Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-09-10
From the N. Y. Herald.


The Supreme Court OF the United States, as
now constituted, has majority that have re-
peatedIy declared themselves opposed to Ma
tional Bank on the question of constitutionali-
". With these facts before Us, it is in vain
to contemplate any retrun TO that state of re-
pose and s,eadiness of financial affairs, which
alone ensures security to property and prosper
ity in commercial affairs. 1t is in vain to de-
nv the fac, that the great mass of the Amer-
can people are deadly opposed TO a monopoly
Bank. On this question of Bank, General
Jackson was triumphantly returned at his Sec
ond Presidential election. On this same ques-
ton Martin Van Buren, was elevated to the
chair of the Chief Magistrate pledged to carry
out the views Of his predecessor. With these
facts before him, President Tyler. in his mes
sage. stated that the people in in the United
States had twice condemned National Bank !;
and now, whether President Tyler approves or
dsapproves of "A new Bank, the projectors of
such concern may find that the will Of the
American people may yet prevent it from 60
ing into peaceful operation.
On the other hand, should the Bank not be
chartered, what will be the result! Why bu-
siness must 90 on to increase on cash basis,
as it has for the last four years, undisturbed
by any new financial power. The Southern
Banks, as the already show indications, must
resume. and exchanges and the currency be
restored simply by that operation. The new
Bankrupt law, although it does not include
Banks, will on its operation sweep out large
portion of Bank assets, and compel them to
close their affairs simply by depriving them of
all show of resources. This oneration will be
gradual and inevitable, ard will not disturb the
course of business that has, during the last
four years, assmilated to the policy of the late
administration.
Up to this moment nothing definite has been
received from Washington in regard to the
Bank bill. Letters received from very high
authority state that the chances ar e now strong
er than ever, that the bank BILL the revenue
bill, and the land bill, wilfall fail; they hang
one upon the other, and it is known that the
President is opposed to all IT,. Ge,under existing
circumstances. He has taken strong ground,
and is not easily to be moved. I;is within the
limits Of possibility, however, that he may be
induced to sanction all three. The probabili-
ties are, however, that they will all fail, and
Congress adjourn next week amid general ex-
plosion of the dominant party, and break up OF
the cabinet. In mercantile point Of view, il
is much to be hoped that the Bank bill will
fail, and for many reasons. 1.-THE Bank should
be chartered, two or three years Of distress and
confusion, attendant upon its going into opera
ton, will be inevitable, and after having got
under way, its movements will be Of very
doubtful utility. 1t will be constant bone Of
contention between political parties. Already
the democratic party have raised the standard
OF repeal, and that object will be pursued With
all the unity ofpurpose, energy and persever-
ance that have ever distinguished them.