Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-10
MR.. AfcDUrFIE'S LETTER.
The publication Of this document has been de-
,,x.d longer than we could have wished; although,

1ayed longer tnah we eou'o ha'e"ispeu' """o'e'''
so indecsive and contradictory are the opinions Il
J,se,oses as to render its publication At all matter
Of hut little importance. We had hoped for an ex-
bibition of serner independence by Mr. McDuffe.
ifbe consented to make known his sentiments n
all, II would have been wiser 10 have maintained
unbroken the silence in which be has so long
shrouded his views, than to appear before the pub
lie in the Janus faced attitude in which his letter to
Mr.. Townes presents him. lie should have waited
until the struggle between his judgment aud his
feelings had resulted in the complete triumph oil
the head the heart, beiore he presented h'mse"
upon the arena. The friend Of a National Bank from
conviction, and yet induced by his attachment to
Mr.. Calhoun to throw doubt npon the expectancy
Of its present incorporalion-and the enemy OF The
hard money IIumbug," (he stupendous impos-
ture" from which he stripped the veil in lS34,) and
yet compelled to its advocate,-Mr. McDuffie
forfeits all claim TO respect or confidence. from
friend or foe. He should have kept the seal forever
upon his lips, if gratitude to Mr.. Calhoun restrained
him, on the one hand from entering with charac-
,ersic ardor upon the defence of his old opinions !;
or If the convictions ofhis judgment, upon the 9th
en- prevented his entire cooperation wi'h his patron
and friend. 1t is impossible that the opinions Of one,
going ou is neither for NOT against the principle in
volyed in it, can exercise the slightest influence
Mr. McDufle'. voice is far, very far from being the
sword Of Brennus. So far from falling with pre-
,ondera,inc force in either scale, bears with such
conal weight on each that the balances scarcely vi
brate to its touch.
We do not intend claboiateIy to review a paper
which must necessarily exercise such limited miiu-
encc upon public opinion but ii may not be amIss
10 advert to two three Of its more prominent fea
cures Tor the purpose Of so"ns The accuracy of our
helncation OF its character.
Mr. McDutIe admits the consti,uttoaaiiiy Of Ma
t;ooal Bank. notwithstanding the great preceptor
Gom whom he imbibed his constitutional opinions
yus suddenly rccanted the creed of long life de
ny,nc il. And although, like that precepIor, he
thinks that the establishment Of National Bank al
Ibis time would lie somewlat dangerous, yet he per
ccves tile pe'il in quarter quite different from that
IN which Mr.. Calhoun had taus US TO look for IT.
so Tia, even here these distinguished gentlemen
happen to concur in opinion as to the effects OF this
measure. they differ most widely as TO The causes
from which those effects are to flow We see moth
ing in MIR. McDuffc's letter about the sectional in
equalities of Bank--no fears expressed thai it
will enrich and agsrandlze the North at the es-
pensc of The South. This absurd theory is reIuted
by an elementary principle Of Political Ecouo-
ny-teaching that Capital follows Trade, aud
thai Tade does not FOLLOW Capital,-and Mr. Nc
Duilie storued to make use of IT, as he disdai1ed
some years ago, 10 many al lhc ad cdptdEdUm
arguments in favor Of Notification, though he
nigh, thc,chy sway the p,tjudces of thousands
whose jud gmcnts are inaccessible TO facts and
gumen,s. Hence Mr.. Nc Dutlr places has pppos-
ton TO the Incorporation of National Bank upon
the more plausible, though scarcely IN def'nsi-
bile ground, that. should il be forced into existence
by the overthrow OF ITS opponents and the triumph
ola party pledged to give i, beng, it will natural
|, become identified with our parry struggles for :
cendaucy and. instead Of beng commerclal, will
degenerate into political Institution, alternately
the instrument and the victim of ambitious dema-
cocues Ifthis objection be entitled any con>dera-
ton now, 1t was entltloi less any antecedeu
period Of our history. and certainly at that period,
above all others when Mr.. McDuffic was lis mos,
powerful champion. Though the Bank has nc"e
been political institution, its incorporation has at
all times been converted into political question.
And, from the nature Of things, il be 9th
erwisc. 1t is difficult, therefore, to perceive how
Dir. McDuffic such controlling force in
an argument whlcn formerly had no influence upon
his mind, although then welded by others against
him, as il is welded by him against the present
advocates Of The Bank. Surely, Bank, if cs-
tablshed, could have stronger inducements than
the late Bank had ally itself with the Fede-
raj Executive. The instinct OF self preservation
would have induced it, in 1880, to become the pas
sive tool of Presidential dicaon. ifthe stronger in
stinct of pecuniary interest had not aught it the
impocy of identifying itself with any political par
~, either in out of power. 1t is essentially a mo-
making institution and its security is found,
in alliance with, any more than in an antagons
relation to the Executive. It's true policy is nou
traty in potcs-sincc the ms Of 10 day may be the
politic, II engine must depend upon the eternal huc
iuations which mark the game Of politics. In this fac
We have the strongest guarantee Of its neutrality
and in the history Of tho past have seen the pow
er of this guarantee frequently and strk ngly ex-
emplisied-par,icuarly during the last ten years
when, although the Bank could, without doubt have
4 Asecurcd renewal Of its charter by obey'ng Exec
u,ive ORDERS it nevertheless noby resisted every at
tempt at dctaon, and fell victim to its ndepen
dence. tits possible, and barely possible, that
National Bank might become ally of the Fed
sra Exscuve i, is still less that it will ever voun
FAIRLY array itself in hostility the Political Powe,
upon which, orthe time being, especially as its char
Iera r,oSgI ,a pvinAo If itsc II 10