Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-21
Bn,krupt Lac to embrace State corp.ra,ioas
" 'Ne' S'"'e w PTutVHs.
STATE RiGmrs FEDERALISM

STATE RiGurs FEprRaLISNl
We ask attention TO the vote of tho self sty led
State RigAis Republicans on the amendment OF Mr.
roler TO exclude State Corporations from the opera
ton ola Bankrupt Law. According to our un
derstandins Of the ,fec, OF embracing those Ins,i.
tutions within act OF the kind, it is the mort
high toned, Federal doctrine advanced, since the
days OF Alexander Hamilton. Indeed, that great
Head Of the Federal Party never advanced any
doctrine, that we arc aware of, comparable TO this
IN rs consolidating tendencies. At one blow, it
brings under the dominion of the Federal EIecu.
tive, all the banking Institutions ofthe States and
every other State Corporation. The Commission
ers, appointed by his ESeelency, and removable
al his will and pleasure, would hold the destiny Of
every State institution in their hands 1.-THE |, NY
were now in force, our Banks-more than half Of
which are owned 10y the Stste-would b= declared
Bankrupt, their doors closed their effects taken
possession Of 10y the FEDERAL emissarles. and put
up 20 the highest bidder a, ten days notice. All
our Internal improvement, Companies, and our
literary institutions might be subjected to the same
fate. 1.-THE State itself escaped it would be in the
shape Of an absirueion-despoiledo Of all its possess
Scn- and whatever else could give efficiency TO 4,
sovereignty.
Our hatred TO the Banks may carry us a sres,
way, and reconcile us TO almost any expedient TO
eoeree them 10 a faithful compliance wt,h their
obligations or 70 uproo them altoseiher;-but sure
ly, the People OF Virginia cannot he such madmcn,
as to give this vast power to the Federal Executive
thus 10 subi=e, every thing valuable within The
limits Of the State to the disposal of the Central
Power-a'ready over-shadowins the Liberties Of
the county. If we wish TO destroy our banks. we
can do 1t ourselves, without calling in the assistance
any foreign poteuta,e Ii, however. we should
be guilty Of the folly of asking foreign aid. we
should share the fate which has bealen every peo-
pic, who have invoked aid from abroad to abolish
domestic nuisances, or suppress dis.u5bances at
home. We nigh; crush the hated banks, but our
own independence would fall prey to those who,
coming rs our auKilries, would become our worst
enemies.
That portion OF the Virginia Legislature. re.
spectacle for num5ess should be found giving sup
port to this doc.tins-which even Martin Van Blu.
ren, time, pronounced the essence of Federal
ismis not the least pregnant sign Of The djointed
condition OF the times In the better days OF the
Republic, proposition of this kind would have
been secuted in any State Legislature in the Urion.
1t could never at any time have had the support
OF any who were not ulira-Federa.is,s; and that
has champions in the (sl called) Democratic
Republican State Rights Party, is but fresh proof
Of wha, we already have many evidences, that tha,
party ia more intensely Federal than any party that
ever had existence in this country.
We are thankful to the Locns for having shown
their hands On this subject. It may serve to open
the eyes Of People, who otherwise might have
continued blind TO their mons,rous principles, until
It was too late to escape their banefu influence.
Ii canno, fail 10 have effect upon the public mind
of Virginia at this time, when we have Just been
warned by the great Meeting in New York, that
TIE ONLY MODE THE Norm HAS OF REACHING
rHE SoUrH, THROUGH THE COMPULSORY ACTION
OF THE FEDERAL GOVERNMENT, UPON Qua BANK.
ING INSTITUTIONS. We are as little addicted as
any one, to excite fears about Northern supremacy
and all ihai-but We cannot close our eyes to the
double thraidom here propos-d-both to the North
and the Federal EIeeutive-and we cannot consent
TO submit to it tlmely. We ask the notice OF Viz.
giniI to those Of her Representatives, who have in
dicaled by their vote in opposition to MIR. Toler's
amendment, their willingness to aid in rve,ng the
chains upon her.