Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-12-20

i
before YOU additional information contains
ing new details on this interesting subject.
To these I ask your eorly attention.. That
il should have given rise to grea, diversity |
ofopinion, cannot be a subject of surprise.
After the collection and custody of the pub
lie moueys had been for so many years
connected with. aud made subsidiary to the
advancement OF private interests. a return
10 the simple aud self denying ordinances
Of the Constitution could not but be diff
Quilt. But time and free discussion, elicit
ing the sentiments Of the people, and aided
by that concilinrory spirit which has ever
charac' = .ed their course on great emer-
gencies, ere relied upon for satisfactory
aetilement Of the question. Already has
this anticipation on one important point
at least--,hc improperly of divertng
public money TO private purposes-becn
fully realized. There is no REASON to sup
pose thar legislation upon that branch Of
the subject would now be embarrassed by
difference of opinion, or fail to receive
the cordial support Of large majority OF
formerly existed between the Government
and banks, wasin reality injurious to both,
as we'll as 10 the general interest Of the
community at large. 1t aggravated the
disasters Of trade aud the arrangements OF
commercial intercourse, aud administered
new excitement anil additional means to
wild and reckless speculations, the disap-
pon,men,s of which threw the country iu-
10 commissions of panic, and all but pro-
duced violence and blnodshed. The i'm
prudent expansion of bank credits, which
was The natural result Of the command Of
the revenues Of the State, furnished the
resources for unbounded license in every
species IF adventure, reduced industry from
its regular and salutary occupations by the
hope of abundance without labor, and de-
ranged the social state by tempting all
trades aud professions into the vortex Of
speculation on remote contingencies.
The same wide-spreading influence i'm
peded also the resources Of the Govern
Tnent. curtailed its useful operations, en-
barrassed the fulfilment of its obligations.
and seriously interfsred with the execution
Of the laws. Large appropriations and
oppressive taxos are the natural consc-
auences of snch connection. since hey
increase the profit ofGhnse who are allow
Cd to use the public funds, and make i,
their interest that money should hc occu-
mulaied aud expenditures multiplied. Ii
- thus that a concentrated money power
- tempted to become an active agent in
political affairs, and all past experience
has shown,on which side that influence will
be arrayed. We deceive ourselves if VIC
suppose that it will ever he found asserting
md supporting the rights Of the commu-
nifty at lurge, in opposition TO the claims of
the few.
In government whose Distinguishing
characteristic should be a diffusion am,
equalization r its benefits and burdens,
the advantage Of individuals will be aug
mented at the expense ofthe mass Of the
people. Nor is it the nature of combina-
tons for the acquisition Of legislative in :
huence to confine their interference TO the
slagle esles! for which they 1--WE were 6 SrigSina!!y Se
frequently too strong to be resisted. The
Influence in the direction ofpublic affairs,
OF the community at large, is, therefore in
no slight danger Of being sensibly aud in
juriously affected by giving tn compara
lively small, but very efficient class. di-
rect mud exclusive personal interest i'm so
important portion Of the legislation of
Congress, as that which relates to the Gus
tody of the public money. FLAWS acting
upon private interests cannot always be
avoided, they should be confined within
the narrowest limits, and left, wherever
possible, 10 the Legislature of the States.
When mol thus restricted, they lead 10
combinations of powerful associations, ros-
ter an influence necessarily selfish. and
turn the fair course of legislation TO SIMS.
ter ends, rather than to objects tha, ad-
vance public liberty, and promote the gen
sral good.
IIsE. pEn a,,I,s
aud l cannot Dut express a hope that SO me
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 dec
laration Of my views in opposition to the
policy ofem2!oying banks as repositories
OF tho Government funds, cannot Justly he
construed as indicative of hostility, official
or personal. to those institutions: or 10 re-
peat, in this form, and in connection with
this subject. opinions which l have uuiu-
formly entertained, aud on all proper occa-
sions expressed. Though always opposed
to their creotion in the form Of exclusive
privileges. and as State magistrate aim
ing by appropriate Legislation, to secure the
against the consequences of
their occasional mismanaeement, | have
yet ever wished To see them protected in
,he exercise Of rights conferred by Law, and
have never doubted their utility, when
properly managed, in promoting the in ter
ost of trade. and, through that channel, the
other interests of the community To the
General Government, they present them
selves merely as STATE institutions, having
no necessary connection with its lcgisla.
ion or its administration. Like other
State establishments, they may be used or
not,in conducting the affairs ofihe Govern.
'nent' aspublic policy and .he general in
ferests Of the Union NAV secm IN ,eo,,;r.