Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-11-07


DESTROYING the constitution as the bank-mon-
archical prerogatiye. He would still tell the
people of Virginia, that in his opinion, foanoeo
on long and anxious reflection, nothing "ouu
be ultimately left to them but choice oi e9ls
He would tell them that the objection TO na!loh,
al bank, was, and had always been, connneo
70 Virginia, and few, very lew, other states
of the Union; that, therefore, whenever any ad-
ministration should think it expedent, or when
ever, at any moment, the opinion OF It's pollcy,
much more of it's necessity, should become ge'
neral throughout the Union at large, as II nap
pened in 1Sl5-16, national Dank wouid DC
created, in spite OF our opposition; ana mat this
was a consideration, which, as II couid nowise
be put aside ought never TO be overlooked IN
our calculation Of consequences. 1t was dlfn-
cult to conceive, how this nation could hang TO-
petber i'm it's present state OF political union
and commercial relations, without general
uniform currency of some kind or othef-he
believed the indispensable necessity OF such
currency was universally admitted. 1t was diff
fcult to conceive, how the state banks could fur
nsh such currency-because if for no other
reason,-even supposing their credit solid, yet,
owing to the multitude of them, il would be i'm
possible for people in distant parts, TO be INFORM
ed OF the state of their credit, or be able to
Judge of the genuineness OF their notes. But
their paper would supply the local currency
Ii was difficult to conceive any means within
the constitutional competency Of the federal GO
vernment, by which the state bank system could
be suppressed, or the extension Of it by the
States prevented-Or any constitutional means,
by which even their small notes could be drawn
out of local circulation; for, as to the scheme
which had been suggested fsuppressing themby
the imposition Of federal stamp duty, it could
not have been well considered; it was plainly IN
constitutional; it was perversion Of power g.
ven for prescribed purpose, to another and
wholly different purpose; which would be found
| in practice the most sweeping and dangerous OF
all the systems of construction that had yet been
invented.
And so long as the State Bank system should
continue, and the State banks should remain in
any colourable state of credit, he could not see
how it was possible to restore hard money
currency. Such measures as the Gold Bill,
| and others which the federal government was
competent to adopt might have the effect OF
infusing larger portion of specie in the general
circulation-and, in his opinion, the more the
better-but the result of his reflections on the
subject. was, that the effect of such measures
would be very partial and limited indeed All
things considered, the institution of national
bank would present itself as the easiest method
at least, of providing general uniform cur
rency for the whole Union; and it would, there
fore, be resorted to, by those who thought such
an institution constitutional as well as expedi-
ent and adopted, if they had the majority.
And then, those who thought it unconstitutional
and dangerous must take that scheme OF ma
tional bank which, in their opinion, would be
most capable of good and least capable OF mis-
chief. And thus il was that it would happen,
that the question ultimately to be decided-the
question we should have to consider at last, in
spite of our teeth, would be, not whether there
should be national bank or not? but, what sort
of bank2 bank with capital of $4,000, 600
or Of $35, 900 OOO-S25, 200. 000-or $50 900, 0002
bank subjected 70 the absolute control and d-
rection OF fRcutive? or one placed I'M
| der tbs htrol and direction Of the
| stock d. he knew as well as any
body in po,ics,-all reason
! ing NJ present, to the future state
of thin very nature, fallible; and
when hiSsf Ufated evil, no one would be
so happy as he should be, if his apprehensions
should prove unfounded. But, in the present in
stance, the chain Of probabilities hung together
by such massive links. that it was wonderful to
| him that they were not visible to all eyes.
Those probabilities depended on the regular
operation of political causes; and could nowisc
| be affected by Il belief that the results would
| or would not happen. In the name OF common
sense and common prudence, why was it otfen-
| sye to exhibit such views as these to the peo-
| pie, and to ask their consideration of them?
Were presages of evil-even supposing them
| the offspring of an Over-anXious mlnd-to be
regarded as proof of desire to promote evil?
If any man sincerely think so, then, said Mr..
L., "him have offended,"-but offended out
of zeal to serve. And as for those who do not
think So and yet say so, it were idle to deprecate
their opposition.
As to the place of deposit of the public Trea-
sure of the United States, and the distribution
and disbursement of it, Mr. L. had recently in
timated the opinion that the true principles of
the constitution, according to the intention of its
founders, would require, hatth treasury should
be divorced from all connection with any bank
or banks, state or federal The same PROPOSE
ton had been suggested by Mr.. Gordon. at the
last Session Of Congress; and the hint of it, in
TRUTH was given oy Mr.. Jefferson, in a letter to
Mr.. Gallatin, in 1903. A regulation ofthe lrea-
sury on that principle, was simple enough.-Let
general treasury office be established at the
seat of government under the management Of
treasurer, and local treasury Offices establish
ed in each of the States, as many as should be
convenient, under the management of assis-
tant treasurers; requiring bond and security
from the treasurer, and assistant treasurers, for
the faithful performance Of their trust-Let the
public revenue be deposited in these Offices, as il
should be collected-Give power to the Secreta-