The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-10-03
WHOLE NO. 1853.

: We may well leave this point to be decided BY on
4 old opponents, the Federal or National party which
under oil changes Of names have been so true to the
g principles and policy Which are they in favor Of tn
IS separation or the union! The answer is easy. On n
other question, or any other OCCASION have they eve
d been more united From their leaders, down. through
out the entire rank and file, there no division il hei
ranks oil being bitterly hostile to the separation ant
devoledly attached to the union Of Government, snt
Banks and well may they be SO. or all measures thu
union Of Government and Banks has the most powerful
tendency to consolidation, and is of course the mos
hostile to the federaye character Of our system and
never dd the great original leader Of the Federal OF
National party Alexander Hamilton display profoundeI
ssgacy or greater bodness than in concentrating this
unhoy alliance on his responsibility in direct de.
nance Of law, by his treasury order Of SO Il has done
more TO consolidate the Government and DESTROY the
iederatlye character Of our political system than all
other measures put together; and If il should become
the established policy, would in the end inevitably
draw all the powers of the system into the vortex Of the
General Government. Without going fully into the
reasons Of this opinion, shall present two views that
are IN my OPINION conclusive The certain effect Of
the union, whether il be league of State Banks or The
Bank Of the United States to throw the entire weight
OF The banking system (by far the most powerful nte-
rest IN the community the side Of high duties and
taxes exrayagant expenditures, and large surpusses
and that because the greater these the greater the pro-
hts OF the Banks, when united with the Government
but when separated, the less.
ne reasons for this obvious, and have been SO
fully explained other occasions that they need not
be repeated here. Il has never indeed been denied or
coh'roverted Assuming, then, the fact to be So the
necessary result Of the is to cast the whole
influence Of the banking SYSTEM with its irresistible
weight on the side that aims to enlarge the powers of
the General Government, to draw within its vortex every
OBJECT Of expenditure, and TO favor the policy best cal
cnated to increase its revenue and disbursements and
keep up az overiowing treasury in word in favor
oil consolidation, and against the States.
The next effect is not less clear that it will most GER
ainy, IN the end, lead to the establishment OF great
National Bank to Control the State institutions This,
the National, or Wing party as they are now called.
themselves clearly see and have the candor to acknow-
ledge They know foil well, that the State Bank sys
tenn must fall however modified, as fiscal agent of
the Government 1t has twice failed already and the
causes, which rendered it incompetent are daily in
creaslng in force and it is supported BY the Ma
oha party expressly on the ground OF its incompetency
and that It's failure will lead to the establishment Of
National Bank-a measure favorable to their princ
pies and policy, and therefore aIdently desired by
them That such an institution is, and has ever been
opposed to the State Rights and Republican creed we
have the authority Of the Virginia report ITSELF large
portion Of which intended to prove its unconstituton
atty and dangerous tendency.
But il is said by some Of friends who have sepa.
rated that the Independent and Constitutional Treasury
must fail and that its failure, would lead to the same re-
suit and that Is on that they oppose it. Il is
sufficient to this, state that such is not the
opinion OF the two great parties who support oppose
that measure. The former, is known to be as hostile
to National Bank the latter is ardently in favor it,
and may with confidence be asserted that the zeal Of
the one for the measure, and the ardor OF the other
against it, would speedily abae, if either thought it
would fail, and lead to the result supposed. I
Tine next inquiry is, which Of the two conforms the
most closely to the principle of strict construction and
rgid adherence as possible to the letter Of the Con-
sttutlon On this point there can be no doubt. No |
one ever has, or can pretend constitutional OBJ
n thn sc n
That the former has the right collect its dues in the
legal and constitutional currency Of the country and
keep and dsburso its revenue, BY its own responsible
league of State Banks Either is full of constitutional
objections, and neither be maintained on the prln-
ciple Of strict construction On that principle, where
will the right be found to charter National Bank! Or,
if that difficulty did not exist where to constitute it, as
the agent regulate the exchanges, and the credit OF
the community What power has the Constitution
delegated to the Government either; and how can
such power be inferred, but by the bodest consruc
ton The banks are State institutions, created by
their authority, and for their peculiar wants and there
construction Of the Constitution that would enable
the General Government to regulate, control them,
that would not equally authorize it to regulate
troll any other Of the domestic institutions OF the States
including that in which of the South have so deep
an interest. | might greatly extend these questions,
and ask, what right has the Government to give the
Banks the public money in the Treasury to be loaned
out or used as they may think proper till wanted for
disbursement; to receive the notes OF local banks,
or any other medium except the legal currency, in its
dues But, enough has been sad to show, beyond all
controversy that far strict construction Of the
Constitution is concerned, the measure we support Is
decidedly mole conformabe to State Rights, than that
which is supported by the friends who have separated
from
That departure from system of strict construc-
ton, must the degree, lead to consolidation,
and that in turn to the overthrow of free Repub
lcan institutions, and the establishment OF despotc
power, fully established in the celebrated Virginia
report, to render 1t unnecessary to say more IN ad
dressing those, who profess TO belong to the old State
Rights Republican party Of '9S might indeed great
~ enlarge this point here, and show, that OF all I'M
constitutional measures, the union OF the Government
and the Banks, the most directly subversve Of Re-
publican principles by destroying that equality between
citizen and citizen, and pursuit and pursuit, which lies
at the bottom Of all Republican Governments clear
" gives great and decisive advantages TO those engaged
in banking, and to the business OF banking, over all
other pursuits, and those engaged in them. This, no
one would doubt, If the same advantages were con-
ferred on all individual Suppose, for instance, that
the Government should select any individual, and con-
tract give him the exclusive advantage of having his
notes received in the dues Of the Government, and to
give him the of the public money from the time 1t
was collected till it disbursed is there man so
dull as not the immense advantages 1t would con-
fer him, compared to the rest OF the community
that would give him, to vast extent control over
the exchanges the credit and commerce OF the country
and through them, over all other pursuits Is not
also clear, that similar advantage conferred on any
combination of individuals would but tend to increase
the power by adding their individual influence to that
bestowed by the Government And is it not equally
clear that the comforting of such powers chartered
companies of large capital and possessed Of important
chartered rights with all the means Of prompt union
and concert Of action, would be but 10 render it still
more formidable and destructive Of all equality between
them aud the rest Of the community; and, OF course,
destructive the very basis Of our free Republican IN
stitutons! But all this clear, as to require no
illustration and to supercedo the necessity of dwelling
longer on it,