Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-04-04
NUMBER 80.

erations, chiefly from the sudden expansion
and contraction of loans from equally sud.
den changes in the circulating medium Of
the country from the scarcity or superb.
bundance of money, which is often sudden.
ly produced by the management of the
banks; by the gross abuses which creep
into them. The prices Of produce are af-
fected by like means. The banks are iden-
teal with the people only while they strictly
obey the law only while they promptly
redeem their bills when called upon, with
gold and silver; only while they lend mo.
ney with prudence, and in moderation, to
honest and deserving men, for laudable pur-
poses, and not to grocers and shavers in
politics or business. Sir, the shocking a.
buse of the banking privilege which per-
vades the land the conversion of banks
into monopoies for the accommodation of
few presidents, directo $, and their con-
nections, which we daily witness; the sus.
pension Of specie payments without ade-
quate cause the continuance Of that sus.
pension, when all cause has apparently
ceased, have rendered these institutions, in
the estimation Of the mass of the people,
sources Of mischief and extensive pnblic,
injury, and it is only by radical change of
their conduct that they can ever regain the
public confidence. Senators over the way
tell US that we must give our confidence in
adv ance 10 these institutions. before they can
resume specie payments, or be restored 10
general public confidence. Sir, the hon.
orable Senator from Virginia makes too
hno Hraft tha e, - ,1,I
the local banks, when he asks us to place
the public funds in them, after their recent
breach of all faith, their violation Of all law,
their outrages upon the moneys Of the ma
ton, as well as upon the depostes Of indi.
viduals, committed to their safe keeping.--.
Let them show themselves worthy Of con.
iidence, by prompt obedience 70 the vio-
lated laws Of their country, by an inmedi-
ate resumption Of specie payments, before
they suggest the idea of a restoration Of
the public faith in their soivency and lnteg.
rity. Sir, am no enemy to banks or bank
ing founded upon correct and solid princi-
pies. | am the open, avowed. declared
enemy of all banks and banking based up.
on any other principles. | am opposed 10
the excuses, the enormous abuses, of the
banking system, as developed within few
months past; and | am surprised, | am NOR.
tilted, sir, that the honorable Senator from
Virginia, Mr.. Rivcs,) the distinguished
disciple. of Jefferson and Madison, should
have identified his political reputation with
these delinquent State banks. am greved.
sir, that he should have hazarded his high
destinies, to which so many republican
trends had looked with anxious hopes, in
sustaining institutions,the very best of which
have monopollzing and arlstocratic ten
dency. Sir, one of the latest Of the sent.
ments uttered by that illustrious republican
statesman, under whose eye the honorable
Senator was brought up, at whose feet he
learned the lessons of Democratic wisdom,
was, that though the course of the aristoc.
racy Of this country was changed, their
principles remained the same. They now"
said he, "look to single and splendid Gov
eminent, founded on banks and other mo.
ileyed corporations, which would be to them
the next best blessing to the monarchy of
their first aim, and perhaps the surest step.
ping stone to it," Sir, does not the honora-
BILE Senator see the inevitable tendency of
! banks 10 create and nurse a spirit Of arts.
t)cracy, the meanest Of all aristocraces-
that founded on money and wealth-in this
country! Does he not perceive that the
union of the banks with this Government,
their excuses in the use of its money, lead,
beyond all dispute, to ga single and splen-
did Governme Mt, founded upon banks ~
Does he not perceive that State banks as
they are, they arc looking to this Govern
ment as the anchor Of their hopes and inter-
ests; that they are seeking close alliance
with it as their only salvation that. in this
alliance, they would be ready to sustain the
Government in every extravaganza and
splendor in which it might choose to indulge?
Let me implore the honorable Senator to
review his course; to retrace his steps to
direct his eminent talents to the preserva-
ton Of the purity of his country's political
institutions, and not to devote them to the
cause of banks and bank monopoes, or to
the pernicious purpose of Identifying them
with republican Government.
The honorable Senator from Indiana,
(Mr. Tpton,) said the other day, that he
was opposed to the Sub-Tr asury, because
it was condemned measure; condemned
by the House Of Representatives, and con.
demned by the people. 1t is true. sir, that
il was at the extra session laid upon the {;
bic of the House by a small majority. Il
is equally true that but few of the Republi
can members of that body voted to make
that disposition of the bill; and il is proba.
BILE that those few so voted, not because they
condemned the measure. but because they
had doubts, and were not prepared to give
direct vote upon the bill. That the mea
sure has been condemned by the people
the honorable Senator will permit me tc
+ doubt. The elections in Ohio and Indiana
last fall did not change the political charac'
ter of those States from what il was the year
before. Then they gave large majoritic'
10 the Opposition candidate for the Presi
dency. The Sub. Treasury pill had ther
nowhere been suggested. | do not believe
that the people of Ohio and Indiana have
since given any more decisive evidence o
hostility to the existing Administration, thar
: they manifested at the Presidential election
Tne election in Maine could not have beef
affected, to any great extent, by the propo
+ sltion of the ub.Treasury. That propo
sition did not reach that State in time L
produce any great effect. Kentucky, sir
is my native Stale. My affection for her
is not to be impaired. She has, under TIM
lead of the Senator over the way, (Mr
| y l. IL L