The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-06-07

throughout society and to influence all the great ope
rations Of credit, circulation, and commerce. Like
the Virginia justice you tell the man whose turkey
has been stolen that your books of presidents furnish
no lolm for his case but then you will grant him
Precep to search for COW, and, when looking for
that, he may possibly find his turkey. You say 10
his corporation we authorize you to discount
TO emit paper, to regulate commerce, &c. No! Our
book has no precedents of that kind But then We
can authorize you to collect the revenue, and, while
engaged with that, you may do whatever else you
please" Who read the above, aud compare II
with Mr.. CIay's course now, and blush for his in
consistency?
Again, he says, ''What is a corporation such the
bill contempates 1t is splendid association of ia
vored Individuals taken from the mass of society,
and invested with exemptions and surrounded by i'm
munities and privileges. The honorable gentleman
from Massachusetts (Mr. Lloyd has said that the
original law, establishing the Bank, justly liable
to the objection of vesng in that institution
elusive privilege, the faith of the Government being
pledged that other bank should be authorized du-
ring its existence This objection he supposes is OBJ
waited by the bill under consideration but all corpo-
rations enjoy exclusive prveges-that Isl the corpo
rators have privileges which no others possess if
you create fifty corporations instead of one you have
only fifty privileged bodies instead Of one. l contend
that the States have the exclusive power regulate
contracts, to declare the capacities and incapaces
to co ract and to provide as to the extent respon
sibllity OF debors to their creditors. If Congress
have the power to erect artificial body and say it
shall be endowed with the attributes of individual
If you can bestow on this Object of your
alton the ability to contract, may you not in contra
ventiOn of State rights, confer upon slaves, infants,
and femes covert, the ability to contract And if
you have the power to say that association Of in
dvduas shall be responsible for their debts in
limited degree, what is to prevent an extension of
similar exemption to individuals Where is the
limitation Of this power to set up corporations p
You establish in the heart Of State, he basis of
whose capital is money. You may erect others
whose capital shall consist Of land slaves and per-
sona estates and thus the whole property within the
jurisdiction Of State might be absorbed by these po-
ltcal bodies. The existing Bank contends that it is
beyond the power of State to tax it, and if this pre-
tension be well founded it is in the power of Con-
gress, by chartering companies, to dry up all the
sources of State revenue" What change is here,
my countrymen! Mr.. Clay in 1911 was Republi-
cam and the representative of hardy Industrious,
Republican People-he had never been to Europe,
and not contaminated by the glitter and pomp of
a splendid Government. Now he holds in utter alb
horrence and detesta ion those who hold the prn-
ciples which he held in 1911.
Again he says A." You cannot create the necessity
of Bank, and then plead that necessity for its estab
lshment" If l recolect correctly, he himself
avowed aecessity the ground of his change of
opinion. Again: &C. In the administration of the
finances, the Bank simply acts payer and re-
ceiver. The Secretary of the Treasury has money
in New York, and wants it in Charleston the Bank
will furnish him with check bill to make the
mttance, which any merchant would do just well.'
Again: will proceed to show by fact, actual
experience not theoretic reasoning but by the re-
cords themselves of the Treasury that the operations
of that Department may be toeU conducted ,uhout
10Th this Bank. The deusion has consisted land it
consists more than it ever did, Mr.. Clay in the
use of high sounding phrases, dexterously used on
the occasion" the collection of the revenue"- the
administration of the finance" the conducting Of
the fiscal affairs of the Government" the usual Ian
guage of the advocates of Bank, (the very Ian
guage of yourself now, Mr.. Clay,) extort express
assent, into acquiescence without inquiry or
examination into its necessity" Again: "The
power of nation is said to consist in the sword and
the purse Perhaps, at last, all power is receivable
into that of the purse, for with you may command
almost every thing else. The specie circulation Of
the United States is about ten millions, and if it be
no more, one moety is in the vaults of this Bank
May not the time arrive when the concentration of
such vast portion Of the circulating medium of the
country in The hands of any corporation will be dam
gerous to our lbertes' By whom is this immense
power welded By "a body who in derogation of
the great principle of all institutions, RESPONSE
bility to the People, is responsible only to few
stockholders, and they chiefly foreigners
Suppose an attempt to subvert this Government
(ths attempt is now making, Mr.. Clay, and by the
instrument of foreign capita) would not the traitor
first aim by force corruption to acquire the trea-
sure of this company Look at it in another aspect.
Seven-tenths of its capital in the hands of TO-
reignels, and these foreigners chiefly English sub
jects. We are possibly on the of rupture with
that nation $50 are at the present time
Should such event occur, do you apprehend
that the English Premier would experience any
difficulty IN Obtaining the entire control of this
institution Republics, above all other governments,
should most seriously guard aga nst foreign inll-
All history proves that the internal dissensions
Excited by foreign intrigue, have produced the down
fall of almost every free government that has hereto
fore existed; and yet gentlemen contend bene-
itcd by this foreign capital If we could have it's
hout its attendant abuse, should be grat.fed also
But it is in vain to expect one without the other.
Wealth is power, and under whatsoever form it ex-
'sts its proprietor, whether he lives this the other
side of the Atlantic, will have propoionale infu
1t is argued that possession OF this
English capital gives agreat influence the Bril-
tish If this ha