The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-06-30
RANK oE THE. UNITED. STATES.

The all aAsosBing question, Before tho present OK.
trs Session of Congress- is the establishment Oh
National Bank. In our last paper we gave the
project Of the Secretary of the Treasury, with
brief commentary on some Of its most important
provisions. That project with several Others was
referred to the Committee of the Senate on the cur
rency Of which Mr.. CLAY is Chairman.
We give to-day synopsis Of the report OF that
Committee on this particular subject That report
contains Mr. Cars plan of Bank, and differs very
materially from that of the Secretary the Treasury
and il consequently, infinitely more Objectionable
The only matter which the Committee think 1t al all
worth while to discuss is the detasot the charter'
.The power Of Congress-" say the Committee ''un-
dor the constitution of the United States to establish
United States Bank, ought to be regarded as set.
tied question: and in relation to the exped'ency OF
the measure they assert that on this point "there 10
even less contracty of opinion than on the former
question: and they will not therefore argue either
proposition.
The charter of the old United States Bank has
been made the basis of Mr.. Glars project and 1t Is
scarcely less Objectionable than the celebrated BID
DIE concern in all its principal features, and will, we
think, prove much more mischievous to the inter-
cs,s of the country. Mr.. CLAY asserts that no has
placed many safeguards in the project to prevent ebu.
ses, but all these are mere ropes of sand If Con-
ress once grants charter, the power of that body
Is at an end The Bank will see to il that it makes
itself sufficiently strong in the affections Of the Nom.
bess to secure at somo future day. any modification
it may desire.
It docs, therefore, seem almost useless eXpendl'
ture of time to discuss even the details of this mea
sure Tie democratic party are opposed to Bank
10 any shape or form, guarded and restricted as it
may be, because they believe it not only inexpcd-
ent, but unconstitutional. We feel convinced too,
that even if a Bank could be chartered Us guarded
and limited in its powers tho most fearful friend
of such an institution could wish, it would, unless
the charter was like the laws of the Medes and Per.
slams, unaltcrablc SO strengthen itself by the
distribution of its avors, to secure sample scope
and verge enough" to fasten upon this people des-
potsu, more tyranncal and ntolcrable and more diff
Gcuh to remove, than that under which the Colonies
groaned previous to the declaration Of independence.
IF tho question relative to the establishment Of
National Bank could be submitted to the people a
naked proposition, unconnected with any other ques-
tion, we do not doubt but it would meet most
overwhelming condemnation. But Mr.. CLAY and
his followers do not intend that the people shall cx-
press any opinion until they have consummated
their unholy work.
1t will be seen that Mr.. Clay repudiatcs tho Sec.
retarys plan so far it requires the assent of the
States for the establishment of branches within their
limits and claims it os the right Of Congress. South
Carolina will, at least we trust, try this question.
We havo no: leisure, at this time, to review this
scheme of Mr.. Clay, but we shall hereafter have
occasion to refer toi again, and notice more paricu.
larly the baneful influences of its provisions.