The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-10

In critical examination Of this topic. II
would seem that, if such course OF contrl-
button is TO be tolerated, the resulting revenue
ought to enure TO the common benefit, and not
to enrich privileged order Of corporators +;
and the more especially, as the resources OF
the states, with the aid of the national cur
rency and the capital impaired by the public
deposites, would abundantly sustain the pro-
posed system, under judicious regulations pro-
pery administered
Ii is not to be presumed, nor even suppos-
ed, that the plan presented could be carried
Immediately into full effect throughout the
Union, as the existence of charters comforting
vested rights, might operate to impede, or vir-
tually preclude, its useful action IN some OF
the states for years TO come. But many mem
bers of the confederation are unincumbered
by such grants, and all, in time, might be re-
lieved, by their expiration or otherwise.
The full enjoyment Of this prerogative be-
ing susceptible Of producing avails of vast
extent would not only enable the several
states to perfect their lines of intercommuni-
cation already in progress or in prospect, as
well as to promote improvements in htera-
ture, and other desirable ameliorations, but
tend intellectually to increase productions in
every interest, and, by augmenting exportable
commodities, to supply and nourish exterior
commerce, and essentially enhance the means
Of comfort among the people.
With reference to the private corporations
in which the public moneys have been depo-
sited, they are not calculated, by the nature of
their organization, nor the course of their adj
mnistraiion, to inspire confidence as deposit
&c malt fro m aithar
they to be viewed as the most eligible yehi-
cles of distribution, nor as the most compe-
tent regulators Of monetary interchanges In
remote regions, having, as they have, differ
ent interests and variant points of policy.
Among the many objections to which those
corporations are obnoxious in the public estl-
nation, some are similar TO such as existed in
the late Bank Of the United States, And,
although less eminently calculated to attract
rival investments, and to generate foreign in
luences, or to combine concentration of
power in the possession Of few, or single
individual, dangerous to the peace and pros
perity of the country, or to the vital principles
Of the Government, yet, composing, as they
do, a distinct community, with inordinate
power to act in private, and having privileges
superior to the common mass OF our popula-
demonstrating, in fact, an order which con-
sumcs the fruits Of the common labor, without
contributing to its production in due degree
they may well be viewed as hostile to the
spirit Of free republic and the paper Of
such, (emitted by irresponsible corporations,
acting in conclave, with sole regard 10 Pri-
vate benefts,) from apprehensions Of lis soil
dity arising from the frequency of their fail
ures, or depreciation, could not maintain that
uniform and equal value which would sustain
the issues Of board based upon the wealth
and credit of the whole nation, guaranteed by
the states, receivable in all public payments,
and Immediately convertible into gold or sill
YER PHILo-F IsCUs.