Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-09-14
WHOLE NO. 3S0.

held, onTht 10 Of 0fsctmntcn3nced by the
Government and the people.
\ In transferring It's funds from place to place
the Government is on the same footng with
the private cnizen. and may resort s0 the
same legal means. r. NAV do so tLrougk
the medium of bills drawn by itself, or pur-
chased from others; and In these operations
IL may, in manner undoubtedly constitution.
al and legitimate facilitate and assist ex-
changes OF individuals funded on real tran
sactioDs Of trade. The extent to which this
may be done, and the best means ~ cFeetinR
II, are entitled to the fullest consideration
This has been bestowed by the Secretary 81
the Treasury, and his views W i'll be submitted
to you in his report.
/, But it was not designed by the ConstH,f-
ton that the Government siUvld assume tho
management Of dpnestic or foreign ex-
change. Ii is indeed authorised to regulate
by law the commerce b-tween the States,
und to provide general standard ef vsfne, or
medium of exchange, in gold and silver; bnt
it il not its province To aid individuals in the
transfer of their funds otherwise than thrngIP
the facilities afforded by the Post Of8icc De-
lpartment. As justly might it be called Oh tv
provide for the transportation Of their mer-
chandisr. These are operations of trafr.--
They ought 10 b. conducted by those who
ure interested in them. in the same manner
that the incidental difficulties Of other pur-
suits are encountered by other classes oF citi-
zens. Such aid has not been deemed me-
ccssary IN other countries Throughout Eu-
rope, the domestic rs well as the foreign ex-
changes arc carried on by private houses, Of
ten, II not generally, without the assistance
of banks. Yet they extend throughout dis
'Inct sovcrcigniies. and far exceed in amount
the real exchanges Of the United Stares.-
There is no reason why our own may not be
conducted in the same manner. with eqnnf
chcapness and safety. Certainly this might
be accomplished, If II were favored by those
most deeply interested; aud few can doubt
that their own interest, as well as the gencr-
al welfare ot the country. would be promoted
By leaving such n subject in the hands Of
those to whom it property belongs. A sys-
tenn founded on private interest, enterprise
and competition, without the aid vt legisIatv@
grants or regulations by law. would rapidly
prosper; it would be free from the inAaienc
of political agltAion, and extend the same
exemption TO trade itself; and il would put an
end Ia those complaints Of neglect, partislity,
injustice, and oppression. which are the una-
voidable results Of interference by the Go
vernment. in the proper concerns of individu-
ais. All former attempts on the part of the
Government to carry Its Legislation, in this
respect, further than was designed by th*
Constitution, have in the end proved iniur.
0us. aud have served only to CONVINCE nr
great body Of the people, more and more. OF
the certain dangers Of blending private inter-
ests with the operations of public business;
and there is no reason to suppose that n
repetition Of them now would be moro sue
cessful.
IL h. .IaI hat fhov i'm
our community, opinions and feelings on this
subject in direct opposition to each ofhor.--
A large portion of them, combining great in
tclligence, activity, and influence, are 40
doubt sincere in their belief that tho opcra-
tions Of trade ought to be assisted by such
connection I; they regard national saak 40
necessary for this purpose, and they arc dis
inclined 10 every meas,Se that does not tend,
sooner or later, To the establishment Of such
an institution. On the other hand, a majority
of the people are believed to be irrccOncilab,y
opposed to that measure; they consider SUCH
a ncentration of power dangerous 20 their
liberties and many VI them rega II as
violation Of the Constitution. THIS collision
Of opinion has, doubtless, snused much Of the
embarrassment to which the commercial
transactions Of the country have lately been
icXposcd. Binking has become a political
topic of tho highest interest, and trnde has
suffered IN the conflict Of parties. 4 speedy
terminate Of this stste of things however
desirable, is scarcely to be expected. We
have seen for nearly balfa century, that those
who advocate a national bank, by whatever
motive they may be influenced, constitute n
portion of our community too numerous tn
allow W to hope Tor an early abandoomenc
Of their favorite plan. On the other haut,
they must indeed fern an erroneous estimate
of the intelligence and temper Of the A0,eri-
can people, who suppose that they have con-
timed, on slight or insufficient grounds, their
persevering opposition to such an Institution;
or that they can be induced by peculiar pres
sure or by any other combination Of circum-
sta nees, to surrender principles they have 20
long and so nAexibly maintained.
NV own views Of the subject are unchsng-
ed. They have been repeatedly aud uRfe-
servejly announced to my fellow citizcnsS
who. with full knowledge of them conferred
upon me tho two highest Offices OF the Gov
ernment. On the last Of these occasions,
felt il due to the people to spprize them dis-
tinctly, that in the event Of my election, I
would not be able tn co-opernte in thu re-es-
tsb,ishmeAt Of a national bank. To thcse
se sentineRts, ! have now only to add the ex-
preston Of an increased conviction, thnt tho
re- stablishmeat ef such bank. in any form,
W hiIst il would not accomplish the beneeciss
purpose PROMISED by its advocates, would I'M
pair the rightful supremacy Of the popular
will; iniure tho character and dnnsomh the
influence Of orr political system and bring
once more into cSistence concentrntod
power, hostile 10 the spirR, and
the permaaenc Of our republi-
can institutions.
Local banks have becn employed fos tho