Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-29

: was right in supposing that this new tria
OF the experiment would be made under
very different circumstances from Ahe first
and would have different termination
That too, like this, was bank-a Govern.
7 ment bank, Us distinguished from the late
bank, to which it wass et up as rival, and
: vas at the time constantly so designated
IN debate. But the circumstances now are
'haoed diferent--vcry different, aud SO
% would be the result Of the experiment.-
This bank would be the same rickery con-
Germ as the former. That ended in anarchy
anu this would end in despotism. l will
explain.
Tho former failed not SO much in conse-
quence OF the adverse circumstances of the
tunes, or any essential defect in the system,
as from the want of heutl-a common
sensorium, N think,-to will,-and decide,
for the whole, which was INDISPENSABLE
necessary TO ensure concer, and give unity
of design and execution. A head will not
DO wanting now. MIR. Biddlc's bank will
supply the defect. His would not vuly he
one of the resumns banks, as have shown
but would also be one Of the twenty-five 10
bc selected. If there should be the ,c,neri-
| ~ to omit il, the present project would
| share The fate Of tho predecessor. Mr.. Bid
ble's bank at the head Of those excluded,
would be an over match for the selected, in
skill, capital and power; aud the whole
league would bc inevitably ovcrlhrown
But II selected, the position Of his bank in
Tho league would be certain. Its vast CAPT.
tai, It's extensive connections, its superior
authority, and his skill, abilities and influ-
cncc, would place it at the head, to think aud
act for the whole. The others would he as
dependant OH his, rs the branchesof the late
,I,o ttor
whole would form one entire machine, i'm
PEELED by single impulse, and making a
perfect contrast with its predecessor in the
unity and energy of its operations,
Nor would its fate be less dlssimilar.-
Anarchy was inscribed OIL the first from the
beginning. Its deficiency in the great and
essential element, to ensure concert, was
radical and could not be rcmedied. Its
union with the Government could not sup
ply it, nor avert its destiny. But very diff.
fcrcnt would be the case Of tho present.
Add its intimate union with the Govern
ment for which the substitute provides, 10
and bank would nn;e md @ cons,;,;s Il ;;;.' .;n +,
dcncy; whether the Government would be-
come the bank or the bank the government,
is neither certain nor material: for whichever
it might he, it would form n despotic money
cracy, Gf may be permitted TO unite an
English and Greek word,) altogether ir-
rcsisliblc.
1t is not little surprising that the Scna-
trr from Va. (Mr. Rives,) whose watchful
jealousy could detect, as he supposed, the
embryo of u Government bank in the bill,
should overlook this regular incorporation
of one by his own substitute. Out Of the
slender materials Of Treasury warrants,
and drafts to pay public creditors or trans
nit funds from place to place, as the public
service might require, and four principal e-
cciVers 10 keep tho public money. he has
conjurcd un, with the aid Of vivid imaei-
nation, future Government bank. which
he told lis, with the utmost confidence
would rise like a cloud, at first as big rs n
hand, but hich would soon darken all the
horizon. Now, it is not a little unfortunate G
for his confident prediction, thai. these semi
nal principles from which the bank is to
spring, have all existed from the commence
mcnt Of our Government in full force, ex-
ccpt the four receivers, without showing the
least tendency to produce the result he an
ticipates. Not only ours, but every civil
lied Government has the power to draw
Treasury warrants, and transfer drafts; nor
has the power in single instance tcrmi-
the money is to he kept by receivers. CON
tribute in the least to produce one. The
public funds in their hands will be as much
beyond the control Of the Executive, Us il
was in the vaults Of tine banks. But to
shorten discussion, ! would ask, how car
there be i bank without the power to dis.
count or to use the deposics! And on,
Of which of the provisions Of the bill
could the Treasury, by any possibility OBJ
tain either, under the severe penalties o
r the bill, which prohibits the touching Of IN.
public money. except OH warrants or drafts
| DRAWN by those having authority, in du,
, form, and 70: the public service.
But the danger which an excited imagi
r nation anticipates hereafter from the bill
would exist in sober reality under the sub
I stitutc. phcre it would require neithe
G fancy nor conjecture to create one. l
n would exist with all its faculties and endow
$ mcnts complete; discounts, deposits, ant
: all with its immense means, 2uidct
c by central and directing head, and blend
@ cd and united with the Government, SO a
to form one great mass Of power. What
Il contrast with tho bill! How simple an,
q harmless the one, with its four principal re
a ceivers, twice as many clerks and five in
III spcc,ors, compared with this complex an
Il mighty engine Of power! And yet ther
i are many, both intelligent and patriotic
: who opposed she bill and supported til
II substitute, Oh the ground that the forme
K would give more patronage and power tina
&c the latter! How strange and wondcrfi
J.. the diversity of the human mind
r. So far from being true, the very fact Of Il
30 separation Of tho Government from II
e banks, provided for in the bill. would,