Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-09-28
NO. Il.

|
! "eabhi bu, even his sagacty never ioresaw The ca
amiles Shich have ARISEN from the uuwarraniable in.
taruieddlng Of these corporations IN trade.
Barking institutions Incorporating IN their cha
raeets and dangerous 20 hety hen confined 10 the
legitimate objects Of Their creation. What DO they not
become If permitted to deal m anis or merchandise
Gould any monopoly be more odtous % destructive 10
individual enterprise Al competition with them vii
be out Of the question. II permitted thus to speculate
and deel property they will DIVE the fair merchant
rom the land and reduce the independent yComanry OF
tie county 10 tie dependent aud abec condition Of
Enghsh ienaniry & Russian serfs. Some Of them have
| alsea3y catered the pocal arena, and II Wl not be
long before thcir loans ard hsos val be openly dspens
cd with reference to the political sentiments of,he az.
pieani. unless some check speedily placed On thus
open and agi,lous violation OF their charters. There
Is no end 10 the prelousons Of these corporations If
they thus permitted with impunuy TO transcend the
objects Of their enactment, 10 plumber the country and
| lay waste lis credit and resources
The following extract from the Bank COMMISSIONER
| Report shows the sys,e IN ofayorism which has gene
rally prevailed IN the operations Of the banks in tins
| State
| "li VII be seen by an examination Of tie foregoing
statement that 203 directions OF % banks, the banks
they direct nearly much one hall the circulation
y he nssn'y;6,e banks This, however Is only their
immediate liabilities gIyots 10 their own banks but
as they often have paper discounted for their benefit,
without appearing liable either principal endorscr
and many Of them have extensive accommodations IA
each others banks, wo unable 10 state the amount
| Of bank credit used by the 2u3 dircclura"
Is it matter Of asiontshment that distress invades
country where such an unwaHanisbe monopoly OF bank
facility prevails Il i singular iha, reckless specua-
ton, eXtayagance Bankruptcy and ruin should hayo
followed IN HE train Of such 0 state II things j. ex.
troordmary that solvent men, uuncumheTcd with debts
o their own, shoud have been reduced TO poverty by
endorsements when such fyslcm Of bank credits pre-.
yall 1t is nothing unusual for II has been the fate OF
| al countries where similar banking system has been
| tolerated, Thus Il Is that whole community arc
grieyusy taxed, and the honest and ndusr drag
! gcd down TO wretcbcdncss and want, TO enable few
men amsss ovcrgroNu fortunes and live in aflucnce
aLd sprndor The inequality ot such system, is mo-
nopozng features, i,s oppressive operation upon al
labor and every branch Of industry have been suih.
Gently Illustrated by the unparalleled commercial dis
trcss which pcryades tins State. .a
The industrious can ENJOY the rewards OF theI,
labor in country where such principles Of banking
permitted The fortunes ol bank managers are hIched
from the toll and labor Of The producing classes Theu
gam IL the peoples loss, t,,n
II is not only in then business that the people OF tho
United States have ulercdb by the dehnqueneies of tho
banks, their government has also been deprived Of
trre nurgai 81 funds paccdm tbc hands VI The banks
for saie. keeping A. means - kcrrng and disburs.
ing the pGblc revenue and incidentally correcting the
present evils ofthe currency, two systems have been
proposed The democrats offer the constitutional
iroasury urialy dcnomna,cd the eub.trcasury---,h3
whips propose banks State Or National
TIE REMEDY.
IN lhc opinion ol the democratic puriy, Ma.
nonai Bank rs not warranted lay the Constitution,
Congress can create it orl, by cnlctirg he field
} Of construction, aud interpolation, and t,amplug
upon the doctrine, that the constitution " grant
Of specific powers, and that all powers not dele
gated the United States, nor prohibited to the
Stules, are secured 10 the States respectively. or
to he people, Tor such Is the language and theory
Of the constitution proposition was made N
the convention which framed lie constitution 10
authorize Congress to grant chalots Ct lncorpn.
ulion with a se~ to charter National Bank,
and refused. j hus the power - moi only not to
be found Ia the constitution among lhotc deIcaa.
ted, but was actually negaltvcd by the lramofs Of
that instrument. 1hs unconstrutonahty ofILls
measure should be sufficient objection 10 IT,
An urgumtui Las been dreWn il favor Of the
bank upon the ground Of precedent, but upon ex-
, animation il will be found that the weight ol au.
ihorlty IL against the power. The Supreme
Count did not decide the bank constitutional d.
recy but only that Congress Was the proper
Judge Of its necessity and cansi.luilonahy. Tn
der this opinion every Congress must Judge for
itself, and no weight ol authority can be dawn
from that quarter One Congress N 1921 dccid-
ed IN favor Of the bank another IN ISL against
It; one IN 1915 against; another in 1916 IN favor
It; another in 1877 against II; ard the people u
gansi il IN their reelection Of President Jack
son.
President Jackson declared Ii bis veto ines.
supc, TINT nj We resort to The States, The exples
SION Of Legislative judicial and executive opIn-
ions against ibc bank have been probably to those
in lts favor, as four e one" But as idle 10
talk Of determining political constitutional ques-
tlons, on The ground Of precedent, IN a reptesen-
latye government Such aiue can never obtain.
II would stno fof ever the voice und sympalhies
Of the people, Ia a bundle Of arbitrary rules, often
founded OH n violation Of their rights aud hber.
ties
The authority TO charter a National Bank 10
furnish currency has been claimed under tho
, power 10 regulate commesec. Currency is no
more necessary TO commerce than vessels,
whoues and steamboats,, yet 40 one supposes il
is within the power and duties Of Congress to
! furnsh vessels, &c.
{ |. has been claimed and c&crciscd under the
G power tn regulate the collection Of the Ie,cTue,
yet the revenue may be collected IN The money
Of the Snte banks or IN gold AID silver as II has
4 been.
. II has been claimed under that clause Of The
d constitution comforting all po'ces necessary and
8 proper 10 carry into eBect The foregoing pctrers
: II is hot proper" because such IN institution is
: mexpedlenl, il Is not necessary, because the re-
!, venue can be collected kept and dlsbarscd With
I, out such bn institution. The words necessary
u and proper, sisbiy something mole Than mciC
j. clio &c Of means. To be necessary and rrope
e within The meaning Of The constitution, there mus
2 be no other practicable method under the powtr
/, expressly enumerated. To say that Congress ma
:. have the power TO adept any measure Which the
d say deem proper and ccessaiy, as choice Q
VI nans Alhn the Comm n In. e dnral lenislAIlnn