The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-23

and commerce and credit, where has that giant in
sttuton been found As a regulator OF credits and
a safeguard against excuses and reyusions? No:
but as the great leader and promoter of the eX-
pansions and over-tradings and specuatiOns, and
then of the consequent revulsions. Look at 1919,
1925, and 1884, for examples In all great irregu-
arilies the Bank was usually the first to move, to
expand, to practise excuses itself and promote
them in others; and, when the gale had reached
its height, it was usually the first also to sound the
alarm, to countermand the course, TO take in sail,
and fly for the harbor; resting upon the strength
of the credit of this Government and the revenues
Of this Government to keep it aaoat and hiring it to
land; and entirely regardless of the wrecks and
ruin and destruction Of local banks and private mer-
chants and traders left upon It's trail, and which
must stew its track towards sellsecurity. So long
rs that institution continued to hold the revenues
of the United States and the credit of the United
States, it could practise these irregularities in con-
parative safety; but when both were surrendered
BY conpulslon, and, with the same name and same
rnpial under State charter, il undertook these
bold flights, it too fell among those which had for
merly been its victims, and now remains dead and
motionless, the worst wreck upon an oyer-bulden-
ed shore.
These irregularities and evils of the two former
Banks of the United States, which have pointed
suffered and is now suffering, are not mere Incl
dents, tue effects of particular times and circum-
stances. They are intrinsic, and their causes are
TO be found in the very nature of n moncyed cor
poration, managed by private cupldity, and having
for its support the vast credit and revenues Of th:
mighty nation. The experience of the country is
ample upon this point, The power and will of a
National Bank TO regulate our trade and credit and
currency has been ahundantly tried; and has the
business world been free from expansions and con-
fractions, excuses and revulsons under such re-
gulaon? Have there been no reckless speculu-
tons ON the one hand, buOyng men up with hope
to-day, and no consequent rpyuslons and dcpres-
sons on the other hand, sinking them in embarrass-
ment and distress and bankruptcy lo-morrOw' If
such has bGen the experience of the past, what
better can we oypec, from bank regulation, with
out any other standard for the future, If uni
formily and stability, and soundncss and true
value have not been the fruits oflhe former banks
upon what principle are we to expect such fruits
from another institution, organized upon the same
principles, and holding in its very nature the same
Inherent evil tendencies.
And what, Mr. President, is the system now to
be repealed to give place 10 this bank regulator !
A system which, so far rs its action can 90, will
supply TO all the business men of the country a
currency of uniform and intrinsic value; q curren-
cy subject to no other fluctuations, either Of guam
tty or value, than are incident to the trade Of the
world; standard ana touchsone by which the
property and credit and business of every man in
the nation may be tried, and must finally be gov
ernen, in spite OF all our acts and devices 10 es-
tablish for our country alone an artificial aud fcl
tous standard Of valne. The standard now 10 be
superseded is that of gold and silver the money of
The civilized world and the standard of value of
the civilized world. The Independent Treasury
uses those metals as money, at their intrinsic value
in the markets Of the world, and, thus used, they
constitute uniform standard Of value for the ban
ker, the merchant the broker the farmer the day
aborer. for every class and description of onr cir-
zens, wherever located, and whatever employment
they may choose to pursue; and it is n standard
held in the hands, and regulated BY the will, of the
Congress Of the United States, composed of the
representatives Of the people, and in strict confor-
nifty with the Constitution Of the L, States.
Repeal this system and substitute n National
Bank, making lis notes tender in all payments at
the public Treasury, aid the standard of value for
the country, so far rs the action Of this Govern
ment is concerned, will he the notes Of the Bank.
a currency Of no intrinsic value, held in the hands
and regulated at the will of the managers of the
Bank; subject TO all manner of fluctuations, both
Of quantity and value, at the will Of those mana
gers; liable to depression and destruction us well
from panic, passion, and preigdirc, rs from real
and stable causes, and dependent both for is uni.
iormlty and permanent value upon the stock Of
public confidence which can be drawn around it,
Such IL the currency and standard of value which
the Senate is now called upon to prefer, and for
which we are TO throw away one Of inherent value
Of permanent uniformity; the currency dictated bv
the fathers of the Constitution for the protection of
every citizen, and the prosperity Of the country.
viii gentlemen consent to destroy. ut single
blow, system of finance for the Government, pro-
missing results such as | have briefly and imper-
fectly described, possessing tendencies inherent in
its action, such have pointed out and trust them
selves 10 darkness and doubt for n subslute' Or
will they cy'hangc such system, ,ctalmost who'll
ly untrlcd for one whose evils have been demon
s,rnted by experience and are arendv daily staring
the whole country in the face viii they abolish
system established by the authority Of law, aud
now IN successful operation, when no man can say
that such substitute ms | have anticipated, and
attempted to describe, il within their reach: To
return to the metaphor of the honorable Senator
from kentucy, will they insist upon tearing down
the old house, for a berth upon the pavement, or
in the fields To do 50, in my Judgment, is wholly
unnecessary, and will be most nuwise.
Another consideration connected with the speedy
passage oil this bill, for the avowed purpose Of fol-
rowing us passage ny tue establishment Of o new
National Dank, is well worthy of the serious COLI
sideraion of those who press it forward Quiet
and confidence in relation 10 the validity of the
charter of Bank, to its solvent condition, 10 the
integrity of its management and lis fidelity to all
its obligations are indispensable to the success and
prosperity of such an institution, organized upon
the principles which characterize the banks of this
country, and which doubtless will be the leading
principles Of the charter of any new Bank of the
United States now to be proposed 1t is fact
perfectly well known here, and every where, that
very large minority, not to majority, of the
statesmen of this country. and of the people of this
country, entertain settled hostility against the
creation, or existence, Of any snch institution under
the authority Of Congress. They all believe Ma
iiona Bank calculated 10 bring evil rather than
good upon the people and the country They be-
Iieve It's tendencies, in peeunarv sense. are rath-
er to arrangement and rregularity and rottenness,
than to stability, uniformity aud soundness. They
believe that, in political sense, it is the most dam