Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1838-04-05

| There is vet another course, unembraced
by either branch Of the alternative present.
ed by the Senator from South Carolina;
and that is to establish Bank Of the Uni
ted States, constituted according to the
old and approved method of forming such
an institution, tested and sanctioned by ex-
perience a Bank of the United States
which should blend public and private in
] terests, and be subject to public and private
control, united together in such manner as
TO present safe and sa.utary checks against
| all abuses. The Senator mistakes his own
abandonment of that institution as ours. l
know that the party in power has barrIca-
ded itself against the establishment of such
bank 1t adopted, at the last extra ses-
sion, the extraordinary and unprecedented
resolution, that the people of the United
! States should not have such bank, al
though it might be manifest that there was
clear majority of them demanding it.
But the day may come, and trust is not
distant, when the will of the people must
prevail in the councils of their own Gov
ernment; aud when it does arrive a bank
will be established.
The Senator from South Carolina re-
| nIlQS US tIldt VIC ucuOuuCCO tiC pCs Duhh
system; and so we did, and so we do.
| But does it the refore follow that, bad as
that system was. we must be driven into the
acceptance of a system infinitely worse
He tells us that. The bill under considera-
ton takes the public funds out Of the hands
of. the E xecutiye, and places them in the
hands of the law. II does no such thing.
They are now without law, it is true, in
the custody of the Executive; and the bill
proposes by law to confirm them in that
custody, and to convey new and enormous
powers of control 10 tho Executive over
them. Every custody of the public funds
provided, by the bill is creature of the
Executive, dependent upon his breath, and
subject to the same breath for removal,
whenever the Executive, from caprice,
from tyranny. or from party motives, shall
choose to order it. What safety is there
for the public money, if there were hun
bred subordinate executive officers char
ged with its care whilst the doctrine the
absolute unity of the whole executive pow
err, promulgated by the last administration,
and persisted in by this, remains unrevoked
and unrebuk ed. Ar
Whilst the Senator IRON South Carolina
processes to be the friend of the State
Banks, he attacked the whole banking sys-
TEN Of the United States. He is their
friend; he only thinks they are all uncon-
stitutional Why1 because the coming
power is possessed by the General Govern
mcnt. and that coming power, he argues,
was intended to supply currency Of the
precious metals; but the State banks ABB
sorb the precious metals, and withdraw
them from circulation, and, therefore, are
in conflict with the coming power
That power, according to my view OF it,
is nothing but a naked authority to stamp
certain pieces of the precious metals, in
fixed proportions of alloy and pure metals,
nrescribed by Jaw so that their exact value
may be known.-When that Office is per-
formed, the power is funetns oGicio the
money passes out ofthe mint, and becomes
the lawful property Of those who legally
acquire it. They may do with it as they
please, throw It into the ocean, bury it in
the earth, or melt it in cruciblc, without
violating any law. When il has once left
the vaults Of the mint, the law-maker has
nothing to do with it, but to protect il
against those attempts to debase or counter
felt, and, subsequently to pass i as lawful
money In the sense which tie Senator
supposes banks to conflict with the coming
power, foreign commerce, and especially
our commerce with China, conflict with it
much more extensively. That is the great
absorbent Of the precious metals, and is,
Therefore, much more unconstitutional than
the State banks Foreign commerce sends
them out Of the country; banks retain them
within it. The distinguished Senator is
no enemy to the banks; he merely thinks
them injurious to the morals and industry
Of the country. He likes them very well,
but he nevertheless believes that they levy
a tax oftwenty-fve millions annually on the
industry. of the country! (,
Let US examine, Mr. President, howthis
enormous and inquisitous assessment is
made, according toethe argument of the
Senator from South Carolina. He states
that there is mass Of debt due from the
community to the banks, amounting TO
/ $475 100000, the interest upon which,
constituting abouttiie sum. of 1926 ,0Oo, 900,
forms Of the exceptionally tax, Now this
sum is not paid by the whole community,
but only by those individuals who obtain
discounts from the banks. They borrow
money at six per cent interest. and invest
4 it in profitable adventures or otherwise en-
pIoy it. They would not borrow If they
did not suppose they could make profit by
lit; and the probability is that they do make
! profit by il. Instead, therefore, Of there