Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-09-23

subject in direct opposition 10 each other. A
large portion Of them. combining great intelIi-
gence. activity. and influence, are no doubt
sincere in their belief that the operations OF
trade ought to be assisted by such connec-
ltion; they regard national bank as necessary
for this purpose, and they are disincined to
every measure that does not tend, sooner or
later, to the establishment of such an institu-
ton. On the other hand, majority of the
people are believed TO be irreconcilably oppo-
sed to that measure; they consider such con-
icent.a.ion ofrower dangerous to their liberties:
and many of them regard it as violation of
the constitution. This collision of opinion
has, doubtless, caused much Of the embarrass-
ment to which the commercial transactions of
the country have lately been exposed. Bank
ing has become political topic Of the highest
interest, and trade has suffered in the conflict of
parties. A speedy termination of this state of
things, however desirable, is scarcely to be
expected. We hive seen, for nearly half a
century, that those who advocate a national
bank, by whichever motive they may be influ-
enced, constitute portion of our community
tIo Numerous to allow US to hope for an early
abandonment of their favori.e plan. On the
other hand, they must indeed form an errone-
Gus estimate Of the intelligence and temper Of
the American people, who suppose that they
have continued, on slight orinsuficient grounds,
their persevering opposition to such an institu-
ton; or that they can be induced, by pecunia-
Try pressure, or any other combination of cir
|cumstances, to surrender principles they have
so long and SO infexibly maintained.
NV owN viewa 0f the cuhiact ,,ncharood
They have been repeatedly and unreservedy an
nounced TO my fellow citizens, who, with full
knowledge ofthem conferred upon me the two high
est Offices of the Government 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 TO cooperate in the le-estal,-
lshmen, offs national bank. To these sentiments,
have only TO add the expression of an increased
conviction. that the re-establshment of such q
bank, in any form, whilst it would not accomplish
the beneficial purpose promised by its advocates,
would impair the rightful supremacy of the popu-
lar will iujure tho character and diminish the in
auence of our political system; and bling once
more into existence concentrated money power.
hostile 10 the spirit, and threatening the permanent
cy of our republican institutions.
Local banks have been employed for the depot
and distribution of the revenue, at all times par
TALLY, and, OH three different occasions exclusives
~
Bank of the United Stales secondly, in the inter-
val between the termination of that inst tuition and
the chaiterof its successor and thirdly, during the
limited period which has now 80 abruptly closed.-
The connection thus repeatedly attempted, proved
unsatisfactory OH each successive occasion, not
withstanding the various me.s Ires which were a..
dopted to facilitate insure its success. On the
last occasion, in the year 1888, the employment of
the State banks was guarded especially in cvery
hiCoov and
Personal security required for the safe keeping
and prompt payment of the moneys te be received;
and full returns of their condition were, from time
to time, to be made by the repositories. In the
first stages the measure was eminently successful,
notwithstanding the violent opposition of the Bank
of the United States, and the unccasing efforts
made TO overthrow it, The selected banks per-
formed with fidelity, and without any embarrass-
ment to themselves or to the community, their en-
gagemenis to the government, and the system prom
ised to be permanently useful. But when it be.
came necessary, under the act of June, 1886. to
Withdraw from them the public moneys, for the pur-
pose of placing it in additional institutions, or of
transferring tito the States, they found it i'll many
cases, inconvenient 10 comply with the demands Of
the Treasury, and numerous and pressing appica-
tons were made for indulgence or relief AS the
ins,aments under the deposite law became paya-
ble their embarrassments and the necessity UNI
calling in their debts, increased the general dis
tress, and contributed, with other causes to hasten
the revusion, i'll which, at length, they, in common
W tn othe. banks, were fatally involved.
Under these circumstances, it becomes our SOL
emn duty to enquire whether there are not, in any
connection between the government and banks Of
issues evils of great magnitude, inherent in its We
ry nature, and against which precaution can eff
fectually guard.
II,for 81 NJ %l,n
ment and forced OH the Treasury by early necessi-
ties, the practice of employing banks, was, in
truth, from the beg ming, more measure of emer-
gency than of sound policy. When we started in
10 existence as nation, i'll addition to the burdens
OF new government, we assumed all the large but
honorable load Of debt which was the price Of our
liberty; but we hestated to weigh down the infant
industry of the country by resorting to adequate
taxation for the necessary revenue. The facilities
OF banks, III return for the privileges they acquired
we're promptly offered, and perhaps too readily re-
ceivedby an embarrassed Treasury. During the
long continuance of national debt, and the inter.
venmg difficulties of a foreign war, the connection
was continued from motives of convenience; but
these causes have long since passed away. We
have no emergencies that can make banks necessa-
ry to aid the wants of the Treasury; we have no
load of national debt to provide for, aad we have
OH actual deposit q large surplus. No public in
terest, now requires the renewal Of connection
that circumstances havs dissoved& The complete
Organization Of our government The abundance of
our resources, tho harmony which prevails bstween
the differen, States, and with foreign Powers, all
enable US now to select the system most consistent
with the Constitution, and most conducive to the
public welfare. Should then the Treasury
for fourth time with the local banks, it can only
be under conviction that past failures have arisen
from accidental, not inherent, defects.
Il h.,
ed in such an arrangement, is made strikngly evi.
dent in the very event by which it has now been
defeated A sudden act of the banks entrusted
with the funds of the people, deprives the Treas