Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1841-08-17
INDIANA STATE SENTINEL.

iutcihgenccf 81 THIS morning refers 20 Mr.. Sifcs
notice of Is iaisehood IA regard u Mr. Jcicrson's
declared op mons about National Bank The In.
teligcnccrs statement founded on tie authority o.
sone anony nous correspondent, was that Mr. JET
ictson approved Of ilf. Nidsons course 10 signing
the Bank charter; and ~ support he oiduccd ans
other anonymous letter writer. saying thai DC Was
~ favor al the roneaa OF the charter n l,ll. Air
Rlycs pointed 10 Nr. Jelcrsons letter D. hs aru-n
law, Mr. EpYcs IN l-l1. thcn No thc head 81 the
Committee Il Ways aud Means IN which be- say.
AlieF the solemn decision 81 Congress ng1.nst the
renewal ~ thc Bank Of the United states, and The
grounds Of that decision, tho want o. constitutional
power lad imagined thai question ~ rest, una
that % more application would Dc made 20 them
iar tho Incorporation IT banks IAs declaration
81 Nf. icilerson - leading member a. Congress
ehcn Tic Iaak question was again moved, insisting
that the decision 81 1911 had sctfied thc question
afsinst the con-titutionaity Of The Bank, uad Mr.
ANrs' declaration again on yesterday, Tint he had
direct proof from Mr. jefferson himself coiroborat-
ing the opinion ex rres,ed TO Mr. Eppcs, and ma.n-
tanned an hs life, considered by Tie National In
icligenccr not at all IA conflict with Is state
ment. The lntclgenccr says,
" We loarn that Ar. R,ves ycstcfd again refer
red % this SUBJECT, declaring 10 substance that hc
had abundant evidence, ol po>icFlof date 10 1911,
that Mr.. Jefferson deemed National Bank uncon-
atitutiona. cry well Who denies u , What
We prove b., that ths opinion II his notwlthstlnd-
MI Mr. Jefferson considered the question - Bank
ges adjudcaf1 aud fell bound 10 defer 10 the con
current Judgment OF Congress the Courts, aud the
people u is favor. There ~ evidence, moreover.
beyond tie reach oi question, that IT, before the
praton Of Mr. Jelorsuns last term oi the Presi-
dencv a biu had passed both Houses of Congress 10
renew the charter Of the first good old bank 90 the
United States, lthe instrument OF SO great benefit 10
tho counlry,) Mr.. Jcierson would not have inter-
posed his veto to prevent that bill from becoming a
law"
The National Iutelgenccr proves the statement
of his correspondent, that Mr. Jefferson had sad
Mr.. Madison's Bank charter IN lsl6 was oonstItu-
tioual, not by denying the opinion expressed IN his
letter 10 Mr. Eppcs, or asserting that Il was not h.s
honest conviction bat lac admits Il, aud then says
that Mr. Jefferson considered the question OF the
bank a res adjudicaia--that rs, settled thing.
nd how was il settled according 10 Mr. Jefferson !
IL war he said, settled IA l~lI-thc last opportuni
Is that the people had 10 express themselves the
suhiect-agaiust the cOnsttutionaliiy aud after
this decision which Mr. Jefferson considered final,
when Il next came up, MIR. Jciicrson-holdng the
constitutional prlncp pie conclusycly settled against
the llank--decares himself IN favor Of National
Bank charter That Us The lntclIgcnccrs reason
ing.
The Boston Post expresses, in fine article ,his
new subtcriugc of Wmgcry. We extract a part
From me Boston Post
Jefferson advocate for National Bank VI
there ever a decided opponent Of such insti-
tuition, II was Thomas Jefferson. lie opposed Il
because II unconstitutional, because Il was an
infringement of the rghts OF the states, because It
was corruptng IN word, because II vas " one OF
The most deadly hostility existing, against the prin-
cPlcs and form Of our constitution. lis opposition
10 National Bank was early, uniform, uuccas inF.
decided, aud Incorporating. lie condemned II
IN 1901, when proposed by Hamilton and when II
was proposed To create new Bank-thc late United
States Augcan Stabc-he again condemned a.. jet
ierson went further. lie clearly io.csaw the evils
Of paper money, and ably pointed them out. Ills
opposition extended 10 our banking institutions.
" The system OF banking, he says, letter 90
John Taylor, OF Caroline, May -, IolO, we have
both equally and ever Reproduced contemplated
II blot left IN all our constitutions, which, il
not erased. Will end IA their destruction, which is
already hIt by the gamblers in corruption, and is
sweeping away IN It's progress the fortunes and NOR
ale 4 our citizens.
IL is indeed astonishing that even the boston At
las can dare TO quote Jefferson authority for a
National Bank. SO notorious was his opposition
go widely known are his opnions--that ,uch con-
duet marks political turptudc only Cqualcd by the
cool, unblu shnr, financial impudeuce OF Nicholas
Blddc. In Jelersons oihcal opinion against the
establishment of n National Bank, February 18Th,
l70l sec Jcl. vol w. 523l may be found almost
every constitutional objection. tlnt has been urged
against Bank. lie dad not II rs true, mention tie
bnbng ot political prcsses-thc enormous loans On
members OF Cougrcss-thc wholesale swindlmg OF
Blddlc. and boards OF Drcctors--thc wanton inter
ference with the business Of The cuuutry-thc l1od
Of immortality that would bugtt upon the nation.
These remained To be engendered 10y our great wing
latter day political SAINTS. From tins strong State
paper. we quote the following extract;
The incorporation OF a Bank, and the powers AZ.
sumed by this blll have not IN my opinion been de
lcgated To the United states by the Constitution.
/. a" They are not among the powers specially emu
mcratcd.h lie then names the powers - 10 lay
taxes"-to borrow money, and to regulate com
merce.
.. - Nor are they within either Of the general
phrases" The whole opinion 10 we'll worth the al
tenton Of John Tyler. and those who intend to ere
to tho fathers OF the great republican school for
advice and instructions"
When the question OF chartcring the late United
States Bank agtatcd, Jefferson addressed to
John ". Eppcs, lsee Ieiicrsons Correspondence,
vol. 4, =. 2i1) elaborate and uuanswerabc letter
o. against the establishment Of National Bank.
This Is long, filing sixteen pages of the volume.
Tie ably discusses the question OF the benefits OF
paper circulation lie says: Z" the experiment is
going desperately II England. pretty boldly wit.
us, and the end OF the chapter, shall wh ch
opinion experience approves for believe u 70 be-
one Of those cases, where mercantile cllmor Viii
brave down reason until It is corrected by ruin.
He again 10 the constitutional objections T.
u National Bank--to the charter OF the fret Bank.
The following is Il sufficient answer 20 those who
quote his Signature 10 the establishment of branches
as his authority for the creation OF new Bank .
The law having passed, however. by a majority
its opponents true to the sacred principle OF sub.
mission 10 majority suffered the law 10 flow through
It's term without obstruction" lie then details the
evils OF the multiplication Of Banks contending that
the States ought yield the power estab these
institutions, and that the medium Of gold aud sll-
yer" should be restored. THIS, however, he did not
expect. The evil would continue TO increase - Ii
will 20 on from bad to worse"-hc says" until the
catastrophe overwhelms US" lie adds
The over bearnU cl.fuDr of merchants. sDccila-