Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-31

Bank of the United States in 1888, had
remained faithful to tiff they had not
wantonly or unwisely betrayed it into diff
culties--.or even after it had been thus in
volved in embarrassment, mainly by the
errors of the Government, if they had pur.
sued the conservative and sustaining policy
of Dallas and Crawford towards the State
Banks in a similar but far more difficult
crisis. the system would, at this moment,
have been in vigorous and successful opera
ton, and have answered every Just expec-
tation of the country. But the very par
ents of it had, with unnatural and fero-
cious violence, turned upon their own Off
spring. They had made war upon the
State Bank system, till they had so crippled
its energies, and discredited its character
in the opinion of the country, that all ra-
tional hope of an efficient reorganization
of it has been extiuguished. My colleague
and myself, said Mr.. R., would now proba-
bly, be found the only advocates of it on
this floor.
IT'S true that a distinguished Senator
from South Carolina, (Mr. Calhoun) who
has heretofore made the Pet Bank SYSTEM
as he calls it, the favorite subject of his
denunciation as ricketty and rotten con-
Germ, seems to be willing now, judging
from the motion made by him few weeks
ago, to take it under his kind protection.
But can we confde in him as our leader,
when, as soon as he hoists his broad pen
nant, and is tainted by the Senator from
Kentucky (Mr. Clay with being the Com
modore of this little feet, he Indignantly
repels the imputation, and boldly proclaims
that he will fight only under the flag of
the Independent Treasury.
TMr. CALHOUN here rose, and said he
scormed any connection with the Pet Bank
system.
Mr.. R1vEs. And yet the Senator seemed
very ready to take it under his command,
when he proposed to reft it for another
voyage, by repeating the provision of the
act of 1886, respecting the issue of notes
under IS, which was supposed to present
the only material obstacle to its revival.
And, unless l greatly deceive myself, the
honorable Senator then declared that,
though not an advocate of the State Bank
system, he preferred it to a Bank of the
US.
[Mr. CALHOUN said he preferred it be-
cause it could be more easily blown up
than a Bank of the United States, so as to
make way for the re-establishment of the
Sub-treasury.
Then surely, (said Mr.. RvEs) all our
distrust of the Senator is more than justi-
fed; and well may we say to him, Timeo
Danaos ct dona ferentes. The bold annun-
citation he has just made, which leave
him to reconcile with the maxims of good
faith, reveals at once the policy of himself
and of the party with which he is now
associated; and of which, if we may Judge
from the signs of the times, he is the &C
knowledged leader. They would continue
to wage unrelenting war upon the State
Bank system, with the desperate determine
ton of Jlo,Uing it up in order to bring back
that repudiated scheme, under whose flag
the Senator proudly boasts that he still
fights. At the same time, the friends of a
National Bank, intent on the establishment
of their favorite plan, will be as little dis
posed to forbear attack upon system
which is the antagonist of theirs, as well as
of the Sub-treasury scheme.
In the face of this united and double hos
tility of the two great political parties of
the country, both ceaselessly warning upon
it. the idea of solid and permanent recon-
struction of the State Bank deposite system,
whatever be its intrinsic recommendations,
must be admitted to be hopeless. What the
country now wants, above every thing else,
is stability and repose-the adoption of
some permanent system, upon which men of
business can base their operations for the
present, and their calculations for the fu-
ture. The great interests of society have
been long enough made the victim of party
agitation; the sport and football of the
heartless game Of politicians 1t is time that
these great interests, if possible, should be
placed, by some conciliatory and perma-
Inent adjustment of the questions hitherto
so fiercely debated, beyond the destructive
operation of the elements of party war.
To National Bank as formerly consti-
tuted, very large portion of the People OF
this country have ever felt, and will proba.
bly ever continue to feel an invincible re.
pugnance, on the ground of its involving an
assumption of ungranted power, and an in
vasion of the rights and sovereignty of the
States. To obviate those objections, the
{ Secretary of the Treasury, justly appreci
, ating the advantages that would result tc
the nation at large, as well as to the institu
ton itself proposed to be established, from
cordial and general concurrence of pub
J lie opinion in its favor, suggested the expe
5 diency of organising it in such manner al
f to avoid altogether the disputed question o
constitutional power. The suggestion wa
conceived in a spirit of patriotism, wisdom
and practical craftsmanship, worthy of tn,