Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-05-14
A NATIONAL BANK.

iisH NATIONAL BANx."-Argus
We do not intend at this time to discuss
the propriety Of creating another National
Bank. The popular mind is steadily recov-
cring from the delrium into which it has
been thrown by destructives and dcmagogucs.
Delusion is passing away and the day is no,
distant when the people will be disposed to
regard the great questions enccting their
financial condition with GOODNESS and candor
A word however, in reply to the gross and
false assumptions of the Argus may not be
thrown away. We believe the time has
come when the bold misrepresentation in
which that print has INDUCED for years past
on this subject may be met and exposed
Party frenzy has sufficiently subsidized to rem
der its old catcl,-words and objurgatory
statements about National Bank unavail-
ing to excite the passions or misead the
judgment Of the people. A national spirit
of inquiry is again manifested in various
quarters. A year or two ago it might have
answered the purpose of the Argus to tell
tho people that "thcy must forget Mr.. JEr-
PERSON and tramplc his doctrines in the dust
before they could establish a National Bank"
Not so now.
During the whole period Of Mr.. Jcilerson's
administration a National Bank was in ex-
is,cncc. The revenues of the country were
collected, transmitted and disburscd through
its agency. Mr.. JEFFERSON awaited himself
OF the Institution to conduct the financial
operations of the Government. The exist
cnce of the Bank received Iris full assent
lie made no rcmonstranco against ii to
Congress. He waged no warfare upon it,
He sought no divorce from 1t.
The charter of the old Bank expired dur.
lug the Administration of President Madison.
Did Mr.. MADISON forget his illuslrious pre-
decessor and ",rample his doctrines in the
DUST when he recommended the rechar,cr-
ing of a National Bank! In his message to
Congress in 1915, he says
"1hc arrangement of the finances, with view tc
the receipts and expenditures Of permanent pCar,
establishment, WI i'll necessarily enter into the delb.rn
ton of Congress during the present session. II is tr
not only afford the means Of maintaining the inth o
the government with its creditors involate and O
Prosecuting, successfully, the measures of the mos
liberal policy; but will also justify immediate ale
Walton of the burdens imposed by the necessities o
war. II 49, however, essential to every modification
ot the finances that the benefits of nm uniform nation
nj currency should be restored to the community -
The absence ofpreclous me ais will, It is believed be
temporary evil but until they can again be RENDERED
the general medium Of exchange, it devolvcs on thu
wisdom Of Congress to provide a substitute whicl
O. he and
date the wants OF the citizens through the Union
the operation Of the State Banks cannot produce tn
f's'' the probable operation ofn National Bank vii
cili consideration; and if neither Of these expedcni
be deemed cticc,ua It may be necessary ascertain
the terms upon which the notes of the Government
(no longer required as all instrument of crodD sh,l
be issued. upon motives of general policy, as con,
mon nodu.l OF clrcul1tpn."
This portion of Mr.. Madison's mcssag,
was referred to select committee of which
JOHN G. CALHOUN was the chairman
On the Slh OF January 1916, Mr.. CALmor.
reported bill for a National Bank which
passed both houses Of Congress the same SEES
sion and received the signature of Presiden
Madison. Two-thirds of those who vote
for the rccharter Of the Bank we're the polit
ical friends Of Jefferson and Madison! Di
they forget Mr.. Jefferson and trample hi
doctrines in the dust when they voted fo
the bill
Mr.. Madison in his next annual mcssag
to Congress after tho Bank had been re
chartered at his suggestion and by the vote
of his friends, spoke of il MS follows. W
quote from his last message dated Sd Deccn
Der, 1916.
st "a obvious that there is only wanting TO the Fl
cal prosperity of the Government the restoration
nm uniform medium of exchange. The sources al
faith of the Nation displayed in the system whit
Congress has established, ensure respect and con
dence at home and abroad. Thelocal accumulate
of the revenue have already enabled the treasury
meet the public engagements in the local currency
most OF the States; and il is expected that the snr
cause will produce the same effect throughout i
Union Bun for the interest of the community al lar
well for the purposes of the Urea il is essc
,ial that the Nation should possess currency of cqu
value, credit md use, wherever II may circulate,
The Constitution has entrusted Congress excusvo
with the power OF creating and regulating currcn
OF that description, and the measures taken during I
Inst SESSION IN execution of the power, give eve
promise of success. The Bank Of the U. S. has be
organized under auspices the most avora c, and ca
not fail TO be IN important auxiliary 10 thOse me,
uTcs."
These were Mr.. Madison's opinions.
Now let US see what Gen. Jackson thong
about IA National Bank, and ascertain if
can whether he too was willing "to fore
Mr.. Jefferson, and trample his doctrines
the dust by establishing such an ins,i,u,io
Extract from Gen. Iackson's first Message to c,
gress
III such an institution is deemed essential to
fiscal operations OF the Government submit 10
wisdom of the Legislature whether a NATION
ONE founded upon the credit of the Governm
lie rpypp lUb mt he UpVisrl pn,ch yyo
avaid all constitutional difficulties and nj the sa
time all the advantages to the Governm
AsD THE COUNTRY that are expected to result lr
the present Bank"
Extract from Gen. Jack sons second annual Mesa
'In the spirit Of improvement and compron
which distinguishes country and lis inslitu,io
becomes to enquire whether be not possible
secure the advantages afforded by the present Ba
THROUGH THE AGENCY OF BANK
THE UNITED STATES, so modified in its prir
plies and structure as to obviae constitutional
other objections. 1t is thought practicable to org
lie such a bank with necessary officers, as braI