The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-26
ULTRAISM ON CORPORATIONS.

the scheme OF hnance now SO nearly conCuiieu
in by the President of the United States and
the SPECIAL finance committees of the two houses
of Congress-for in principle and aim there is
no difference among them-a oyous and auspi-
cious ''diporce" of the question Of national cur
rency, from the jarring and discordant opinions
respecting the powers, privileges, m onopolles
and worth of local corporations, which have
for so many years distracted our countrymen-
The issues upon these institutions which have
almost unavoidably crept into national politics
through the heretofore seemingly indispensable
connexion OF the finance question with them,
have gone very far to embarrass national legis-
lation upon the subject of finance, and esrange
from cooperation men and parties who might
otherwise have resolved on communion of
effort and realized a communion of success.
We say, that considerate men-refecting pol
iticians-statesmen and party leaders, who really
have only patriotic purpose to subserve under
the laudable and correct opinion that in pur
poses that are only patriotic individual interests
cannot but be best promoted; all such will not
fail to discern, with the highest satisfaction,
that in the Exchequer scheme now before the
two houses of Congress, most fortunate sepa
ration is effected, of the great question Of ma
tional finance from all dependence upon, or con-
nexion with the troublesome questions that have
hitherto agtated, and may still continue to agi-
tate, the people Of more or less of the States,
respecting the usefulness of cOrporations-tbei
rights, their dangerous tendencies, as alleged on
the one hand, and their conservative influences,
that are asserted on the other. Let these ques-
tons henceforth be agitated as they may, or de-
cided as they may, or divide local parties they
may, IN the respective States, they will not,
cannot, and ought not any longer to run into, or
embarrass, the relations of men to the great
question of national finance which has now
been resolved into simple, abstract question OF
collecting and discussing dollars and cents, with
out reference to any corporation whatever, so
much as even necessary incident of the
Government.
1t is true, that following out the benign and
conservative policy adopted by the national
administration of 1876 the bills of specie pay
ing banks at points avhere these bills are I'M
mediately convertible into siluer, author
lied by the Senate to be made use of by the
Treasury Department. But it is most mani
fest that this provision does not look to, nor as
sumo to uphold any substantive principle that is
involved in the disputes going on among the
people respecting the corporate rights OF banking
institutions, or respecting their continuance
For, were every bank stricken out of existence
on the instant after the bill shall be passed into
law, it would not in the slightest degree modify
or disable the operation Of the proposed Ma
tonal Exchequer. And this proves, that there
is no inherent affinity to- or dependence of the
Exchequcr upon this class of corporations, that
ought to induce either the most ultra opponent
or the most ultra advocate of corporate bodies
and privileges to object to the bill. Let the war
against corporations go on, dividing as 1t may,
in quarters of the Union where the people are
inclined to indulge the contest, father against
son, and brother against brother; still, so long
as each and every of the party combatants limit
their differences to only actual differences upon
substantive principles, they need not and will
not be divided at all, nor hindered in giving
united, cordial support to this scheme of a Ma
tonal Exchequer which now rises far above all
connexion with such matters of purely local
legislation.
The former, and most happily, we think, by
the shape which the question of national finance
has been made to assume, under the influence
of President Tyler's honest and steadlast con-
victons, has been reduced to mere matters OF
local and State politics; while the latter is made
emphaticaly what it ever has been in its nature,
and should be in its details-a question OF Ma
TloNAL POLITICS, connecting itself with the sup
port and we'll being of the National Admins
ton, but in no wise necessarily running into or
disturbing any State Administration.
We then ask the candid and rejecting among
our countrymen everywhere, Is there, or can
there be, any thing in the differences that have
existed, may exist, among them, in relation
to State politics or local corporations, or the
worth or worthlessness of local banking insttu-
tons, that need prevent hearty and patriotic
union of all classes uron this great question OF
national finance? To US, the subject seems to
stand forth, stripped of all unnatural and art6-
cial coaterals 1t is now Invested of the nu
merous perplexng issues which have for years
heretofore embarrassed the delicate subject OF
national currency and finance. AS for a Ma
tiona Bank, few are so credulous as to think
any feasible turn of politics can bring one into
existence, ever again, in this Union. AS for
local banks, Conservatives themselves have uni
versalIy assented to abandon them for the sake
of uniting upon the neutral platform which the
united influences Of experience and conflicting
opinions have shadowed forth for the nations
acceptance AS for the Sub-Treasury, it was
but naked massive, and unwieldy hulk, with
out sails to impart life or motion to lt-whe