Litchfield enquirer., 1835-12-10

spirit Of forbsarsnce and mutual concession, and
generous patriotism, which was originally, and
naust over cOntinpo TO be. the vital element Of
orr Union.
On this subject / am sure that I cannOt be mis-
en.insa scribing our want Of success 10 tho
unduo countenance which has been afforded to
the spirit of monopoly. All the serious dangers
which our system has yet encountered, may be
traced to the resortto implied powers, and tho use
If corpor ,tionu clothed with privileges, the eff.
feet Of which 10 to advance the interests Of tie
few at the expense Of the many. We have felt
but ona class of these dangers exhibited In the
contest wORed by the Bank Of the United States
against the Government, for tho last four years.
Happily they have been Obviated for the present
By the indignant resistance Of tho people; but
We should Tecollect that the principle whence
they sprung 10 an ever active one, which will
not fail to renew IS efforts in the same 'and in
other forms 50 long as there is hope Of success.
founded either on the inattention of the People,
or the treackery Of their representatives, to the
subtle progress Of its influence. The Bank is,
in fact, but one Of the fruits Of system at war
with the genius Of all our institutions system
founded upon political creed the fundamental
principle Of which is a distrust Of the popular
will as a safe regulator Of political power, and
whose great ultimate object and inevitable result,
should It prevail, is the consolidation of all pow
Lavish public disbursements, and corporations
with exclusive privileges, would be its sub titutes
for the original, and, as yet, sound checks and
balances Of the constitution-the means by
whose silent and secret operation a control would
be exercised by the few over tho political conduct
Of the many, by first acquiring that control over
tie labor and earnings Of the great body of the
People. Wherever this spirit has effected an al.
lianoO with political power, tyranny and despo-
1.~,, L.. f-.@sn g. g.
ends Of Government, it has to be necessarily
watched, or il eorrupts the sources of tho public
virtue, and agitates the country with questions
unfavorable 70 the harmonious and steady pursuit
of its true interests.
We are now to SEQ whether, in the present
favorable condition Of the country, we cannot
take nm efectnal stand against this spirit Of mo.
nopoly, and practically prove, in respect to the
currency 40 well 40 other important interests that
there 10 no necessity for SO extensive resort to
il as that which has been heretofore practiced.-
Tho experience of another year has confirmed
the utter falacy Of the idea that the Bank Of the
United States was necessary as fiscal agent OF
the government. Without its aid, as such, indeed
in despite of all the embarrassment it was in its
power to create, tho revenue has been paid with
punctuality by our crtizenss the business of ex.
change, both foreign and domestic, has been
conducted with convenience; and the circula.
sing medium has been greatly improved. BY the
pse of the state banks. which do not derive their
charters from the general government. and are
not controlled by its authority, it is ascertaned
that the moneys of tho United States can be col.
lected and disburssd without loss or inconven.
fence, and that all the wants Of the community.
in relation to exchange and currency, are sup
piled as well as they have ever been before. IT,
under circumstances the most unfavorable to the
|steadness Of the money market, 1t has been found
that the considerations on which the Bank OF
the United States rested its claims to the public
favor, wore imaginary and groundless, it cannot
b. doubted that the experience Of the future will
be more decisive against them.
II has been seen, that, without the agency Of
great moneyed monopoly, the revenue can be
collected, and conveniently and safely applied to
all the purposes Of tho public expenditure. 1t is
also ascertained, that, instead Of being necessa-
rily made to promote the evils of an unchecked
paper system, the management of the revenue
can be made auxiliary to the reform which the
commenced in regard to the suppression Of small
billie and which has only to be fostered by pro-
per regulations ON tho part of congress to secure
practical return, to the extent required for the
security Of the currency, to the constitutional
medium. Severed from the government as po-
litical engines, and not susceptible of dangerous
extension and combination, the state banks will
not DO tempted, nor will they have the power
which we have seen exercised, to divert the pub
lie funds from the legitimate purposes of tho gov
eminent. The collection and custody of tho
revenue being, on the contrary, source of cre-
dit to them, will increase the security which the
states provide for faithful execution of their
trusts, by multiplying tho securities to which
their operations and accounts will be subjected. |
= Thus disposed, us we'll from interest, as the
obligations of their charters, it cannot be doubt
ed that such conditions as congress may see fit
10 adopt respecting the dcposites in these nsti-
tutions, with view to the gradual disuse Of the
small bills, will be cheerflly complied with and
the United States, practical reform in the whole
paper system Of tho country. If by this policy. |
NE can ultimately witness ahe Impression of all
bank bills below twenty 4ol'4f& it is apparent |
that gold and silver viii their place, and
become the principal circu .ing medium in the |
common business Of the fafNSers and mechanics
of tho country. The attainment of such result
will form an err ia The history Of our country
which will be dwelt upon with delight by every
true friond Of Its liberty and independence. 1t
will tighten the great tax which our paper sys-
tenn has 30 long collected from the earnings of
labor. and do more to revive and perpetuate those
habits Of economy and simplicity which are so
eongenial TO the character Of republicans, than
all the legislation which has yet been attempted
To this subject L feel that cannot too earnest
iy invite tho especial attention of Congress,
without the exercise Of whose authority, the OPP
portunity to accomplish SO much public good
must pass unimproved. Deeply impressed with
lie vital importance, the Executive has taken all
die steps within his constitutional power, to
guard the public revenue, aud defeat The cxpec-
talioR which the Bank Of the United States in
dnlged, ofrenewing and perpetuating its monop-
ssl5s sen tAe ground of Ne nvcessity MS q fiscal