Southern Argus., 1838-01-02

.;on a the RrOrnA mostly a. e1ptdieAcY.
ANY one who viii read Mr. MadisQn's aps
Droval Of the Bank charter ia 'l6s cannot
fail 70 see that he was mt convinced 81 US
conStitntinnalilv. bnt IN the contrary ne
will see that his approval WAS mnrP matter
{ necessity, than the dtlih' r,te e. nVietWn
If his own mind with regard 81 the cnnS'itn-
tiOnAI power of Congress 80 create bank
Mr. GalhMn SnDpOr ed the Bank IN 10,
,,n the same grounds. Sc"nnec'i''O which
could MT AZ Once he brnken, had long ex1>-
'ed betweeI the Banks and Government.
He acted upon n state Of things which he
did not create, and uVer W. ieh he had u"
c"ntrsi. He took the ground in his speech
on that occasion, that an TING as the Govern
nent cun'inned to receive anl paw away
bank paper, aS money, Il was compelled to
rpgtIIat,. it4 Vllue which ccn'd MT he dome
except hv the creation of National Bank. !.
| rhr Hanks ~ 'I6, had uni. r>ailv susDrn-
led Sptrie payments :shev hi 4 ccnN;dtr.
able ammIm G.fg"Vernnent stock which was
drawing interest. constantly rising 's the
market, aud which they iSSnt,'l WD'n As
capital: to compel the,n to re liuq"i~h those
important ADVANTAGES. it was UrceS~arv ."
elfnrCe SDerie plVmen's. Two measures
presented Vhem> lves. the 0iP Hank.
rmIt law which Mr. Calhoun was orpoSed
tn IN SeVertl grounds, me thar y was nn.
constitutional. the other the establishment
,f National 3 INK. The lattcr he DrrFPrefi
tn the f',rmrr, though ne hrliPVrh IL tn he
Unconstitutional, hut in his "Wn lahgnage he
''actrh upnn n state Of things which hr cnni'i
not reverse, just as anv MT m e. at the sen.
ate nOw would who might believe thar I.nTl-
i>iAna was mncnnx,itmtinnallv ahmi''rd in'"
the Union, but VIII" would neVrrthFlrSs.
| feel COMPELLED tn VnRe tO rx'en ! the laws tn
| that Stare, as One Of it, n'em''Fr~ 0n the
| ErmnGth1I its admission was an Art whether
constitutional nr uncnn~titmiinlal which he
cOmlh not REVERSE" The sane principles
gmIdet him in his support Nf the Bank in
| She adv OcaIed n recha'Ier Of the bank
for limited period in order Z" break 'ht'
cnnnPxinn OetwPen the government AMI
| Banks iN gradual manner, ~ that NJ :
vrIe pressure might be the consequence "f
the dissolution. In his sperch d-liv, red nn
that OccaxiOn he distinctly av0wr1 his de-
termination tO bring forward = measure iu
dIS>nlve tn" eonnexinn between the Govern
'nrnt and banks. 'f mO me ,iAe would. "nlr>s
| the dFpO~iIr~ were r.s>s,r TO the Bbnk tIi
United States, frOm whPn~e they had been
removed hy the Pre>iden'.
In this Instance rs i" 'I6. II is evident thar
Mr. Calhoun Wa> inf1"' -el hv ciTCmmxtan-
Ce~ over which he had no cnirnI: his Ol,-
ject was TO break the o,'nnexinnS between
The Banks and Government gradually. and
thus return without injury to the country, 10
the constitutional currency. But fhr ron.
nexinn j. now hrnkt n bv operation nf law .
and Mr.. Calhoun has it in his power fnr
tie first time :" pu'sue thar course. which
ne has 81 long believed 'n he CORRECT. He
's now opposed to a Rank, aS all State
Rights men must hr. anil in FaNN Of an en-
r're separation "f the m"nird from the pnht
'c'l pnwer. In this he is n"t "nlv cnnSiA'sn'
but is giving the m' ST effiCWnt support It
the principles With the Republican, CI
State Rights party ~, alwaNS advCcA'rh.
STATE RIGHTS COMMITTEE.