Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-01-25

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Session. And here Mr.. Nj. must be suffered to
say, that, although voting for that measure, he had
always felt great doubt in regard to its immediate
efficiency. He had had his own misgivings to
It's effectng at all that good which Its friends
In their sanguine moments promised themselves,
and, perhaps houghtessly, promised TO others. He
had never been friend to banks he had never
touched bank by any vote of his until last sum-
mer. The entire system bottomed on such
principles that 1t appeared to him TO carry its
death within itself. The measure which the wings
had proposed, he believed, might indeed mitigate,
and for time repress the evils connected with 1t.
1t might withstand something of that surge-hke
force with which the mad excuses of the system
were sweeping over the country.
But there sull appeared to him to remain one
great desideratum, which nothing had as yet been
able to supply, and that was, principle within the
system itself which should operate TO check
cesSlve issues, and prevent those fearful alterna-
tons OF expansion and contraction which so shook
the system of public credit and spread such fire.
quent ruin throughout the mercantile community.
If any such remedy had yet been discovered, MIR.
Nj. was unacquainted with it, and it certainly had
never been applied. Whatever might be said of
the regulating power exerted over the State instl-
tutions by a Bank of the United States-and such
an institution did exert that power a certain
tent-yet still, proportion to the degree of conf
dence which the public might repose in any of
push their issues to extremes Mr.. NJ. was no bank
agent nor bank machinis and he admitted that the
tendency of United States Bank in exerting
regulating power would be TO break such of the
State banks as were essentially unsound-an ope-
ration which, however salutary in the end, could
not but be attended with vast amount of private
distress IN their respective vlcinites. The mere
displacement of capital which necessarily in
volved IN subscribing to great a number banks
IN itself great evil and must necessarily pro-
duce great structure In the money market. Then
the explosion of rotten banks which must necessa-
rlly accompany reform in the currency would be
productive of great calamity On the whole, he
believed that the community had gone so far in the
multiplication of banks and in all those habits to
which this gave rise, that it would require a long
course OF years to bring the country back to sound
monetary condition. For these extended and IN
veterate evils Government possessed no panacea.
1t might do something by the establishment of
well-regulated National Bank, but even under the
effect of such measure many evils must still
continue to exist. Nothing could eliectually re-
deem the nation, nothing could ever restore the
palmy days OF her past prosperity, but patient la
Dor, general habits of economy, and the retrench-
ment of individual expenditure.
But what did we behold? In the distressed
and PROSTATE condition of the whole business of
the country-a condition rendered still more dis
tresslng from the defeat of every plan of rellefwe
say that it the boldest push for absolute power
which the people of this country had witnessed -
and further, which the most portentOus BRIgE
to be found In the history of modern times. Yes,
bride the most open and barefaced that ever
was offered. In many parts OF the country the
People were sleeping a volcano their condition
was in the last degree distressing and dangerous
they were, In fact, almost beggared; and when
once a man made beggar, a very slight effort
was sufficient to render him a slave. In their ne
cessty they lifted up their eyes to the Government
Tor aid. And what was II now proposed that the
Government should do? Step forward and offer
them bank, with money facilities far greater and
far better calculated for the easement of their dis
tress and the relief of their immediate wants than
any National Bank which their best friends had
ever devised.
Mr. NJ. said that it might be worth while to go
into brief comparison between Bank of the
United States and the project proposed in the
port before the Senate. A Bank of the United
States when first started, naturally displaced
large amount of capital it produced great money
structure, and then 1t went on to the bank on the
existing capital in its hands and in the country
But this Exchequer Board added by stroke of the
pen thirty millions to its capital, and by dealing in
exchange was enabled to extend it to hundred
or hundred and fifty millions more; for such were
the wants OF the country, and so long had they
tinued and accumulated, that the business would
absorb the whole of that amount. Let the demon
OF speculation once be cOnured up and turned loose
upon It's wild schemes OF adventure, and man
could set limits to its demands. To offer to a fam
ishing People supply like this was he repeated it,
the greatest bride which the history of modern
times could show. An ambitious President with
term of three short years to run, having at his
disposal drilled corps of office holders, and hold
ing under his control a subsidized press, ruling over
People whose spirit was broken by long pres
sure of want and calamity, and with the means of
presenting them with immediate relief in their
distress, might perpetuae his power in spite of all
efforts TO resist him.
The plan proposed to add to the business CAPT
tai of the country sudden and vast increase, to
be effected by mere stroke OF the pen. The I'M
mediate effect would be sudden and universal re-
lief comparative ease, and apparent afluence; but,
as had been ably shown by the Senator from
Pennsy vanla, the entire history of the world went
to show that while this was always the first effect,
the certain tendency to depreciation, and the
final issue in every case had been general explo
sion.
What spectacle did the Senate present. When
the parties 1t contained were just the eve OF a
great contest, while the wings in position
In which 1t supposed they night dictate terms
to the President, and while gentlemen the 9TH
er side seemed to exhibit disposition yield
ing to the powers that be, and when many hold an
adverse attitude toward each other who ought to
be fast friends there came In thus project. Ii was
presented, among Others to the gentleman from
Pennsylvania, (Mr. Buchanan,) and what was his
Though strongly disposed to regard any
thing from the President with favorable eye, and
though speaking of him personally in the klndest
language, he still expressed the most decided oppo-
ston to the measure. He could not go for it; and
why! Because he held the project dangerous to the
public liberty. And the honorable Senator appre-
hends that should a second Aaron Burr mount the
Presidential chair, engine like this might tempt
him to perpetuate power in his own hand, and
might render him the absolute of rulers. Ger
talnly the temptation would be great--the bribe
was enormous. Thirty millions of capital spring
ing up exhalaton, as sudden and yet as un-
branches spread all over the Union
protective tariff the Brarean power of the Post |
Office Department. with its eight millions Of draft;
universal system OF railroads and canals; and ali
thus IN agraran and mercenary age, 1t did GER !
tainly present of power difficult to resist, /
and appalling to contemplate. Then to all this |
L.. 4 -. st.