Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1838-05-26
MISSISSIPPI LEAD MINES WISCONSIN SATURDAY MAY &c

less being "grew withits growth, and strcnpth.
ca wi'hlls strength" until her giant powers
perVaded the whole country, CONTROLLING not
only us monetary concerns, but It's CONNER.
c!a'' manufacturing, and agricultural interests.
Ahou@n The general government had no part
or io' 10 managing this vast monied power.
the only ground on which its existence could
De MADE consistent with the constitution, was
! the tyran's plea Of public necessity. In seek.
ing through that instrument the power 10 char
ter companies is looked for in vain, and one Of
the mos powerful engines OF government IT,.
ranny IN Europe was thus transpanted on 4.
mericanaoil by a forced construction Of tho
constitution and in direct violation of popnlar
rights. With her capital OF IS millions. with
public nenies Of from Is tn 25 millions more.
her mF.us were comparatively Of up|iui,ed
extent By Tier branches. at any one Of which
she was empowered 10 concentrate her whole
capital. she might at any moment shift the
scene Of her facilities from one end Of The II.
mon 10 the other. Arts and industry mus, ey.
cry where prosper by her aid. or wi,her by
her neglect, and all this fearful monopoly was
irresponsible to the people or 10 the govern
ment The immense power and influence Of
such an institution, after The las, few wears
ertl"s yet remain, is no argumen, in favor CT
us continuance. The very existence oi the
Bank o. England Is interviewer with and de-
rrnden, on The fortunes nf that govrrumem: in
like manner had the Bank of the II. States
continued the depository of our revenues until
the surplus Of 40 millions had accrued. she
would have chung to the vials Of the govern.
ment and controlled its action or involved both
in ruin. OF the danger which her power nigh,
produce TO Our free institutions. i, is only me-.
cessary to say that large portion Of her stock
was owned BY foreigners no, residing in The
states. and having no community cf feel
Ing with the pari' tic citizens Of our country.
| We need NOT multiply Instances Of Fed, raj.
or i, modern phraseologv. Wig. nsurpaion:
ihey stand out in bold relief IN The history re
our Legislation, ,ha, n him whose mental vi.
sion remains unclouded by the justification
of modern fnant e, they are as clear as The
noon day sun. As that party has occasional
| ly been in the ascendant. no efforts have been
spared TO arrogate 10 the general government
| all power over the fiscal. manufacturing. com
mefcial and agricultural i .l-,esis Of the coun-
try. in derogati IN Of the powe expressly re-
served in the constitution to the states and the
people. Had not those entertainments been
from time TO time repplrd we honestly be-
Ileve that ere this the constructive powers of the
general government would have lel, nothing
10 the states but form Of government. and nc
thing 10 the people but semblance ofGcedrm.
10 counteract all these attempts at usnrpa-
lion has been The peculiar office Of the Demo-
Ratio party. IN Tie earlies, efforts 10 dis,otc
The states Of their constitutional rights. and 10
c'o'he Congress will, permanent authority. the
Virginia resolutions were promulgated and
successfully guarded and preserved the sover-
eighty of the siaes. When the harler for q
Bank was on its final action in the u. States
Senate, the venerable democrat, George Clin-
ton, in,erfered aud gave the casting vote agains,
liz.
But notwithstanding the viglant and unccas-
ing ardor ilh which the friends of the people
have maintained their cause, the policy Of The
government has partaken more or less Of fed.
eral influence, from the close Of tie war, un-
til the elevation Of our late chief magistrate ~
the presidential CHAIR. By the stern decision
and uncompronisng integrity Of Genl Jack
son, the tide Of innovation which was fast
sweeping away States Rights, and conccn-
traiing all power in a consolidated government,
was met and rrpeIrd. During the period Of
his ADM isra,ion, he repressed the exlrava-
giant and unauthorized use OF tie public mo-
neys for purposes of internal improvement; he
refused the recharter Of The Bank; he With
drew the aid which the deposiics afforded in
its manifold financial operations, AMI did more
10 restore the literal construction Of the pow
ers Of the government, than any of his pre9e-
ctssors, since tie time Of Mr.. Jefferson. Sc
riously as the decree was felt, ia every por.
iion Of the Union, which divorced The tredsu-
ry from the bank, what may we suppose would
have been the consequences ii that insti,a'ion
had continued the depository Of The peoples
money until the enormous surplus had acru.
maaied in its vaults. The decree went forth,
and from that moment This new warfare has
been kept alive..lhe monied power 9th" coun-
try against its government. Every effort has
been made. and IL making, 10 destroy our cur
rency and cripple our commerce. in the vain
hope Of again wroging from the neccssihts Of
the people, what the constitution does not
sanctioned National Bank.
We confess, fellow-citizens, that the pres.
ent extensive embarsassmenis under which the
country labors. considering the causes which
produced them. afford a Cheerless prospect,
and that every individual may well PROFOUND
the question 10 himself whether we should
despair Of the republic. Though the Bank
has ceased to exist, as a national institution,
another has sprung up. like Phoenix from its
ashes. az powerful, in many essential parlcu-
lars. Is her prototype, 10 produce mischief 10
the country. We see her still active IN the
money market. regulating the prices Of stock;
fixing the rates Of domestic exchanges; by
means Of other companies Of a similar charac-
ter. possessing all The powers of Branches.
without their responsibility. and even eslab-
listing agencies IL Europe to control our trade
and intercourse with foreign nations. And
when we look at ibis vast combination OF
character. we arc ,o!d that unless the govern
ment recl,a,ers This insn uton. and again pla-
ces the public moneys under her control. indI-
vidual crcdi, is 10 be broken up. and no cIrcn-
la,inS medium shall exist, except the unre-
.eemed and irredeemable paper which her po-