The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-01-13
SOUTH CAROLINA LEGISLATCRE..
Rcport of the Committee on Federal he
Lt1OHS.
[Concluded.l

tUtIDUS.
Concluded.
The unfounded allegation that 'Tcn.
Harrison's election would raise The value
of property, is already in part exposed
He is elected, and yet money remains the
same; property the same. The more
cunning par, of his advocates, are hoard
ing their means to buy a, sacrifice, the
estates of the dupes who united with them
in clamouring fol change. The mild and
gradual effect of the separation of the
Government from banking, the gradual
return to the collection of the Revenue in
money, and the Independent Treasury,
were eiiicacious remedies for redundant
circulation. The hope that any change
of administration could save one whose
obligation, payable by the laws and Con
s,itution, in specie, is outstanding lor
property bought at prices swollen by spe-
culation and deprecated circulation, from
the consequent loss, was too ia'laclons
for an honest Democratic Administration
to hold out, and the proposal 10 cripple
all the State Banks by placing regulator,
with chartered privileges, to compel them
to call in four hundred millions OF debt,
is the most cruel mockery, and the curses
ola ruined country, deep and loud too
will fall upon its authors. The Indepen-
dent Treasury, and well advised Cen
eral Bankrupt Law, applicable to all deal
ers, was the true means Of relief. Now,
the wealthy capitalists alone, have any
prospect Of profiing by this reiterated ex-
pertinent of Federal rule, which has al
ways eaded in disappointment to the peo-
pie Not only is United States Bank
unnecessary, but ,he idea of its money
being in fact any better than the money
Of specie paying Banks Of the States
where its Branches are situated, except
for the unjust monopoly of being receiVa-
ble in payment of duties, although not
redeemable in specie where SO paid;
monopoly, the fruits Of which, are reap
cd by foreign stockholders. Such an in
stitution is evidently unconstitutional, and
the existence of such Bank, is only
proof how pressing emergencies form an
excuse for departure of principle, and
how readily good men slide into the her
esy in morals, that the end juslities the
means"
The constitutional objection to Bank,
chartered by the United States, has never
been fairly met aud as human reason is
just as clear as ever it was, the tine has
arrived when the people will again resort
to first principles. and test the point by
sound and connected argument. Let us
trace the history of this Institution from
its embryo. In 1850, during the Revo.
dictionary War; the Bank of North Amerl-
ca was chartered by the Continenta! Con.
gress. The inducement was, that the
Bank was TO furnish the Army 100000
rations, and 300 hhds. rum, and receive
iu payment Bills Of exchange on our Min
lister in Europe. The subscription or ca.
pital was to be in gold and silver. Even
then SO jealous were the statemen of that
day, that they required "every evening
except Sundays, statement of the cash
account, and the notes issued and receiv-
ed, and to be delivered to the Superinten.
dant of the finance of America" The
exigences Of the country were the excuse,
and the States requested 10 carry into cf-
feet its provisions by State laws. Thus,
a United States Bank was known prior TO
the Constitution, and was the subject of
debate in the Convention. This Bank
took charter from Pennsylvania after
wards. The question generally of giving
to Congress power to grant acts Of 1ncor-
poration, and also 10 incorporate Bank,
Mr.. Madison says was fully considered,
the power refused; and now the question
arises, has Congress that power! As to
the array Of great names in favor of the
position, it is enough to say, the present
generation are endowed with the same in
tellectual powers as their predecessors
and with the same facts before them, can
arrive at as wise conclusion; and the
pressure of State necessity being remov-
ed, they have better prospect Of arri.
wing at the conclusions Of unbiased lea
son. The United States, and its Congress,
possess no inherent power or original eX.
istence, as body polite, but is compos-
ed solely of such sovereign powers, as
the States have by the Constitution grant
ed. 1t results that the omission TO grant
is prohibition to the exercise of any Of
the powers appertaining TO government.
The people of the several States, as indie.
pendent and sovereign powers, possessed
all the attributes Of Nations, and so much,
and no more, Of those attributes, as are
in terms surrendored "a n hv the instr ri.