Mobile daily commercial register and patriot., 1841-08-09
{ Extract from q letter to the Ed,tor. )

| TIT " e"S fNf~t'' 5''' "' t
 bile Point. { Ertroct iron. letter 10 the Edttor.)
 =" WAsH1NeToN July 27th, ls4l.
 My dear Sir:AThe bill to establish ''lhe Fiscal Bank of the United Siates,' passed the Senate to- day by a vote of 26 to g. Preston of South Caro- lima, voting in the affirmative, and Cuthbert and Clayton absent The vote the engrossment yes- terday 25 to 24, Preston voting in the afirma- tive, and consequently deciding the fate of the bill It will pass the House of Representatives by de- cided majority, when MT. President Tyler will be put to the test. It will be icith him truly question of life and death. If he should approve the bil the term of his official existence will be limited to the 4th of March, A. D. lS45, and his present high po-
 tcal distinction be regarded hereafter oneof the accidents in the course of human events. But if he should interpose his power upon high consitu- tona principles, and firmly adhere to those princ- pies, he may secure for himself prouder distinction and be upheld by commanding majority of the peo- pie of this Union regard the proje of the bill as among the most objectionable schemes, if not the most objectionable yet proposed. It is empha- ticaly Government Bank, and will determine the political destinies of our country. It s 10 be go- yerned by nine directors al Washington, three of whom to be appointed by the Executive, and the other six elected by the stockholders. Its natural plocyity must be that of subseryiency to the Exc cutiye-ts natural alliance with ''the powers that be-" What fearful addition to the patronage and influence of the Executive must result. And thls too, the work of those who have been decaiming so long, loudly and eloquently against the increase of Executive patronage and power. have, must confess, melancholy apprehensions the fu- tnre peace and tranquility of people, the purity if existence of our political institutions and the prosperity of the country under the practical opera tions of this hybrid monster.
 bank with a capital of thirty millions of dollars, situated at distance from the seat of government and connected with it in other manner, and to greater extent than would result from it's fiscal agen cy for the government and subject to such wholesome check, guards and restrictions, as well required afford such guarantees for safety and security the people, the government and the stockholders, | experience has demonstrated to be necessary and proper, might, and in all probability woud afford advantages and facilities to the trading classes of the community, which apart from the constitutional ob- jections to the establishment of such insttuton would induce many to acquiesce in, or rather yield to its establishment, who can never sanction the istence of such institution has received the ap- probation of the Senate. The bill from the Senate virtually puts the controlling springs of the whole | nf fha tntn fha han If | President.
 | The establishment of the mother bank at Wash- ington-the appointment of one-thrd of it's nine directors by the President and the daily associations between all the members of both Houses of Congress and the President and heads of departments, with these and the other six directors representing the interests of the stockholders will create an intima cy of relation between the government and the con- | try and the government and the bank-between the Executive and his adherents the hand .and the bank governors the other, such has existed before, and such ought exist in free ceun-
 try, where the people have dearly learned the truth of the maxim, that eterna vigilance is the price of | liberty" The Government is to constitute an i'm portant, and may add the controlling part of the in- stitution-it is to own one third, and in certain contingency more than one half of the capital stock -the bank is to be made the Treasury of the Go- vernment wherein all of it's funds and revenue are to be deposited and to constitute addition pro tano to its capital stock-the whole credit, influence and fiscal action of the government, is to be associated with the credit influence and fiscal action of the bank, and the whole together will comprise mass of com bIned monied and political power, patronage and in Auence, which in the hands of a corrupt Dynasty at some future day may prove an overmatcb for the virtue and intelligence of unsuspecng and delud- ed people. The people must feel jealous and fearful y apprehensive of the concentration of such mass of power and influence in the hands of one man. It will be dangerous the liberties of the country-it will corrupt the morals of the community-engender bitterness and strife amongst men, and scatter ruin and confusion throughout the land. Parties connot be reconced to each other whilst such an institu- ton exists in the country-neither party will consent that the other shall have the advantage of it's pa tronase and corrupting influences. The calm reflect ing portions of the community will see the danger, and finally it will fall under overwhelming weight of popular indignation and prejudice, or else our happy and blessed institutions will become the yic- tms of mercenary influence and selfish ambition.
 Congress has passed bill the Loan BilD confering upon the President authority to borrow twelve mill lions of dollars The house bays under consideration Tax Bill which provides for a levy of 20 per cent. adpelorem duties upon coffee, tea, worsted goods, coarse blankets, silk goods, wines, &c, &c., &c., to the amount of from eight to twelve mions-ssy ten millions. tis thus proposed to raise twenty two millions of dollars, and for whatl Why, under the preext of paying the Treasury debt of the last administration, which the 4th day of March last the day on which that administration went ont of power amounted to the of fve millions sir hun dred aud torty-agh thousand ue hundred and tpslue dollars and orty cents, t565s,5l2 4o) See the re- port ofthe Secretary of the Treasury, Doc. No. ?, page5.
 Debt and taxes to the amount of twenty-two mill ions, under the preterf of paying little upwards of five millions and half of treasury notes, tbe most of which upon the face are not due and payable until sometime next year! This is economy and reform blindfold. The outstanding and unexpended appro- pratons on the Srd of March last neither to be regarded as debt or liabilities contracted by the last