Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-07
port Of the people. They will not trouble themselves
much about the details of uch mensure few have The

separation The great principles by which he is guided
inevitably lead him to at result and they carry him TO
desire reformation in the Banking system ITSELF A
system which potent for mischief in its weuk
ness like the strong man laying hold on the pillars OF
the temple and overwhelming thousands in com.
mon ruin with himsef-a system which is but mono
poly OF credit and OF coming paper money the only cur
rency OF the Staes-a combination OF wealth and poll.
teal power controlling all legislation and subvertng all
just and equal rights cannot be longer tolerated The
hour OF reformation has come and the people will not
be satisfied with any thing less than restoration OF
Banks 10 their original and legitimate purposes as com
merciai agents operating solid capital, sustained by
the unlimited responsibility of those who enjoy their ad'
vaniages, and open to the free competition oil ALL Ch
such principles they would become valuable aids 10 ced
and 10 commerce dispensing blessings TO all and injurious
to none But the patience and orbearance OF the people
with the present of things has become exhausted
and they are resolved, with stern and scrunsnSeye
10 those Banking Corporations by the constu-
uonal standard; and to subject them to The PURIFYING m
fuence of those principles of Justice and equality, when
have been their safe and unerng guides in every Work
Of reformation. With the light OF those holy ana Just
truths reflected on their path they followed cneetuy
on and sustained Gen Jackson in his veto on the BANK
bill, and in the removal Of the DePostes Some nave
taken up the idea that they preudced against the
Bank because Mir Biddle al the head OF II; and be-
cause they imagined that Gen Jackson was acuated by
a personal hostility to that gentleman. Those who
think the people influenced by SUCH Pary passions,
have formed poor estimate Of the intelligent, honest
sober thinking yeomanry OF our country; and them
selves OF the presence and the power OF
mighty principle, and have felt its pervadng and
sustaining influence in controlling the impulses and the
actions of the mind. The people opposed TO the
Bank Of the U. S., because they it union and
conce nra,ion Of the monied and political power, not
only contrary to the letter and spirit Of the Constitution
but deadly hostile 10 their libertes-Democratic nsu
tons could exist under its prodigiouS political infu
ence-t Swallowed the Government and the people,
and to up all in the language Of the London Bank
ers Circular, they knew from its nature The influence
Of Bank be allied the .3rsiocr1cy of ,ceaih, and
10 The Democracy Of numbers; and this is cSpe
eiaIiy the scA great chartered Bonks, haUing
menSe polrer. With these important facts and consi
derations impressed their minds, the great CONNER
cal and pecuniary advantages of that Institution did
not weigh feather with them. Liberty was at stake,
and that jewel above all price. They cheered on
theis bold champion in his energetic measures against
that mammoth enemy of equal rights; and, dare say,
would have sustained him in carrying out their prlncl
piles 10 their full extent, in attempt 10 establish an
Independent Treasury; for, it is plainly the only con-
stiiutional mode of collecting, keeping, and discussing
the public revenues. treasury of its own in the Gus
tody Of its officers, and subject at all times to its
control is indeed, the main, distinctive feature be-
tween the present constitutional government, and the
Old Confederation. Dependent upon acquisitions on
the States for its subsistence, the old government was
utterly helpless dependent on the Banks for Its resour
ces, the modern government will share no better fate
separation of Bank and State therefore, when viewed in
the ABSTRACT and in The light Of acknowledged prnc
The only true poilcy; tnat we
ly But should not attempt under adverse cir
To attain any great end true wisdom requires
the adoption OF proper means at the proper time. ANY
attempt then TO establish Independent Treasury al
the time OF the removal OF the dePosites, would not only
have been impraccable, but runous. A proposition OF
the kind was made but it did not proceed from those
who friendly 10 the measure. Ii was no evidence
Of wisdom; was it Intended as such Suppose the
President instead of causing the public funds to be de-
posted in State Banks, had placed them in the hands of
Ed no
been arrayed against the measure, and any attempt TO
separate the Government from their influence have been
unavang. The clamnr about the union of purse and
sword would have been raised much louder-the actual
distress and panic occasoned by the entire number OF
banks, would have been much heighened-and a re-.
charter have been forced from pancstrcken and op.
pressed people. The wses course therefore, was pur-
sued And many of the banks, urged on by their Gu
pidy and love of gun were, for the FIRST time IN their
history, induced 10 side with the people, and 10 aid in
destroying great monopoly, that they mi ht share the
spoils among themselves. The overthrow of the u. S.
Bank by the energy and resstess force of Democratic
principles though aided by the cooperation of adverse
power was victory worthy 10 be celebrated 1t a
great battle mighty stride towards the recovery
Of lost independence But to render the victory ccn.
pete and 10 the permanent fruits thereof The
public funds ought 10 have been regulated with view
10 an ultimate separation from the banks The laws Of
Congress should have had distinct reference t. that
end. The principles and policy which caused hos.
tliiy the Bank operated agnns permanent union OF
1t was an alliance be tolerated longer than
sity required it. The suggestions Of The Administration
unuuesonably looked 10 ultimate and total separation
OF bank and State. MIR. Clay, in recent speech, has
abored 20 prove. that il the deliberate purpose OF the
late Administration, TO establish Government Bank,
under the exclusive control and direction of the Execu
tive department. Amy who will candidy examine
the views of the late President will find nothing to sus.
tain such charge. II is true that Gen Jackson in his
,5t term thought that constitutional bank might be
devised, if Congress would insist OH having But,
from the date Of the Veto Message, he distinctly aban
doned that opinion Long experience and mature refec-
ton led him the conclusion that any bank of the U s.
was neither necessary nor constitutional In his sixth
Annual Message he ftryen,ly hopes that, "admonsted
by the evils and disresses inflicted by such nslitu
ton those who have favored the establishment of sub.
stlute for the present Bank will be induced TO abandon
it"-n his seventh annual Message, the late President
Declares that he experience of another year has con-
rmed the utter faiacy Of the idea that the Bank OF the
United States necessary as fiscal agent OF the 20.
vernment'-and that such bank is "one Of the fruits
Of system at war with the genius OF all our Institu-
I'm his eighth and last annual Message he says,
that he lessons taught by the Bank of the u States
cannot well be lost on the American People. They Will
take care never again TO place tremendous power in
irresponsible hands; and il will be fortunate it they
seriously consider the consequences which are likely
TO result on small scale, (he would not say small
scale now y from the facility wit! which corpvrate
powers are granted by their State Governments Fl.
nay in the Farewell Address he solemnly declares,
that the poweis enumerated in the Constitution do not
confer on Congress the right to establish such corpo
ration as the Bank of the United States; and the evil
consequences which followed may warn US of the dan
ger of departing from the true rule of construction and
Of permitting temporary circumstances, or the hope OF
better promoting The public welfare TO influence in any
degree our decisions upon the extent Of the authority of
the General Government. Let US abide by the Cons
tuition as it is written, amend it in the constitutional
mode if it is found defective In another part he says
recen events have proved that the paper money system
of this country may be used engine to undermine
your free Institutions and that those who desire to en-
gross all power in the hands of the few, and to govern
by corruption or force of its power aud pre-
pared to employ it"-Agan, "the paper money syslen
and lis natural associates monopoly and exclusive pr
veges, have already struck their roots deep in the SOIL
and it will require all your efforts TO check lis further
ntowlh and 10 eradicate the evil The men who profit