The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-06-01
"A NATIONAL BANK

ss9key mast forget Mr. Jefferson and ,roa,.,
doctrines In me dust before they can establish ~
tiouas Bank. "A ibany Argus u"
During the whole period of Mr.. Jefferson.
minis,raticn u National Bank was in e,;.,.. %'
The revenues of the country were collected ,.sS
rnitted and disbursed through its agency M, I.
fsrson awaited himself of the Institution 10 co..
the financial operations OF the government. nv
existence OF the Bank received his full assen, ~
made no remonstrance againstit to Congtes, u
waged no warfare upon IT, He sought no dlvo.'
from IT,.
The charter Of the old Bank expired durins !,
Adm instration Of President Madison. DiS N
Madison forget his llustrious predecessor and I'm.
Pile his doc rinos in the DUST when he recomm.',
ed the recbarteripg of a National Bank! In ~
message to Congress in 1915, he says
"The arrangement Of the finances, with a Vi.
to the receipts and expenditure of perm,,,.
pence es,abIishrEcn will necessarily enter jno ~
6eliberauon of Congress during the presen: se.,n,
1t is true that the improved condition OF tho NH
lie revenue will not only afford the means of maj,
tanning the faith or.he Government with its c,a
itors inviolate, and OF prosecuting, successfully M
measures of the most liberal policy; but vii, ALA
justify an Immediate elevation of the burdens in
posed by the necessities of war. II IS, howevs
essential to every modification OF the finances h.
the benefits OF uniform national clrrenr,
should be restored 10 the community The nh
sence of precious metals will, it is believed bs !,
temporary evil; but until they can again be rend,,
ed the general medium of exchange, it devolyss~
the wisdom OF Congress 10 provide subsu.
which shall equally engage the confidence, and a.
commodate the wants OF the citizens throuphon
.he Union. If the operation of The State Banks
cannot produce the result, the probable operation
ola National Bank will merit consideration; and II
neither of these expedents be deemed effec,ual, il
may be pecessaryto ascertain The terms.upon which
the notes ofthe Government (no longer required
as an instrument of credi) shall be issued upoD
motives of general policy, as a common medium Of
circulation. t
This portion ofMr Madson's message was refer.
red TO a select committee of which JOHN G. CAL.
HOUN was the chairman! On the 9Th OF Januarr
| 1916, Mr. Calhoun reported bill for a National
! Bank which passed both Houses Of Congress do
same session and received the signature of Pesi.
dent Madison. Two thirds Of those who voted for
the recharier of the Bank were the political friend.
OF Jefferson and Madison!--Did they forge, Mr..
Jefferson and trample his doctrines in the dust
when they voted for that bill ..
| Mr. Madison in his next annual message TO Con,
gress ate, the Bank had been rechartered a, Bis
suggestion and by he votes Of his friends, spoke
Of il as follows: We quote from his last messs,
dated 80 December, 1876.
"lt is obvious that there is only wanting to ID,
fiscal prosperity Of the Gov eminent The restoralon
of an uniform medium of exchange. The source
Il faith Of theNation displayed in the. system whci
Congress has established, ensure respect NJ honu
tSabroad. The local Accommodations orihe vsvenu
have already enabled the treasury to meet the pol
lie engagements in the local currency Of most 4
The States; and il is expected that the eau,
! win produce the same eject throughput the Und
! But for the interests of tho community at lurs.
we'll as for the purposes Of the Treasury, II Il y
seniial that the Nation should possess a currsngd
4 equal value, credit and use, wherever il may cit
culate. The Constitution has entrusted Conge
exclusively, with the power OF creating and reg
lating a currency fihat description. and The Inc
ures ,aken during the last session In execution
4 the power, give every promise Of success. tt
Bank Of the U. 3. has been organized under au
\ pieces the most favorable, and cannot fail to be :
imporian, auxiliary 10 those measures" L
Il ssFs=&=.es.zzas-n.a.sn.-z.
THE Gaze OF M'Lwom.--The Supreme Cou
made the following order in the case, on Thursd'
morning: 81
:, .Tur PropIE rs M'I Eop The defendant, wb