Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-08-27

ed IN the Senate of the United States
in 1928, repeated in his letter to the
Shocco Springs Committee, whilst can
didate, for the Vice Presidency, and have
been so freely uttered by him, that there
cannot, | think, be occasion TO say much
upon that subject. But to close the door
TO cavil, | state lst. That be holds that
Congress does not possess the power to
establish National Bank in any of the
States Of the Union, nor to establish in
such States, the branch of any bank To-
Gated in the District of Columbia; and
I'd. That he is, therefore, decidedly op-
posed to the establishment of National
Bank in any Of the States; and is also op-
posed to the establishment Of any such
in the District Of Columbia, as unneces-
sary and inexpedient, and as liable to
great proportion of the abuses which have,
in his opinion, been practised by the ex-
isting bank
"This declaration, with other uniform,
repeated and published avowels of my
sentiments, in regard to a United States
Bank, would had supposed, be sufficient
to save me from further interrogation on
that subject; but as you have thought pro-
per to push the inquiry further, and, to
that end, to place the matter before me
in form studously adapted to present
the question in its most favorable contin-
gent aspect, you will, am sure, be neith-
er surprised nor dissatisfied, if l deem
it due to myself as we'll as to the subject
to give it more particular aud enlarged
consideration than | haya heretofore felt
it necessary or proper t9 do.
81 am induced to embrace for this
purpose the opportunity you have presen-
ted to me the more readily, from deep
conviction Of the incsIculable Importance
to the people Of the United States, that
this long agitated and distracting subject
should be finally settled, and from hope
that what | have to say upon it may, from
the situation in which the partality Of my
felIow-ctizens has placed me, contribute
in some degree to so desirable result.
g greatly fear, that whilst there is in
any quarter reason TO hope that charter
for new bank can in any condition of
the country be obtained from the Fed
eral Government, there will be neither or
der nor stability in the pecuniary opera.
tions of the country. If it can be ascer-
tanned that discredted currency and
pecuniary embarrassmeRts will bring a
charter, what security have we that such
state of things will not be produced?
Is it doing violence to truth and justice
TO attribute to expectations of this char
acter, the crusade which we have witness
ed for the last two years against the de-
posite banks, against the efforts ofthe Ad-
ministration to restore specie currency,
and against all the fiscal arrangements OF
the Treasury2 Will any candid and we'll
informed man pretend that such things
would have been, ifit had been consd-
cred as settled that theBank of the Uni
ted States is not to be revived? | think
not. The settlement of the deposite
question, by the bill of the last session
will doubtless cause suspension of this
destructive career; but is there not rea.
son to apprehend that it will recommence
with the first appearance of any thing
like a reasonable chance for the re-estab-
lishment of a National Bank2 Every
thing, therefore, which may serve to- ar.
rest or prevent the agitation of this sub
oct, if only for season, is of great val
ue. In the published opinions 10 which
l have already referred, my opposition tc
the establishment of the United States
Bank, in any of the States; is placed OF
the want of constitutional power in Con
gress to establish one. Those who con
cur in denying this power, nevertheless:
differ among themselves in regard to the
particular views by which their respec
tive opinions are sustained. Some admi
that Congress has right to create sucl
an institution, whenever its establishment
. becomes necessary TO the collection, dis
bursement, and preservation OF the reve
nue.; but insist that no such necessity ex
I listed when tho charter of the old BanI
expired, or has arisen since. With thi
: class, the considerations to which you al
t lude would be essential, and might hav
l a controlling efect-for such person
make the power to establish Bank de
. pendent upon them. My objection, O
!, the contrary is, that the constitution doe
t not give Congress power TO erect corpol
9 atons within the States. This was tn
main point of Mr.. Jefferson's celebrate
q opinion against the establishment of tn
a first National Bank. II is an obiectio
which nothing short Of an amendmen
! to the Constitution can remove. We kno,
8 it TO be an historical fact that the conver
3 ton refused to confer that power on Cor
d gress, and | am opposed to its assumptio
@ by itupoh any pretence whatever. If i
IF possession shall at any time become nj
G cessary, the only just way to obtain it
to ask it at the hands Of the people, in Ii
T. form prescribSa by the Constitution
y Holding this opinion, and sworn to su
a. port that instrument as it is, / could N
+. find in the circumstances to which yC
10 refer, either warrant OF excuse for Il