The North-Carolina standard., 1838-06-27

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authority, the attributes, and the dignity, Of aN
garlized political departments It is this daIn
sion. arising from the unrebuked assumptions
the banks. and strengthened by the silent acon:
escence of time, that has enabled these incoTr,a'
rated companies thus to change their charoct,..
in the public estimation
But- sir, Tmust again press upon the attento,
of the Senate the startling fact that this demoO1
of the public money is made by the banks, Dnon
the avowed assumption that the Constitution b,'
provided no sufficient means for the execufion ~
its own powers that the officers elected npdo.
it by the people are not to be trusted and Nv.
the irresponsible agencies of banks, unknown n,' "
the Constitution, must be brought in to sunoS
sede those officers, to supplant the Coust,mT[on
ITSELF and to take charge Of a Government wboS L
the people are supposed incompetent 10 admins
ter. Thus We the representatives of the Stato,
and of the people, are insuled to our very Ecss'
for, if the numerous citizens selected. to perh,nI
the duties of the other departments of Govprn
ment be unworthy of the public confidence, hos
shall we escape the same denunciaton, or ="
sumo to be more worthy than they? Rw 7
even this outrage, great as it is, might h |
endured, if it were confined to US, and to the NJ
fcers OF Government alone. Such, however !,
not the fact; for this demand, thus made unon (
the ground that agents selected by the popular I
voice are unworthy of confidence, is equally an |
insult 10 the majesty of the sovereign people
themselves. II is a declaration to them thai |
they are incompetent to elect; and that there
fore, the elective franchise. so prostituted and
abused, is to be withdrawn from them and
conferred upon the banks.
And now, Mr. President what are the iime
diate consequences which are to result from the
adoption of the substituted The banks of demo-
site are be selected by the joint of the two
Houses of Congress. Here, then, the banks
and the Government are TO be united, no, onlyn
the exterior administration of the finances, but
that union is to begin in the very source of the
law-making power. The banks are to enter The
Capitol, with their fatal facilities, 10 canvass a.
gainst each other, with the'members OF Congress
for the custody ofthe national revenue. They
are here to canvass for these favors with the very
men by whose votes this revenue is to be raised
reduced or diminished & consequently, the pro.
fits Of the successful banks augmented or lessen,
ed. What scene would this present! Eight
hundred moneyed corporations with five hun.
dred millions Of dollars to loan. garrisoned each
winter in the Capitol, among their faithful pres.
dents, lawyers, stockholders and borrowers, can.
vassing for majority of the two Houses-can.
vassing for the deposiles, for an increase Of az
rs, and for diminution in the expenditure Of
those taxes when collected In such scene,
what would become Of Legislative purity? what
OF the rights OF the people2 What of theADuEe
lberty2 And which, of all the banks, would
succeed in the contest for Congressional favors2
Would not the Bank of the United States-lhe
controlling centre of the paper system-she
whose friends already throng these halls-shc
who is already so deeply skilled in political ia,
cilities-would she not stand triumphant in our
midst2 Yes, the same vote which could pass
this substitute would give her the deposites and
thus that institution would again become Ma,
tional Bank, with all the powers and immuni.
ties she before enjoyed. without any Of the re-
straints or responsibilities imposed by Con.
gressional charter. And here, sir, shall ex.
press it as my deliberate opinion, that every man
ofthe Opposition will sustain this substitute, and
that. too, with view 10 the very result have
anticipated Those who desire The concentra.
tion of the money power in National Bank
will ask for none better than the Bank Of the Z.
nited States will become, should this measure
be adopted. Nor will that institution desire OIL
accept OF national charter, if ii can obtain the
public moneys under the less emba arrassino char.
ter it now enjoys.
These, sir. are my opinions. The subjectd
a National Bank will sill be urged before the
people. but not seriously desired, by the political
leaders. They not the men to pursue vision.
ary forms, TO The neglect of substantial realizes
the money with the political power of the coun.
try and they see in every line of the substitute be-
fore US the certain accomplishment of that object
And now, sir, standing in my place, and in
the immediate presence of the American people,
pronounce 1t as the solemn conviction of my
judgment. that this union should it be effected
the union of the banking or paper system with
the Government-will PROSTATE the liberties Of
the country and that this prostration will con.
rinue until that inborn love of freedom, the pecu
liar Inheritance oflhis nation, shall rise 10 re,
store those liberties by the only means which
despotism cannot withstand In such union,
in such a compound of the money with the po-
litical power, i: would be utterly immateral
which of the elements predominated-w
that OF the Government, or of the banks. The
junction of the two would speedily result in
blending both into one; and it is this consoida.
tion, this aggregation, OF powers SO vast in the
same men ; it is this which would enable those
men to override the liberties of the country
What then, sir, would be our condition, if the
very men who are now struggling 10 effect this
consolidation should succeed, and having sue.
ceeded, should, by that very success, place them
selves In possession of these powers thus con-
solidated? Would not the fact of their success,
in this effort, be proof conclusive of the danger
Gus strength of the banking system. which is
~, III, c1nport Q and Ivould thai