Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-04-05
NO. 10.

the Executive over them. Every Gus
/ todary OF the public funds provided by
the bill Is o:cature'of the Executive.
} dependent upon his breath. and subject
to the same breath Tor removal, when
ever the Executive, from caprice, from
tyranny, or from party motives, shall
choose to order IL. VIVA, safety is there
for the public money. il there were a
hundred subordinate Executive officers
charged with lis care, whilst The doc
trine of the absolute unity of the " hole
Executive power, promulgated by The
last Administration, and persisted IN
by this. remains unrcvoked and unre-
buked'
I Whilst the Senator from South Caro-
lima processes 90 be the friend Of State
banks, he has attacked the whole bank
ing system Of the United States. lie
is ;heir friend he only thinks they are
all unconstitutional! WHY Because
:he coming power is possessed BY the
General Government, and that coming
power, lie argues. was intended TO sup
ply currency Of the precious metals
but the State banks absorb the precious
metals, and Withdraw them from circu-
lation, and. therefore. are in conflict
with the coming power. Ths; power.
according TO my view cf -, is nothing
bot naked authority to stamp certain
pieces Of the precious metals, in fixed
proportions Of alloy and pNre metal.
prescribed by law, so that their exact
value may be known. When that Of
fice Is performed. ;he power is funcius
cficio, the money passes out Of the
mint, and becomes the lawful properly
OF those Who legally acquire il. They
may 60 with il a, they please. throw Il
into the ocean, bury It IN the earth. or
melt It IN crucible, without violating
any law. When It has once len the
vaults Of the mint, the lAw-makcr has
nothing - do with Il, but To- protect il
against those Who attempt 10 debase or
counterfeit, and subsequently,, TO pass
II as lawful money. 10 the sense in
which the Senator supposes banks to
conflict With tie coming power, 10.
reign commerce, and especially our
commerce with China, conflicts Nth
Il much more extensively. That Is tho
great absorbent Of the Precious metals,
and IS. therefore, much more unconsE-
tutIoEsi than the State bankG Foreign
commerce sends them out 81 the coun-
try banks retain them within IL. The
distinguished Senator Is no enemy 10
the banks ne merely thinks them in
furious to the morals and industry u
the county. lie likes them very well,
but he nevertheless believes that thew
levy tax Of twenty-five millions an-
nually on the industry Of the country
Let US examine, Mr.. President, how
this enormous and ubiquitous assess
ment Ia made. according 10 the argu-
ncnt OF the Senator from South Caro-
lima lie states that there - n mass of
debt due from the community 20 the
banks. amounting 20 $40. 600, 900, the
interest upon which. continuing about
the sum Of S25. OOO. COO. forms the ex-
ceplionable tax Nov tbs sum IS not
paid by the hole community. bat GU.
" BY those individuals who obtain dis
counts fiom the banks They borrow
money AZ SIN per cent. interest, and in
vest II IN profitable adventures 90 other
wise employ II. They would not bof-
row II II they did not suppose they
could make profit by u snd the pro.
liability /. that they 90 make profit by
It. Instead therefore. Of there being
any loss ia the operation, there Is an
actual gain TO tie community, by the
excess Of profit made beyond slx per
ocnt. inieresi which they pay What
are banksr They are mere Organized
agencies for The loan Of money and the
Transaction 81 monetary business ftg-
uiaicd agencies acting under the pre-
scnptions Of Law and subject 20 q re-
spons,blhy, moral sod .eral far tran
scendiag that under y hich any pnvaie
clpi'slist operates. a number Of per.
sons. not choosing 20 lend cot their mo-
ncy privately associate together bring
their respective capitals inio o common
stock which controlled sud managed
~ ihc corporate government q bank
u 10 association " haievrT had been
formed, large portion q This capital.
a large portion therefore. ct hat very
debt ~ $40, 900 900 would rGll 81.
's' 20 The shape Of pfivste loans The
senator from South Cafolina might a.
well collect ihe aggregate amount OF aI
lhe mortgage bonds and notes. which
have been executed ~ tbe niifd States
iof loans. and assert that the interest
Paii upon iho total sum conhiiuicd a
tax levied upon The community
ln ihc liquidation a. the debt due %
'lr banks ilpm the community. and
from Che banks 10 ihc community there
would not be- o. much difficulty a. The
senator seems 70 apprrhrud From
the mass-oi debts due 81 ibo banks ere
'o be deducted fri, DE amount Of SUBJ
sciipiions which constitute iheir capi.
iai' tecondiy fhe amount 0f dcpoiitos
o. The credit Of individuals % ttcir cus-
iody, and ihHdiy zoe amount q their
notes ln rscr'ahon il0e easily viii
these mntoal debte Dculfsliz8 each
o'tcT Iho ame pepon DO numbeiless
iataueef gii combine in mmsrls The
fe.aiicns both 81 creditor and debiof.
Toe only general operation ~ banks
bey BOD Their discounts and dcposifes.
w htfr nrfeatrt fir tfteIa r..r. r-.ss.,.fss