The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-16

uonal right TO do II.
! when recollect that thirty-two of the thirty
hihe itahef? OF the constitution nj one time or
another, and in one form or another olI;c;a,L,
sustained National Bank, and that almost one
nan oil the thirty nine, were in the Congress of 9l
that chartered the first bank--when recollect
that Washington, and Jefferson and Madison
| and Monroe and last, and least on constitutional
points, Andrew jackson himself, have supported
such an institution, and that the Supreme Cont
with John Marshall at its head, affirmed its con-
s'iintionality and too, what may have more in
fluence than ALL with some gentlemen about me.
when recollec that the charter of the late bank,
was passed as a democratic, war-party measure
against The votes OF the federal party and that its
passage was esteemed party triumph could
not doubt, il so disposed, that we have rghlful-
ly the power TO make third Bank.
But, sir, would not speak il into existence
now II ! could-let the present experiment be
tried outlet II be ascertained to demonstra-
ton, whether country like this, extending thro'
Is or 20 degrees of latitude, and twice as many
OF longitude, with all the varied productions in
ciden' TO such space, with population active,
industrious and enterprisng without parallel,
and with six and twenty separate States exerci-
sing, and rlghtfuly too, the power Of chartering
banks at pleasure; let it, say, be ascertained
beyond all future controversy, whether under
such circumstances, we can transact our business
successfully and happily, without bank or some
thing equivalent Whatever else we may be-
queath TO our children, spare them as we love
them, the infection of an age Of financial expert
ments, by partizan quacks. We have suffered
almost as much as can by this miserable
empricism. Now let us suffer something more,
for posterity, that all doubts may be settled, and
forever.
No, Mr.. Chairman, will not help lay a single
stone in the edce, till all doubt shall be solved.
will not contribute my humble aid to build up
target for demagogues and broken down politi-
clans and party hacks TO aim their poisoned ar
rows at.
But sir, insist upon it, and the people will
as | think, that you do something to improve
their condition, or more properly TO enable them
TO doit II is one Of the attributes Of sovereignty
lit is one OF the highest obligations imposed by
the constitution and it was one Of the strongest
motives for it's fonmation-it is what you have
protessedy been trying to accomplish for years
past, to furnish the country with sound curren-
cy--if il be not done here, it can be done no
where, and if we refuse to do it, we shall prove
rccreant to one Of our most important trusts.
And, sir, il will be done, and done here The
people will decree it, and from that there is no
| appeal. We may stalk about this Hall, in fan
cied consequence. welding little brief authority,
saying what shall be and what shall not be, but
il we set up will against that OF the people,
we shall soon find ourselves the weaker party
let them declare for National Bank and there
! will be one whether we say yea or nay-lf we
refuse 10 do their bidding il IS one OF the easiest
! things imaginable 10 put us aside and put others
/ in our places. w afe not the masters, but the
servants of those who sent US. ! do not say a
| Bank of the United States is the remedy, but II
| is a remedy-perhaps substitute for that can be
found-the end must be attained, however, in
one way or another. You took from the people
as good currency rs the world ever saw. under
~ thss.a haftn 4
hold you oyour engagement, not literally though
sir, Tor they have had enough OF the better, and
will only ask for the good currency, of which
/ you deprived them, by loud clamor and false
| pretences.
| have before referred to "A report made BY
committee Of the Senate composed Of the per
| sonal and political friends of General Jackson al
the session Of $4,000 for one purpose, and |
now recur to il to show to z the party" what
kind Of currency we had when they began 10
improre it, and what kind we must and shall
have again. Out of their own mouths shall they
be convicted. After speaking Of the local cur
rcncy, the committee say:
There is, however, supcradded to this currency a
general currency more known more trusted and more
valuable than the local currency which employed in
the exchanges between different parts of the country
/ These the notes Of the National Bank These
notes receivable for the Government by the 1900
receivers scattered throughout every part of the
try They are, in fart IN the Of business paid
in gold sirer, though they arc not legally
sdriiy paid by The branches Of the bank in crsry
Hon Qfhe Union. In all commercial places they
received in all transactions without any reduction in
value, and never, under any circumstances does the
paper, from the rcmoes branches, vary beyond quar-
ter of per cent in its actual exchange for silver
Here, then, is currency safe as silvcr-more con
vencnt and more valuable than syer-whch, through
the whole Western and Southern and interior parts of
the Union, is eagerly sought in exchange for silver
which, in those sections often bears premium paid
in silver, which is, throughout the Union equal to sill
! yer in payment TO the Government and payments TO
individuals in business, and which, whenever silver is
needed in any part Of the country, will command it
without the charge Of the slightest fraction of per
ccntage BY means of this currency funds are trans
mitted at expense less than in any other country
In other country can merchant do what every
citizen of the United States do dcposite for in
stance his silver at st Louis, Nashville, or New Or
leans, and receive notes which he can carry with him
! 900 800 miles, TO the Atlantic cities, and there
receive for them equivalent amount Of silver with
out any expense whatever and in possible event
expense beyond quarter of one per cent. II, how
ever citizen does not wish to incur the anxiety of
carrying these with him, to the hazard of
the mail he may, instead of them receive DRAFT pay
able to himself his agent alone to ensure the
receipt Of an equal amount at expense Of not one
half and often not one fourth of the actual cost of
carrying the silver The of funds, for instance
at st Louis Nashville can tranicr them to Phiadcl-
| phia for onchalf per cent; from New Orleans gene
rally without any charge at ALL at most onehaf per
cent; from Mobile from par to one-half per cent. !;
from Savannah at onc-half per cent; and from
Charleston at from par to one-quarer per cent
/ Mr. Chairman, am tired Of these currency
investigations and have no doubt you are, and
will therefore endcavor speedily to end them af
ter looking at the effects of your fnanciering on
the State in part represent
! The lmportatons last year were one hundred
and forty millions, exclusive of re-eyports. The
population of Ohio is probably about one-tenth