The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-17


while say this, am also free to acknowledge that
a bank ofthe. United States has almost necessarily
both power and influence which 1t may greatly
misuse and abuse 1t may be, even with guard
ed charter, pernicious institution, II used Tor par
tY purposes 1t might be prostituted as the press
is, but still the revenue must be collected and DIS
bursed and if the question is, whether the execu-
tive or bank shall do it, should have no hesta-
ton IN my choice. The executive now holds a
power that has come near 10 subvertng the llber-
lies of the country. The president has not been
content with tue duties assigned To him by the con-
stitnton but has seized the public money, and un-
deraken to regulate the currency by his own pow
or and that power has proved fatally strong as
to overwhelm the country with the present calam
lilies. Now, sir, add to it this potent aly and we
shall have n master stronger than The people; one
that will effectually set them and the constitution
at defiance. While my earnest desire, therefore,
is to place the revenues beyond executive control,
am not anxious about the manner, il 1t shall be
consistent with public interest admit, sir, that
this bill does moi shadow forth bank in lis details,
but whoever examines it will see the seminal prin-
cples of such an institution. The desire OF the
executive in this respect s clear; his policy ana o.
pinions leave no doubt THIS head; presidential
! bank is his aim Now, sir, is not such Il bank dis
eused under the verbage and mutitudnous pro-
visions of this bill? Discount and deposite is not
| the only mode by which banking IS carried on
| The end of government bank Is not TO make mon
ey but to increase executive power by obtaining
control of the exchanges and through them, the
business of the country, that the people may feel
| thew must owe every thlng TO the presioeht Inls
may be done by selling paper alone and throwing
| it into circulation. Let US see whether there are
provisions in this bill to accomplish this. The tenth
section gives to the secretary unlimited discretion.
to transfer money from any one point TO another,
but prescribes mode by which it shall be done.
1t will, therefore, be done without any doubt, by
such government paper as he sees tit TO issue, and
throw into the market, the section will be under
stood 10 confer that power. And, sir, on looking
al the close of the twenty-third section, shall
find distinct evidence that paper Is TO be used That
section provides for the payment of the revenue for
a time, partly in specie and partly IN paper, but
eventually wholly III specie; excepting such notes,
bills, paper, may be issued under the author
ity (not of congress) but the United States. Now,
sir putting this and that together men as ingenious
and power owing the president and his secretary,
will find no difficulty for the lack of authority, to
issue JUS: such paper they see fit. They are not
limited 10 notes or bills, but by paper only. The
authority broad as can we'll be, and the secre-
tary will find occasions to make transfers Just when
and often rs he thinks eXpedient TO issue paper.
1t will be Il million here, two millions there, and
so To try the experiment., and II the thing works
kindly, it, in the absence of other paper, this sha u
be sought alter as 1t Will from necessity, then VIII
this institution unfold ITSELF then will it become
the mammoth brokers Office; the focus of exchange;
and money will go up and down with the will Of
the PRESIDENT business will expand aud contract al
his nod, and this will eXalt him to control over
the affairs OF men that the auocrat of the Russias
may envy. Sir, must be partoned if 1 feel both
sensitive and jealous on this head. have long
dent aspirations after this moned ally that observe
with dlstrust every movement which indicates the
purpose OF making such dangerous use OF the rev.
enues | know too well how artful schemes in the
hands of polite glide along in disguise, till
they become matured aud strong. | would there
tore, meet this matter at the hreshhoe, and thrust
it from counsels as unworthy OF free people.
Sir, this union of executive and fiscal power, is
an invasion of public liberty in its strong hold. 1t
is principle old the British constitution, that
the sword and the purse must be separated. The
king holds the sword but the people the purse
The people of England monarchists as they are,
hold this to be one of the very ntrenchment round
public liberty. The king holds all executive pow
ef, but has means of sustaining 1t but from the
funds and revenues voted, raised and appropriated
by the people through Their representatives 1t
has always been the great check the people hold
upon the king. lie must look TO them for the
means of sustaining and supporting himself and
those under his control; what more just? These
means drawn from the people
Sir have attempted, feebly know, TO devel-
ope the present power of the president, to show
that he can now derange all our finances, curren-
| cy and business; that he now rides over us rough
shod; but this scarcely foretase of what will
i come if this overwhelming accession is made. lie
will then be irresistible, He is the head ofthe army,
the navy, the post Office, collectors and dlsbursers
Of the public revenue land office, contractors, &C.;
&c hos, innumerable, to be fed and paid out of
the public chest; all Of them to man created and
removable at the will or through the influence OF
the president He is the breath, the soul itself, of
not to fear from such power this, with the reg
enues in his hand? Give to the president all the
ply steal force of the army aud navy; all this host
of office holders and the complete power to
collect and dsburse the revenue, and you
make him independent. You have check upon
him, no control over him He will have
sion to ask you for any thing What hope can
have after this of moderation, OF just adm MIS-
traon of the laws of respect for the constitution,
of regard for the rights and Liberties of the peo-
Pile? None whatever The will of the president
will pervade all your counsels, the question Will
not be what does the public interest require; what
ought 70 be done for the public' But what will be
gratifying to the president
Give him this banking power and hesitate not
to declare that he is thenceforward master of the
business ofthe country. 1t will be under his con-
troll and subiect to his caprice, and thus may the
| people be bowed down to the earth and compelled
to make brick without straw.
| Sir, who can stand before this colossus If the
people crushed by the proposition for this union
| what will the comrlete junction and