The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-15

II
peni,enary offence in its officers to reissue these
''resureclion notes" Under its State charter, il
has been true to its original character. Although
il now has charter such as no other banking in
stituiion ever lad, it &las already been guilty. of
several palpable violations Of his charter, indie
pcndently of having twice suspended specie pay
ments shall not trouble the Senate with the
enumeration of of these violations. 1t is now at
the mercy of the Legislature. 1t has pronounced
lis own doom under its own charter and it now
only remains for the Legislature of the Government
to carry this sentence into execution, through the
agency of the judicial tribunals Whether they
shall enforce this forfeiture or not, is for them i'll
their wisdom to determine, not for me, | shall
not in this place attempt 10 Interfere with their
high responsible duties, although should consd
or it the greatest of all bank reforms, if this Bank
could be b'olted ont oleXistance,
The Senator ridicued the idea that the establish
ment of Il new Bank in the United States could
prove dangerous to civil liberty, Such II. Bank,
with capital of from fifty to hundred millions
ofdo,lars, with branches in every State of the Tn
ion, directing, by lis expansions and conirncons,
when prices shod rise K when they sh'd fall, wo d
be IA most tremendous instrument of IRRESPONSIBLE
power. 1t would be machine more formidable
than this Government, even if the Administration
were as corrupt us the fancy of some gentleman has
painted it, There is natural al lance between
wealth and power. Mr. Randolph once said, ''SIalc
and female created he them" Combine the mon
eyed arisocracy of the country, through the agen-
cy ola bank National Bank, with the Adninisru-
ton, and their united power would create an in
huencc which it would be almost impossible for the
people to withstand, We should nevci again see
these powers in hostile array against each other
In the days of Gen. Jackson we witnessed the ex-
ceplon, not the rule. Give any President such Il
Bank as have described, and we shall hereafter
have most peaceful succession. With all The pow
cr of the Executive, combined with all the wealth
off the country, he would be the most arrant block
head in the world if he were not able to re-eleci
himself and TO nominate his successor. All the
forms of the Constitution might still remain. The
people Nigh siill be dcuded with the idea that
they elected their President but the animaling
spirit our free institutions would be gone forever
\ secfet, but all prrvadng, moneycd influence
would sap determination ollibcrty and render it an
empty name.
The IMMENSE power ofsuch an institution was
manifested in the tremendous efforts which ii made
against General Jackson. lad he not enioycd
more personal popularity in this country than any
man who ever lived, these efforts would have
proved irresistible. AS it was, the conflict was of
the mos, porcnious character, and shook the Union
TO it, centre Indeed the Bank at one time, would,
in all human probability, have gained the victory,
had the election of President CHANGED TO occur at
that period and we should then have Witnessed the
appalling spectacle of the triumph eft the Bank over
III rights and liberties oilhe peopc, The Cons
tuition oflhc country and the Democratic party
would then have been Frustrated together.
On Friday lust, when very uncXpecldly ad-
al nd In \ 4
Iilcal economy which shah now read from the
book. 1t is this; ''that if you dorbc the amount
of the necessary circulating medium in any corn-
try, you thereby double the nominal price Of every
article. II, when the circulating medium is Efy
Millions in an article should cost one dollar, it
would cost two If, without any increase Of the uses
oil circulating medium, the quantity should be IN
creased to one hundred Millions he same ef.
fee, would 10 r"oJ"vu,l, 'iv,is. a. s;r,,l ~, =.
medium were specie, or convertible bank pgper
mingled with specie, IT i, the increased quantity
of the medium, rot its character, which produces
this cie't. Of course leave out Of view irrcdeem-
able bank paper.
TO moi pretend that on questions Of political
economy, You can attain mathematical certainty.
Al! You can accon pisl Is 10 approach it as near
as possible The principle which have stated is
sufficiently near the truth TO answer MY present
purpose. From this principle, drew an Inference
that the eXtrayagant amount Of our circulating me-
dunn, consisting, in n great degree, Of the notes
thrown out upoa the community by eight hundred
BANKS, was injurious TO our domestic manufactures
In other words, that cN,ravngant banking and do
mcs,i, manufactures are directly hostile to each
other.
did not understand that the Senator from Mas
sarhusetts Mr. DAVIS contested the general pro-
NOS tit mi tlut M in tI,p nc
country, without any increase of the uses Of cir
culaiiug medium, would in the sane proportions
enhance the price Of all the productions of that
country whose value was not regulated by for
cign demand. lie could not have contested this
principle. ihe had, all history and experience
would have been Grraycd against him.
The discovery Of the mines of South America.
and the consequent vast increase Of the precious
metals put into circulation in the form of money
have greatly enhanced hcnoninal price of all pro-
pCry throughout the world Indeed il i nav a
matter Of curious amusement, TO contrast The low
prices Of all articles three centuries ago, with their
present greatly advanced rates. The Bank Of
England recognizes, md constantly acts upon this
principle, though oiieu without success. When
prices become 50 high, in consequence of a rcdun-
dHn"y oipnpcr currency and bank credits, that it
Is more profitable to export til, precious metals
from the kingdom than its manufactures. this bunk
constantly dminishcs lis loans, raises the rate Of
interests, and reduces iis circulation, with the
ayowed object of reducing prices TO such STAN
dard as will render it more profitable TO export
merchandise than bullion. |, is in this manner
tina, the Bank seeks to regulate the foreign ex-
changes.
But why need we resort 10 foreign nations for
Illustrations Of the truth Of this position when
it has been brought home to the actual knowledge
Of every man within this country. Have we not
all learned, by bitter experience, that when our Pc
rlodcal expansions commence the price of all pro-
perry begins TO rse' 1t goes on increasing with the
increasing expansion, until the bubble bursts and
then bank accommodations and bank issues are
contracted the amount of the currency i, reduced.
and prizes fall 10 their former level. This ia the
history Of our own country, and we all know il -
certain amount of currency is necessary 10 re-
present the entire exrlangeablc property of coun-
try and if this amount should be greatly increased
without corresponding increase in the exchange
able productions Of the country, the only conse-
qnencc would be a great enhancement in oninal
prices. say nominal because this increased
prize will not enable the man who receives i, 10 pur-
chase more real property more Of the neccssaries
and lnxures of ife than he could have done before
nj mo mt Ia, tho l..