Mobile daily commercial register and patriot., 1841-07-02


 ont one of the largest portions at the hahitabe world A cuunany which is iu tse.f. sftgtalgli4 4-@i1ch las ~absufied empires and sat up Hew dYuastie = tnh has h"i only uale VII. hut NH4 Hgua+i H5 tsu- mat sovereign Under lat usnnaee nl tlu> foW- ei, We haze secn aiise Sluta Srd eamianY aia d Mississippi cen4 any. jhat aisfaesf aHd ranvuised ali eufupr, and aeracea total ger throw oi all ere dii aud confidence, ani universal iankiaPteN ls st 10 he imagined that power sd vast w9d. h5te heea leit hy he "isdea "l idf constitution o doubtful i'= ference
 bank is male for the ostcasiba raypose of aid- ing in ;he collection al e revenue, and whist il Is engaged in ths, the mosl mlsIor aad subordinate ot alllts functions, il is made t7 oiasr stIt ihraugh- out s"ciety. and Jo iu.teute all te great operations of cfedit, circulation and commerce. l.Ihe the ' IT, glnia justice, .uu tell tle man, Hhnse turkey hal been stolen, that your b7oh pi preredenis tunish no fnrm for hs case, but thea you wtll gaut him pre- rept 10 search for COW, and when la"hlag for that he may possibly find his turkey Aou say 10 tas corporation, caunot authorize you to dlscouui-tp emit papei-to regulate commerce, &c. Noi Our book has no precedents ot that kind. But then can authorize you 10 collect the revenue, and, whilst occupied N ith that you may dc whatever else you please.
 What Is corporation such as the bill contrm- plates It is a splendid association of favored in- dsiduas taken from the mass of society, and inves- ted with exemptions and surrounded by immulities and privileges l contend that the states have the exclusive power to regulate to declare the capacities and ncapacies o contract. and to provide as tu the eXtent of responsibility of debtors 10 their creditors. congress have the power to erect artificial bady and say it shall be eudoW ed with the attributes of an indisidual-f you can bestoW this object of your creation the dbll
 y to contract, ma, yon mt, Tn contravention ol state rights, confer npal slaves infants and Gmes covert the ability tu eonuacti And if you have fine power To say that association of individuals shall be spuns sble for ther aebis only in certain nited de gree, what is To prevent an extension ul d similar enpton t5 individuals Where Is the limitation up- on this power to set up corporations. You establish one n the heat of sate, the basis of whose capital shall consist of had, slaves and personal estates, and
 thus the whale property within the jurisdiction of state might he absorbedby these political bodes 1
 Let Us inquire into the acaual particirationo of ths l bank in the collection of the revenue Prior to the passage of the act of lSj0, requiring the collectors of those ports of entry at which the principal bank, or any of its officers situated, to deposit with them the custom house bonds had the smallest agenc, l n the bollection ol the duties. During almost one moiey of the period to which the existence of tns
 institution was limited, Il was Howse Instrumental n the collection ai the revenue, 10 which il is be- come indispensable! The collection previous to lS00, made entirely by the collectors; and even al pre- sent where there Is one port of enFy al which ths bank Is employed, there eight or ten al which the  what does this bank or its branches where resort is had to tl Ii does not adust with the merchant the amount of duty, take his bond. nor, if the bond is not paid, the payment by distress or other wise. In fact it has no active agency whatever in the colleciion Its operation is merely passive; that is, the obligor, after his bond is placed in the bank, discharges il, all is very well. Such is the mighty aii afforded by this taNgatherer, without which the government cannot get along! You cannot ereafe he necessity of bank, and then plead that necessity for s establishment. In the ad mlnstration of the finances, the bank acts simply payer and receiver. The secretary of the treasury has money in New York. and wants it in Charleston; the bank will furnish mm with check b To make the remittance, which any merchant would do inst as well.
 ''I will proceed to show by fact actual eNpo- rence, not the0rete reasoning, but by the records themselves of the treasury, uat he opeataaS Qt tat department may be waI coaducted mthom WH thiS baak.1he deusun has consisted in the of certain high sounding phrases, deNterously used on the occaslon-''the collection of the revenue -'t the administration of the hnance'-he conducting ol the fiscal affairs of the government, the usual language of the advocates of the hank eAtort express assent, | or awe into acquicscence, without inquiry or eNaml- nation into it's necessity. "Ihe great advantage of our system of government over all others, is, that we have Wrfta constitution defining It's limits, and prescribing it's authorizes; and that, however, for time, faction may conlulsc the nation, and passion and party prejudice ts tmconaries, the of reflection will recur ,when calmly retracing their deeds, all alterations from | fundamental principle will be corrected But once substitute practice for prncipe-he exposition of the constitution for the text of the constitution, and in vain shall look for the instrument in the instr- itself IL will be diilused and intangible as the pretended constitution of England. | They ought to afford a solemn warning to make that constitution which we have to support | invariabe guide.
 "l conceive then, sir, that we are not empowered by the constitution, nor bound by any practice under 1 il, to the charter of this bank and might here rest the argument. But as there are strong ob- ectlous to the renewal on the score of expediency 1 and as the dstresses which will attend the disson- ton of the bank, have been greatly exaggerated, will ask for your indulgence for few moments long l CT. That some temporary inconvenience will arise, shdnot deny; but most groundlessy have the recent failures in New York been attributed to the discon- tinuance of this ban& As well might you ascribe to that cause the failures of Amsterdam and Hamburg | of London and Liverpool. The embarrassments of l commerce-the sequestratious in France-he Dan sh captures-in fine, the bellgerent edics are the obvious sources of these failures. Their immediate cause Is the return of bills upon London, drawn upon 1 the faith of nnproductye unproftabe shipments Yes, sir, the protests of the noares of London not those of New York, have occasioned these bank | ruptcies
 ''Tbc power of nation is said to consist in the sword and the purse Perhaps at last all power Is receivable into that of the purse, for with it you may command almost every thing else. The specie cir culation of the United States is estimated by some calcuIators ten millions of dollars, and if it be no more, moety is in the vaults of this bank. May not the time arrive when the concentration of such vast portion of the circulating medium of the country in the hands of any corporation. will be dangerous Co our liberties By whom is this immense power wieded By body, who, in aeogaton of the great principle of all our institutions responsibility the people, is amenabe only to te,o st9cklolders, and they chiefly foreigners. Suppose an attempt to sub vert this government-woud not the traitor first aim by force or corruption to acquire the of his company
 shall therefore give my hearty assent to the motlon for striking out the first section of tho bill
 For tte Register
 MR. EDIToR:-Keep it before the people, our elections soon take place, and our citizens will be