The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-28

The subsequent bill Introduced by the gentle
man and myself TO which, The gentleman from New
York refers based upon the identical principles
OF the currency bilIp aud sought TO carry oul the
same policy with some modification OF details. The
deornities OF the last OF these bills which pre-
senied In the Senate during the present session, are
Of very modern detection, and only prove what vary
ing opinions changes Of circumstances produce.
was decided advocate Of the policy of the cur
rency BILL" and am sill such advocate. The more
have reflected, the more am satisfied OF lis isdom,
and feel no hesitation in asserting that there is no
other policy by which an adequate, and at The same
time sound circulating medium IN country of such
extensive commercial demands, both foreign and do
nestle as this, he secured and firmly believe,
that il that bill had been approved instead OF being
sent 10 the Stale Department contrary 10 the true sp
rit Of The constitution and that respect which was
due 10 the Legislative branch OF the Government,
thatlhe country would have escaped many Of these
difficulties and ADVERTISEMENTS which has encoun-
tered, and which now affects il.
The honorable gentleman from New York tells US
that The Snb-Treasury system Is now In practical
operation, and that whether this bill passed or not
il will continue in operation al least until iS4l.
give you his own words: Suppose We reject this
bill and go home, does the Sub Treasury cease Z
No sir ii must continue, as 1t is now the law of the
land and will continue through 1885, 80, 40 and Al
in spite OF all the lamentations here or elsewhere"
This is told avowal, and mol more boid than
boldly and manfuliy made Ii the honorable gen
tleman meant that The advocates Of this policy are
determined TO have this bill or nothing, then the
avowa is at war with the true spirit OF legislation
and the deieTeniial temper Of the Presidents Mes
sage. Ii il meant that the Executive veto will be
applied to any bill Incompatible, in principle with
the present, then il Is menace which should not
have been made, and which should not be lightly re-
garded by this House If II only meant that mo-
other bill can be passed, then beg leave to differ
with the honorable gentleman, for u this bill cannot
pass, Il is because there is majority opposed il
and that majority can, and ought to pass some BILL
TO regulate and control the present disordered and
unrestricted state Of the currency and the Urea
sury. "A
Mr.. Chairman, the leading principle upon which
the bill under consideration Is based is dirorce Of
the Government from The banking institutions of the
country, and the honora bic gentleman from South
Carolina, in his able and eloquent speech OF yes,er-
day, tells US that the true question Is whether the
Government shall be dependant upon the banks, or
be the custodier OF its own funds The employ
meni of this term: diUoree of hank and State" has
not been without its influence upon the credulous
and the unwary; and by its assimilation TO a very
favore principle If free government, the diporce
Of church and STATE has mol been without It's effect
In this sense, the word dirorec sounds pleasantly
baton, because il dirorcE purity from impurity,
and separates divine from the contamination of hui
man laws, and leaves every man to the exercise Of
his own conscience in matters OF religion. But
there is another sense in which the term strikes
harshly on my ears, and excites the utmost detesta
ton of my heart; dirorec of those tender and
afectonate ties which bind together in common
destiny, husband and wiie-and il Is TO divorce of
this character, think the proposed divorce may be
more aptly and appropriately assimlated. Ii is, in
effect, a proposition to divorce this Government
from and render 1t independent of the institutions
OF the States and the interest and prosperity of the
people, 10 which il should be indissoubly united.
The true question involved is not between the Go
vernment and The banks, but between The Govern
menl and the people, because the institutions of the
people are struck at.
Before entering upon the discussion of the merits
of this BILL il will be proper from the course Of ar
gument which has been pursued, TO inquire, what
these b,nks2 From whence did they derive their
existerce2 Whatare their attributes and what have
been their effects. From the manner in which this
subject has been treated, we should suppose that
banking institutions OF the States were some iDde-
pendent exstences not authorized by law and beyond
the control OF lawthat they were some third power
in society selfcreated self-exiSent selfcontroed,
and self-willed But, sir, they are the institutions
OF the people-they were created by the people
through their representatives and with their appro-
baion-they were created BY law within The pale of
the admitted constitutional powers of the States apd
responsible law. and npnn every principle OF
our system, should TO proper extent, be favofably
regarded, and not subjected TO the hostile action OF
this Government. But il Is said BY some that they
are arapcrac corporations, corrupt in their tenden
cy and dangerous liberty II is they are cor
porations, for without being corporations they could
not exist,-they would have no legal authority 10
an insuperable objection, ii would destroy the Go
vernment itself; for the Government is but great
corporation, created by the people the constitution
being the charter Of It's powers. II has also evil ten
denotes and Is armed with dangerous powers; yet
the good tendencies over-baance the evil; and The
dangerous powers impaired are indispensable to the
security Of life, liberty and happiness Would il be
commended that because there were some evil lenden-
cies and some dangerous powers ofthe Government,
that II should be overthrow and entirely annihi-
lated Certainly bPcauSP thprp lie M
that may not be abused Railroad and Canal Com
panies, and Universities and Colleges, are but so
many corporations, with powers impaired, adapted
TO the peculiar objects OF their creations the ncorpo-
ration is absolutely necessary to BILE them TO
force the performance OF all obligations due to them
and to be liable TO the enforcement of all obligations
due from them; without it they could neither incur
or acquire any liabilities. The end to be accom-
pshed by allincorporaons is 10 effect that BY united
strength and associated capital, which cannot be ac-
complished by individual strength or individual
capital All the evils which have grown out of the
existence Of corporations have not been the result of
any inherent vice in the system, but of false and i'm
perfect Legislation. Legislative res rictions may al
ways prevent the vicious action of corporations Judi
ciously applied, and such may escape the sagaciy
OF Legislation, will always be detected and corrected
by experience The great arisiocratic tendencies
Of corporations is the unlimited acquisition of real
estate and The perpetuity Of their existence In the
United States the laws of distribution prevent the
perpeiuity OF eStaes but upon the perpetual exist
ence Of corporation they could not operate this
however, may be avoided by limited duration and
proper restrictions upon the acquisitions Of real
estate.
But ID is said that Banks are odious nonopolics
This is not true; monopoly is the right to enjoy
particular privilege or pursue particular business
to the exclusion OF all others Banks are princi-
pally Instituted for the purpose Of loaning money
and circulating their credit. They are created by
power which as many others as il pleases;
any individual may take their stock banks can lend
money, SO can every individual who has it TO lend
they may circulate their credit to linited amount
beyond their specie capital may individuals ex-
tend theirs TO any amount they can without regard
to capital they can take interest," SO can individuals
tolhe same extent. The great advantage which banks