The Arkansas advocate., 1836-01-08


 Commissioners of Loans nnd of the sinking fund. recommend, therefore, that they be abolished, and that proper measures be taken for the transfer o the Treasury Department, of any funds, books, and papers, connected with the operations ot those oti ees and that the proper power be given 10 that de- partnlent, for closing, fHally any portion of their business which may remaln to be settled
 lis also incumbent on Congress, ln guarding the pecuniary Interests of the country, 10 discontinue, hv sneh lavo passed in I6l2. the receipt of the bills of the Bank of the United States m pay
 nen of the pubic revenue and fo provide for the designation of an agent whose duty it shall be to take charge of the books and stock of the U States in that institution, and to close all connection with it, after the 3d of March, 1886, wien it's charter expires. h making provision in regard to the dis position of this stock t ~ Dc essential se de!ne, clearly and strictly, inc duties and powers of the officer charged with that branch of the public vice.
 It will be seen from the correspondence which the Secretary of the Treasury will lay before you, that notwithstanding the large amount ot the stock which the United Stefes hold in that institution, information has yet been communicated which will enable the government to anticipate when t can re- ceve any dividends or derive any benefit from it.
 Connected with the condition of the finances, and the Hourlshing state o the country n all it's branches of industry. 1t is pleasing to witness the advantages which have been already derived from the recent laws regulating the value Of the gold coinage.
 These advantages VIII De more apparent III the course of the next year, when the branch hints authorized 10 Do established in North Carolina Georgia aud Louisiana, shall have gone into epe- ration. Aided, as itis hoped they will be, by farther reform in the banking systems of the States, and by iudcious regulations on the part oi Congress, in relation to the custody of the public moneys, it may be confidently anticipated that the of gold and silver, as q circulating medium will become gene ra in the ordinary transactions connected with the labor of the country. The great desideratum in modern lines, is efficient check upon the power of banks, preventing that excessive issue of paper, whence arise those Fluctuations in the standard of vaiue which render uncertain the rewards of labor. 1t was supposed by those who established the Bank Of the usled States, that from the credit given to tby the custody of the public moneys, and other privileges and the precautions taken to guard against the evils which the country had suffered on the bankruptcy of many ot the Stale institutions of that period, we should derive from that institution all the security and benefits of sound currency and every good end that was attainabIe under that provision ot the constitution which authorizes Con gress alone to com money and regulate the value thereof. But Il is scarcely necessary now 10 say that these anticpations have not been realized. After the extensive embarrassment and distress recently produced by the Bank of the United States from which the country is now recovering aggra- yated as they were by pretensions 10 power which deiled the public authority, and which, if acquesced
 in by the people, would have chanaed the whole character oi 5oaf government, every candid
 intelligent individual must admit that fir the at. taament of the great advantages of sound e1rfen- ey, must look to course of legislation radically different from that which created such aninsnton.
 In considering the means of obtaining so import ant an end, we must set aside all calculations of temporary convenience, and be influenced by those only which are iR harmony with the true character and the permanent interests of the Republic. We must reeur to first principles, and see what 1t is that has prevented the legislation of Congress and the States, on the subject Of currency, from sats- lying the public expectation, and realizing results corresponding to those which have attended the action Of eur system when truly consistent with the great principle ol equality upon which itrests and with that spirit of forbearance. and mutual conees- slon and generous patriotism, which was origin ally, and must ever continue to be, the vital ele- ment of our Unien
 On this subject, 1 am sure that cannot be mis- taken Tn ascrlbing want of success to the undue eeuntenanee which has been afforded to the spirit ot monopoly. All the serious dangers which our system has yet encountered, may be traced to the resort to implied powers, and the use of corpora tlons clothed with privileges, the effect of which
 IS to advance the interests of the few at the expense of the many We have felt but one class of these dangers, exhibited in the contest waged by the Bank of the United States against the government for the last four years. Happily, they have been ohyiased for the present by the indignant resistance of the people; but we should reeolect that the principle whence they sprung is an eVer-active one which will not fail to renew its efforts in the same and Tn other forms, So long as there Is q hope of success founded either on the inattention Of the people, or the treaehery of their representatives,
 o ;c progress G: ;ts !sG bank; ;; IS, Tn fact. but one of the fruits of a system at war with the genius of all our insttttons-1a svs- tenn founded upon political creed, the fundamental principle oi which Is a distrhst of the popular will as safe regulator ot political power, aud whose great ultimate object, and inevitable result should It prevail. Is the consolidation of all power in our system III one central government. Lavish public disbursements, and corporations with exclusive pri- vheges, would be its substitute for the original and as yet, sound checks and balances of the constitu ton--the means by whose silent and secret opera ton, control would be exercised by the few over the political conduct of the many, by first acquiring that control over the labor and earnings of the great body of the people. Wherever this spirit has ef. teeted an alliance with political power, tyranny and despousm have been the fruit Il t is ever used tor the ends ot government 1t has to be necessarily watched or il corrnpts the sources of the public virtue, and agi,ates the country with questions un- favorable to the harmonious and steady pursuit of It's true interests.
 We are now to see whether in the present fa- vorable condition of the country, we cannot take an efiectual stand against this spirit of monopoly, and practically prove, in respect to the currency as well as other important interests, that there is no necessity for so extensive resort to 1t as that which has been heretofore praetsed. The eSpe- rlence of another year has confirmed the utter ta lacy of the idea that the Bank of the United States was necessary as fiscal agent of the govern- ernment. Without it's aid as such, indeed. in des pite of all the embarrassment it was in its power 10 create, the revenue has been paid with punciu- ality by our citizens; the business of exehanoe both foreign and domestic, has been conducted with consenience and the circulating medium has l.1-- n