Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-17


highest possible auhenticity, facts admitted or
undenab!e, and far reasoning founded on them
And as to the last, the measure under considera-
ton, think the testimony Intrinsic and eXtrinsc.
on which depend, stamps, be ond all doubt, ats
true character as ! Government bank, and ought
to carry to the mind Of the Senate the conviction
which entertain, and in which feel perfectly
confident the whole country will share.
l. MY first proposition is. that i, was the DELHI
crate purpose and fixed design Of the late admin
istration to establish Go, ernment bank-a
Treasury bank-to he administered and control
led BY The Executive Department. To establish
It's truth, the first proof which offer is the follow
! ing extract from President Jackson's annual Mes
sage Of December. 1929: The charter Of the bank
of the United States expire. in 1885, and ITS stock
holders will most probably apply for a renewal Of
their privileges. In order to avoid the evils re-
sulting from prccipi,ancy. in measure involving
such important principles. and such deep pecuni
arv interests. feel that cannot Justice to the
parties interested too soon present il TO the leg
slature and the people. Both tho constitutional
,y and the eypodency OF the law creating this
bank. arc ,reN questioned by a large portion of
our fclo,r citizens: and il mus: be adm tied by all
that it has failed in the great epd Of establishing
uniform and sound currency.
..Undcr these circumstances. If sIch an institu-
ton is deemed essential to the fiscal operations of
the Gov eminent, submit to the cisdon of the
Legislature. whether a national one, founded up
on the credit ofthe Government and its revenues,
might not be devised, which would avoid all con-
stitutional difficulties. and, at the same time,
cure all the advantages 10 the Government and
the country that were expected 10 result from the
present bank"
This was the first open declaration of that I'M
placabc against the Bank of the United States
which was afterwards waged with much fero-
city. 1t was the sound Of the distant tng!c, TO
collect together the dispersed and scattered
forces, and prepare for battle. The country saw
with surprise the statement that ''t!c constitu-
t;onaltv and cxpcdiency OF the law creating this
bark arc well questioned hy largo portion Of
our fellow citizens when, in truth and in fact, il
was well known that but few then doubted the
cons.tutionality, and none the expectancy of 1t.
And the assertion excited much greater surprise,
that SIT must be admitted by all that il has failed
in the great end of establishing uniform and
sound currcncv.'' In this massage, too, whilst 4
doubt is Unlimited to the utility Of such IN
sitution President jackson clearly FIST discloses
his object 10 establish Il naiiona! one founded up
on the credit of the Government and It's revon- /
ues. His language is perfectly plain and unequi !
vocal. Such bank, founded upon tho credi, of
the Government and ITS revenues, would SECURE |
all the advantages the Government and the |
he tells us, that were expected TO result
from the present bank.
In his annual message Of Tic ensuing year, the
late President SAYS: Tho Importance of the |
principles involved in the inquiry, wheiher 1t will
DC proper to rechartcr the Bank Of tie L. States
'cqures that should again call the attention 0!
Congress to the subject. Nothing has occurred
o lessen, in any degree the dangers which many
# our citizens apprchcnd from that institution,
It present organized. In the spirit of improve
ncnt and compromise which ds,in cuisines our
,oan,rv ana It's institutions, il becomes US to in
uire ,rhc.her it is not possible to secure tic ad
antagcs afforded by tie present baak, through tn.
Z ID Al
Il an its principles to obyia,e constitutional {
nd other objections
at is thought practicable to organize such q
ank. with the necessary officers. branch Of q
ic Treasury Department, based the public i
nd individual dcposItcs, without power to make i
pans, or purchase property, which shall remit the =
Inds of Government; and the expenses of which o
nav be paid, # thought advisable, by allowing n
IS officers to sell bills Of exchange, to private in
iv,duas, at a moderate premium. Not being {,
orporatc body, having no stockholders, debtors, r
nd property and but few officers, ii would not {;
e obnoxious 10 the constitutional objections n
hitch are urged against the present bank; and F
aving no means to operate on the hopes, Tears, Fl
r interests of the large masses of the commu- r
itv, it would be shorn Of the influence which =
,akes the bank formidable" II
In this message, President Jackson, after again a
1verting to the imaginary dangers OF a Bank OF ii
,e United States, recurs to his favorte project,
nd inquiries "whether It be not possible 10 secure
,e advantages afforded BY the present bank, thro'
,e agency Of Bank of tho United States, 50 D,
odifed in its principles and structure to ob.i Il
lie constitutional and other Oh ections." And to to
spell all doubts OF the tirnid, and 10 confirm the m
ayerirg he declares that il is thought practca- b,
e to organize such a bank with the necessary r
ficers as branch Of the Treasury Department m
$ a branch Of the Treasury Department! The p
erv scheme now under consideration. And, to "a
efrav the expenses of such anomalous insi'u- &,
on he suggests ,ha, the officers Of the Treasu- p,
department NAV turn bankers and brokers, and lie
II bill. Of exchange to private individuals at ri
oderate premium. te
In his annual message Of the year 1881, upon AZ
II. subjcc, be was brief and somewhat covered tc
his expressions. Bot the fixed purpose which j.
entertained is sufficiently disclosed to the at ii
n,lve reader. He announces that "entertain- m
Q the opinions heretofore expressed in relation ar
the Bank Of the United States, as at present 81
gained fel, i. nv duty in my former MESA ar
g. frankly to disclose them. IN ordc. that the ci
legislature and the people should be seasoaaeiy
rect.d to that importsnt subject, and that II 81
irh. be considered, and finally disposed OF, n i,
amer be.. calculated TO promote tho ends o! ar
IL constitution and s1bserve tho public inte Q,
,s.s,, What were the opinions heretofore ex- m
-es.ed- we have clearly seem They were adj a,
TO the Bank of the United States. as at pre-