Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-14

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the Constitution, have in the end prov
ed injurious, and have served only 10
convince the great body of the people,
more and more, Of the certain dangers
OF blending private interest with the
operations Of public business; and there
Is no reason 10 suppose that a repeti-
ton of them now would be more sue
cessful.
II cannot be concealed that there ex-
lists. IN our community, opinions and
feelings on this subject in direct oppo-
Sition TO each other. a large portion
OF them, combining great intelligence,
activity and influence, are no doubt
sincere IN their belief tina. tho opera
tons Of trade ought to be assisted BY
such connection; they regard ma
tional bank as necessary for this pur-
pose, and they are disinelined 10 every
measure that does not tend. sooner or
later, TO the establishment of such an
institution. On the other hand, ma
jority of the people are believed TO be
lrreconcilabiy opposed to that measure;
they consider such a concentration of
power dangerous to their liberties; and
many of them regard il as violation
Of the constitution. This collision of
opinion has. doubtless, caused much OF
the embarrassment to which the COM
me.cial transactions ofthe country have
lately oeen exposed.
Banking has become political topic
OF the highest interest, and trade has suf-
fered in the conilic: ofparties. A speedy
termination of this state OF fittings, how
ever desirable, Is scarcely To be expect
ed. We have seen for nearly half a
century, that those who advocate ma
tional bank. by whatever motive they
may be influenced, constitute portion
Of our community too numerous to al
low us TO hope for an carly abandon
ment Of their favorite plan. On the
other hand, they must indeed form an
erroneous estimate Of the intelligence
and temper of the American people,
who'suppose that they have continued,
on slight or insufficient grounds, their
persevering opposition TO such an in
siitution, or that they can be induced
by pecuniary pressure, or by any other
combination Of circumstances, To sur
render principles they have SO long
and so infieXihiy maintained.
My own views of the subject are
unchanged. They have been repe at
eddy and unreServedly announced TO
my fellow-cilizens, who. with full
knowledge ofthem, conferred upon me
the two highest Offices OF the Govern
ment. On the last of these occasions,
! felt it due to the people TO apprize
them distinctly, that in the event of my
election, | would not be able 10 co.ope-
rate IN the re-establishment of nation
al bank. To these sentiments, have
now ouly 10 add the expression Of an
increased conviction, that the re-esta-
blishment Of such bank, in any form,
whilst II would not accomplish the
beneficial purpose promised by its adj
voca,es, would impair the rightful SUI
premaey Of the popular will; injure the
character and diminish the influence OF
our political system; and bring once
more into existence q moneyed power,
hostile Ia the spirit, and threatening the
permanenoy OF our republican inslitu-
ions.
Local banks have been employed for
the deposiic and distribution Of the re-
venue, at all times partially. and, on
three different occasions exclusively
first, anterior 20 the establishment OF
the first Bank of the United States; SC
condly, ia The interval between the ter
mination Of that institution and the
charter Of its successor; and, thirdly
during the limited period which has
nov so abruptly closed. The connec-
lion thus repeatedly attempted, proved
unsatisfactory on each successive occa-
sion. Notwithstanding the various inca.
sures which were adopted 10 facilitate
or insure succcss. On the last occasion
in 1893, the employment Of the State
banks was guarded especially IN every
way which experience aud caution
could suggest. Personal security wa
required for the safe.kecplng and
prompt payment II the moneys to be
received, aud Toll returns Of their con.
diiion were, from time 90 time, 10 bc
made 10y tie deposItories in the fire.
stages the measure wJs emiuenily sue
cessiul, notwithstanding the violent OPP
position Of the Bank Of the H. States
aud the uncca,in4 eiII,is made 10 over.
throw g.
The selected banks performed with
fidelity, add without any cmbaFfass.
ment TO themselves or ~ tho communi.
/ ". their engsg ements 70 the Govern.
mont. an1 the system promised % b
/ permanently useful. Bot When Il be
came necessary. under the act Of June
7 l-.Jj. 90 withdraw from them the public
money Tor the purpose Of placing II ia
/ addilionalinsiitutions. o. Of transferring
q b the States they found u. IN mans
cases. announcement 90 comply With the
demands Of the Treasury. add numsr.
Gus and pressing applications weT,
made lof indulgence OF relief As tbs
lnfisimFnts undcr tie depositc law be
came paN able their own cmbarfass
ments, and the necessity under which
hey lay oi curtailing their discount
and calling IN their debt. increased the
general distress. ADD contributed, with