The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-11-14

Y
be the course of policy pursued by his adj
ministralion is clothed in mystery, as he
himself, has been properly denomnated
General Mum, from the fact Of his having
refused to disclose his principles or the pol
icy he intended to pursue il elected. We
can only gather what it will be from the
character and principles of his supporters,
and their assertions on highways and bye
ways for electioneering purposes in this Sec
lion. The repeal Of the"Independen. Treas
ury act'' and establishing of National
Bank, have been their constant theme
We have often averred that they could not
effect either measure, even if the old Gen
eral was elected. We have been strength
ened in this belief, by reading the following
remarks, copied from the Philadelphia Ledg-
or, an independent paper, written since the
election.
But however high the hopes inspired by
the election of General Harrison, we will
venture to pronounce them delusive, and to
predict very serious dlsappointments TO
those who entertain them. If we should be
charged with presenting partisan views of
the case, our reply is,that the contest being
ended, we can have no interest in present
ing ana views beyond that which every ci-
uzen ought TO feel in the prosperity of his
country; and that we shall be judged can
dldly by all who are not prevented, by rab-
| 1
interests, from understanding plain truth
First, then, we say thata National Bank
cannot be established; secondly, that the
"Independent Treasury Act' cannot be re-
pealed; thirdly, that the momentary expau-
sion and speculation which the hopes of
such measures will produce, Immediately
after General Harrigon's election, will be
followed by contraction and reOuISioa, to
the ruin of rash, inconsiderate, ignorant
merchants, and the total prosration of spec.
uators. We offer these as conjectures,
founded upon present appearances. lfthey
are verifed,we shall have spoken prophecy
if not, we shall have been mistaken, like
millions before us.
First, then, National Bank cannot be
created. The Southern States have gener-
ally opposed such an Institution upon consli-
tutional ground, and have aided in destroy
ing tao. Besides this objection, they nrge
that national banks,by concentrating capital
and business at the North, promote its
prosperity at the expense Of the South
This was Mr.. Calhoun's objection in 1928,
and in his mind and those of his Southern
partisans, has probably lost none Of its
| IL hoo .t
South to destroy two National Banks, be-
cause they were located in Pennsylvania,
the object of New York being a monopoly
s, a. vveess Pr evfous, She
Wo9f such institution. heasoning from the
past, we say that New YorR will support
no National Bank, Unless it be located in
"Wall street," for we cannot suppose that
after such exertions to destroy National
Banks, because they were createdin other
States, New York will support another
without the monopoly This would be
throwing away the exertions Of the past
Through this combination of the South with
: New York, Pennsylvania has lost two Ma
, tional Banks; and when Pennsylvania con
q siders the motives of New y ork 10 their de-
structon, we cannot believe that they vii
SUPPORT another, to be located in the latter
: The contest about national banks Away
S has been, and always WILDE, contest be.
tween "Wall street and Chesnut street,
and as neither will yield the monopoly
New York and Pennsylvania cannot agre
about National Bank. and either, unite
c with the South, will constitute decisly
opposition.
Secondly; the "Independent Treasur
m act cannot be repealed. The only subst
tute which its opponents will offer at frs
is a National Bank. Tina measure bein
defeated, as we have already proved the
TO next substitute will be State banks, as "f
- cal agents" Of the Federal Government
But the people will remember that this e
pertinent has been tried twice, and has t
"a. terly failed, producing the most deplorab
ID mischiefs; and we cannot believe that th'
*. will forget the experience of the past, al
Of submit to a third trial. Hence this projt
.ed is out of the questions. If, then, no subs
ar tute for the "Independent Treasury" pl
ed- iect can be adopted, it must remain frC
,,s, necessity; and if it do, the election of Gt
Of eral Harrison will produce no more ell
,si. upon the business Of the country than d
Nh. of Mr.. Van Buren, excepting the short