Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15

has sxer,ed all his lawful authority 70 sever sne cen
necten between the government ana '"'' 'a''~es'
corporation" -. a.. osrrn !.
In this quotation will be seen that the nrst germ
contained Of that separation and divorced the govern
ment from banks, which has recently meue suon
consnicuous figure Ii relates true, 10 the iatc
Rank az the United States and he speaks OF separa-
,;no and seysrnq the connection between the govern
uent and that institution. But tne ioea ONCE ueSei
oped. was easily susceptible OF application 10 all
banking institutions In the message ofthe succeed
INC wear his medcaed attack upon the state banks Is
more distinctly disclosed. Speaking OF asoand cur
an considering the means sf obtaining so impor-
tant an end (that IS SOUND currency we must sc,
aside all crculatens of temporary convenience, and
be Influenced by those only that are IN harmony with
the true character and permanent interests OF the re-
public. We must recur to trst principles anu ses
what il is that has prevented the Legislation OF CON
press and the states the subject OF currency rom
satisfying the public expectation and realizing results
corresponding to those which have attended the ac-
ton of our system when truly consistent with tne
great principle of equality upon which II rests, ana
with that spirit OF forbearance and md.uar and
and generous patriotism which was originally, anu
must ever commune TO be, the vital element Oh our
Union.
aOn this subject am sure that cannot be mis-
taken in ascrlbing eur want OF success 70 ue nv
yronopolu All the serious dangers when our system
has vet encountered may be traced 10 inc tesoit ~
implied powers and the use or coPorat1ons cio'nLo
with privileges, the effect of when IS 70 W.
interests of the few at the expense OF the many.
have felt but one class of these dangers ~
the contest waged by the Bank of the on1eo STATES
against the Government for the last loul yea.' -
Happily they hace been obvlated lot 'ne pesos ~
the INDIGNANT resistance of the people; put we should
reeoect that the principle whence they sprahg - dh
ever active one which will not fail TO renew us eorts
in the same and in ether forms, as long as tnere IS
hope of success, founded either on the ihalehoh VI
the people 'he reachery their representatives. 10
the subtle progress of It's influence.
1--WE are now TO see whether, IN the pre-
sent favorable condition of the country, we cannot
take an efcctuai stand against this spirit OF monopo-
w. and practically prove in respect to the currency
as well as other important interests that there no
necessty for so extensive resort to IT as that which
has been heretofore practised.
1T has been seen that without the agency
of great meneyed monopoly the revenue can be col
lected snd conveniently and safely applied TO all the
purposes of the public expenditure. IL is also ascer-
tanned that instead of being necessarily made to pro-
mote the evils of unchecked paper system, the ma
nagement of the revenue can De mace au1ilary 10
the reform which the legislatures of several of the
States have already comnencedln regard to the sup
presson of small bills and which has only 10 be ios-
tered by proper regulations on the part OF congress
to secure practical return, TO the extent required
for the security of the currency TO the constitutional
medium" .
AS in the instance of the attack upon the Bank OF
the United States the approach TO the state banks Is
slow, cautious and nsidous. HE reminds congress
and the country that all calculations OF temporary
convenience must be set aside-that mustrecur TO
first principles and that must see what It's that mas
prevented the legislation of Congress and the states
on the subject of currency from satisfying pubic ex-
pectations. He declares his convcuon that the want
of success has proceeded from undue coun'enance
which has been afforded to the spirit of monopoly
All the serious dangers which our system has yet en-
countered may be traced to the resort TO implied
mowers and 10 the use of corporations We have
r. II ha hi,f oil
contest with the Bank of the United States and he
clearly intimates that the other class Is the State
Banks. We now TO see, he proceeds, whether IN
the present favorable condition of the country, we
cannot take an eAectual stand against this spirit of
monopoly. Reverting to his favorite scheme OF
Govern ment Bank he says IT is nscertaned that IN
stead of being made necessary to promote the evils
of an unchecked paper system, the managemen. Of
which he 10 desireus to introduce. The designs OF
Presdent Jackson against the state banks are more
fully developed aud enlarged upon in his annual mes
sage of 1885, from which beg leave to quote the fol-
lewing passages
al beg leave TO call your attention to another sub
iect intimately associated with the preceding one
he currency of the country
at is apparent from the whole context OF the con-
,hutan a. well as the history Of the times that gave
birth 10 il, that was the purpose of the convention
40 establish currency consisting OF the precious me-
tails These, from their peculiar properties, which
rendered them the standard OF value IN all countries
nercial standard in reference 10 foreign countries 6y
a permanent rule TO exclude the use OF mutabie
medium of exchange, such as OF certain agricultural
commodities, recognised by the statutes OF some
states as tender for debts, or the sull more Pernl-
eisus expedient of paper currency"
"yanableness must ever be the characteristic OF
currency OF which the precious metals are not the
chief ingredient, or which can be expanded or con-
racted without regard the principles that regulate
the value of these metals standard IN the general
trade OF the world. With bank issues constitute
sucA currency and must ever do so, until they are
made dependent those Just proportions ofgod ana
silver as circulating medium which experience has
proved to be necessary not only IN this, but In all
other commercial countries. Where those proper
lions are not infused the circulation, and do not
control H. il is manifest that prices must vary accord
In, IA the tide OF bank issues and the value and sta
bity o, property must stand exposed to all the un-
certainty which attends the administration of Dsti-
,utons that are constantly liable 10 the temptation Of
IN interest distinct from that Of the community IN
which thoy are established"
apu, although various dangers TO our republican
institutions have been obvated by the failure OF that
bsnk 10 extort from the Government renewal OF Its
charter II obvious that little has been accomplished,
except that salutary change Of public opinion to-
wards restoring to the coustry the sound currency
crowded for IN the Constitution. In the acts OF seve.
raj OF the States prohibiting the circulation OF small
notes. and the auxiliary enactments OF Congress at
the last session, forbddlng their reception or payment
on pablo account the true policy Of the country has
4 and m large Dsrtt0n of the PRECIOUS