The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-09-25
What loss has the Wing party or the Nation sus-
tanned by the rejection Of the two Bank bills
passed at the late sessioDi


We submit to the serious consideration ofevery can
did mind the above significant question and proceed IL
give the true grounds upon which ts determination
should be based.
The history of United States Bank shows thai
opposition TO has been upon constitutional grounds
and its ne1 pdiency dangerous and corrup,ing III
stitution Indeed the very basis of the constitution
al objection is that the trainers Of the Constitution
never contemplated the contingency of an inference
arising under the wording Of the Constitution OF the
right TO establish an institution which majority or
the trainers would otherwise have specially Inhibited
dangerous and couupting.
The banking system OF the day bad in features -
odious that it foreshadowed the mind OF saraci,u.
statesmen the alarming evils which have come upon
us and Notwithstanding they admitted its ability IL
do good they dsrusted it, that they preferred TO do
without the good rather than incur the hazard of the
evil.
Those who have succeeded in the political drama
and have adopted the belief that the Constitution was
never intended authorize the creation of National
Bank have been brought TO this conclusion by the
consideration Of the very obnoxious and dangerous
features Of the banking system Indeed all who have
taken the ground of uncons;utonality, have pour
trayed in glowing coors the dangers which those OBJ
noxious features threaten, strong presumptve ev
dence that SO wise body the trainers of the Con
sti,ution, could never have given it their sanction
And its opponents Of later and of the present day
who take that ground adduce the actual urence Of
many of these evils which enphaticaIly fore
told and these, the belief Of their existence
which, like mill-s,ones around the neck of the oppos-
ing party enabled Gen Jackson 10 ride triumphantly
second time power, and to place his successor IN
the Chair and il is that which threatens to submeree
the whole w hig party, at least that portion oil il
which makes an OLD FASHIONED Bank a sine que non
the test of political orthodoxy
On the other hand, those who have adopte,I the
views favorable its consutionaIity deemed The adj
yantages essential pervading, so apparent that
they deny that the trainers of the Constitution could
have intended to exclude useful and sau,ary an in
tL.-~. "a knl- lz.u..
Arguments are drawn from the manifest and various
advantages which il may bestow-the almost ineytri-
cable embarrassment of the Government al that time
the difficulty if not mpossblhty of carrying on the
fiscal operations of the Government withou, DELAY
without danger, and without expense. The furnish
ing universal currency, which shall be at par all
the Union, these and many other undoubted nd
vantages which such institution would certainly be
enabled 10 confer influenced the minds of others
And the losses and dlsesses OF embarrassed Trea-
sury, the suferings OF commerce and the community
from deranged and yitiated currency combining at
particular junciures have enabled this view Of the
question TO predominant
The history of the past followed up TO the present
time award to each party the credit OF great 81
gacty. For there is abundant evid sncc that Ma
ona Institution capable Of rendering vast service
to the country services that indispensable to en-
able il TO attain its greatest prosperity. Unhappiy too
there exists too great evidence that too many Of these
predictions Of evil have upon us; and lust as the
evidence Of its sautary or denounced features are
brought feelngly TO view, is public opinion swayed
and the decision is made just its good or evil ten
dency Is for the time most apparent.
As therefore, there admit edy good and adj
mitedy, also evil features in the system the ques-
ton May not the good be preserved and tho
evil remeded Ii so, the constitutional objections
may be laid aside because the evils which presented
themselves 10 view, and would have caused the inhl-
bition OF Bank no longer existing, the most ardent
OF the constitutional opposers, can longer maintain
the suggestion that the trainers would have forbidden
the creation Of essential and useful an institution
their fears of danger being removed.
Indeed Gen. Washington appears TO have been
long in doubt 10 what the intent of the Const
tuition and he weighed in his mind the good ana
evil the banking system and the probable views ST
the convention on the subject he long waverod but
finally signed the BILL concluding that the great and
manifest advantages Of Bank would have prepondc
rated in that body their fears OF evil Mr. MadI
son, also, appears TO have reconccd himself TO sign
ing the bill upon the ground that public opinion had
concaded that although there were dangerous fea-
lures in the system, that they had yet been but little
eIerted and little felt, while the good was cfh
cienty brought into service; and he yielded 10 public
opinion, in the hope that such would continue be
the case.
How far his expectations have been realized, LEI
history tell
In our next will answer the inquiry at the head
Of this article
CANDIDUS.