Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-04-04

stration the same purpose. II the present
executive has succeeded to the principles
and policy Of the late President, and does
stand pledged 10 carry them out, have
conclusiyely shown that government bank
under the control OF the executive depart.
ment,. constituted no part Of those princi-
pies or thatpolicy But we are not left to
conjecture or inference upon this point.--
The present President of the .Unilcd States
came into power with the declaration upon
: his lips,- that he deemed any bank OF the
United States to be unconstitutional. In
his September message he reiterated the
kindred declaration, that again to create
a National Bank, as fiscal agent, would
be to disregard the popular will, twice SOL
My and unoquivocally expressed" In his
recent message he has again reiterated the
same sentiment and we have all along had
his own distinct iniimalion that he would
sign 10 bill establishing any National
Bank.
But, says the honorable Senator from
Kentucky, the BIZ before the Senate is in.
tended 10 execute the purpose of establish
ing government bank upon the ruins OF
The bank Of the United States and State
banks. Sir, this position of the Senator is
sustained by his mere assertion alone.-
The bill affords upon its face the most de.
clsive evidence of the falacy of the asser-
ton. There is not bank feature in the
bill, any more than there is in the counting.
house of merchant, who has till or a
vault to keep his money or his papers in.
! leave the gratultous assumption of the
Senator on this point to the people, who are
as capable of reading and understanding a
bill as we are.
The Senator charges the late and pro-
sent administrations with a design TO over
throw the State banks. Nothing is to be
found in any message of either the late or
present President TO justify this accusation.
The late Administrations, both 10 word and
action, exerted all its efforts to sustain the
State banks. They were its pets. Sir,
these banks have overthrown themselves,
as far as they have been overthrown, by
their own improvidence, their avdity for
gam, ami perhaps their anxiety to accom-.
modate. The system of State bank de-
postes was continued by this administra.
ton until that system put an end to ITSELF. =
The recommendations Of the present eX-
ecutiyc are not now, and never have been,
adverse to the State banks, properly con.
Quoted. They are adverse TO their exces.
ses and their abuses. The administration,
having failed in their jealous and liberal at.
tempts TO render the State banks safe de-
posl;orics of the national revenue, have
been driven to suggest more safe mode
of public depostcs; one more under the
control of congress and the executive; one
which prevents the public moneys from be-
ing used Tor specializing purposes, and at
the same time leaves the State Banks 10 The
exclusive control Of their directors and the
governments Of the several States. The
Independent Treasury system, while it will
bring the sound State Banks up to the right
standard and principle of useful and safe
banking, will, have no doubt, hasten the
day OF final settlement, to which the uiisoud
institutions must come and tho sooner
they arrive at that period, the better for the
people, the country, aud the currency OF
the country. The bill before the Senate
will not overthrow the State Bank system.
1t will correct and keep it in check; it will
give 1t more stability, aud thus secure to il
more Of the public confidence.
The substitute of the honorable Senator
from Virginia Mr.. Rives,l proposes the
restoration of the system OF State bank dc.
posiles, which has just been tried and sig.
nally failed. The notifications which he
suggests, render the system, in my iudg
ment, infinitely worse than that which was
lis model. The Senator limits the number
Of dcpoSite banks 10 twenty-five. Why he
has fixed upon that number, it is difficult for
me 10 perceive. We have twcnly.six States
and two Territories in the Union. But LEI
that pass. The limited number proposed
is IA monopoly Of public favor, which will
create discomfort and dissatisfaction, en-.
gender bad feelings and exciting rivalry.
and produce constant succession of ag-
tatlons, which will not only reach the Ex
ecutive mansion, but these halls. Instab.
y and change in banking operations will
necessarily follow. But, sir, the honorable
Senator introduces q new feature into the
Constitution Of this Government. Here.
toiore, Congress have never been called on
10 approve, by joint resolution. the selection
of deposite banks, or The appointment of
public agents. An Innovation fraught with
moro misch ef, could not, in my opinion,
have been proposed TO this body. Sir, wha
will be the inevitable effect? The Secretl.
ny of the Treasury will select the dcpoSi G
banks. He will send them to the two hou
ses for their appreciation. The disappoini-
cd bank applicants will besegc these halls
10 effect Il rejection Of the nominated in.
slitutions, and 10 substitute their own. A
scene of eleciioneering, deception, perjury
aud perhaps worse, will open upon us
Senators from the same State will differ as
10 the soundness, safety. and solvency of
the selected banks. The two Houses may
differ. Individual members may be tam
pored with. The golden apple of discord
may be thrown within these sacred walls.
dedicated to the enactment Of salutary laws
for the promotion of the public welfare
! Who, sir, can contemplate such state of
things without trembling for the consequent.
CO. upon the purity of the Legislative de-
partment of this Government? Sir, if il
were possible for this substitute TO be a.
dopted, the dangerous feature TO which |
have called your attention ought certainly
never to receive the sanction of this body.
Sir, the honorable Senator from Virginia,
| MIR. Riyes, told the Senate, in q speech de-