Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-16

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cary these principles Into practice by public
acts
The leading question which now divides the Two
parties ri tue county is the fe- establishment al
Bauk OF the United States. The trst hluk WAS a
measure ofthat patty. winch deemed 1t necessary to
devise other means than public OPINION and the sui.
itages OF the people, 10 secure stable Governments
II was condemned by the people, aud was required to
wind up, alter living out its chartered existence. Ear
different were the considerations which led to the
establishment OF second bank. II WAS thourh lit to
be necessary, perhaps from conclusions too hastily
drawn rs an instrument To compel the State banks
10 resume specie payments, and rs fiscal agent To
keep aud transfer the funds ot the nuCd States
Tins bank was also condemned by the people, aud ITS
charter suffered 10 cNpne without renewal. The
question IS sholl We have thnd bank, after two
have been established by the public authounes, and
condemned by the people There many OF us
who have always believed Bank othe tnitcd States
to be unconstitutional. They louk upon the powr,
10 corporations except aud tot the Dlsluet
OF Columbia, rs Substantive power reserved wholly to
the States. They hnd that the convention winch
iuImod the Constitution, refused 10 insert clauses
dcleeat'ng TO Congress the general power to create
corporations. In the discussions OF The friends and
Toes OF the constitution, through the pcss o the
country, aud III the State conventions pror to IT'S
adoption, they do not find II alleged either side,
dat II conferred such power on Co guess The,
lhuh that the absence ot any giant ui pow IN the
Constitution ought, isclt, TO be conclusive; but
when, III addition 10 thus. II has been proved hy the
Developments Of late ycns, that tie proposition
was actually voted down convention, and that
both partcs we've lhcueclorwaId silent ON the sub
lcct II seems 10 thcm impossible Ia doubt that the
power was not granite but WAS putposcl, withhold.
They believe that Congress Ia, constitutional
power to regulate credit III an, OF the States; tsu
the night oil each citizen, aud Of any association ot
cltIzens In use Then credit, is derived originally
from the laws, bnt IS an incident To property III the
social STATE that the clen, o the States possessed
II and tI.tI, ia,
oi thrm singIy 81 associated, could issue then
notes, without limitation, until tho iigh was taken
away by the laws ol the States agaiust plndc bank
my that, 10 restore the ueht, nothing IS ncccss ~
but the repeal OF those laws aud hal the glanur oil
bank charters Is but arestofauou of the lght 10 the
favored individuals, IN modified iofn.-1he,
maintain that the General Governments having had no
agency OF right, fact, restraining the use ot
credit Oh loibiddlng private banking withln the
States, has no power to restore The ught ia .llher
general modified iorm, the power belonging
exclusively TO the States which tuoh II away. And
they think Congress has as lghinl po"efio ahfogac
all the State LIws against banking and restore the
right To every ciulcn without restraint, the,
have 10 restotc II IN qualified shape uudel tire con.
dltlons OF II bank charter.
These, aud many Other afeumo uts al ricdt tuiee.
my be employed 10 Prove the uuco0sututioualHy ot
Bank oil the United States. iui whatever ma,
have been OF nc now. our several conclusions up
that pout, unanimously concur N the opn.
ION that the hllshncut at Bank OF the nited
States is uuuec cssary, eNpedIent, and dangerous II
the public Liberty.
few years experience has gwen much I1dlJion-
al loice 10 the Arguments originally urged against
such an institution. \ leading argument III favor OF
II 49, that The State banks, OF themselves, mcom-
pctent 10 manage then dtlts WudenlIy, ol To man
tam specie payments and preserve sound cuutn-
cy; aud that Bank OF the Gnned States Is nrces-
saiy 10 check and control them. DO those who
use tins argument reflect that II Is an argument
an nj al IL
constitute the governing power OF The United States
and It Is by then authority that the State banks are
created. Tins argument assumes that the people
are Incompetent to check and control class OF in
situations which they create, and that agent,
unknown to the States and irresponsible 10 them
to the people must be introduced. to snve diem
from the disastrous consequences OF then own
acts.
/, this Republican doctrine On the contrary,
Is II not the leading argument in favor OF monopoly
and absolute power throughout the world Why
do kings felen, and princes exercise absolute do
mlnlon, bat because the people are assumed 10 be
incompetent 10 act wisely, and protect themselves
against the eVl consequences Of theu own Ieuo-
rance and ettor'
Assume thai tie State banks are incompetent TO
the end, ion which they ale created and will nece,.
sauly run INTO periodical exCrsses, entadmg great
evils upon the country, To what source would a
Republican look for remedy Would he Say that
the people cannot be trusted 10 amend then own IN
stltullons, and thai must have IN irresponsible
corporation to prevent these evils Would he not
rather justly conclude that the banking syscm I1scil
was defective, and undertake to rcIulm II, so rs 10
bliug It under the control OF the people, through
iher constitutional organs, rather than assume
that II cannot b. regulated otherwise lhdn by the
PRODUCTION OF power competent To contend for ms
tcly with the Government ITSELF
We reject both the premises and the conclusions.
We believe our representative aud popular Govern
ment IN the States, who created these institutions,
ftlIl Ia and Il ia