Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-10-22

the Hon. Senator, thai am still Of the
/ opinion that the credit system through
the medium of the U. S. Bank, combined
with the state banks, has advanced the
whole valley Of the Mississippi at least
one generation in population and wealth
and if we can get back 10 it, | have no
doubt but that our future prosperity
will be proportionate.
The present banking system, especially
in this state, is incapable of fulfilling the
proper functions Of credit It must be
reformed, and the best way ofdoing it is,
to establish a National Bank. The pre-
sent banking system is bad, but that shall
not deter me from advocatieg a 60 d one
II do moi choose, because men some.
tines die of repletion, or chokcd by their
food, on that account to abstain from
eating. Steamboats, frequently blow up,
yet | choose TO travel on them IN prefer
ence to going foot:
The Hon. Senator quotes, for the
purpose of expressing his dissent there
from, the following sentiments expressed
IN my letter of 10Th August, 10 the
Madison co. committee
at is in vain 10 talk, even ifthe thing
were desirable, Of eradicating all the state
banks it could be effected only by
a surrender, on the part of all fhe states;
ofthe power to charter such institutions.
To sup psse this surrender will be made,
is absurd. Even should il, tie present
generation could not attain the proposed
object. The l,rger portion of the banks
now IN existence in the United States are
protected by the sanctity of contract, and
I shielded by thestrong arm of the consti-
tuition. A majority of them cannot be
got rid of without their own consent,
unless the people see fit TO follow the
advice of certain desperate and misera-
bic partisans of the Administration, and
suppress them by physical force"
These sentiments he calls ''anfi-
republican and anti-constitutionaf Ny
proposition is, that larger portion of the
banks in the tinted State cannot be got
rid of without their own consent because
/ they are protected by the constitution. In
most of the states those which have for
feited their charters have had them re-
stored and of course will be sustained IN
their rights by the courts. consider a
bank charter a contract, and hold the leg
stature bound by it until it Is surrendeied
or forfeited, and on the question of forfeit
urc it is the province of the judicial and
not the leg sla!iye department. 10 decide.
[ deny the right of the legislature to
abrogate at tteir pleasure, the charters
granted BY previous legislatures. {
understand the Hon. Senator to advance
the doctrine, that whenever the leg Stature
thinks tina, a bank is mol of much service
to the public as was anticipated at Its
creation, it has { right to Surrogate and
repeal it. Now if this be the Hon. Sena-
tors opinion, he is more radical and
destructive than { had ever thought him.
The proposition that the legislature can
repeal and take away charters without the
intervention Of the Judiciary, is TO my
mind a doctrine the most mischievous
and dangerous that can he imagined 1t
strikes at the the very root of our system
of government. With regard to the banks
ofthis state, | think it probable that most
of them have forfeited their charters -
if so let the proper proceedings take.
place against them through the courts of
The country, and then we viii get rid Of
a great evil, without violating, as the Hon:
Senator odvises, the first principle of our
social system.
| / do not recollect any other charge Of
a very serious nature, except that / had
the audacity, at public dinner in Faneuel
Hall given to Mr. Webster, to express my
respect forthe talents and attainment of
that distinguished statesman. In ire most
of his political notions differ from Mr..
Webster, but as an American citizen who
has rendered himself itiustrfous, and
added character to his country and bis
race am proud of him. sincerely pity
that littleness of sou, which win not do
Justice even TO the merits Of ain enemy,
and which looks with envious bitterness
upon the greatness it cannot reach.
attended dinner given by the Citizens Of
/ Boston 10 Mr.. Webster, and | Joined in
doing honor TO the distinguished guest,
not in the warm eulogy which the Hon.
Senator would represent, but in such
general terms as expressed.my admiration
at his great talents, without in the slight
est degree involving me in any endorse.
ment of his political opinions. know Mr..
Webster name viii he prominent in the
history of distinguished Americans, long
after The Hon. Senator and myself shall
find registry only on the scroll Of oIfiv-
ion.
The Hon. Senator complains that the
banks, bank presidents and cashiers, seem
to be confederated against him | con-
dole with him upon his misfortune, and
have not the slightest idea, that he
| intended TO awaken the bank arristocracy.
| As have not been in the confederation it
is impossible for me even to surmlsc what
these wicked men intend to do with him.
With regard to any charges founded, not
upon political but upon private matters,
the Hon, Senator does me no more than
Justice, mi surprising that they receive
neither origin nor countenance from
me; my warfare with the Senator is pure
" political and snail be conducted on nv
part with legitimate weapons; no poisoned
shaft has or ever shall fly from my bow.
Politically make war upon him to the
utmost ofnY strength, because believe
his principles are pernicious and tend to.
the ruin of the country. Personally, as
the Hon. Senator well knows, have nev-
entertained towards him other than kind