Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-09-15

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of the dav will We trust show that We are disposed
To carry these principles into practice b. our public
acts.
The leading question which now divides The twu
parties Of the country is, the establishment Of
Bank OF the United States. The frs. bank was a
measure Of that parity which deemed It necessary In
devise other means than public opinion and the SUI
raGes II the people, to secure stable Government.
II was condemned BY the people, and was required
To wind up, al(e, living out is chartered existence
Far different were the considerations which led 10
the establishment OF a second bank Il was thought
to be necessary perhaps from conclusions too has,i.
" drawn, as an instrument 10 compel the State banks
20 resume specie payments aud as fiscal agent, 10
keep anu transfer lhe funds Of the United States
This bank was also condemned BY the people, and
ITS charter suffered to expire without renewal The
question is, shall we have a third bank, after TIVE
says Lesn established by the public authorities, and
condemned by the people There are many of us
who have always believed Bank of the IT, Stu be
unconstitutional. They look upon the power TO
create corporations, except in end Tor the District Of
Columbia, as a substantive power reserved wholly
To the States. They find that the convention which
formed the Constitution, refused TO insert clauses
delcgatnG TO Congress the general power 10 create
corponuons. In the discussions of the friends and
foes OF I'd, Constitution, through the press of the
country, aad IN The State conventions prior to its a.
! doptrn, they do not find alleged on either side
| that !, con- red such power On Congress They
ihnktha uf absence Of any grant Of cover in the
| Constitution ought itself to he conclusive. hut
when, IN addition to this it has been proved by the
DEVELOPMENT OF late years that The proposition was
actual, yotttt down in Convention, and that both
parties were tIeHcclGrwais silent on the subject, il
seems 10 them Impossible to doubt hat the power
was not granted, but was purposely withheld.
q - 49,
| They believe that Congress has no constitutional
power To regulate credit IN any of the States Thar
the rights ot each citizen and Of every association of
citizens, TO use tier credit is not derived originally
from the laws; but is an incident To property IN tie
social sta:c that the citizens Of the States possessed
| /, IN the most penary manner; that each or any of
them, slngIy or associated could issue their notes,
without limitation, until The rgh, was taken away by
! the laws OF the States against private barking: that,
TO restore the right nothing is necessary but the re-
| peal Of those laws; and that the granting Of bank
charters is but restoration Of the right TO the favor.
ei individuals. IN modified form. They mnin,an
that the General Government, having no agency
OF right or IN fact in restraining the vac of credit,
or ormddng private banking within the States. has
no power to restore the ri yht in either general or
| modified form, the power belonging exclusively 10
the States which took |, away. And thew think Cor.
gress has as rghiul power 10 ahrogate all the State
laws against banking and tesore the night to eve
~ citizen without restraint, they havb TO restore
1t aqual'tied shape under the condition ol bank
| charter
| These, and many other arguments Of great force
may be employed To prove the unconsliiaiianahty
Bank Of the United States But whatever ina,
have been, or are now, several conclusions npol
that point, we unanimously concur in the opiniol
that the rc-cstabshmen Of Bank Of sbe Unite,
States IS unnecessary nexpedent and dangerous Il
the public liberty.
few years experience has given much addition
al force to lhe arguments originally urged agains
such an institution. leadinv aruument in favor q
II IS, that the STATE banks, OF themselves are nconl
peten TO manage Their affairs prudcntly, or to main
tam specie payments and preserve n sound currency
and that Bank OF thcp. s. il necessary 10 check
| control tncin. do those who use this argument re
hcct That Il IS an argument against popular Gopern
| nlent ITSELF? The people constitute the ooycfnipt
power The United States and il Is by ,hsir author
i,y that The State banks are created This argument
assumes that the people arc incompetent to check
and control class OF Institutions which hcy create
and that new aren't, unknown to the States am
irresponsible to them or to the people must be intro
duced, to save them from the disastrous CONSEQUENCE
Of their own acts.
Is this Republican doctrine On the conrar,
is Il not the leading argument in llvor Of monopo
4 ~ aud absolute power throughout the world p
Why do Kings reign, and princes exercise absoul,
dominion, but because Iae peope are assumed to b.
incompetent 10 act wisely, and protect themselves a
agnst The evil consequences Of their own ignorance
aud error
Assume that the State banks are incompetent ,c
The ends Tor winch they n,e created, and will neces
sany run INTO periodical cxcesses, entnlinc grea
! evils upon Tie country 10 what source wonid a Re-
publican ook for remedy Would he saw that tht
people cannot be trusted TO amend their own insti
tUtons, and That we must have an irresponsible cor
poraon 10 prevent these evils'--W Would he not rp
ther justly conclude that the banking system itsel
was detective, and undertake to reform IT, so as Il
bring IT under the control Of The people, through the
constitutional organs, rather than 10 assume iha5 i
cannot be regulated otherwise than bv the ntroduc
ton Of power competent to contend for master,
with the Government itself?
NereJcct 10th the premises and the conclusions
we believe our representative and popular Govern
meuts 10 the States who created these institutions
fully competent 70 modify and reform Them, and t,
impose all these checks and restraints upon then
which the banking system is capable of receiving.
10 awaken the people 10 due sense Of The mag
| n.ude Of that power which the advocates Of a BAN
of the United States would create let us look at lh
amount Of 'men and money" which they propose L
make dependent upon one institution.
The number Of State banks and branches now
| s29 The number Of presidents, directors, and 9th
er officers, Is not over estimated al eight thongaut
two hundred. The number ofslnckhuidefs nav b
safely estimated at three hundred and twenty thous
and and the number Of debtors, exclusive OF stock
holders, at six hundred ard fifty thousand Tn
aggregate Of these Is hear million Of persons, who's
business relations and pecunlary interests are direct
y involved. The capital Of oil the banks is sbou
S3iq '6S6,770 and the amount of heir loans abou
| S4s5,b3l ,s67. Here, them we have a mass Of abon
one million Of persons, and money aud credit to al
amount exceeding five hundred millions Of dollars
WHICH are, in great degree dependent upon the op
eratlons Of this bank credit system.
Leil 10 be governed by the general laws OF trad
and credit these elements ofpower NAV continue Il
be comparatively harmless III thfn effects upon gu
political institutions; but what does the opposition
party propose
IL nrnr,oSps he tho esia hiishp,erl n nsfbona