Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-31

and National Bank in its worst formcloscly allied
with The Exeeuve;a State institution. irresponsible
TO Congress- and irresponsible To The people. say, IL
this nsenshle process, already commenced. is to be
consnminated, II will form that concentration Of
the nloneycd power. which the President in his
late Message speaks ofwith sa- much alarm. Ifthis
lnsehsle'e process Is 10 90 on i this coalition be-
tween the Government and the Bank is to be com.
pIetrd, will sayas SAID OF another coalitlop in
another country the name Of my country, l for
bid the bans.
Notwithstanding the many homilies VIC have re-
oowed on the necessity of sevetinv all coppection
between The fiscal affairs of the Government and m.
banks the President and Secretary have given IN.
most unequivocal proof, by their example and prac-
nee OF the superiority and almost indispensable ne.
oessity oil bank agency in conducting The affairs Of
the Government. And The come cton with hanks
Is attempted 10 be got over by clubbing sixteen banL.
~ special repositories. Where are these .nec;al
Repositories Banks employed the will and plea
sure OF the ESccniive--inaking them solely Execu-s
1.-Two agents and Executive instruments. Wb,le m.
Executive is preaching against the system of banL
agency II IL recommended that an occasional use
may be made of them. when il is deemed convc-
uient and proper. Who is 10 be the Judge Of this
propney Why, the Executive + their hand.
must not be irlteied by the legislation of Copy,e.s
they must employ Them nj their own will and nle..
sure; thus making tins immense money power snb-
sereen, 10 Executive views. All admit that with
the experience d the last few months banks are in
hnely safer agents iltan5 sub-trcasurers: Inn The
and perhaps tor the extension of Exec live pa,ron
age aud influence. The Administration means IN
employ banks aud The only question is, whether we
will have their employment lcgalized or subject
thcm entirely to Executive discretion. The time
has come WHEN -cy"ty patriot should watch win
deep anxiety mud sneitnda the ind,catious nj ~,
ceutiye policy. II this monc,ed powers TO be snb
jecteh 10 Executive WILL it viii destroy the hber,ies
Of the country and make Executive power nsc.p.
dant every thing. lie would also allde IN III.
nm - and Iuf,n, al
ton Of the President 10 appoint on.mitiee of Com
gfnss TO watch his snb-tieasurels. and ,report Tho
deiaulters 10 him for removal. Ilo hoped he would
not live to see ills degradation OF Congress appop,
ing nqnlsitotal committees 10 nairh the Execn,,yc,s
sub -treasurers. The President says thai receu g.
vents have convinced hlm more aud more of the pro.
prcty OF his Sub Treasury system. Wbatnrc the.e
recent events Tho dciacalon Of public Officer,
for immense sums, and dying The country No, g.
ven the shrine of the national honor has been sacred
from this humiliation ! mean the army. The or.
mine Of the law has hcen stained wilil, dishonor.
These de.acations vi public officers, though bu.
initiating, are provldeniia evils, in contributing 10
defeat system, tho ,nlilcIion of which upon The
country deem would he curse. Cannot WE de-
vote session OF Congress To binding I'M the
wounds of bleeding country, instead of ~ astipr
the lime 10 party conflicts aud Tying Tor party IN.
nnphs
Nh WRIGHT rose 10 say y Few words in ,cpIv
10 The honorable gentleman from Nhginia lie did
debate on the question al the Sub. Treasury mr. nj
the bank deposlcs, believing that any argument IN
these qucs ions would now be oul OF place. lie no.
ped and believed, Notwithstanding the Senator's re-
marks, that he was 10 he permitted 10 congratulate
himself and the country that the Senator Ind NJ last
become aware OF The dangers aud miscliieis arising
from connection between the Government and the
Banks. lie was glad to hear the Senator's remarks
so far rs they connected wtrIb facts, and tho
only drawback his pleasure was that the gentle
had uoIw ed far Inc In ~
lcrcnoes. Another remark with which he would
now trouble the Senator. lie well remembered at
he extra session, and at the last annual SO ssion he
" repeatedly told by several members. TINT when
we undertook to talk oil the dangers of this Pennsyl-
paua Bank of tie L. s. we were attempting TO f,lsc
, phantom; that the Bank al Tie u. $. was dead
anti gone and that it was IN imposition on the coun-
Try say that there was longer any danger from that
lu,ttef. lie remembered that observations su :hsas
hcse fell from the Senator from Virginia himself
and he was happy Gnd that the gentleman hal
changed his opinions He never was himself deI1-
led for a moment with regard to that institution;
he opnio ns that he entertained Of il were The
,ane that he had always held. The Senator then
would naturally ask, did he approve of this couuec-
ion He would answer that lie did not know
He vas exceedingly glad that the Senator had Of
Tered hs resolutions ofinquiry, and wished the SEN
ate and country be put III possession Of the infor
nation il called Tor. When that information came,
he would be able to form correct opinion on the
subject. lie had heard that, under the legislation
Di the last winter. the Secretary had sold one Of tho
bonds given by the Bank of the United States, TO tho
Bank itself He presumed. therefore, that the con
necon. rs he had heard report, grew exclu
sively out of that transaction II tins connection
had gone further it had been without his knowledge,
and should be without his appreciation. lie did NOT
undertake say that he approved OF the manner in
which the bond was transferred, but he had heard
ha, other purchaser OF the bond was TO be found.
lie had heard thai were found wanting to pay
he public debt, and for this purpose, the sale
made 10 the manner ii hal been. So fat he was viii
lug TO until the Secretary gave them the facts
md he should have been much better pleased ifthe
Senator from Virginia had permitted the call to be
answered. and the facts to be laid before them, be-
ore he drew his inierences. He was not SO much
at that of the Senator as al the next
step he took and what was that Why, it was 10
interpret the Senate aud the country, only the
cause Of action. but the views and opinions Of the
President Of the United States, and the Secretary Of
Inc Treasury together with the policy ofthe Govetn-
nent, from the letter of Nicholas Biddc, who has
not hitherto been the authority from which the at-
ion of these gentlemen has been accustomed to be
Judged. 1t might have become authority with tho
gentleman now; but if it had, the gentleman had
information which he Mr. W. did not possess.
But in the heat of remark, the letter referred 10
was not enough, and the comments Of the Oppos.
ton newspapers made the authority for the o.
pinions and policy OF the Administrator, by tho
honorable Senator from Virginia. Ile would only
observe that, when the and opinions Of the Ad-
mlnlstraiou are to be Judged OF ny hitn, II should
not be from the comments of The Baltimore Chroui-
Gle.
Ii did seem to him that the natural course would
have been 10 have let these inquiries go the Sec
retary and TO have received his answer before COM
ing TO any conclusion with regards to facts yet 10 be
II L., H.. -. - kv