Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-02-13

pcnse then, including insurance aud loss ofthne,
ofspece between the wopoints
How much il was below the anticipated point
| need not state 1.-The whole commercial world
knows that il was moi fourth part At the tune
Of the removal ofthe deposites.
have now (said Mr. C.) offered all the re-
marks intend in reference TO the deposlte
question; and on reviewing the whole ground,
must say, that the Secretary, in removing
the depostes, has clearly transcribed his pow
or; that he has violated the contract between
the Bank and the u. States; and in so doing, he
has deeply injured that large and respectable
portion of our citizens who have been lnvliedon
the faith Of the Government, TO invest their
property in the institution; while, at the same
time, he has deeply injured the public, IN its
character OF stakeholder; and finally, that nc
has inflicted deep wound on the public faith'
TO this last attribute the present embarrass'
ment in the currency, which has so lnludlclous-
ly affected all the great interests ofthe country.
The currency Of the coanlryis the credit of the
country--credit in every shape, public and
private; credit, 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, the great and mighty exchanges OF
this commercial country, at home and abroad
are effected To nlllct a wound any where,
particularly on the public faith, is to embarrass
all the channels of currency and exchanges
and it is 10 this, and MOTTO the Withdrawing the
few millions Of dollars from circulation, that
attribute the present monied embarrassment
Did believe to the conirary--if thought thai
any great and permanent distress would oil
itself result from winding up in regular man
ner tho present or any other Bank of the Unltec
States, j would deem il nm evidence of the dan
gerous power Of the institution, and TO that ex
tent, and argument against its existence; but
MS it is, regard the present embarrassment
not as an argument against the Bank, but an
argument against The lawieSS and acantOn erer-
else Of P0icer on The part of the Erecatire--an
embarrassment which is likely 10 continue long,
If the deposes be not restored. The Banks
which have received them, at the expense Of the
public faith, and in rioiation Of Iarc, will never
be permitted 10 enjoy their spells in quiet No
one who regards the subject in the light in
which ca, 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 boult to rage perpetual pdr
against an uSurpation q po,cer SO fragrant as thai
mhich controls the present depoSiteS Of The public
money II Island alone, (Said Mr.. Calhoun,
at last wiit continue 10 MAINTAIN The contest, 50
long as remain IN public life.
As important (said Mr.. CO. as consider the
question of the deposites, in all its bearings
public and priyate,i il is one on the surface
mere preteXt 10 another, and one greatly more
important, which lies beneath, aud which mus
be taken into consideration, 10 understand cor
rectly all the circumstances attending this eX
traordinary transaction 1t is felt and &C
knowlcdged on all sides, there is another and
deeper question, which has excited the prolounC
sensation and alarm, which peryades the coun
try.
five are 10 believe what we hear from the
advocates Of the administration, we would be.
lieye al one lime that the real question was
Bank or no Bank; at another, that the question
was between the United States Bank and the
State Banks; aud finally, that it was struggle
on the part the administration 10 guard and
defend the rights of the States against the en-.
croachmcnts Of the General Government
ders of the rights of the Statesl What shall |
call It? duddcay or hypocrdcy2 The authors Of
tho Proclamation, the guardians and defenders
of the rights of the States! The authors oil
the War Message against n member of this con
lederacy-the authors Of the "boody biln The
guardians and defenders Of the States This !
struggle for State rights! No, Sir, State right,
are no more. The struggle soyer for the pres
ent. The bill Of the last session, which yesteC
in the Government the right Of Judging Of tht
extent of its powers, finally and conclusively
and gave it the right of enforcing lis Judge
ments by the sword, destroyed all distinction
between delegated reserved rights ;concentraeC
in the Government the entire power of tn,
system, and Frustrated The States as poor an,
helpless corporations at tie feet fthiS Sorereiga
ty
What, then, is tho real question which nov
agitates The country? answer, il is a strug
gle between the Executive and Legislative dc
partments Of the Governmental struggle, no
in relation 10 the existence Of the bank, bu
which, Congress or hePresident, should hav,
the power to create Bank, and the consequen
control. over the currency of the country
This is the real question Let us not deceive
ourselves--ths- lcaguo-Athis association Of
banks--creatcd by the Executive; bound TO
gether by its influence; united in common ar
tccs Of association, vivifed and sustained b,
receiving the depostcs Of the public money
and having theirnotes converted, by being re
ccivcd every whore by the Treasury, into the
common currency Of the country, is, 10 all in,
tents and purposes, u bank fthe United States
1.-The Executive Of the United States, as dis.
tinguished from that OF Congress. However
il might fail topcriorm satisfactorily the use
FIJI nlncIinns Of Tho Rank nl'i he Ifnilnl 81 nlnn