The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-09-25
What loss has the Wing party or the Nation sus-
tanned by the rejection Of the two Bank bills
passed at the late session.

|
passed at the late session. t &c.,.
We submit to the serious consideration of every can
did mind the above significant question, and proceed
give the true grounds upon which its determination
should be based. u Ht#a,a. y. ri ttln3a1 5pal...~
The history of United States Bank shows that
opposition to it has been upon constitutional grounds
and its pdency as dangerous and corrupting in
stituon. Indeed, the very basis of the constitution
al objection is, that the trainers of the Constitution
contemplated the contingency of an inference
arising under the wording of the Constitution Of the
right to establish institution which majority of
the trainers would otherwise have specially inhibited
as dangerous and corIupting. va q" '"s' '4' @l.#
The banking system of the day had in il features SO
odous, that it freshadowed TO the mind of sagacous
statesmen, the alarming evils which have come upon
us; and notwithstanding they admitted its ability to
do good they distrusted it, that they preferred 10 do
without the good rather than incur the hazard of the
evil. l... NJ, .,.s,. mn !, ..4, .I.....
Those who have succeeded in the political drama,
and have adopted the belief that the Constitution
intended to authorize the creation of National
Bank, have been brought to this conclusion by the
consideration of the very obnoxious and dangerous
features Of the banking system Indeed all who have
taken the ground of unconstitutonaity, have pour
trayed in glowing colors the dangers which those OBJ
noxous features threaten strong presumptive evil
dence that wise body the trainers Of the Con-
stitution, could never have given it. their sanction-
And its opponents of a later and of the present day
who take that ground adduce the actual Of
many of these evils which were emphaticay fore
told and it was these, the belief Of their existence
which, like ml-stones around the neck of the oppos-
ing party, enabled Gen Jackson 10 ride trumphantly
second time into power, and to place his successor in
the Chair and is that which threatens to submerge
the whole Wing party, or at least that portion of it
which makes OLD FASHIONED Bank a sine que non
the test of political orthodoxy
On the other hand, those who have adopted the
views favorable to its consttutionaty deemed the ad-
vantages essential pervading SO apparent, that
they deny that the trainers of the Constitution could
have intended to exclude useful and sautary an in
stitution because it had some defects In turn these
arguments are drawn from the manifest and various
advantages which it may bestow-the almost inextr-
cable embarrassment Of the Government at that time
the difficulty, if not impessbiity of carrying on the
fiscal operations of the Government, without delay,
without danger, and without expense. The furnish
ing universal currency, which shall be at par all
the Union, these and many other undoubted ad-
vantages which such institution would Certainly be
enabled to confer, influenced the minds of Others
And the losses and dstresses of embarrassed Trea
sury, the sufferngs OF commerce and the community
from deraDged and vitiated currency combining at
particular junctures have enabled this view of The
question to predominant.
The history of the past followed up to the present
time must award to each party the credit of great sa-
gacity. For there is abundant evid ,nce that Ma
ional Institution is capable of rendering vast service
to the that are indispensable TO en-
able TO attain its greatest prosperity. Unhappy too
there exists too great evidence that too many of these
preulctons OF evil nave come upon us; and Just the
evidence of its salutary denounced features are
brought feelingy to view is public opinion swayed.
and the decision is made just its good or evil ten
dency is for the time most apparent +ilH
As therefore, there exists admittedly good and adj
mtedy, also, evil features in the sysem-the ques-
ton arises-May not the good be preserved and the
evil remedied If SO, the constitutional objections
may be laid aside because the evils which presented
themselves to view and would have caused the inhi-
bition Of Bank longer existing the most ardent
Of the constitutional opposers, can no longer maintain
the supposon that the trainers would have forbidden
the creation of essential and useful an institution
their fears of danger being removed "gE1 u3g
Indeed Gen. Washington appears 10 have been
long in doubt TO what the intent Of the Consti-
tuition and he weighed in his mind the good and
evil of the banking system and the probable views of
the convention on the subject he long wavered, but
finally signed the bill concluding that the great and
manifest advantages of Bank would have preponde-
rated in that body their fears of evil MIR. Madi-
SON. Also appears to have reconcied himself TO sign
ing the bill upon the ground that public opinion had
concluded that although there were dangerous fea-
lures in The SYSTEM that they had yet been but little
exerted and little felt, while the good was most eff
GENTLY brought into SERVICE and he yielded public
opinion in the hope that such would continue to be
the case.
How far his expectations have been realized, let
history tell haa b -t.#. " @.'j rasl h5Ng~.
In our next we will answer the inquiry at the head
40" " = ..u. ..r. #. CANDIDUs.,