Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-08

and our duty 10 restore and vndcate its true consruc
ton fit have defects in this particular it should be
amended in the mode provided by itself Any other
mode of amendment, however sanctioned by time, by
repetition and by the judgments of the Courts is but
the Interpolation of precedent and should be regarded
as of no binding authority on the people
Having thus briefly stated some of the Constitution
al objections to a Bank, we will as briefly examine
of the arguments for its utility and e1ped'ency
Ii is advocated on the ground that it will equase ex-
changes, regulate banks, give sound currency by e1-
acting specie payments, and thus act favornby on the
interests of trade The history of the past full of
instruction. Trade itself makes exchanges; and the
market cost is according to The value of the currency
which is paid for it. II the banks pay specie other
regulation is needed The States are competent to en-
force the payment of specie within their respective Ju.
risdictons-it is said that New York alone can and
will through her banks enforce this wherever she deals,
by simply receiving their bills and presenting them 10
be cashed at the banks Of other States and upon their
failure TO pay protesting and putting them in SUIT IN
the Courts of the IT, s. Bank of the u. ). could
do no more. If clothed with sufficient power to regu-
late them, it will have the power 10 destroy the State
Banks and their existence will be dependent on lis
discretion There are aread ~ more banks Than the
exirencies of commerce and the business of the coun
try require A National Bank will add vastly to the
nominal but nothing TO the real capitalists first step
will be 10 provide itself with specie which 1t Will ora"
from the other banksi,s next will be TO break down
and destroy a. many of them as will make room for
stead of making money more abundant, will be to make
il more scarce The local banks must contract their
circulation and withdraw their accommodations to
avoid being swallowed up-the debts due 10 them must
be hurried into collection, and thousands on thousands
made bankrupt by the process the prices of stocks will
fall banks be broken, stockholders ruined and the
values Of houses lands negroes and all kinds OF pro-
perty shaken and unsettled by fatal depressions Who
can calculate the ruin picture the Distress Long
years Of intense suffering and bankruptcy will drag
Lncz~ h,u.. bav
constructed and wholesome prosperity restored
This is an enormous power TO give corroraton-a
monopoly to enrich or ruin at IFS peasure-to hold the
issues of prosperity or destruction in its hand Is il
wise or expedient to grant 1t Can be assured
that the power will be wisely Justly exercised for the
public good How shall the regulator itself be regu.
lated How be compelled TO observe law, forbear to
struggle for political power, 10 buy the support of
politicians and the press How to conduct IFS affairs
upon pure banking principles II is utterly imposs-
BILE. The late Developments OF the United States
| Bank at Philadelphia, and the destruction Of the
vouchers for its wholesale bribery, clearly show how
impossible il will be, to establish BY legal evidence tho
u5"ssest sins against the laws Of the land. 1t will be
the uncontrolled possession of concentrated capital
and credit, with which il centraiise trade where
it is locacd-control the Banks and business of the
country its dscretion-rase depress the values Of
properly It peases dangerous influence
IT not control the Government and politics of the
country, without the people having the least security
that this immense power will be properly exercised,
Or at least ability 10 arrest it, if mschleyously en-
poved.
But should these measures, SO fatally at war with
the principles OF Stale Rights and ruinous to South
interests, receive the support of majority of Con-
gross, let STILL still hope until that hope is realised,
or undeceived by his apostacy, that John Ty-
Ter, who received the vote Of South Carolina for
OF the highest offices in the Government, not
then, is unworthy of that confidence, and Of
tie elevated station which he has attained that true
STILL amidst the Establishments of office, 10 the higher
attractions Of his duty the Constitution and 10
during fame, (worh than temporary power his
\ future course viii be consistent with his former and
that all the pledges Of his early achievements in de-
Tending the Constitution against entertainments and
pcrversions will be now consummaed by his ung
II from its enemies, and restoring it, purified and
deemed, to grateful country. Should he thus become
the standard bearer of the Constitution, it is needless
say how ioyully South Carolina will stand side by
side with him in every battlefield, giving him her
support, and sharing every danger with him. But
should he unhappily for his fame, sanction the
doctrines Of Federalism, and give his support TO the
principles and measures his life has been spent in
batting, then, he too will meet from the
compromising opposition which we extend 10 all the
enemies of our principles.
But fellow citizens our trues hope is in the justice
of our cause, and that ndomeble spirit Of freedom
which has always enabled South Carolina, come from
whom may, TO resist and repel aggression upon her
rights Let us, then, with the memory before us Of
the glorious examples of the past rouse every energy
for this struggle, remembering that victory now Will
secure freedom FOREVER. Be it therefore
!. Rcsoiccd That the distribution amongst the States
ofrevenue arising from the sales of the public lands,
is an impotc, unauthorized aud unconstitutional
waste Of The public money, degrading sovereign States
into dependent pensioners OF the Federal Government,
and stimulating them 10 an extravaganza, subversve
of all those maxms Of economy, which are the best
securities of Repubic-depriying the Government of
Of iis legitimate sources Of revenue, to furnish
fraudulent preext for increased Tariff and at va
rance with the intention Of the States in their cesSon
| of The public lands to the General Government.
| ?. Resoired, That we regard the creation Of Ma
tional debt great msfortune-whlch can only be
excused by the utmost necessity TO meet engagements
honestly incurred 10 support the Government, or in
defence Of the country.
| g. Resolred, That Congress has no power 10 lay
protective duties, TO encourage and aid one branch OF
industry pursuit, at the expense of others that
discrimination in duties with such view is but another
for protection, and is unjust and unconsttuton-
al that in true intent and meaning the Compromise
repudiaes protection and requires that duties shall
be levied for Revenue only, and that no more shall
be collected than is absolutely required for the eco
nom,cal administration Of the Government that all
duties TO he fairly laid should be upon The equal and
al ra0rem principle and II discrimination is made,
it should be 10 take duties off the neccssares oil life,
Which Will be great benefit 10 the abofing classes,
and lay them on all uxures equally, which will nJure
none.
4. Resolred, That The law establishing Treasury
independent Of all banks, in accordance with The
Constitution safe, sound and wise policy, and should
not be repealed.
s. Resolred, That the power to incorporate Bank IS
not only not in the Constitution but was expressly re-
fused to Congress- that its establishment will be
wound on the Constitution, and infct a fatal blow
upon the best interests of South Carolina.
6. Resoired, That Congress having no authority
under the Constitution TO incorporate National Bank,
If such Institution be Incorporated we hold that The
charter may at any time be repealed and the bank aDo
lished.
| T. Resoiucd, That deprecate severally the mea-
snres above named, the mutually dependent parts
of scheme, which originate but in violation OF
tho Constitution, and result in heavy calnmes
to the country; that National Bank especially would
be most injurious 10 the interests of South Caoina and
that representative Of hers promote either mea-
sure, especially the establishing such Bank, without
the direct sacrifice Of her principles, the disregard Of
her wishes, and in violation Of his trust the imposing
upon her The heaviest OF misfortunes.
S. Resolred, That The Hon. John e. Calhoun, by his
fidelity TO South Carolina his vndication Of the Con-
! al. - hgcIt