Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-12-13
(Continued Gom LIST page.


their course on great emergencies, were re
lied upon for satisfactory settlement OF the |
question. Already has this anticipation ON |
one important point at least--,he improprie-
~ .! d,verting public money TO private pur. |
poses-been fully realized. There is no
reason to suppose that Legislation upon that |
branch OF the subject would now be embar-
raised by d,loeence ut opinion, Or fail to
receive the CORDIAL support of large ma
Jority OF our constituents. The Connection
which !ormerly existed bet ween the Govern.
meat ana banks was IN reality Injurious 10
both, as well as 20 the general interests of
The community at large. IL aggravated The
disasters OF trade aud The arrangements of
commercial intercourse, aud administer ed
new excitement and additional means 10
via aud reckless specula.ions, the disap>
pointmen,s Of which threw the country min
commissions OF panic, and all but produced
violence and bioOdsted. The imprudeni
expansion OF back credits, which was the
natural result ot the command of the reve-
nues OF the State, furnished the resources
ior unoounueu license IN every species of ads
venture, seduccd industry from its regular
and saiutary occupations hy the hope OF a.
oundance without labor, and deran ged the
sociai Stale by tempting all trades and pro-
iessIons into The vortex Of speculation on re>
mote Contingencies
The same wide spreading influence impe.
ecu also the resources of the Government,
curtailed it's useful operations, embarrassed
the iulhlment oil its obligations, and serious.
~ interfered with The execution of the laws.
Large appropriations aud oppressive taxes
are the natural consequences OF such con.
necti0n, since they increase the profits of
those who are allowed to use the public
FUNDS, and make ii their interest that money
should ne accumulated and expenditures
multiplied. IL Is thus that u concentrated
money power is tempted TO become an nc :.
tive agent 10 political affairs, and all pas, ex-
perience has shown on which side that ,nflu.
once viii be found aira,ed. We deceive
ourselves II we suppose that il will ever lie
found asserting and supporting the rights uI
inc community at large, in opposition TO The
claims OF the lew.
In Government whose distinguisbing
CHARACTERISTIC should be diffusion and e.
qualiZation OF its benefits and burdens The
advantage OF individuals will be augmented
al me expense oil the mass of the people
nor Is II IN the nature ot combinations for
The acquisition Of lesislativc influence 10 con.
me 'heir interference TO the single object
lot which they were originally formed
he temptation TO extend IL TO ether matters
IS, on The contrary, not unfrequentlv too
strong 10 be resisted The Influence in ,Le
al large, is, therefore, in no slight danger of
beng sensibly and injuriously affected by
giving To a comparatively small, but very
elicient class, direct and exclusive perso.
mai interest In so important portion Of the
Legislation OF Congress as that which relates
TO The custody OF the public moneys. FLAWS
actinS upon priVst e interests cannot aIwa avs
be avoided, they should be confined within
the narrowest limits, and left, wherever
possible 10 the Leg islaiures OF the States
When not thus restricted, they lead TO com
binations of powerful associations, foster an
influence necessarily selfish, and turn the
fair course of legislation to sinister ends,
rather than 10 objects that advance public
liberty, and promote the general good.
he whole subject now rests with YOU
and cannot but express hope tina, some
definite measure sill be adopted al the pre-.
sent session.
IL vii! not, am sure, he deemed out OF
place Tor me here TO remark, that the decIa-
ration OF my views in opposition 10 the roi>
ICY OF employing banks as depositories Of the
Government funds, cannot justly be con-
strued as indicative of bosllli,y, official or
personal, to those institutions; or to repea, ,
IN this form, and in connection with this sub,
Ject, opinions which | have uniformly enter
tanned, aud on all proper occasions expires
SEQ. Though always opposed to their crea>
lion IN the form of exclusive privileges, and,
asa State magistrate, aiming 10y appropriate
legislation 10 secure the community aeains,
The consequences of their occasional mis-.
management, have yet ever wished 10 See
Them protected in the exercise of rights con
Ierred by law, and have never doubted their
utility, when properly managed, in promot.
ing the interests OF trade, and, through that
Channel, the other interests OF the communi
W. 10 The General Government they pre-,
sent themselves merely as State instituiiun.
having no necessary connection With its lie,
gis'at,on or its administration Like other
state establishments, they may be used or
not IN conducting the affairs OF The Govern
meni, as public policy and the general inter
ests OF The Union may seem 10 require The
only Sale or proper principle upon which
their intercourse with the Government can
be regulated, is that which regulates their
intercourse with the private citizen the
conierriDg OF mutual benefits When the
Government can accomplish financial ore
ration better with The aid OF the banks than |
without, ii should be at liberty To seek thai
siu az IL would The services of private |
banker, o. other capitalists or agents, giving
Inc preference TO those " no ~ III serve il on |
the Desf terms. Nor can there ever exist an !
interest IN The officers Of The general Gov
eminent, as such, inducing them 10 embar-
Iass or annoy the Siafe.banks gny more than
10 incur tho hostility If any other class OF
STATE Institutions, or of private citizens hi
IS not IN the nature Of things that hosiilit, 10
'hose institutions Can spring from this source.
or any opposition To their course uf business,
except when they themselves depar, from
The objects of their ctc,,;c, a,l -.