Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-29

into use
say take some general system with those local
banks together, and in my opinion it becomes bet
ter currency for the people of every country in
istence and for the world, and for its proper USE
its great use.
The banks of England with which l well ac-
quanted, are better for banking.
And believe with the experience before us, in
our own history, and of the history ofthe world,
must establish Institution which shall Fact as
institution ofissue and be less subject to fiuctua
tons.
Now, gentlemen, don't mean to say that there is
only one mode, or only two modes to accomplish this
great national object. | don't mean to say that the
institution of bank is the only mode nor do wish
TO set limits to the wisdom, to the ingenuity of
the government, but do to say, that the cur
rency of the country should in part and to certain
extent be nationalized and, that a currency should
to certain extent have the national countenance, or
be in way natonazed, is essential to the great
operations of exchange, business, and circulation;
then shall be asked and will not be an impertinent
question: that il there be national institution OF this
kind, if any form there shall be national issues
having the national form or countenancc, what Sc
curity is there that these institutions will not run TO
excessl Who is to guard the guardian? Who is to
watch the sentinel? The last 20 years has been
fruitful in experience this subject, 10th here and
in England. The world has learned mach. Ame-
RIGA has learnt much. And our own experience has
been highly instructive on this subject.
1t is my opinion that some mode may be adopted
that shall be reasonably secure against running to
excess. There means that may be affective for
this purpose A great institution Of this kind should
permit the trading community to know from day to
day what is the precise amount of its circulation If
there is rise fall in any commodity they wish to
know whether such rise or fall is owing to in
crease or dimiAution of demand, whether il il
merely the result Of an increase elimination of the
amount of money in circulation.
Such an institution controlling the smaller institu-
tons would itself be Kept within reasonable LINKS
by the daily publication of the amount of its crcu-
ton. In this way, an enlightened public opinion
would be brought to bear upon the sentinel, who is
| to keep watch upon the rest.
The general government, if it should act
upon this subject again, would look particularly in
reference to the matter Of issues. national mst-
| tuition should have no temptation to make money.
A limit should he put to the amount of dividends,
and all money made beyond that limit should go into
the public treasury, and not into script.
A bank of discount should show daily all out
standing against it, just as any one OF You,
gentlemen, would look your payables and receiva
| bles. In no OtncE way Can @SSut"eS aSS""ht De
| kent ANY other mode is false and incorrect
| Now, pentlemen, have not said any thing about,
| nor do propose to refer much to any mode which
this or the succeeding administration have ever
commended. But do remember ths, Gen. Jackson,
in his mes sage to Congress, in relation to the
char,ering OF the Bank of the United States, did saw
that il he had been applied to, he could have fur
nished plln not perfectly like the old plan, bat
which wolIi be CONSTITUTIONAL and which would have
met the general appreciation. Now, if he could ae-
comolish what would be constitutional, why cannot
do the same
Now. gentlemen, have been called upon to state
what understand as a general principle, (Which is
like what the experience Of the world has established
ON the subject Of currency. THIS administration will
adopt no strong measure. 1t will do nothing that
will give il the impress Of the United States upon il
that will give a national character to auy paper
| currency whatever.
| And while il holds to these Opinions, never
shall have any general currency
| Shall we have a currency, shall we mott This
! is the question, and while this Administration will
not 90 back to the sound system Of forty years ago.
j, will do nothing in principle because Mr.. Van Blu
rem SAYS that the Constitution gives Congress
mower to furnish currency for the people.
Now, as have said, after having a system in full
o,eration from the very foundation Of our govern
mcnt, originated by our wisest men, and aeknow-
| lcdycd bv them to be good, and satisfactory, and
| ,aSc and constitutional, and sanctioned by every
administration down TO the present time. Yet Mr.
Van Buren, stands up here half century after
wards with all this history before hna, with this
new scheme in his hand, and says am wiser than
YOU all (Great aughter)
| We'll, now, gentlemen, what's the answerl lie
| ,avs the people have decided otherwise. When did
| IN. peop!c decide othcrwise' why. he says that
G. .neral Jackson pronounced the Bank Of the United
States unconstitutional before his second election.
Well. n w. what did General Jackson sayl Why he
told me there were unconstitutional features in that
hank bat that a national bank might be established,
and that he'd 20 TO work and make good one. Wei,
now, Mr.. Van Buren's argument is that the people
| have decided otherwise, because they re elected
General Jackson after he said that particular bank
was unconstitutional Why did he not tell the truth,
and say that General Jackson was elected because
he ,eli the people that the one was bad bank, but
| he'd 70 70 work and make better. (Cheers and
laughter)
| No. gentlemen, no The truth is, General Jack
sou did not veto the Bank his authority, but
from his being urged that act Nv others in vIo-
| lent hostility against the Bank. lie was politically
opposed 10 the Bank, as the strength OF his party
az their strong ARMAND he driven into that act
bv the hopes Of maintaining his posiion-of obtain
| ing supremacy, and Of continuing that supremacy
when acquired. The oseBsible purpose Of this war.
fare against the Bank the conceived opinion OF
| giving better currency to the peope-a currency
such as the u 8 Bank could not furnish such rs u
| could never bestow the people. That this was
the ostensible object, refer TO his eva oft repeated
| declarations But the true desi IN to make po-
ical handle Of the currency question:, and TO main
tain himself and party In power. Should these not
have been the that urged him TO enter into
so bitter and vindctye an opposition against the
| Bank, wha. then, were they He bad the power,
IL he had the will, Of UNFOLDING instead Of expressing
that in.ifnfinn Thai he did not do is the hest