Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-10-01
POLITICAL.
From he Charlottesville J.6ersoHiaa Repati,odn.
PRINCIPLES AND POLICY or THE CON
SERFATlVES-No. =.

wv ~
PRINCIPLES AND POLICY or THE CON
SERYATlVES-No. !.
The ground on which the Conservatives stand j.
that but recently occupied by the entire Republican
FRONTING opposition bott to the Sub
Treasury scheme and toa National Bank. We will
proceed to deyeiops. somcshit more NJ large Than
we have heretofore done, whai we CONCEIVE 10 be the
principles held by them on this whole subject. The
question OF the management and coptroul Of the
pubic MONIES is a question Of public htcrty. The
immense Influence which may be welded through the
controuI fsuch masses OF the national treasure, m1kss
IL a problem Of the ut,nost importance, IN every
free government, 10 determine where this power
is 10 be lodged, and ho" II oughi to be organized and
guarded. One Of the most ce'ebr ted ariierso on the
British Constitution has said hat the increase Of
the power Of the Crown IN that country since the ikcvo
luton OF 1858, arising from the management ~ he
yctenHc alone, has been more than sufficient 10 couu-
tefbslarce the loss OF all the preroydfiuc, OF which
ii was stripped BY that great event. Another, no
less dIsiIng uIshed for his profound labofs IN the IN
,estlgaiiou OF social aud political Institutions, regards
1t rs so paramount and influential a pnNcf, that he
cnumerdles II Substantially, rs one OF Three ele-
ments only necessary 10 form a monarchy. GIbbon,
tlhe author here alluded to- Ia his great work on
the Decline aud Fall of the Roman Empire, SAYS
" the obvious definition Of = monarchy Is thai OF "
Stale IN ~hieha SINGLE person, by whatever name
lie may be distinguished. Is entrusted with the exc
cniion OF the Laws, NE management Il hc Tcte"He
Hba flt bfiItfb ~ AAF hiiiN III hf dlb tftA'
most seasonabie aud saluiaiy warning" unless
patAc h6tTiy isdefeadea By intrepid t%lgl}dHt guar
asans, the authority Of 80 formidable a magistrate
will soon degenerate into despotsm."
by the Constitution al The United States, the
President Is already entrusted, in express terms,
with IRE ercrElon nfDe lars and the command ot
The army. Give him, in addition. as is now pro
posed, the management ofde public retenaf, aud he
becomes. ia every thing but the name, a monarch.
The Object Of the sub-treasury scheme is to give to
tie President through his agcnfs-oniccrs appoin-
ted by and wholly dependent On him-cxclusl,e aud
uncontrolled Possession of he public monies. Be
sides the ordinary and formidable influence incident
10 The coutfal of such vast sums, and the accession
oil patronage flowing from a multiplication of the
ab.ic officers, the practical workings OF the scheme
would make II, TO all inlents aud purposes. a Bank
"a great Government Bank. Ia the frequent shit
ting and transfer of the public funds aud credits,
nom one distant, point TO another, 10 meet the
varying and unequal demands of the public cx-
pcndIiure-ln the purchase and sale Of bills of ex-
change 10 effect those opcfatinns-and in the issue,
from time TO time. ot a government circulating pa
per IN hefarm OF Treasury notes, or drafts, or Ger
uhcates OF depositcs, (all OF which is an integral part
ofthe PLAN IL would speedily and necessarily ac-
quire every function Of a banking Institution,
managed aud directed by he cpcerS ofhe government,
but without the iorinaities or Responsibilities Of a le-
gal corporation. With n financial engine Of such
vast power III the hands of the Executive. acting on
the IN and currency Of the country, control
ling exchanges, and having u IN its power to operate
on the interests oil individuals, to an incaieuiable ex-
ient, by moneyed facilities and accommodation in
various forms, would not the balance of the Constr
tuition be efiectually overturned, and Il fearful pre-
dominance given TO a branch oithe government, from
which the jealous aud spacious friends of liberty
have ever apprehended the greatest danger, and
which Is already far TOO strong ; The Conservatives,
III they shall have forgotten every lesson learnt from
then Republican fathers. Can never give their sane
sI0n. directly ar indirectly in the rp,nntpSt ,,,no
TO q scheme SO fatal TO the liberties and free iustitu-
lions OF their county. Lei the industry aud in
genuiry of its advocates disguise the question, as
they mas, " TO this complexion II must come, At
Est."t
Neither can the Conservatives consen, to Weld
their sanction TO a National Bank. They believe
the Constitution has given 10 Congress no authority
10 establish such an Institutions. They believe,
moreover, that such an Institution IS attended with
serious dangers, by concentrating, in tue hands OF a
single corporation, a formidable moneyed power,
which may be directed 10 purposes Of great mis-
chlei, affecting both the pecuniary prosperity ard
The liberties OF the country. Its presiding authority,
being, OF necessity, confined 10 a particular por-
ton Of the Union, could not be expected TO consult
alike the vary ing and sometimes conflicting, interests
nt the different sectlons-and its local branches be-
ing all controlled by that authority, - acting by COM
msnd and in phalanx,' as Mr.. Jefferson SAYS in his
often quoted letter 10 Mr.. Gailaiin, weuld carry into
tne'f respective administrations, the bias of the pa
rent institution, and an unity and combination of
movement which would give powerful efficacy to
mat bias whatever II nigh, be. Experience, too, has
shewn that whatever conveniences, in some RESPECTS,
may attend such an institution, it would almost inev-
itably expire at the close Of it's term. in a political
convulsion, agiiating, far and wide, the elements of
society, and giving, of necessity, an injurious shock
TO the business concerns, aud industry Of he coup-
try.
The Conservatives then, are decidedly opposed
both to a National Bank and the sub-lre.sury
scheme. They 60 for the system which, I'll nuw,
has been invariably advocated by the whole
Republican party as the true practical substi-
tute for a National Bank-to wit, the employment OF
the State Banks as public repositories and fiscal a
gents, believing that, under proper regulations they
are capable Of ~aifordIng. substantially, all the adyan-
tages OF a National Bank both TO the government and
the country, without mourning the radical vice OF ITS
uncons'italionality, or the danger of its political
tendencies. This was the system proposed by Mr..
Jefferson q Mr.. Madison, and all the Republican OPP
ponenis Of National Bank, in 1901, aud was again
embraced BY the whole Republican party in 1871. (al
the expiration Of the charter Of the first bank ofthe
u. 81 when Mr.. Galla,in, then Secretary of the
Bolinsbroke, in The Dissertation on parties, Lett. Is and
Ia.
7 If any one shall doubt the correctness of the account, here
gwen Of the functions proposed to be performed by the sub.