Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-10-12

L
INSTITUTIONS, ~ the most Efficient Of all the
causes which have developed the resources and
increased the wealth of this Union in : man
nes rnsxsmpled in the history of the worid-n
We'll, am Of the same opinion still when
we had National Bank, and before experiment
had superceded experience, the credit sys-
tenn did, through the medium Of BANKING.
deveiope the resources and increase the
wealth OF the Union, and of part of il more
than the State Of Mississippi appeal TO the
experience Of those who were then citizens ~
this state, whether during the short period. In
which II had branch of the United States
Bank, II did not increase in wealth and popula-
ton with unexampled rapidity, and whether
this prosperity was not in q very consider,b HE
measure attributable to that institution. But
| Il was not through such q system as the pre-
under such one as the wings are anxious to
return to-the system of National Bank for
general currency and exchanges, and local
banks for local use.
1t is not here my purpose to 90 at Tenth in,o
the question of the utility of the old system
| which was destroyed by the party in power !.
but wish to inform the Hon. Senator that. am
| still of opinion that the credit system through
| the medium of the u. s. Bank, bined 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
to 1t have no doubt 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 of doing it is, to establish Ma
,ionai Bank. The present banking system is
bad, but that shall not deter me from advoca-
ting good one-I do not choose because men
sometimes die of repietion or are choked by
their food, on that account to abstain from eat
ing. Steamboats, frequently blow up, We,
choose to travel on them in preference TO going
a foot.
The Hon. Senator quotes, for the purpose of
expressing his dissent therefrom, the following
sentiments expressed in my letter of 10th A u
gust, TO the Madison county committee.
50 1t is in vain talk even if the thing wee
desirable, of cradle ating all the state banks !;
1t could be effected only by surrender, on the
part of all the states, of the power to charter
such institutions. To suppose this surrender
present generation could not attain the propos-
| ed object. The larger portion of the banks
now in existence in the United States pro-
tected by the sanctity of contract and shielded
by the strong arm of the constitution ma
jority of them cannot be got rid of without
their own conset, unless the people see fl TO
follow the advice of certain desperate and mis-
cradle partisans of the administration, and sup
press them by physical force"
These sentiments he calls " anti-republca {,
and anti-constitutional.n NV proposition is,
| that the larger portion of the banks in the u
nited States, cannot be got rid of without their
own consent because they are protected by the
constitution. In most of the States those which
have forfeited their charters have had them re-
| stored and of course will be sustained in their
rights by the courts. / consider bank charter
a contract, and hold the legislature bound by
it until il is surrendered or forfeited and on
the question of forfeiture II is the province of
| the judicial and not the legislative department
to decide. deny the right of the legislature
to abrogate at their pleasure the charters
| granted by previous legislatures. understand
the Hon. Senator to advance the doctrine, that
whenever the legislature thinks that a bank is
| not of as much service to the public as was
anticipated at its creation, it has right to alb
rogate and repeal it.-Now if this be the Hon.
Senator's opinion, he is more radical and des-
| tructive 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 doctrine the most
mischievous and dangerous that can be imagin-
ed il strikes at the very root of our system OF
government. With regard to the banks of this
State. I 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
will ger rid of great evil, without violating,
a the Hon. Senator advises, the hrst principal
of our social system.
do not recoIlect any other charge of a very
serious nature, except that had the audaclty,
| at a public dinner in Faneun Hall given to Mr.
| Webster to express my respect for the talents
and attainments CT that distinguished states
man. In most of his political notions l diff
| fer from Mr.. Webster, but as an American CT
tizen, who has rendered himself illustrious, and
added character to his country and his |
| am pro I'D of him. Isincerely pity that litteness
of soul which will not do justice even to the
merits of enemy, and which looks with envi-
Gus bitterness upon the greatness 1t cannot
reach attended a dinner given by the citi-
zens of Boston TO 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 express
| ed my admiration of his great talents, without
| in the slightest degree involving me in any
endorsement of his political opinions. l know
Mr.. Webster's name is unpopular in this state,
and have already said, politician, differ
| from him in many things radically yet let me
tell the Hon. Senator, that Mr.. Webster's name
will be prominent in the history of distinguish
ed Americans, long after the Hon. Senator and
myself shall find a registry only on the scroll OF
oblivion.
The Hon. Senator complains that the banks,
bank presidents and cashiers, seem TO be con-
federated against him condole with him
| upon his misfortune, and have not the slightest
idea, that he intended to awaken the sympathy
of the public, as the prosecuted victim OF the
bank aristocracy. As have not been taken
into the confederation 1t is impossible tor me TO
even surmise 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, in supposing that they receive
neither origin nor countenancc from me my
warfare with the Senator ispurely political and
shall be conducted on my part with legitimate
weapons no poisoned shaft has or ever shall
| ly from nv bow. Politically make war upon
| him to the utmost of my strength, because !
believe his present principles are pernicious and
| tend 10 the ruin of the country. Personally,
| as the Hon. Senator well knows, have never
| entertained towards him other than kind and
| friendly sentiments. That should attack his
political course informed him in advance, and
| / most sincely regret the personal affection
which has prevented him from defending his
views in open discussion before the people
| But have extended this letter far beyond
NV intention and must close with an expression
| of my regret that have had to draw so large
| iy upon your patience.
Very respectfully, &c.
| L., n. Crc,6 Gulf Hbip