Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-08

then President oil the United States, gave his approba
ton TO the charter, avoweay yielding his private OPT
Mon the constitutional question: general Of
the nation Did he hereby forfeit any portion Of the
TEEN, the confidence, the veneraoD, Of the people Of
Virginia! Mr. Craw ford was a strenuous aud able advo-
cate OF the renewal oil the charter OF the old Bank of the
u States thereby giving the weight oil his authority the
iauudmous principle OF construction Gas we think ) by
which alone il be yindicatcd Did Virginia alter
wards give him her Jealous support for the Presidency!
gave him my vote, with most hearty good will. Again,
when the question concerning the charter OF the Bank
was before Congress in 1892, the General Assembly OF
virginia remained profoundly sIent though the consliiu-
tional question had then been revved-wiih what COLA
teral views, required wizard TO understand. Sir.
Virginia may now with perfect consistency, make that
choice between the alternatives that shall be presented TO
her, which 10 her wisdom shall good; and all that
desire is, that she shall understand the a,ernaves-ds-
tincny thoroughly, under them. Then will her
solution be worthy OF consideration and challenge obed
fixed in the opinion, that the present Bank, or
any other stonal Bank, is unconstitutional as the gem
tlenan from New York possibly be- But sir there
is wide and obvious difference between the question,
whether All act shall be jone whether particular
shall be adopcd and the ques ion after the has
done, alter the system has been adopted whether il shall
be undone, reversed and this though the question: in
both cases alike may involve point of constitutional law
The hrs act does operate merely by the of
authority as precedent; ii act done, which
be recalled; which has produced effects that cannot DO
annihiaied; state oil facts that human power wis
dom alter; and the actual state OF affairs may render it
dicut and hazardous TO reverse at all the system of
measures out OF which has grown, and impossible
reverse abruptly without subverng the very frame Of
government foundations or making vital change
IN It's constitution. For instance know, that it
the opinion OF Mr. Jefferson, least his opinion at
first, that the admission OF the purchased territory of Lou
ana INTO the Cion, as an integral part OF the empire,
was not warranted by the Constitution of the United
States. The Senate will not imagine iha, have be-
slowed serious TO the examination OF that qes-
on AT the time OF the transaction was not competent
to the task; and the glory of extending the empire Tree
gov, rnment over vast region, which my heart
would have swayed Judgment But suppose that upon
deliberate examination OF it now, my judgment should
be fully convinced that the first opinion OF MIR Jefferson
right, does any Think, if the question should be
presented 10 this House, whether Arkansas shall be al.
mitied as State into the UDion that would, or that
ought, TO raise the constitutional objeclionl know very
well the differences between such "A question, and tho
question OF renewal oil the charter oil the Bank; only
illustrating my meaning. lions like this have
been suggesting must to all thinking men, and
have their proper weight with them and The ardent
their attachment to the Union, and The greater 10y
atty 10 the Constitution and laws tAe cautious will
ey DC III resolving on NE proper conrte oil measures In
the present conjunciure oil affairs and that, yet
ul, which Is coming The very intensity of the dis
ease often orois all Immediate resort 10 strong and deci
sive remedies
The President tells the public that reso ell to re-
store to the country metallic medium OF circulation, and
though can agree with him that all within
his competency 10 regulate The currency, that such
work he proposes himself, be accom- lished inn
medaely, single blow, and by of the
viii OF governments; yet, l so Tar agree with him 10
that metallic basis on hic our system OF Bank
paper currency rests mean the whole system, Stale
and Federal) ~ altogether too narrow ought by all
judcious practicable, 10 be widened. OF this the
disclosure of the State Banks convinced me-
| had before, 10 adequate idea Of the OF them.
Their system OF credit and currency is inverted pyra-
mia oil stupenlOus dimensions, resting
rover man lis apeX-a breath can shake a single pow
erfu hand can, i'll moment subvert and tum BILE il into
ruins But The restoration OF metallic currency, partial
" TO any desirable extent much more in whole, only
be the work OF legislaon-wse, cautious lcgislaion-
and it must be work of time. Any towards
the object must proceed by slow degrees, step by STEP
inch by inch, hesang the least sppe aance OF failure
and never moving rapidly till success shall be certain.
Now, it seems 10 be quite plain, that National Bank
may be made far efficient instrument than the
Presidents league OF State Banks possibly be, for
gradually contracting lis paper circulation and that
OF the State Banks, and Thus Tor Introducing hard
ney currency III place of the Bank paper currency that
shall be drawn in, and, in The end, reducing the whoe
SYSTEM State and Federal 10 state in which may easi-
y be limited, or abolished, experience shall dictate
be wise Ana, Tor my part, cannot understand, and
shall be obliged TO any gentleman who will have the
goodness TO explain TO me- how can be- that Congress,
and the President concurng in the act, have consiitu
onsl power 10 regulate the currency through the insru.
mentality oil Naona Bank, and vet that the President
alone possesses rghtul constitutional prerogative to
regulate The currency through the nsrumcntay Of his
league of State Banks
Yet this prerogalive is exactly what he openly claims
stated the other day. from memory, what he said this
subject 10 Of the Committees that have recently wdited
OIL him: it the Philadelphia Committee, and shalt
now read to the Senate the passages in the report the
Committee TO which referred, promising that have 10
reason to doubt OF The accuracy OF the report of twenty
| two respectable witnesses.
MIR. H. here read extracts from The report of the
Philadelphia Committee, which we intended insert and
which already in type that purpose; but which
Obliged 10 defer anolber day of roon,1
Here then is claim openly asserted by the President
OF an independent Executive prerogatve TO regulate
currency Here too is evidences OF the absolute control
he hos acquired hc State Banks, by the disposition
lie has made OF the public Of his know ledge that
he has acquired -oi his actual exercise Of -oi his in
tentiOn to retain iof his consciousness lat The State
Banks are dependent on him for proecoD The question
is not whether such preogalve ought TO be vested by
law in the Execuivebe President is already in the ac-
ua possession and exercise oil IT, III has already asun-
ed to himself the disposition Of the public revenue be-
tween the collection aud the disbursementhe night to
lend these vast sums Of the peoples money the State
Binks, in order TO enable them their own engage
mens and TO enhance their pIots. What have they 10
pay to their benedctOr aud protector for his and
iayoii Nothing but obedeGce and loyalty. Let them
any OF them, be refractory, and he viii dismiss them
aye, and crush them. lie has acque1 the power of ac
curing much power lie may care to possess
Its i'll vain 10 tell US he will not abuse il; suppose he will
NOT The people OF this country TO hold their
public treasures, their private properties, aud their bcr
lies by the same tenure by which his Secretaries hold
their Understanding his good pleasure?
Sir, il Il could be supposed That the language which
the President is reported TO have held 10 committees
is only the language Of heat and passion, therefore
aOring certain indication OF his opinions and designs
should be Sholy unwilling hat the cars of The people
should be accustomed to such language The tendency
OF this Government to monarchy orctold from the
beginning, and is now, bin manifest from history
Tie ef ba tendency lie found in The circun-
prevailing pafty in the immense patronage he possesses
and the power gives bim 10 dispense rewards to his
friends honor and emolument-in the temptation he il
under employ his patronage TO his own po
puariy and IN the nature Of party spirit that
distinct aud powerful principle OF human action, which
inpes 10 support the head Of their party always
necaflv when their chief power.