The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-17

II
OF The contest with the lsle United States
BanA Was not the expectation held
out 10 the people that they would be sup
piled with better currency, and with
better regulated exchange And did mol
both The late President and The Secretary
OF the Treasury dsell. with particular
satisfaction, IN several messages and re-
ports upon the improvement Of the cur
rency. the greater amount in exchange.
sad the reduction Of the rates. under The
operation Of the State bank system, than
existed under the Bank Of the United
States! Instead Of fulfilling the Promises
then held out, the Government now wrap
itself up in lis dignily--Iells The People
thar they expect too much Of ~; that il is
MOI lis business 10 furnish exchanges; and
thar 'hey may look IN Europe Tor the
manner IN which. through The agency 1f
private bankers, the commerce aud bush
ness Of its countries are supplied with ex-
change. We are advised TO give up our
American mode Of lransacting business,
through the lnstrumenlaliiy Of banking
Corporations, in which the interest Of The
rich and tue poor are happily blended. and
10 establish bankers similar 10 the Hopes.
the Bsrngs, the RoIhschIlds, the ho-
tinguers, Of Europe, houses which re-
quire years or ages TO form and to put
in successful operation. and whose vast
osergrown capitals. possessed by the
rich exclusively Of the poor, control the
destroy Of nations and determine the fate
ns empires!
| Hung. | think. Mr.. President, shown
'h4i the pr"jecI Of the Administration is
ns'lhrr desirable, nor practicable. nor
within The constitutional power Of the
General Government. nor Just; and that
- IL contrary Ia the habits Of the People
ri lhe United States. and is dangerous to
their libsrnes might here close my re-
marks; hut | CONCEIVE u the duty " pa
tuonc opposition not 10 contine itself
merely 10 urging objections sgainst mea-
sures 10 promote the general prosperity
brought forward by those in power. Il
has further asd higher duties 10 perform.
There may be circumstances in which
the Opposition y bound formally To pre-
sent such measures as, IN It's judgment,
are demanded BY the exIgency Of the
times; bu. Il II has just teason TO believe
they would be unacceptable to those WIN
alone can adopt them, and give them e.
feet, the Opposition will discharge lis du-
~ by suggesting what 1t believes ought
| 10 be done for the public good.
| ! know. sir, that | have friends whose
partIali,y has induced them to hope that |
would he able To bring forward some heal
,ng measure Tor the disorders which un-
happily prevail, that might prove accept
ADLER wish 10 God that could reailze
this hope: but cannot. The disease -
ii such al alarming character as 10 re-
quire more skill than ] possess; and re-
gr"i ~ n. compelled 10 fear that there Is
re. ctipgua' rrmeds but that which Is in
tbc hands Of the Suffering patent himself
Sui, under deep sense NJ the ublIes.
,ion To- winch have referred, | declare
that. after the most deliberate and anxious
consideration Ol which | am capable, |
can conceive no adequate remedy which
dues not comprehend a National Bank as
an essential part. II appears To me thai,
a National Bank. with surh notifications
as experience has pointed out. particular
ly such as would limit its profits, exclude
foreign influence in the government. Of il,
and give publicity to It's transactions. is
the only safe and certain remedy that can
be adopted. The great want Of the coun-
Try is a general and uniform currency.
and point Of uniOu, sentinel, a regula-
tor Of the issues Of the local banks; and
that would be supplied BY such an instl-
tuition.
am not gong now 10 discuss, as an
original question. The constitutional pow
er Of Congress To establish a National
Bank. In human affairs there are some
questions, aRd | think This is one. that
ought To be Terminated. From several
decisions Of Congress affirming the pow.
sr, the concurrence Of every other depart
ment Of the government, the appreciation
OF The people, the concurrence Of both the
great parties into which the country has
been divided. and forty years Of prospe-
rous experience with such bank. ap-
pear TO me to sellle the controversy, if
any controversy is ever to be settled.
Twenty-Five years ago Mr.. Madison.
whose opposiuon to the Bank Of the Uni.
ted States is well known, in a message
to Congress said:
| Waving the question Of the consti-
tulional authority Of the Legislature TO
establish an incorporated bank. as being
precluded. 10 my judgment, by repeated
recoguiions. under varied circumstances.
Of the validity of such an institution, in
acts Of the legislative. executive, and Ju-
dicial branches Of the government, ac'
| comDanipd hy Indications, in different