The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-10-27


lenders, and who by means Of the rresponsbiity OF
corporation, and with the mpunity that has mark
ed iormer transactions Of similar Institutions, would
plumber those whose confidence they had invited but
To betray IL Whatever may have been our opinions
heretofore, OF the utility Of Matt nal Bank, how
ever we may have been compelled TO acquesce III us
supposed necessity, the history of the last few years,
has should hope, convinced all who are open TO
conviction, that any evils which may be anticipated
from the want of such institution however great
tolerabe than the certain, positive anu I'M
measurable injuries which we now know have now
ed from the existence Of one that was instituted UNI
der the most favorable auspices, and was committed
to the charge of at the time esteemed the most
honorable and trustworthy in our land. Within four
wears Of its existence the last Bank Of the United
states became little better than den of robbers
Its managers with few exceptions, pursued ystema
tic scheme Of plumber and fraud which arrested
by the investigations of committee of Congress,
Cemency, believed to have been mistaken,
towards innocent stockholders, and hope that the
example which had been made of the offenders
would deter others from similar practices, saved the
Bank from dissolution. IL was allowed to proceed
under new restrictions designed TO prevent the
renee OF similar frauds. In few years, II found
at open war with the Government of the country,
seeking the renewal OF its charter substituting presses
and editors, squanderng its treasures in partisan cleo
tons and openly purchasing the support of thevenal
in all directions. The moral corruption which thus
flooded the whole country in itself evil of the
magnitude, deep at tne roofs
of public faith and private honor, and prepared the
way for that reckless and unboundcd extravaganza,
which the Bank itself stimulated by the profuse dis
trbution OF its money and the consequences Of which
we are now reaping in individual sulerings from
which Bar krupt law affords but slight relief, and
in the degradation of the character of country by
the iraudu ent insolyencies Of public corpora
tons, and by the shameless refusal of sovereign
States to fulfil their obligations.
The final extinction of the same institution under
Sfata al, L,t
and the consequent inevitable exposition of its affairs
have disclosed scenes of depravy and fraud at which
the whole country stands aghast. Who can look back
at the immense amounts of public funds which have
been entrust' to the fidelity of the same with
out feeling Of horror at the abyss which have
escaped And who would again venture the treasury
of the nation upon the integrity of any body of ind
vlduals in an associate capacity, when we have be-
fore such reiterated examples of the feebleness of
the most unspotted public and private character, to
resist the temptations which attend the control of
enormous wealth and inordlnate power, How can
any government justify itself in thus transferring to
corporate individuals the functions with which 1t is
entrusted for the welfare of the people, The collec-
ton, the preservation, aud the disbursement oil the
public revenue is the business of the Government it.
self, through its agencies with all the RESPONSE
bilites of office, and with the securities Of oaths,
bonds and constant check and supervision 1t might,
with equal propriety, relieve itself of the burden of
governing its territories, by employing the agency of
corporations, and the Post Office and other depart
ments mg ht likewise be consigned to their If
the Government inadequate to the entire manage
ment of its fiscal affairs, should not be better en-
poyed in seeking and providing the necessary powers
to enable il to discharge of its highest duties,
than in creating artificial bodies 10 whom this same
and still greater powers must be confided If there
be danger in the exercise of such powers by the
lected public agents of the people, directly and PEE
rodcaIly responsible to them for all their acts is the
danger lessened by trans errng their exercise with
the secrecy which invariably attends the proceedings
of corporations, to those who not selected by the
People, and not responsible to them, but who hold
their chartered rights for a longer shorter term,
| by immutabe law, which even the will of the
| People cannot rescind?
| Is not the only plausible objection which has been
urged to the Exchequer plan then, that it will in
crease the power OF the Government, aud particular
ly OF the Executive DEPARTMENTS it not unfouDded
and rrational' All power is liable to perversoh for
improper purposes but since it must exist the true
Question II, where can it be most safely lodged
The American people have answered this question,
by declaring that their own representatives and Off
GERS chosen by themselves the most safe deposit
tories OF those powers with which Government must
be clothed for the protection and defence Of all II
the Constitution would permit the selection of the
experimenting officers by other than the APP
pointing power which it has created let those means
be adopted, according T. the invitation of the Presi-
dent But until they can be derived or obtained BY
the consent of the States, and the people, have
the same, and even greater, security against the
abuse OF such powers than have against the abuse
of any other power vested in the Executive. The
means of obtaining full and perfect knowledge of all
the operations Of the Excheluer board and its agen-
cies, at any time and at all times by Congress and by
the people, provided. The system is capable OF
any modification or Improvement which experience
may suggest and if, after all serious evils should be
felt justly anticipated no vested rights of any cor.
poration be interposed TO prevent its instant re-
peal No human institution is, or can be, free from
liability to abuse; and the fair que ton is whether
the advantages to be gained by furnishing a sound
currency to the country, important as to Justify
the employment of the powers given by the Constitu-
ton, to obtain them The ability ofthe Government
itself to accomplish this great object, has never yet
been fully and fairly tried.
| have dwelt on this subject nv friends because
it has received little examination in or out of Con.
gress, and because it involves the most momentous in
erests to the nation and to its citizens In the cleo
ton OF Representatives to Congress, you are called
upon g determine whether the Exchequer plan shall
prevail, whether N lat onal Bank shall be es alb
lshed, whether the whole matter shall remain un.
regulated and unprovided for. A respectable por-
ton OF you, fellow czens, their desire for the
| incorporation of Bank of the United States and
have rallied under the name and banner of distn-
guished statesman who pledged to effect that OBJ
ject by all the political power which may be placed
in his hands. The appeal to the electors of the
| country, to confer such power upon him and those
who concur with him, is rightfu ly and fairly made
Against the creation Of any such institution the Pre-
sident and his administration have contended, and
mean to contend, until the people, in their wisdom
shall deprive them of the power of further resist
ance. Contding in the intelligent virtue and firm.
ness of that people, they chceriully abide the ISSUE
The policy of the administration of President Ty-
Ter is further indicated by the special messages which
during the session of Congress of Congress ne deemed
il his duty to transmit to that body. The first
these, of general interest related to the condition OF
the Treasury, and the imperative necessity of speedy
provision for fulfilling obligations to the public
creditors and delraying the and un vodable
expenses of the Government A loan had been author
lied for amount scarcely equal to half our ord
nary annual revenue and this sum- relatively so nsg
nifcant it had been found impracticable to obtain
The President believed that pledge of specific funds
for the payment of the interest the redemption OF
| the of the loan uould Of on,a rol,ar.