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

|
1 General jackson was not elected with any de-
sire or expectation, ON the part OF his supporters,
that he would interfere with the currency of the
country. We affirm this as the truth of history.
II is incapable OF refutation denial. 1t is as
certain as that the American revolution was not
undertaken to destroy the rights of property, or
overthrow the obligation of morals.
But, unhappily, he became involved in con-
, troversy with the then existing Bank of the
United States. He manifested a desire, how
originating or by whom inspired is immaterial
to exercise political influence over that insti-
tuition, and to cause that institution to exercise
IN turn, political influence over the community
) Public documents prove this as plainly as they
prove any other act OF his administration. In this
he was resisted, thwarted, and finally defeated
But what he could not govern he supposed he
could destroys and the event showed that he did
not L~errate his popularity and his power. He
pursued the Bank TO the death, and achieved his
triumph by the veto of 1882. The accustomed
means of maintaining a sound and uniform cur
rency, for the use Of the whole country, having
been thus trampled down and DESTROYED, recourse
| was had to those new modes of experimental
administration, to which we have already adj
verted, and which terminated so disastrously,
both Tor the reputation of his administration,
| and for the welfare of he country.
But Gen. jackson did not deny his constitu-
tional obligations, nor seek to escape from their
force. He never professedly abandoned all care
! over the general currency. His whole conduct
| shows that he admitted, throughout, the duty of
the general government to maintain a supervis-
ion over the currency of the country, both me-
tallic and paper, for the general good and use of
| the people; and he congratulated both himself
| and the nation, that by the measures adopted by
! him, the currency and exchanges of the country
were placed on a better footing than they ever
| had been under the operation of Bank of the
| United States. This confidence in his own ex-
| periments, we know, proved most illusory. But
the frequency with which he repeated this and
similar declarations, establishes, incontestably
his own sense OF the duty Of government.
| In all the measures of Gen. Jackson upon the
currency, the present chief magistrate is known
| to have concurrcd. Like him he was opposed to
| the Bank of the United States; like him he was
in favor of the state deposite banks; and like him
he insisted that by the aid of such banks, the adj
| ministratiop had accomplished all that could be
desired, on the great subjects Of the currency
and the exchange.
But the catastrophe of May, 1887, produced
new crisis, by overthrowinS the last in series
of experiments, and creating an absolute neces-
| sity, either of returning to that policy of the
government which Gen. Jackson had repudated,
or of renouncing altogether the constitutional
duty which it had been the object of that policy
| TO perform. The latter branch of the alterna-
| tive was adopted Refuge was sought in escape.
4 duty, up to that moment admitted by all, was
suddenly denied, and the fearful resolution an
| nounced that government should hereafter pro-
vide for its own revenues, and that for the rest,
| the people must take of themselves.
Assembled here, To day, and feeling in common
with the whole country the evil consequences of
| these principles and these measures, we utter
| against them all, from first to last, our deep and
solemn disapprobation and remonstrance. We
condemns the early departure of Gen. Jackson
| from that line of policy winch he was expected
TO pursue We deplore the temper which led
him to his original quarrel with the Bank. We
deplore Tic headsrong spirit which lnstigated
him to pursue that institution to its destruction.
We deplore the timidity of some, the acquies-
cence of others, and the subservicncy OF all his
party, which enabled him to carry its whole, un-
broken phalanx to the support of measures, and
the accomplishment OF purposes, which we know
to have been against the wishes, the remonstran-
ces and the consciences of many OF the most re-
spectacle and intelligent. We deplore his aban-
donment of measures that had been pursued tor
forty years; his rash experiments with great in
terests and the perseverance with which he per-
sisted in them, when men of different tcmpcra-
ment must have been satisfied OF their useless
ness and impotence.
But Gen. Jackson's administration, authority
and influence, are ow historical. They belong
To the past, while we have to do, to-day, with
the serious evils and the still more alarming por-
tents of the present. We remonstate, therefore,
| most earnestly and emphatically, against the po-
| Icy upon this subject of the present adninstra-
J ton. We protest against the truth OF its prln-
ciplcs. We deny the propriety and justice OF its
| measures. We constrained to have too lit
tie respect for its objects, and desire TO arouse
| The country, so far can, To the evils which
| Cypress and the dangers that surround us.
| We insist, that the present administration has
consulted its own party ends, and the preserva-
ton OF its power, to the manifest neglect oil
| great objects of public interest We think there
IS no libcrality, no political comprehension, no
| lust policy in its leading measures. We look
| upon its abandonment of the currency as fatal;
and we regard its system of sub-treasuries, as
| but poor device to avoid high obligation, or as
the first in a new series of ruthless experiments
| We believe its professions i'll favor OF hard mo
new currnccv to be insincere because we do not be
| lieve that any person OF common information and
| ordinary understanding, can suppose that the use
| of paper, as a circulating medium, Will be dis
/ continued even if such discontinuance were de-
sirable, unless the government shall break down
the acknowledged authority of the state govern
ments to establish banks. We believe the clamor
against state banks, state bonds and state credit
to have been raised by the friends oil the Admin
istration to divert public attention from its own
mlsmana cement, and to throw en- others the con-
sequence of its own misconduct. We heard ne
thing of ali this in the early part OF Gen. Jack
sons administration, nor until his measures had
brought the currency of the country into the ut
most disorder We know, that in times past, the
present chief agstrate has, OF all men, had most
to do with the systems Of state banks, the most
faith in sheir usefulness, and no very severely
chastened desire to profit by their influence
We believe that the purpose of exercising a
money influence over the community has neree
, denarted from the Administration What 1t
could not accomplish by an attempt to bend thr
Ranl, of the United States to its purposes, we
believe it has sought, and now seeks, to eftec'
bv its project Of the Sub-Treasury. we beleve,
that in order to maintain the principles upon
, which tbe system of the Sub-Treasruy is found
81 tha have been