The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-06-25

1t is said that New York alone can and will
through her banks enforce this wherever she deals,
by simply receiving their bills aud presenting them
to be cashed at the banks ofother States, and up
on their failure to pay, protesting and putting them
in suit in the Courts of the U. S. Bank Of the
United States could do no more. If clothed with
sufficient power to regulate them, It will have the
power to destroy the State Banks and their exls-
tence will be dependent on its discretion. There
are already more banks than the eXigencles OF
commerce and the business of the country re-
qure. A National Bank will add vastly to the
nominal, but nothing to the real capitalists hrsl
step will be to provide itself with specie which It
will draw from the other banks--its next will be
to break down and destroy as many OF them as
will make room for the employment OF It's own
CAPITAL Its first effect, instead of making money
more abundant will make it more scarce. The To-
cal banks must contract their circulaiian and with
draw their accommodations TO avoid being swai-
lowed up-and hebts Que to them must be hurried
into collection and thousands on thousands made
bankrupt by the process the prices OF stocks VIII Tall
banks be broken and stockholders ruined, and the
values of houses lands negroes and all Kinds OF pro-
pretty shaken and unsettled by fatal depressolns.
Who can calculate the ruin, orpcture the dis
tress. Long years of intense suffering and bank
ruptcy will drag over PROSTATE country, before
its business will be reconstructed and a whole
some prosperity restored
This is an enormous power to give, corporation
a monopoly to enrich or ruin at its pleasure-io
hold the issues of prosperity and destruction in its
hnnd Is il wise or expedient TO grantit' Can we
be assured that the power will be wisely, justly
exercised for the public good? How shall the
regulator itself be regulated? How be compelled
to observe law, lobear to struggle for political
power, or TO buy the support OF politicians and
The press How to conduct lis affairs upon pure
banking principles? 1t is utterly Impossible The
late deveIopenlen,s Of the United States Bank at
Philadelphia aud the destruction OF the vouchers
for its Wholesale bribery clearly show how lnIpos-
sibc it will be, to establish by legal evidence, the
grossest sins against the laws of the land. 1t viii
be in the uncontrolled possession of concentrated
capital and credit, with which it can centrallze
trade where it is ocuted-contro the banks and
the business of the country at lis dscrellon-r0se
or depless the values of property al pleaSure--eN-
ercise dangerous influence iinot control over the
Government and politics of the country, without
the people having the least security that this I'M
mense power will be properly exercised, or,
at least, ability to arrest it. If msche, eously en-
poyed
| But should these measures, so fatally a: war
with the principles of State Rights, and 50 rulnous
10 Southern interests, receive the support OF ma
iority of Congress, let us STILL still nope until that
hope i, realized, or we are undeceWed by ms apOs-
,acy that John T., Ter, who once received The vote
Of South Carolina for one of the highest offices in
the Government, was not then, nor is now unwor-
III, of that confidence, and of the elevated station
TO which no has attained, that true still, amidst
the Establishments Of office, 10 tho higher altrac-
tons of his duty to the Constitution aud 10 an en-
during fame (worh more than Temporary power
his future course will he consistent with his Ior-
or, and that all the pledges of his early achieve
,nenis in defending the Constitution against en-
croachmen,s and perversous, will now be consul
mated by his rcscuing il tiom It's enemies, aud re-
storing i, purified and redeemed 10 grateful coun-
try. Should he thus become tho slanddrd-bcare
of the Constitution, is needless TO say how JOY
fully South Carolina will stand side by side with
him in every battle field, giving him her support
and sharing every danger with him. hut should
he, unhappy for his own fame, sanction the doc
rincs Of Federalism, and give his support to The
principles and measures his life has been spent III
combating, then. he too will meet from us the
same uncompromlsiug opposition which we extend
to all the enemies orour principles.
But, fellow citizens, our trucst hope Is IN Inc
Justice Of our cause. and that lnd0mliahle splt o
freedom which has always enabled South Carolina
come from whom it may, to resist and rcpeI egres-
sion upon her right Let US, then, with the mem
ory before us Of the glorious examples of the past
rouse every energy for this struggle, rcmenberin.
that victory NOW will secure freedom FOREVER
BE It therefore,
|. Rcsolrcd, That the distribution amongst The
States of revenue arising from the sales OF the pub
lie lands, is an mpolilic, Unauthorized aud uncon
suional waste of the the public money, desra
ding sovereign States into dependent pensioners o.
the Federal Government, and stimulating them Il
an extravaganza, subyersive of all those maxlms o
economy, which are the best securities OF lie
pubIic-dep the government OF one OF ITS le
Ultimate sources of revenue, 10 furnish Il iraudu
len, prc,ext for an increased Tariff and at vari
sncc with the Intention of the States in their cesso
Of the public Lands to the General Government
.. Resolrea Tha, we regard the creation o
n National debt as a great mlsortune-which cal
= only be excused by the utmost necessity 10 NEE
engagements honestly incurred TO support the Gov
eminent, or in defence Of the country.
8. Resoirei, That Congress has no power u
i Law protective duties TO encourage ana ala on
branch of idustry and pursuit, Mt the expense U
others: thai discrimination IN duilcs WIN such
view is but another name for protection, and Is un
lust and Observation-Disclosures lHdl III uuc ih'S"' "'N
meaning the compromise repudlntes protection an
requires that duties shall he levied for revenue on
~, and that no more shall be collected than Is ab
soluteIy required for the economical admlnlslrl
ton of the government that all duties to be iarI
laid should be upon the equal and al rdiorci
prnciplc, and if discrimination is made 1t Shout
be TO take duties of the necessarcs OF lie, whlc
will be great benefit 10 the laborlng classes, an
= lay them on all luxuries equally, which will inlur
n none.
r A. Resolrei That the law establishing Urea
$ sury independent Of all banks Is in accordanc
d with the Constitution, safe, sound and wise poi
;, lev. and should not be repealed.
= 5. Resolrei, That the power to incorporate
|, Bank is not only not in the Constitution, but wa
|. expressly refused to congress: that It's eslab!Ismer
n will be wound on the constitution. an INLET
). fatal blow on the best interests OF South Caro-
Is lima.
g 6. Resolref That Congress having no aIhor
). ty under the Constitution to incorporate Nation
i al Bank, if such an Institution be Incorporated W
: bold that the charter may at any time be repeaie