Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-02-14


to the odium, which his owu conduct bro't
against it.
Any bank oflarge capital, properly man.
aged, would certainly check the State cor
poratons, and keep them within reasona-
BILE limits. But there is no guaranty that
National Institution would he governed
with more virtue and wisdom than the
State Banks; men of the same character
are stockholders of each. desirous of large
dividends, and the debtors of one are as
lit'le'likely to be circulnspect as those of
the other. The same vice infects the
whole system, ami where there is IN appa-
rent difference between the federal and To-
cal banks, it is caused by peculiar circum
stances. lfin 1916, the Legislatures had
compelled the State corporations to per-
form their contracts or the General Gov
ernment had demanded specie in the pay
meu, Of its dues, there would have been
no necessity for National Bank if The
makers aud guardians OF the law would
extend to banks the same penalties, which
bcfai insoIvent individuals, we should moi
often hear Of The suspension of specie pay
ments. That this is the true remedy, late
events incontestably prove. The banks
of New York would have forfeited their
charters, if resumption had not taken
place on or before the Is, May. and this
did happen not only without National
Bank, but in spite of the Mammoth In
stitulion at Philadelphia. have no
affinity with those who wish to persccute
moneyed Institutions, for there are times
when the wisest cannot foresee the revul-
slons in trade and commerce, and should
not be blamed: | only lay down general
princIpl,, applicable to ordinary cases, by
which the people can be protected, and
the anks be made to know their duty.
But il National Bank eau confer these
boasted blessings on the people, it must he
invested with vast power and extensive
privileges. The President of The late In
stitulion, when asked by committee of
The Scnale HAS the Bank a, any time OPP
pressed any of the State Banks?" answer
ed "No, never-but there are very few
banks that might not have heen DESTROYED
by an exertlon ofrhe power Of the Bank"
thus seems that twelve individuals would
csnlrol the moneyed interests of this great
country. lflhey were favorable to State
Bank ii might issue bills 10 any amour.
and make large dividends for its srockhol-
ders; 1t they were hostile, il might shut its
doors, and close It's business, without re-
sara$to The power which brought it inln
existence. Whatever might be the in
leresls of the people among whom it was
located, Or the object OF the Legislature
which granted the charter, the lucal bank
must look 10 the views an.i feelings of the
distant master, on whose smiles aud frnwns
lis fate would hang. This powerful flu
ence would not lie confined to the capital
lists and their immediate dependents the
industrious classes, the merchant, manu-
i.;clurer, agriculturist, and al! who were in
need of loans and credit for successful op-
eralions, would have a direct interest in
propitiating the great Molnch Of money.
When we think the rage forriches which
characteristics the present generation, and
the lnordinate desire for The luxuries of
lie, 1t IS not unreasonable to suppose that
the power, which is believed to dispense
these favors, would be almost irresistible.
When Mr.. Van Buren, was inauguraled
he declared himself the uncompromisng
oppon,nt of Abolition. At the COM
nencement Of the Sd session of the 25th
Congress, it was thought prudent to slihe
the petitions and memorials on this sub
ject, and Mr.. Patton, of Virginia, intro
duced resolution, ordering them to be
laid OH the table without further action
thereon: sevenIy-four members Of the
House of Representatives voted against
this resolution of whom nine or ten were
supporters Of the Administration, and the
rest were lis opponents, mol single 'Whig'
from the North voting in the affirmative.
On the 18th of December, 1888, Mr.. Aih-
crton, Of New Hampshire, presented to
our body certain resolutions or the sub
ject Of the powers of The General Govern
men', and for the purpose Of disposing of
the abolition papers," with which the
House was to be flooded: they affirm the
control of the States over their domestic
institutions. and rebuke in proper spirit
the agitators, who wish to use this Govern
ment as a lever to effect their designs on
the Southern country. Sevenly-cight
members voted against the last clause of
the last resolution, ordering the petitions
and memorials of the fanatics 10 be laid on
the table, "without being printed, read, or
referred;" Of these nine or ten were Dem
ocrats," and the rest were "Whigs," not
single opponent of Mr.. Van Buren, from
the North, voting in the affirmative.
The Abolitionists and their friends were
deeply offended at the passage Of these
resolutions: thnse who voted for them
were stigmatised in the vilest language.
and denounced as the puppets Of slave
holders, whilst they who voted against
them, were heralded through the North as