The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-08-03


times have opposed an uncandid dullness to
the arguments Of lis advocates. | am not
conscious ofhtning done SO. But convinced,
as am, OF the mschievous political effects
OF any Bank of the U. s. heretofore estab-
ilished, my mind may have taken pervert.
ted view oil the constitutional question. But
lef me see Bank so constituted as to be an
lastrument os control in the hands of the
MATES, and | Should certainly wish 10 find
~ the Constitution some authority for ITS
establishment. l might not find il but we
must forget the marvellous aptitude of the
holman mind to find reasons for approving
4 what Il eagerly desires, before we can
doubt, that, of the multitudes who DENY the
lcor>tiiutIonality of Bank, many would be
Renewed Of their scruples. In this view,
see 10 reason why the whole capital stock
OF such Bank might not be held by the
States None, why it might not be in
creased from time TO time, as the growth
and necessities of the country might require:
None, why the charter nigh, not be per.
petual: None, why the Bank should not
be established, by Irrevocable contract, in
the right 10 receive and keep all deposites :
None, why the Government of the United
States should have any more authority over
the Bank, than any other deposition, beyond
the right TO be kept advised, of the condi.
/ ton of lis affairs.
assure you, sir, am profoundly sensi.
bic OF my lnsuificiency TO The task Of sug
gestng any thing more than hIut, of the
folly Of which | am prepared to be con
vlnced by single word. see the Difficult
~ of organizing the directory of Bank so
constituted. But understand, that among
men skilled in the business of Banking, an
idea ,s beginning to find favour, which might
be advantageousy APPLIED in tins case. If
It be desirable, as some suppose, that every
/ Bank should be organized with legislative
directory, possessing full power to regulate
the principles and extent of the business of
the Bank, and an executive directory hav
ing no authority but to carry into effect the
orders and enacimen,s of the other, then
might this advantage be eminentIy enioyed
BY such an institution as | am supposlng
What should hinder the appointment of the
Executive brauch in the ordinary way !;
while the other might be made 10 consist
OF a number Of members, equal to the NUN.
Der of States-one chosen by each State
II necessary, the concurrence of both bo.
dies might be made indispensable TO the
adoption Of measures of a high and extra
ordinary character. OF this kind, | will
mention as an example, all suspensions of
specie payments. Nor need we doubt Of
the ability with which the affairs of such an
institution would be managed, when We re.
reflect, that the interest Of each State would
make it measure Of economy in her, to
establish at the seat Of the Mother Bank,
some intelligent citizen of her own, skilled
III finance, to represent her in this Iegisla.
tive directory.
Does II strike YOU, sir, that | have
sketched the outline of power, whose
shadowy but gigantic Dimensions, should
make US pause and ponder before we resolve
, to give 1t tangible aud substantial ex.
Islence
"See'st' thou dusk and shadowy form arise,
/ Like an Internal god, from Out the earth ?"
/ Is il now your turn 10 doubt whether any
/ fair construction of the Constitution can
sanction an establishment which may pre-
dominate over the authority which gave il
birth, and eventually reverse the preponde.
rance of power in the Union Are such
your thoughts Then look again, pray
you Its lneaments and propositions, in.
deed, are new TO you but, IN might and
magnitude, Il 10 but the same as that which
the word of power spoken by that master
sorcerer, TO whose potent spells, the art OF
the present magician is but a luggler's
trick, has lately exercised and laid forever
Il IS IN detail alone, that what ! suggest,
differs from what has been. Admit the
power Of Congress 10 establish a Bank, and
the rest follows of course. What CONSTR
rUrIoNkL objections apply TO the one, that
may aot as well be urged against the other!
Does the Constitution admit Bank with
charter tor twenty years, and forbid one
for larger or an indefinite term1 Does
the Constitution admit that States might be
icorporators, (as they clearly night and
forbid them TO be tho sole corporators If
this project startles you is it not because 1t
suggests an argument, which, farley applied,
might lead you to doubt the constitu,ionalty
ei any Bank of the United States7 If so,
give me the benefit of that doubt and L,lSf..s
content. But, if not, then beg you 10 eo
serve, that the plan suggested, proposes to
give no greater energy to the money pow
err of the country, than belongs TO the IA
ture of the thing. IL does but change the
direction of that energy. In doing so, !
own il makes il more conspicuous. The
money power thrown into the already pre-