Lexington union. (Lexington, Miss.) 1838-18??, 1838-12-29


majority of our constituents. The conneX'
ION which formerly eAisler between the
Government and banks was in reality in
furious TO both, rs well as to the general
Interest OF the community at large. 1t az
gravatcd the disasters ottrade aud the de-
engagements of commercial intercourse,and
| administered new excitement and addl-
lional means to wild and wreckless specu-
laions, the disappointmen's of which
threw the country into convulsIons OF pun
ic, and all but produced violence and blood
she'd The imprudent expansion Of bank
credits, which was the natural result of the
command of revenues of the State, furnish
ed the resources for unboundcd license in
every specics ofadventure, seducd industry
from lis regular and salutary occupations
by the rope Of abundance without labor
and deranged the social State by tempting
all trades and professions into the vortex OF
speculation on remote Contingencies.
The same wide spreading influence i'm
peded also the resources Of the Goyern>
ment, curtailcd is useful operations
embarrassed the lu!iilment Of its obi iga-I
tons, and seriously in,crfcarcd with the
execution of the laws. Large arpropria-
tons and oppressive taxes are The natural
consequence Of such connection, since
they increase the profits of those who are
allowed the use of the public funds, and
make it Their interest that money should
be accumulated and expenditures multi.
piled. 1t is thus that a concentrated
money power is tempted to become an
active agent in political affairs, and all
nast experience has shown on which side
that influence will be arrayed. We de
ceive ourselves if we suppose that it will
ever be found asserting and supporting the
rights of the community al large, in oppo-
siton to the claims of the few.
Ina government whose Distinguishing
characteristic should he a diffusion aud
eGuaiization Ct its benefits and burdens,
the advantage of individuals will be aug
menied at the expense of the mass Of the
Ipeople. Nor IS it The nature Of combina.
! tons for the acquisition of legislative in.
fuepcc to conGnc their Interference TO the
sing lie object for which they were origin
ally formed. The temptation to extend il
to other matters, is, on the contrary, not
unirequently too strong TO he resisted
Tho influence, in the direction of public
affairs Of the community at .arge, is, there
Fore, in no slight danger of being senslbly
and irjorlously affected by giving to a
comparatively small, but very efficient
class, direct and exclusively personal
interest in SO important portion of the
I legislation Of Congress as that which re
iatcs to the custody Of The public moneys.
If laws cling upon private Interests can.
u always be avoided. they should be
confined within the rayrowcst limits, and
left, wherever possible, 10 the Legislatures
, OF me G.a,.s. When not thus restricted,
,iNy lea / combinations and rovc lful
association s, foster an Influence necessarily
f selfish, and turn the fair course of Iegis-
Ialion to sinister ends, rather than to oh
jects that advance public liberty, and pro-
mote the general good.
The Whole subject now rests with you,
and cannot but express hope that some
definite measure will be adopted at the
present session.
1t will not, | am sure, be deemed out of
place, for me here to remark, that the de-
clara'lon Of my views in opposition to the
| policy of employing banks rs the deposlto
ries Of the government funds, cannot Justly
be construed as indicative of hostility,
, official or personal, to those institutions;
} or to repeat, in this form, and in cohnec-
ton with this subject, opinions which |
have uniformly entertained, and on all
, proper occasions expressed. Though
!, always opposed to their creation in he
form of exclusive privileges, and as a
5 STATE magistrate, aiming by appropriate
legislation to secure the community against
f the consequences Of their occasional mis-
management, | have yet ever wished to
, see them protected in the exercise of ghs
f conferred by law, and have never doubted
=, their utility when properly managed, in
, promoting the interests Of trade, and
, through that channel, the Other interests
1 of the community. To the general gov.
. eminent they present themselves merely
as state institutions, having no necessary
: connection with is legislation or its at-
r mnistration. Like ether state establish
, ments, they may be used or not in con-
Quoting the affairs of the government, as
/, public policy and the general interests OF
the Union may seem TO require. The
only safe or proper principle upon which
/ their intercourse with the government can
: be regulated, is that which regulates their
intercourse with the private cltizens-,be
conlering mutual benefits. When the
: Government can accomplish financial
operation better with the aid Of the banks
than without, it should be at liberty 10
| Spalf that III ~ would I 10 q