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


upon this ground, and do not furnish that evidence
of a change OF the popular will in reference to
National Bank, which authorizes the assumption
that the change has been effected, or sanction the
establishment OF Bank upon the strength OF it,
II those elections condemned the Snb-Treasury,
they did not relieve National Bank, the now pro-
posed substitute, from its triple condemnation, and
1t is Il more manifest resistance of the expressed
will of the people to urge upon them the charter OF
such Bank, than i. is to resist this hasty desruc-
ton of the Independent Treasury, while no subsl-
tute is proposed which has not met their more re-
peated and stronger condemnation.
The State bank system has been twice tried;
once from 1911 TO lSl6, and again from 1888 to
1887. do not know as can truly say that this
system has ever been distinctly submitted to the
people and received their verdict 1t was put into
operation by Executive authority on both occasions
and, though recognized by Congress during the lat
ter period, and made the system OF the law It's Ut
Ter failure upon both trials, and especially upon
that ending in 1887 pressed the necessity Of instant
new legislation, and thus brought on the existing
controversy between an Independent Treasury and
a National Bank, almost without reference to
third system. Yet the very small number of rep
resenalves in either branch ofthe National Legs
lature who have since the suspension of the banks
in 1887, favored the system of State bank deposilcs,
authorize the inference that there is now but COM
paralively small party in the country who adhere
TO that plan of managing the finances of the Gov
eminent, as preferable to both of the others which
have been considcred; though there may be very
many who consider it, unfortunate as il has hllher-
to been in practice, preferable 10 the one or the 9TH
err of the different systems.
The present President, in his message tells us,
boldly aud manfuy tells us, that all these three
systems of fiscal agency for the Treasury, have
respectfully met the condemnation and rejection OF
our common constituents, the people ofthc country
Can i, be, then, that necessity presses itself upon
the Senate, growing out of the obligation to obey
the popular voice, the public will, TO sweep away
one of those systems for the purpose Of putting in
its place either of the others, equally repudlated
and equally condemned by the people? But no.
ought not to say equally rcpndloted and con-
dcmncd, for such is not the fact. National
Bank has been tried for the tenn OF lorty years
and, as the result of that thorough and patient trial
has met three distinct condemnaons from the nal-
lot boxes The State bank dcposile system has had
two separate trials, the one OF five and the o'her
Of about four years, and has made, WITHIN nose
short periods, perfect failure upon both occasions
The Independent Treasury has not been tried
The law establishing il was passed on the lth Of
u
day, time insufficient to put the system into per-
feet operation, much less to give it fair trial and
test its merits and defects. The provisions oil the
law bring it into gradual operation in its principal
! bearing upon the currency, and tine has not yet
elapsed sufficient TO make an advance OF single
step in the progress Of the law towards sound and
stable and uniform currency of intrinsic value. II
! is not then Under equal condemnatIons that these
systems rest. The two former have repeatedly
condemned themselves and been condemned by the
people, after fair, full and patient trial and the
latter, ifcondemned at all. has met that contemna-
ton ut the hands of political opposition, not rs The
consequence of experimental defects, or evil ten
denotes and is TO be cut of, repealed, DESTROYED,
without trial and without substitute. What fault
has been found with its operation hitherto Have
the sound, solvent business merchants, complained
from any thing but apprehension Has the short
experience which they have had confirmed THEN
apprehensons Not that have learned, or heard
though have heard much which goes to prove the
reverse. Yet sir, the old building must come
down. A Bank palace must be erected, and tho
the old site is not wanted. and cannot be occupied
the structure upon it will be unseemy to the ten
ants of the new mansion, and It must be RACED tc
the ground and its foundations, which cannot be
dug up and destroyed, must be covered over and
ornnmened, so as TO conform in appearance n
least to the new system.
So much for the reasons which have been offer
ed for the speedy passage of this repeal BILL basec
upon the necessity of tearing down and clearing
: away, to make room for the new "liscal agent,
Bank of the United States, as the honorable mo
yer of the bill tells US and upon that assulneC
command oithe people, which requires at our hands
the demolition of their Treasury, constructed up
on constitutional principles, that such Bank ma,
be erected, not upon its ruins Tor that can neve
be, but as its substitute and keeper Of The people
treasure.
will now examine, as briefly as may, the ac
,on and tendencies of these two systems OF finance
for the nation. upon certain great and leading pub
lie interests, governmental and popular And
first. the natural action and tendencies of The two
systems upon the currency Of the Treasury and th'
currency of the country.
The currency of the Independent Treasury, II /
shall be permitted to 90 into full operation IL soI'
and silver the currency of the Constitution alone
The standard Of currency established by that in'ru
ment il is n currency which cannot be raised II
value at will, or deprecated which cannot be eX
banded at pleasure, or contracted, to promote par
iicular interests, or peculiar views; the gTasping
of private interests, the objects oil corporate o.
political ambition. It must constantly have the u
Uniformity, both Of value and quantity, which tn
r trade of the world will allow. 1t must be regulat
ed BY those laws which regulate the trade OF tn
world, and these are the laws which must govern
orr controlling markets, and the value OF our pro
perty seeking disposition in commercial chan
nes.
The currency Of n National Bank Is the pape
/ promises of the Bank to pay manufactured by tn
Bank at pleasure possessing no intrinsic value
. subject 10 be expanded OF contracted, and conie
quenty to be raised in value, or depressed, at tn
pleasure of the Bank and lis managers Is moi ne
f cessarly governed By the laws Of trade, either a
/ 10 its quantity or value, and never can have tn
{ uniformity which those laws require for safe AM
4 salutary medium of exchange.
4 The currency Of the Independent Treasury say
b tenn is standard of money. Of eSchangeabe value
as stable "a the standard of weights and measures
a established by this Government in conformity WI
g the express requirements of the Constitution llk
the standard of weights and measures, and furnish
es uniform measure of value, rs well for the cur
g iency az the property Of the people. The powe
given TO Congress over the three standards Is IN
{ Same and the grant il contained in the same claus