Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-01-06
From the Soufhern .Irr,ls.


toaal Bank Now, though NE do not pr1tess
TO have gwen more than an ordinary attention 10
the subject al politics, we must b. permitted 10 SaR
that we are sufficiently acquainted with the political
history OF our country, 20 Know, that we ara not in
error IN asserting that the State Rights marty has
always opposed the creation ola National Bank
W no were the supporters Of the first Bank-an6
who were Its opposers Upon this subject. there
must exist no doubt as the records are extant, and
can se Appealed 70 At any time, aud certainty there
BY obtained. The Federal party will be fSgnd m
on an examination Of these records. TO have sIport
ed The bank with perfect unannity, and the Repub-
Lean party, with almost equal unannnitv. Will be
iound TO have opposed it. Mr. Madsons speech,
delivered on that OCCASION Mr.. JeiferSon's written
opinlon, and The vote given, have all been printed.
ami can be appealed TO, At any time, in proof of
what we assert.
Agaia-who defeated the bank charter in 1912
Not the Federal party, aSsuredly for they were
unanImonsly IN favor of it. 1t was then defeated
by the Republican party, which had come into pow
er under the auspices Of Mr. Jefferson, in the wear
1850. The Republican party, under the circum-
stances, could not otherwise have voted-they were
in favor Of strict and literal construction of the
constitution, and consequently, could not, consis-
tently, supp0rta measure which required sucha
wide stretch OF the powers of Congress. We hold
the position to be correct that there can exist but
awopartes in this country, on principle the one
in favor Of limited the other in favor of an unimit-
ed construction oithe constitution. The former is
the Republican and the latter, the Federal party
All minor party divisions belong TO one or the other
OF these great parties-at least, all such as are
founded on principe. independently If the alb
sence OF all power in the federal constitution to
create National Bank, thehstory the convention
that framed the Constitution, proves beyond doubt
that Bank cannot be supported on constitutional
grounds. The power to create corporations was
expressly asked In the convention aud refused.-
Here thea We have positive evidence as to the UNI
Conshtuuonaity OF Bank, aud we might infer in
dependently Of evidence, The course which the Re-
publican party would have taken; they being OPP
posed to the exercise ofany power not expressly
granted in the Constitution.
Mr., jefferson the father of State Rights and the
great leader OF the Republican party, never to his
attest day ceased his opposition TO National Bank,
lie was not only opposed to bank on constitutional
grounds, but the ground of its corrupt aud cen
traIizinS tendencies Mr.. Madison was also one of
the great opponents of the Bank until the year
1916, when he gave il his sanction on the ground
mostly Of eXpedency. ANY one who will read Mr.
Madison ssapnrova of the Bank charter in l6, can
not fall seai,at he was not convinced of its con-
stitutionalss but on the contrary, he will sec that
his approvaI'was more a n,ntter OF necessity, than
the deliberate conviction of his own mind with re-
gard TO the constitutional power OF Congress to
create Bank.
Mr.. Calhoun supported the Bank in 'l6, on the
same ground. Its connection which could not at
once be broken, had long existed between the Banks
and Government. He acted upon state ofthings
which he did not create, and over which he had no
control. lie took the ground IN his speech on that
occasion, that so long the Government continued
to receive and pay away bank paper as money, it
was compelled to regulate its value which could not
be done except byt the creation of National Bank
Inc Banks III 10, had universally suspended specie
payments; they held considerable amount Of 20
vefnment stock which was drawing interest, con-
stantly rising in the market, and which they issued
upon as capital; to compel them to renquIsh those
important advanta res, 1t was necessary 10 enforce
specie payment Two measures presented them.
selves, the one bankrupt law which Mr.. Calhoun
was opposed to on several grounds, one thai it was
unconstitutional, the othei the establishment ola
National Bank. The latter he preferred to the
former, though he believed it to be unconstitutional
but 10 his own language he ''acted upon state of
things which he could not reverse, Just auy mem
Der OF the Senate now would who might believe
that Louisiana was unconsutdHonay admitted into
the Union, but who would nevertheless feel COM
peeled TO vote 70 extend the laws to that State, as
one OF It's members on the ground that its admission
was an act whether constitutional or demonstrations
al which he could not reverse" The same princi- |
pies guided him in his support of the Bank in 3D.
he advocated the rechdrter Of the Bank for lim-
ted period in order TO break the connexion between
the government and Banks in gradual manner, so
that no severe pressure might be the consequence
OF the dissolution. IN his speech delivered on that
occasion he distinctly avowed his determination to
bring forward measure TO dissolve the cOnneXion
between the Government and banks, If no one else |
pnln h.
Bank Of the United States, from whence they had |
been removed by the President
inthis instance as in 'f6, it is evident that Mr..
Calhoun was influenced by circumstances over
which he had no contro' his object was to break
the connection between the Banks and Government
gradually, and thus RETURN without injury 10 the
country, to the constitutional currency. But the
connection is now broken BY operation Of law and
MIR. Calhoun has it IN his powerfOr the first time to
pursue that course, which he has long believed
to be correct He is now opposed 70 Bank, as all
State Rights men must be, and in favor of an en-
tire separation Of The moned from the political pow
err In this he is not only consistent but is giving
the most efficient support to the principles which |
the Republican or State Rights party has always |
advocated.
STATE RIGHTS COMMITTEE.
THE SrATE or ALABAMA AGAINST U. B. BANE. |
- On Thursday last Mr. Philips offered in the
House Of Representatives,, the following Resolu-
tons:
ist. Belt Resolyed by the Senate and House Of
Representatives efthe State Of AIabama il General
Assembly convened, That il is expedient for the
Congress Of the United States to establish Ma
tiona Bank. u
2nd. BE il further Resolved, That our Senators
in Congress be instructed, and our Representatives
be requested, 10 support the chartered National
Bank.
A division Of the question being called for on the
adoption oi these resolutions, the vote on the irss
was Yeas ~ Nays6S.
Those whcyoted in the Affirmative were Aessrs.
4 nlress. Bates. BestoF Blake, Danlcal, Erwin, /
(,pdhnd. GFeenIuu, Jones If b. Lee, Martin, III r.
nj AII,;n. Mel more, Phillips, PORTER, Priest
PucBea, Rawls, Ross, SIA0NTON, Stephenson