Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1842-01-22

treasury, per eel Thin bill was nothing else
but o cub treasury. What states would safc
ton agencies, To the dastrnetihn hf their own
institutions, on tho only aafe and profitable bu.
sineRs they enjoyed | The exchanges clause
viii be u nullity. The burden Of the first We.
to message VITA, that tile federal government
had no right to iiapoEs branches on sovereign
states pfesuHlink tier aesett IN tho absence
Of their disgent. Tho exe utisa dwult long on
that point. No aueh hesitation now rxieta
but In this bill he marches for ara~~-ana w.1at
IL his language 10 the saIDe sovereign states
Docs IL manifest the Eania teldsIiteas and d.
llfacy for tho sovereign e'atra1 No; the Of.
fieera Of the federal government ars 10 iahrci
fofWaf,' within the limits Of tho soyaregn sta'et
and eatabllel, agenciea~-two In eactl-and
maintain them thofe. absorbing the business
which ~ssistaiHe state banks, Till the respective
isgielaturoa enact laws to eypel them. But
lot theme aeetleita DO once cstabltsilsd, and
what chance would the stt 80 ever have oi
getting rid Of them They can have no chanes
Of escaping from them ; hs would ae soon
think Of escaping from the pawa Of d half-fa
inhed bear. Once established, no laws viii
be pissed TO dIslodge them
Aud here tho arguments ri the President
veto messages come INTO play heaitiat bis
Eteheati6r aehsmo. One branch Of State Le.
gielasure might paas d bill with q large major.
ity to opel tho Exehequer agsr'e from, the
State. A Ito yots Ct the dissent Of The Senate
might defeat it. Or both branches might pass
the bill, and the Governor might veto 1t. The
main features Of the bill present nothing bull
a Sub. Treasury, and tho mBnstfolg power
beit. nd Of buying bills Of exchange, which II
nothing but diseoutting notes, 80 strongly do
nounced In tho veto messages. How any Son.
a,sr or Representative opposed to a Bank oI
the United States can DO willing 10 advocate
this manstrou6 project, whs q thing ineotHpre.
heils.bls to him. No Federaliat that even
lived In this nation had eyer had tho liardl-
hood To recommend such an Institution. Genl
Hamilton, an honest man, though In favor Of
u strong Government, never would have dared
to suegest such q plh, as this. Even 5it
Robert Peel, with Ill his high tory ~notiona,
ard living under III, aristoeratic monarchy,
would not dare 10 recommend To thu British
Parliament a bank containing such monstfoua
powers. II lie did, d vote Of tho House Of
Commons would speedily compel him To re-
aipn. And he thought the Prime Mtnlstsry ol
this country that sanctioned this bill ought loo
to rasign~-he meant tho Cabinet~-and if they
did, not being intolefant, after evidence Oh
some repentance, they might be ~reinetai cd.
within the term OF the thirty days prescribed
for exchange notes to run by this bill. Com
eregs was told this bill ought to be adopted,
beeapae it does not create any corporation, and
it docs not require Congreas to part with any
of its powera--the bill being repeaiable nj
pleasure. And Of, these grounde, II III atgued
That the institution will not be a bank. But
these arc not necessarily what constitute q
bank. It il the power Of receiving dsposites-
OF issuing d paper currency-~eafid OF dealing
in bills Of exchange, whether IN tho shape ol
profnissory notes or not. These are The char
acteristics OF d bank, and these arc al eaaesi-
tial features Of this plan. II this bill doee mol
create a corporation, it eorfers Oh this Govern.
,neni powers inconsistent with civil liberty
and II abuaed-not say. ng that the present
President would abuse these powers, but
taking the broad grounds Of human liability
TO te,nptation---:ha institutions Of the country
miptlt receive Il deadly, q fatal bioa.
One feature of the measure 10, that iTadivtd-
uals are 10 be restricted, az to time and dis.
lance, in their dealings with the inst .tutloni
but the government ID not 10 be restricted 81
all in its dealings will, individuals. Their bIlls
Of exchange are to be limited to thirty days
date, or thirty days. sigh, according to dls'
lance But the government may sell 1ts biils
a, any date, twelve manths if necessary, ane
all over the Union. Here will be a means o
prostrating all the banks Of the country, ahoilit
the government, in the hand OF any party, be
made the instrument of pariiaans ior any pus.
poses.
Under the exchange provision IN this bill
the government had power to PROSTATE any
and every bank in the Union. When It step
pod, in, at New Orleans, for example, to ope
rate for itgelf, and consumed the exchange ioi
itself which might BIC necessary, the exchange
which bel ,ngad to the legitimate trafe woalt
be found 10 be noaopolized by the government
1t would control the market. The govern
mcnt could run upon the banks, by offering
bills on New York, and thus ctu.h them
New York was begreat settling house u thu
nation for and for all other business
Charleston, Mobile, New Orleans. all settled
there. II there were not government fund.-
III New York when the drafts were made, TIL
government, through its New York agency
could draw on its agencies elsewhere, ant
tilS CDlLTjl Lie G[|tt@iASFE @'%t
The limitations in the bill, too, were tn
merest .obwebs in the world. One drawing
of 4 bill might be succeeded by another, an
that by a third, to the end OF the year; AM
whoever belonged to the right political lhnrci
could renew the bill. Then, az to the poWe
OF repeal. There was such a power conferred
on the President Of the United States by TIN
Constitution as a veto power; but, in a bill
like this, it would be very different from a ban'
of the United States. The governmental
narty in power-would preserve it, and makt
It permanent; and they who think Different,
(sat1 Mr.. b have a better opinion OF hunaas
nature than | have.
He had discovered, before this n1easur
came forward, The strongest disposition on tn
Part of the president to wIt.raw his o
dcnce from the party Of which he lMR. BAR
row) is a member; but he now saw in thi
c;oantic scheme, an evidence of eotneihlu
goree than his WITHDRAW al. 30 far from iook
ing to him now as the head oil the wing party
which had elevated him to power, he could nc
recognise hin, as belonging to that party an
more. He now called upon the Wings to Sc
parate themselves from him. He did not knn
what the Wing party might do in reference
this n1easure; bat he knew what he was hin
self resolved on doing. Let others do as the
may, | am for a separation, a usneuko matr'm'
nil. and believe there has been one a mems
| ct tdoro. Whatever may have been the deeisie
of the people in relation to the executive v
| toes and their reasoning, and of what he sa
| in one of them, that il he signed the bill the
presented to him, he would be Justly sublsc
ing himself to the ridieule Of his enemies al
the scorn of al honorable men; Of one THU
he was certain-he woala say, that, in propo
ing this bill the President has Justly subjee
ed himself to the ridieule of the democrat
party, and to the seorn ef the Wing party.
Strip the proposition Of it, exchanges, a
nothing is left but the sab-sreasury; and i
is not stripped OF the exchange clause, what
it but a tremendous banking machine Tor t
corruption Of the government. lie trust
this adalterous progeny Of Northern FEEDER;
y I-....,a .L.xro rti-1 xrfn5Id hn Stra