, 1840-04-04
SPEECH OF MIR. BUCHANAN,
OF PENNSYLVANIA,
ON THE SUB-TREASURY BILL,
L
IN SExATE-January %, 1910.

lN SENATE-JdHaary p, l64o.
The Senator from Kentucky would have
d" a ,eeN-regula!ea Bank of The United States.
He lays great emphasis upon the words welt-
regulated. Does he mean TO insinuate that
the present Bank of the United States, un-
der its charter from Congress. was not the
best regulated bank which the world ever
saw! | had thought that. in his opinion,
this bank was perfection itself. The truth,
however, is, that any regulations which YOU
can prescribe in the charter of such an in
~stitution will be disregarded whenevera pow
erful interest dictates their violation. Like
The strong man in the Scriptures, it will snap
the cords by which it is bound as ifihey were
thread. il will calculate upon violating its
charter with perfect inpunity, bc'ause it well
nnows how unwilling Con-. ess would be tn
inaict 50 much evil upon the country Is would
necessarily result fronts sudden distraction.
Once put such an Institution into successful
operation, and you can no longer regulate
its motion by the restrictions OF lis charter.
The present bank WIS ever 4. lawless institu-
ton, up until the day when j. frauoulently
seized upon the entire circulation Of the old
bank, illegal branch drafts and all, and com
PEELED Congress to pass a law making it n
penitentiary offence In its officers to reissue
these sresurrection notes" Under its State
charter, it has been true TO lis original char
acter. Although it now has 4 charter such as
no other banking institution ever had. IL has
already been guilty Of several pilPable vio-
lations Of this charter, independently ofhav-
ing twice suspended specie paymsnts. ]
shall not trouble the Senate with the emu
Ineration Of these violations. 1t is now at the
mercy Of the Legislature. lthas pronounced
its own doom under IFS OWN charter and II
now only remains for the Legislature OF the
the Governor TO carry this sentence into ex-
e~cution, through the agency Of the Judicial
tribunals. Whether they shall enforce this
forfeiture or not is for them in their wisdom
to determine, not for me. | shall not, in this
place, attempt 10 interfere with their high
and responsible duties, although | should con-
slider it the greatest of all bank reforms if
this bank could be plotted out Of existence.
The Senator ridiculed the idea that the
establishment Of a new Biak Of the United
States could prove dangerous TO civil liberty.
Such a bank. with a capital of from fifty to
u hundred millions Of dollars, with branches
in every State of the Union, directing, by
its expansions and contract!ons, when prices
should rise and when they should fall, would
be a most tremendous instrument of irrespon-
sible power. 1t would be a machine much
more formidable than this Government, even
if the Administrator were as corrupt as the
fancy of some gentleman has painted it.
There is a natural alliance between wealth
and power. Mr.. Randolph once said, 'Male
and female, created he them." Combine the
moneyed aristocracv Of the country, through
the agency of a National Bank, with the
Administration and their united power would
create an influence which it would be almost
impossible for the People to withstand
We should never again see these powers
10 hostile array against each other. In the
DAYS OF General Jackson we witnessed the
exception, not the rule. Give any Presi-
dent such a bank as | have described, and
We shall hereafter have q most peaceful sue
cession. With all the power OF the Execu-
tive. combined with all the wealth of the
country, he would be the most arrant block
head in the world if he were not able TO re-
elect himself and TO nominate his successor.
all the forms of the Constitution might still
remain. The People might still be deluded
with the idea that they elected their Presi-
dent; but the animating spirit of our free
Institutions would be gone forever. A Sc
cret but alI-prevading monyed influence
would sap the foundations of liberty, and
render II an empty name.
The immense power Of such an institution
was manifested in the tremendous efforts
which it made against General Jackson
Hadhe not enjoyed more popularity in this
country than any man who ever lived, these
efforts would have proved irresistible. AS
1t was, the conflict was Of the most porten-