The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-09-15

nCleRdL6u
tad in the Government the entire power OF the
s,,steuo. and Frustrated the States as posr and
beInless corporations at the foot of this sove-
reignty."
How is it that this same party, who were
then denounced with such bitter scorn, for their
oAUDACTTY or HYPoCRACY," are SO soon
converted into the guardians of the rights OF the
statesa Here is a strange delusion-a strange
;nfatuation. No; we must save the States Rights
party from such friends.
But again; if the removal of the Deposites-
the transfer of a few millions was so deeply
to affect the CURRENCY" of the country
obese il will be remembered, are Mr.. Calhoun's
o,,, xyords> what will the warfare on the Banks,
=, tho nrivate faith of individuals and the
n1,gbted faith of the States, which constitutes
the distinct principle of the party in power, do:
We saw that is the distinct principle of the
marty in mower, and that on which all their
claims to Office rest.
Cen. Jackson has promulgated the creed of
the marty to be war against the paper credit
svstem;-frst by abolishing all ten d"llar Bank
notes-next the twenty dollar notes, and next
l1be 6fties, and then all under one hundred,-
tbus continuing the war on that system, which
Mr.. Calhoun himself says, constitutes the GgeTl-
| -, through which the F'great and mighty ex-
oIanees of this commercial country, at home and
abroad, are affected"
Indeed, that Mr.. Calhoun should give his sup
port to Martin Van Buren,, is most extraordinary
but that he should give such reasons why the
State Rights party should be transferred to him,
;s more extraordinary still We quote below am
extract from his speech in the Senate, on the re-
moval Of the Deposites.
have now (said Mr.. c. offered all the re-
marks l intended in reference to the dePesite
question; and, on reviewing the whole ground,
must saw, that the Secretary, In removing the
denosites, has clearly transcribed his power;
that he has violated the contract between the
Rank and the United States; that, In so dong,
he has deeply injured that large and respectable
norton of our citizens who have been invited,
on the faith of the Government, to invest their
nroperty in the institution; while, at the same
ff;me. he has deeply injured the public, in its
character Of stakeholder; and, finally that he has
inflicted deep wound on the public faith. To
This last, attribute the present embarrassment
in the currency, which has SO inJuTously affected
all the great interests of the country. The cur
rency Of the country is the credit OF the country
credit in every shape, public and private; ere
dit, not only in the shape of paper, but that OF
faith and confidence between man and man;
through the agency of which, in all its forms,
tbe great and mighty exchanges of this CONNER
cial country, at home and abroad, are effected
To infiict wound any where, particularly on
the public faith, is to embarrass all the channels
of currency and exchange; and it is to this, and
net to the withdrawing the few millions OF dol
lars from circulation that attribute the present
monied embarrassment. Did / believe to the
contrary-if thought that any great and per-
manent distress would Of itself result from wind
ing, I'D in regular and legal manner, the present
or any other Bank of the United States, wsuld
deem 1T an evidence of the dangerous power OF
the institution, and, to that extent, an argument
against its existence; but, as 1t is, regard the
nTesent embarrassment not an argument
against the Bank, but argument against the
lawless and wanton exercise OF power on the
part of the Executive--an smbarr assrnent which
is likely to continue long, if the deposites be not
restored. The Banks winch have received them,
At the expense of the public faith, and in viola
tion of law will never be permitted to enjoy
their spoils in quiet. No one who regards the
subject in the light in which do, can ever give
his sanction to any law intended to protect or
carry through the present illegal arrangement;
on the contrary, all such must feel bound TO wage
perpetual war against an usurpation OF power
so hagrant as that which controls the present de-
posites of the public money. If I stand alone,
said MIR. CALHoUN,) / at least will continue to
maintain the contest, so long as remain in pub
lie life.
AS important (said Mr.. c. as consider the
question Of the deposites, in all its bearings,
| public and private, it is one on the surface-a
mere pretext to another, and one greatly more
| important, which lies beneath, and which must
| be taken into consideration, to understand cor.
| rectly all the circumstances attending this ex-
| traordinary transaction. 1t Is felt and acknow-
| lodged on all sides, that there is another and a
deeper question, which has excited the profound
sensation and alarm which pervades the country
LII. vlaA ka-w e. Al,
advocates of the administration, would be-
lieve at one time that the real question was
| Bank or no Bank; at another, that the question
was between the United States Bank and tbs
State Banks; and, finally, that 1t was struggle
the part of the administration to guard an.
defend the rights OF the States against the en-
: croachments Of the General Government. TIL,
administration the guardians and defenders o
the rights OF the States What shall l call it
;, audacity or hypocrisy The authors of the Pro
! clamation the guardians and defenders Of tn,
rights of the States! The authors of the Wa
Message against member of this confederacy-
the authors of the ssbloody bill, !" the guardian!
and defenders of the rights of the States! Thi
struggle for State rights! No, sir, State right.
are no more. The struggle is over for the pre-
sent. The bill of the last session, which vested
in the Government the right of Judging of the
extent of its powers, finally and cenclusively
| and gave it the right of enforcing its judgments
| by the sword, destroyed all distinction between
delegated and reserved rights; concentrated IN
the Government the entire power of the system,
and Frustrated the States as poor and helpless
| corporations at the foot of tins sovereignty
| Nor is it more true that the real question is
Bank or no Bank. Taking the deposite question
in the broadcast sense; suppose, as it is contended
by the friends of the administration, that it in
wolves the question of the renewal of the char
ter, and consequently the existence of the Bank
itself, still the banking system would stand, al
most untouched and unimpaired. -Four hundred
banks would still remain scattered over this
WIDE republic, and on the ruins of the U. States
BANK, many would rise to be added to the pre-
sent list Under this aspect of the subject, the
only possible question that could be presented
Tor consideration would be, whether the banking
system was more safe, more beneficial, or more
constitutional with or without the United States
| Banl9