government;
and that is, TO leave things exactly in their
present state. The President has formed
a league of State Banks of his own selec-
lion, in which be has deposited the public
moneys collected at the places where they
are respectively located, reserving power
10 himself TO Withdraw these deposites
rom them at his pleasure. lie has pow
sr TO examine their condition at any time,
and to scrutinize their conduct--Congress