The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-01-20
POLITICAL.
From the Political Retormcr.
DANGERS OF A NATIONAL BANiA.
Eztract. from an Grafton delt0ered IN
Portsmouth Va.
BY THEopHILUs FISK.

their country--money more lhah consul
tu,ional liberty and political greatness,
are again clamoring for National Bank,
that Shall rob Stale Sovereignty Of its re-
served rights, divcst the government of its
highest prerogatives, and regulate the va
lue and security of the property Of every
man in the United States at its will anu
pleasure, by contracting or expanding its
issues of paper money. The late Bank
of the United States commenced its unho-
ly career Of rapine and violence, robbery
and corruption, by most stuPendous
fraud. Rich capitalists succeeded in OBJ
tanning upwards of twenty-eight thousand
fraudulent or fictitious subscriptions to IFS
capital stock, by which the real subscri-
bers were cheated out Of a large portion
of that which properly belonged to them,
and the whole concern was monopolizcG
by political gamblers, dishonest specula-
tors. anil stock. jobbers, who realized, in
a short time, EIGHT MILLIONS of dollars
by the nefaEious transaction of bubbing
up the stock above its par value. Are
you prepared 10 sanction such bar. faced
robbery-such monstrous corruption?-
Look at the course Of the Bank in feeling
the prominent lawyers in the United
States Senate, and buying up presses and
Members of Congress, and ask, were all
these favors gratuitous on the part of the
Bank, or was there "value received' in
exchange for its "promises to pay?
Did the late Bank of the United States
perform successfully a single function
claimed for it by its friends? Did it equal
ize exchanges-check overtrading and ex-
cessive issues by the Stale Banks, or aid
the General Government in collecting or
dsbursing the public funds! Is it not no.
torious that it failed, most signally, in
each and in all7 When it was at the ze-
NTH of its glory and prosperity, exchan-
ges were as much deranged as at the pre-
sent time. Instead of checking the wild
extravaganza of over banking, and the
madness and delusion Of gambling specu-
lators, it was the very first to encourage
all this. How often did it spread desola.
tion through all the borders of the land,
by creating those sudden revulsons by
which thousands were reduced from aflu-
ence 10 beggary in single day: How
frequently did its enormous expansions
give fictitious value to property, by ma
king its representatives of money plenty,
and as frequently destroying the equili-
brium of trade, depressing the prices of
the products of industry, lowering the
prices of labor as well as property; who
can remember all these iniqutious name.
uvres and still affirm that such an institu-
ton would bea r,nhEA hlA-s:~sa
The re-charter of National Bank
would leave no man in the country safe
in the enjoyment of his property; it would
place the earnings Of the industrious at
the disposal of the idle, shake down the
pillars of the temple Of social and civil
freedom, overturn the ancient landmarks
of political equality, and establish upon
the crumbling ruins of our glorious Re-
public, the hateful despotism of soulless
corporation-a "monarchy bank" The
scheming managers, with all their gilded
machinery, will be covered with confusion
and defeat, if the people are only true to
their inalienable rights. Let them stand
firm at this perilous crisis-let them show,
as they have done, an honesty which COM
binations of wealth cannot bribe, the in
triguc Of faction deceive, or the threats
of the powerful dismay or alarm. Let
not this political Leviathan which has been
stsangled by giants hand, again be
nursed into being, to prey upon our dear
est hopes, and gorge upon the liberties of
the nation. Presses may be purchased
with lying paper promises, to advocate
this great national suicide; the national
lawgivers may be corrupted by the power
of money; but the people will not sell
themselves. They will not be the for
gers of their own chains. They will not
voluntarily nourish an unseemly vampire
to prey upon productive industry and
national prosperity. They will not bar
ter their liberty for paper money. They
will not willingly exhange freedom and
equality for slavery and despotism. They
will not grant TO an alien bank, owned
and controlled by foreign capitalists, un-
controlled aDd uncomfortable power over
our political press, our elections, our
Congress, and our laws. 1t was stated
sometime ago by an English Baronet, re-
spcc,ing the Bauk of England, that it was
supported by the fear and terror, which,
by means Of its monopoly, it has the
power to inspire; a monopoly Of the ma
ture of all other despotic power, which
cOrTurtS tpc Erspot aS much &C II rnrrnnts