Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-03-16

IN the present staleOithe currency these banks
may and do operate iojuriously upon the ha>
bits OF business, the pecuniary concerns, and
the moral tone OF society; yet from their
number and dispersed situation, they cannot
combine Tor the purposes of political influ-
ence ; and whatever may be the dispositions
OF some OF them, their power of mischief
must necessarily he confined to a narrow
space, and felt only in their immediate neigh. |
borhoods.
But when the charter for the Bank of the |
United States was obtained from Congress, il |
perfected the schemes Oi the paper system,
and gave 10 It's advocates the position they |
have struggled 10 obtain, from the com
mencement of the Federal Government dow n
TO the present hour The immense capital,
and peculiar privileges bestowed upon il,
enabled it to exercise despo,iC sway over the
other banks in every part of the country.
From It's superior strength, il could serious
iy iniure, ii not destroy the business Of any
one OF them which might incur its resent>
ment ) and it openly claimed for itself the
power OF regulating the currency throughout
the United States. H. other words, i, assert
ed (and it untiosbtedly possessed) the power
to make money plenty or scarce at its pleas
u,c, a, any time, and in any quarter of the
Union by controlling the issues of other
banks, and permitting an expansion, or com
pelling general contraction, of the circu.
!ating medium, according 10 lis own will
| he other banking institutions were sensible
of ills strength, and they soon generally be-
came lis obedient instruments, ready, al all
times, to execute its mandates and with the
banks necessarily went, also, that numerous
class oi persons in our commercial cities " no
depend altogether on bank credits for their
soivency and means Of business and who
tI,,r 4
TO propitiate the favor of the money power
by distinguished zeal and devotion to its SER
vice. The result OF the ill-adviscd legisla-
ton which established this great monopoly
| was, TO concentrate the whole money ed pow
er OF the Union with lis bouudless means of
corruption, and lis numerous dependents,
under the direction and command of one &C.
knowledged head, thus organizing this par
! ticular interest as one body, and securing 10
! II unity and concert Of action throughout The
United States, and enabling il TO bring for
ward, upon any occasion, its entire and un-
divided strength TO support or defeat any
measure OF The Government. In the hands
OF this formidable power. thus perfectly or
ganized, was also placed Unlimited dominion
over the amount OF the circulating medium,
giving the power to regulate The value of
property and the fruits of labor in every
quarter of the Union !; and to bcs,ow pros
! perity, or 10 bring ruin upon any city or Sec
lion OF the country, as might best comport
with lis own interest or policy.
! We are not left 10 conjecture how the mos
ney power, thus organized, and with such a
[ weapon in Tia hands, would be likely to use
il. The distress and alarm which pervaded
and agitated The whole country, when the
Bank Of the United States waged war upon
the people, in order to compel them 10 sub
nit 10 its demands, cannot yet be forgotten.
The ruthless and unsparing temper with
which whole Giles aud communities were
oppressed, individuals impoverished and rum
ed, and scene OF cheerful prosperity suddenly
changed into one of gloom and despondency,
ought 10 be indelibly impressed on the NAM
DRY Of the people ofthe United S,ates-li
such was its power in time of peace, what
would II not have been in season Of war,
with an enemy at your doors No nation
but the lreemen Of the United States could
have come out victorious from such contest;
yet, if you had not conquered, the Govern
! meni would have passed from the hands of
the many to the hands of the few, and this
organized money power, from its secret con-
clave, would have dictated the choice of your
! highest officers and compelled you 10 make
! peace or war, as hest suited their own wish>
es. The forms Of your government might
spirit would have departed from it.
The distress and sufferings inflicted on the
people by the hank, are some OF The fruits of
that system OF policy which is continually
striving to enlarge the authority of the Feds
erai Government beyond tie limits fixed by
The constitution. The powers enumerated
IN that instrument do not confer on Congress
! the right 10 establish such a corporation as
The Bank of ihe United States and the cv
consequences which followed may warn Us Of
The danger ofdepariing from The true rule of
construction, and OF permitting temporary
circumstances, or the hope OF better promo>
ting the public welfare, 10 influence, in any
degree, our decisions upon the extent of the
authority OF the General Government Let
us abide by The constitution as il is written.
or amend il in The constitutional mode, if
i, found 10 be defective.
The severe lessons of experience will,
doubt not, be sufficient to proven, Congress
irom again chartering such a monopoly, even
If The constitution did not present an insupe-
rahic objection 10 il. But you mus. remem.
| Der, my fellow citizens. that eternal vigi
lance by the people is the price of liberty ;;
and that You must pay the price il you wish
TO secure the blessing II behooves you,
therefore, 10 be waichhul in your States, as
well as in the Federal Government. The
power which The moDeyed interest can exer-
else, when concentrated under single head,
and with our present system OF currency,
was sufficiently demonstrated in the struggle
made by the Bank Of The United States. De
iea'ed in the General Government, the same
class Of intriguers and politicians will now
resort TO the States and eDHeavor 10 obtain |