Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1836-09-23

of the States composing this confederacy
will not long stand by and see the currency
of their respective States corrupted, the val
ne of property unsettled, and all their inter
ests deranged, by the imprudence OF cupid
ty of these interpretations, without finding
and enforcing an eilectua, and at the same
time a constitutional remedy These OBJ
servaions do not proceed from desire TO
deal harshly with the State banks" Altho'
| have always been opposed TO the increase
of banks. would nevertheless pursue tow
ards the existing institutions just and libe.
raj contemplating them in the rightlul
enjoyment Of the privileges which have
been granted to them, and extending 10 them
the good will Of the community so long as
they discharge with fidelity the delicate and
important public trusts with which they
have been invested. But all experience
having shown that there is no delegated
power more liable to abuse than that which
consists in chartered privileges Of this de-
scription would be astute in watching the
course Of the banks, and vigiant and prompt
in arrcsiing the slightest aspiration on their
part to follow bad example, by seeking to
become the masters, when they were design
ed to be the servants of the people
Sincerely believing for the reasons
which have just been stated, that the public
funds may be as safely and conveniently
transmitted from one portion Of the Union to
another, that domestic exchange can be as
successfully and us cheaply effected, and the
currency be rendered at least as sound, un-
der the existing system, as those objects
could be accomplished by means of ma
tiional bank, | would not seek remedy for
the evils to which you allude, should they
unfortunately occur, through such medl-
um, even il the constitutional objection were
not in the way.
But, sir there are, in my opinion, obJec.
tons to the establishment OF national
bank, of character not inferior to any that
have stated. The supremacy of the pop
ular will is the foundation of our Govern
meni. If we allow il to be prostrated. either
by corruption or fraud. the republican prin-
ciple, which gives life and character TO our
system, will be broken down. Ii is only by
rigidly and manfully unfolding that supre-
macy on all occasions that we can hope to
resist the perpetual efforts Of spirit which
is inherent ia all societies; which has new
er ceased 10 maintain powerful loolhold in
these States, and which is ever at work TO
subverl those features OF our system which
place the political rights of the people upon
an equal footing. hold il to be sufficiently
certain that a vast majority Of the people OF
the United States were opposed TO the bank,
and we are equally opposed to new one.
They have had fearful proofs by over, acts
of the correctness of Mr. Jefforson's opinion,
that 'lhs institution is one OF the most dead
" hostility, existing against the principles
and form of our constitution !" and of the
reasonableness Of his apprehensions, that
penetrating BY IFS branches every part oil
tho Union, acting by command, and in pha-
lanx, i, might, in critical moment, upset
the government" To suppose that the peo'
pie OF this government can ever again con
sent to place so great power as that recent
ly welded by the Bank ofthe United States
"a power which could agtalc at pleasure
the elements Of society, and carry terror and
embarrassment TO every corner ofthe land
in the hands Of any body of men, is 10 sup
pose them alike Indifferent to the lessons o.
experience, the calls Of interest, and the
principles of freedom 10 have neither the
capacity to understand their duty, nor the
6rmness TO carry out their own determine
tons.
The re.establishment of the United State:
Bank would therefore. under whatever plau
sible pretences effected, be an infraction o
the well understood will Of the people, and
fatal blow to the cause of selfgovernment
So strong are my convictions upon this sub
ject, and so imperative my sense of duty in
regard TO it, that cannot conceal from yor
my surprise, as well as regret, that the idea
Sew public men occupy position il
regard to them less likely to be temptation
to course of conduct savoring either Of un
due Partially on the one hand, or unjust6a
BILE severity on the other In the course o
my eight years service in the Senate of thi.
State, very large proportion of its banking
capital was incorporated, and the journal.
OF that body will show that took an activ,
part in all the questions which arose upor
the subject Most of the applications fol
banks that were rejected. viii be found Il
have been so disposed of on my motion
and every application, save one, will b.
found to have my vote recorded against it
The exception was that of bank established
at Buffalo at the close of the war. 1t wal
established with the avowed design of ena
bling the inhabitants the more speedily I,
rebuild the town after it had been burnt b.
the enemy. That my vote in that particula
| case would be governed nv that considora