Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-09-29

the hands of the Federol Executive
The old Bank of the United States scru
n pulously abstained from politics until for
}, ced in self defence, to abandon, in som,
n degree, its neutral position. | regarded
J, : this as one of its great merits. But VIVA
' would necessarily be the character of
bank of so millions established in New
, York, under the present circumstances o
/ the country? Bank or no Bank, is clear
r y and distinctly the issue which is TO de
eide the next Presidential election and L
be decided by it. Such Bank would b.
unavoidablX a mere engine in the hand:
of the ascendant party, tremendous in
strument ofpower and mischiefthus crea
ted and thus welded. You may recollec,
that in my last speech OH the deposite
Question, stated as reason for supper.
ting the existing bank that its overthrow
would produce precisely such state Of
anarchy as we now have in the currency
and exchanges, that to extrcate them
selves from such condition, the people
would fly into the arms even of Govern
ment Bank, upon the principle that men
will seek refuge from anarchy even in the
werst form of despotism. fear my pre-,
diction has been very nearly fulfilled
For the chances are that any bank estab-
lished under the prevailing auspices,
would be in fact Government Bank,
whatever it might be in form. And here
| am reminded ofthe extraordinary speech
Of Mr.. Clay in which he maintains that
the proposed organization of the Treasu-
ry, making it independent of Banks, is in
fact Government bank. Whatever 9th
er objections may be urged against this
treasury scheme, it is certainly free from
this. 1t has not one Of the attributes Of a
bank. 1t would neither discount notes
nor issue bills. 1t would have no favors
to confer upon any body, unless the pay
ment of just debt may be SO regarded.
If the fact of drawing upon its own funds
to pay its debts, will make the Treasury a
bank, every man is a banker
But to return TO the subject of Bank of
the United States. When found the
late Bank the United States abandoned
to its fate by all parties, came to the con-
clusion that the wisest course that could
be pursued OH the subject would be to let
every other expedient be fully and fairly
tried TO incorporate another. Unless the
public mind can be brought, as in Eng
land, to regard such bank as a national
institution, supported by all parties alike,
it will always be party engine. A party
contest for the renewal of the charter at
the end of every 10 or 90 years, would be
almost equal to disputed succession in
monarchy. The most painful Of all pro-
fcesses is the reform Of the currency, by
the agency Of National Bank, after sew
eral years of unrestrained and excessive
bank issues. Such was the case in 1870
90, and such would be more decidedly the
case now. Such dreadful remedies are
not to be used every day. And | can
scarcely see with patience many of those
who co-operated with General Jackson, in
destroying the late Bank when it was un-
popular, now contendlng for the establish
ment of another, when distress bias turned
the public opinion in favor of a National
Bank, under the vain and delusive expec-
tation that it will relieve them from their
pccuniary embarrassments. Nothing
could prove more conclusively that dis
tress is bad reasoner, than that people
who are involved in debt should expect to
be relieved by such an institution. It's We
ry first Office would be to correct redun-
dant currency. Let US see how this would
be performed. A bank Of fifty millions
would probably issue at least thirty mil
lions offs own bills. This would increase
the existing redundancy, and of course
render it necessary for the State banks TO
curtail their issues so much the more. In
fact, ifa National Bank performed its du-
ty, its entire operation at first, would be
to increase the pressure upon the State
Banks and through these the distresses OF
the people.
Nothing has surprised me more than
that the State Banks should in some quar- ;
ters Of the Union look to National Bank
as means Of relieving them. On the
as far as they are concerned; K
The National Bank would be worse than
IN Independent Treasury, with the specie (
as it is called. The public mon |
sys would be of course deposited in the .
National Bank. Now we know that al {
hough the late Bank Of the United States I
vas very liberal in its dealings with the I
State Banks, they were constantly COM !
blaming that when their bills was deposl. I
ed by the Treasurer in that Bank, it ha- S
,ltually demanded the specie for them or /
Traits upon distant points that we're equiv
'lent to specie. This grew out Of the
common usages Of banks, and the oblga- B