Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-04-04

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were pressed in consequence Of undue loans
to SPECTATORS. to indvduals-in too many
instances to their own officers and direc-
tors. - ~ ~ H
The honorable Senator from Kentucky
[Mr. Clay has affirmed, that twas the de-
liberaie purpose of The late ADMINISTRATION
to establish Government, bank, under the
exclusive control and direction OF the Ex-
ecutiyo department. In proof of this, he
has read passages from the annual MESA
ges Of President. Jackson. / have cxam-
ned these messages. They do not sustain
the charge OF the honorable Senator. In
the first annual communication Of the la.e
President, he manifested his doubt Of the
consiitu,ionality of the then Bank Of the
United States; but, he added, of such an
institution is deemed essential to the fiscal
operations of the Government" he sub.
mi,ted "to the wisdom of the Legislature
whether national one, founded upon the
credit of the Government and its revenues
might not be devised, which would avoid
all constitutional difficulties, and at the same
time, secure all the advantages 10 the Co
vernment and the country that were ex-
pectcd to result from the present bank. -
In these remarks, the President does not ex-
pr ess the opinion that bank is essential TO
the fiscal operations of the Government !;
but if Congress should be of opinion that it
is, he suggests sach bank, founded upon
the credit and revenues OF the Government,
as would avoid all constitutional difficulties,
aud, at the same time, secure all the adyan-
tages to the country which were realized
from the then existing National Bank -
The very phraseology employed by the late
President shows his own doubts upon the
necessity of any national bank nor is one
word to be found in this or any other mes
sage from his pen, which ntimaos that such
a bank, if founded upon the credit and reve
nues of the Government, should be placed
under the control or direction of the Execu.
tive department. In his second annual
message, he suggests, as matter of com
promise and inquiry, whether it be moi
possible to secure the advantages afforded
by the present bank, through the agency Of
Bank of the United States, so modified
in its principles and structure as TO obvate
constitutional and other objeclons;" and he
further suggests the practicability of sucl
bank as a branch of the Treasury De.
partment, but with no power to discount
no exclusive Subsection TO the control Of the
Executive. In the third message Of the
late President. he drops the subject Of any
National Bank, simply abiding to his pre-
vous messages in relation to the then Bank
of the United States, and leaving the whole
subject so the investigation of an enlight
cned people and their representatives. p
! In his veto message, the late President asks
J "U zoe must hare such a corporation. why
should not the Government sell offiheswhole
stock, and thus secure to the people the full
market value of the privileges granted p
Why should these privileges be given as ar
exclusive monopoly 10 few favored indi
v.dualsl Still, his language again distinct.
J ly implies doubt of any necessity fol
such an institution. He admits in this mes.
} sage that bank might be incerpo rated
which would not infringe our own powers
or the reserved rights Of the States he ad
mts that, If called upon, the Executive
would have furnished such a project; bu
he does not say that he would have recon-
} mendcd Government Bank, under the
J control and direction of the Executive de-
partment.
At the veto message, the honorable Sen.
ator from Kentucky discontinued his quo
tations from the late President on this sub.
lect. Had he pursued them TO later date
he would have disclosed TO this body and t,
the people, what il might not have suited
his argument to disclose, that General Jack
son had, upon long experience and mature
deliberations, come TO the conclusion, tina
any bank Of the United STATES was neither
necessary nor constitutional. In his sixth
annual message, he fervently hopes that,
"admonished by the evils and distresses in.
fllctcd by such an institution, those who
have avored the establishment Of substi
tue for the present bank, will be induced
TO abandon it," as any inconvenience would
be preferable 10 this concentration Of the
whole moneyed power Of the Republic, in
any form, or under any restrictions. IT.
his seventh annual message, the late Prcsi.
dent declares, that the experience of a.
mother year has confirmed the utter fallacy
of the idea, that the Bank Of the United
States was necessary as a fiscal agent oil
the Government" and that such bank is
zone Of the fruits of a system at war with
the genius of all our institutions" In the
: eighth and last annual message Of the illus.
irlous chieilain, he impressivoly remarks,
that "the lessons taught by the Bank OF
the United States cannot well be lost upon
the American people. They will take care
never again to place SO tremendous pow.
er in irresponsible hands; and it will be for.
tunate if they seriously consider the con.
seq cnces VIII oh are likely TO result, on a
sn llr scale, from the facility with which
Corporate powers are granite by their State
Governments" Finally, in the farewell
address of the late President, he so,cmnl,
declares that 1.-THE powers enumerated III
the Constitution, do not confer or Congress
the right to establish such corporation as
the Bank Of the United States, and the evil
consequences which followed may warn US
of the danger of departing from the true
rule o. construction, aud of permitting tenn.
porary circumstances, or the hope OF bette,
promoting the public welfare, to influence.
in any degree, our decisions upon tn, ex
tent of the authority Of the General Go.
vernment. Let US abide by the Constitu.
lion as it is written, or amend il in the con.
siituiional mode, if ii is found detective"
1t will, from this connected view of the