Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-04-28

any office by any public authority, independent Ui
the people, aud Substantially re pon>ible TO the
GoytTnment, It Is maintained that they ought L.
be entrusted with one of the most delicate aud
responsible functions of the executive power.
The CONSTITUTIONS Of the States and Of the L.
States establish Governments which, when carr
ed cut by laS, are complete in all their parts.
The checks which the safety Of liberty TeQules,
are found IN the adjustment of the several De
paTlmtnts m rtlatIoa TO each other, and various
written prohibitions. The ntetpoStion at banks
as purse holders Is no part OF the constitutional
plan /, IA modern innovation il is the inttu
sion of a new and irresponsible power, subver-
Sive OF the purity of the Government, fatal to lis
Independence, and dangerous to IT'S existence.
Ii II be suffered to progress aud confirm itself IN
ITS u'urpatIon, questions OF peace and war, of
commerce, trade, and taxation, will be decided
not by the representatives of the people aud Of
the States IN Congress, but by the presidents and
directors OF banks IN secret conclaNe assembled.
Cd Another argument IN favor Of an Indcpen
dent Treasury Is found IN the contralizlng mnu-
ence and consolidating tendency of the bank
power New York and PHILADELPHIA are So
close together they may be called the centre of
our commercial and monetary system. l The IN
terror banks, the orbS of our credit system, are as
dependent on that centre as the planets are on the
cenlrc of the solar system. When the banks at
that point stop, they all sop, nor can they resume
with any convenience N their business, unless the
banks OF the two great cities ,et the example.
When the New York banks stopped payment m
May last, the shock ran with electric speed
through The whole credit sysem aud the banks
OF all the States werc Frustrated at blow. And
now we are told, that the banks Of Ohio, Ken
lucky, and the most distant States, cannot re-
sumo without movement from the centre. Thus
the eight hundred banks are enc IN their essential
operations; they are a consolidated, cOncsntrd-
ted portr, though seemingly under various jurIs-
dlctlons, yet etccttaly controlled By the fsw men
rho gore,p and dircc the banks IN .N'cw Io,k
aud Philadelphia. Nor does it materially alter
the case IN this respect, whether this controlling
power be organized and regulated under the
name OF Bank OF the United States chartered by
Congress, or left in the hands of banks, great Of
small, charIaed by tie States. Its organlzatlor
under the name Of u Bank OF the United States
undoubtedly increases the influence by concen
ralng ITS power in one head but the seat o
the mischief IS N the laws of trade and the natur,
Of our credit system. Though most feartuly II
| lstra,ed in Bank of the United States, its con
sohda''ne tendencies are equally palpablc IN III
| operations of the State banks. Passing scene
| p,ove Tie dependence Of the extremes upon tn
centre too ol""'ly and cunclusVriy to require Al
gnment OF proof to satisfy the mind Of the reader
Is 1t not apparent that as far al the Genera
Government and State Governments ldentil
themselves with the banks, they become consol
| dated INTO one great phoie The General Go
yetnment and State Governments had becom
dependent on banks Tor their actual currency am,
| the keeping OF their treasures. By SINGLE blow
her currency Is deprecated and their treasure,
| re rendered unavailable BY whom aud whe,,
was this blow struck Mo- by any Legitimate
authority IN the General Government or IN lh,
,eyeral States. The blow came through tn,
banks Of New York, and was ltIt IN the mo.
| Instant States IN the Union. All the States AM
| lie Union itself were found to he dependent o.
| lat centre; there was conc eutmtrd the powr
| 10 control at Our Governments and people in TIM
respect in relation to the currency aud cred.
| system, the States were found TO be CONSOLIDATED
oireody, and thr ruling power sits enlhroned II
| New York and Philadelphia!
| Let the Southern, Western, and even NiddI,
and Northern States look to il. Every new banl
| they create upon the principles now approved, /,
| a new hgdmem 10 bind them 10 The central potr.
en-. Every new bank created IN New York, unc
every increase OF bank capital, add, to the fatal at
traction which bInds the distant States to the cen
| tire. Every act OF the General or State Govern.
menls which goes 10 strengthen banks, adds to
| the intensity and of this cenIlal,zng influence
| and dlmlnIshes the power OF the States and til,
people over their own affairs. Already, great
| corporation has sprung up IN Philadelphia, which
at this moment not only controls the cnure cur
rency OF the States, by preventing a resumption
| Of specie payments, but is entering de, ply into
their trade. IL Is another East India conpanp
and The Somh and Hest are Hr rich prorince'
tct'eh Il asplrss 10 conquer and 10 plundsr. A
competitor may be expected in New York, and
mol TO reslIaln the lnroads aud usurpaiIons OF the
Philadelphia mara1der, but to rlyal him IN sub.
ecling the golden South and the tecming West
10 the central banking power. Consequences
the most fearful TO the Independence ofthe States
and results the most fatal to all popular control
over the General Government, may be Justly an.
pretended from the growth, extension and organ.
Izaton of this peryadIug and subtle power.
Nor does the mischief end IN throwing the Ell.
tire control Of the currency INTO the hands Of a
few men in Phl!adelph ia and New York. Those
men are at last but the instruments and agents,
perhaps unwlllngly, Of the London bankers and
the Bank Of England. London is the centre Of
the credit system Of the whole commercial world,
and The Bank Of England is the sun Of that sys.
TEN. The banks Of New York and Phlladedha
bear relation 10 the Bank Of England, very sim.
liar to that which the banks Of OHIO and OF er
distant States bear TO them. Our interior banks
are their dependent orbs, as the planets Of our So
lar system have their moons, and they themselves
are but secondary bodies, revolving around he
distant sun Of the credit system. The immedi.
ate cause OF thSlr recent sioppage was measure