The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-02-21

late such a currency, has been coniended
here. No one will be disposed to quc stlon
the position that sound and standard cur
rency is very desirable to q commercial
country, but that commerce can be carried
ON. to a considerable extent, without mon
ey Of any description, is a fact not to be
Questioned. These instances are mention |
ed, not to question the expedeut and use
ful tendency Of the arguments so far as
they go to show that uniform currency is
highly important to every civilized country,
and that a sound medium of exchange is of
the frs, utility in commerce. but to question
how far the argument of necessity, in either
case, can be safely relied upon as the basis
of a grant Of constitutional power, and to
show that. in either argument. there is no
/ little difficulty in settling the dispute as to
where expediency and utility end, and ne
cessity begins. For himself, he repudiated
all such arguments. and all arguments of
every character, founded upon simple ne
cessity, as establishing grants of power un-
der the constitution of the United States in
favor of the Congress of the United States!
A single remark upon the question Of char,erng
a National Bank as mere matter Of expediency,
if all questions of constitutional power were out Of
the way and he would dismiss this topic. The
perience of his own time, the late proceedings Of the
late Bank Of the United States had satisfied his
mind that the dangers TO our political and civil inst
tutions from such an organized money power. vastly
overbaance any anticipated benefits and that, a
s nIple question Of expedency, such an institution
ought not to be chartered by Congress Neither tho
hour of the day, the patience of the Senate nor his
own strength, would permit him TO enter upon a
further discussion OF this point at present; and his
only purpose having been 10 pronounce the opinion /
he had pronounced, he would pass to his conclusion.
Tho three alt ernati,e es had been presented. The
condition the public Treasury of the currency OF
ac business of the country, and general public ex-
lpectation. demanded action from Congress. The
committee OF which he was member had presented
TO the Senate the bill upon the table, the action
which majority OF their members proposed. This
bill to be opposed from two sides of the honse
The friends of the State bank deposite system and
the friends Of National Bank were alike and TO-
geiher 10 be met and overcome, the bill could not
pass.
In this condition of the question and of the Senate
he considered TO be his Indispensable duty TO pres
ent, what he believed to be the real and true ssuc
fairly and fully to the Senate and the country And
what was that
In his Judgment, il was the adoption Of some .ys-
tenn based upon the principles of the bill under dis
cussion, or National Bank lie saw no prospect
OF success for any middle ground What were the
evidences OF our senses upon this subject Look
at the divisions in this body The party friendly TO
National Bank had always repudiated the State
bank depose system, dangerous in its additions
TO Executive power, as inefficient as to the currency
and as unsafe as to the public money. Was there
any evidence that those members of that party here
had changed their opinions as 10 that systemi He
knew Of none and were he Judge from the Ian.
guage of that portion Of the public press which was
supposed TO reflect their opinions from what had
but recently passed here IN relation To the failures Of
deposite bank in Boston, he should be compelled TO
say that no change in that quarter had taken place
But he oudappeal to the gentlemen themselves,
and ask II recent experience, TO that financial sys-
tenn for the National Treasury, had changed their
feelings towards III Had endeared il TO theu as one
they were now desirous TO make their swn Are
they willing to surrender their ayorlie project of
National Bank for this aternahvel viii they not
tell us, in rankness and candor that with one Sr two
solitary exceptions perhaps, every man of them is
or National Bank, as, in their judgments, the only
eiiectua remedy for the financial difficulties of the
country.
II such continues TO bo the feeling OF the party
which opposed the late Administrator, and equal,
opposes the present, what is the condition, in this
respect of those who have hitherto pported both
Is there not numerically speaking a veiy great de.
gree OF unanimity OF sentiment with them, in favor
Of the bill, at least so far as practical and bona de
separation from the banks is concernedi lie sup.
posed that to be the fact and he referred TO this
division Of feeling here upon thls subject with no
pleasure. He knew and felt that those with whom
he had long intimately, and pleasantly associated,
personally and politically, to differ with him
upon this measure. He regretted the difference as
much as any one Of them could. He entertained
no unkindnoss Of feeling towards them on accoun, of
this difference of opinion upon particular bill lie
yielded to them all the sincerity Of convictions Of
, public duty which he claimed for himself; and he
assured them one and all, that no remark which he
had made, was abont to make had been or should
be, on his part intended to wound their feelings or
censure their course. They like himself were res
N ,fg ...1s a.
their acts here and he did ente rtan doubt ba,
D accountability would be discharged by them ac-
cording TO their most firm convictions ofright
Yet ne must appeal TO them 10 say if they did not
believe the public opinion Of the country was very
Justly reflected ia the two Houses Of Congress upon
e the three alternative propositions he had discussed
IL they had seen any evidence, from recent political
results any where to authorize the belief tina, the
State bank system of deposiies, to which they still
adhered, was gaining favor in any qnarerf II they
Q did not perceive that the two other systems were
dividing the great mass Of the public mind of the
whole country1 II they did not feel in the recen,
history and present condition of the State banks
That public confidence conld again be resorted
70 mat systom OF depostes by legislative enactenis
II they did not fear that in assuming the positions
they were compelled to assume, that banks were
necessary to the successful and proper administration
oftbe finances OF the Federal Government: that it is
within the power and Is, in sort and TO some
extent the duty Of this Government to regulate the
, whole currency OF the country: that the regulation
OF exchanges, too if not directly was Incidentally
. matter for which the Government should be held
responsible and that the custody and ping
OF the public treasure sbonld be committed to banks
and not TO the constituted authorities of the Govern
meni; did they not fear, be would repeat that, in
assuming these positions; they were merely adding.
. and strengthening the friends ofa National Bank
That they were furnishing what might be considered
as evidence to those who could sten to such an ar.
gument TO prove that National Bank wa. neces-
ssry under our system' lie did not put these in
qures from any thing which had been advanced here.
but they were suggested from the course of argu-
ment which he saw constantly used in the public
press and elsewhere, to sustain the ground which
4 thes,s had assu,ned aud ~ 80, =.