Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-27

tice and patriotism. dictate to us this pol
icy. A tariff for revenue, honestly ad'
justed for that purpose, furnishing Incl
dental protection 10 our own manutac'
lures, it is believed, would have this ten
dency; while high protective tariff,Iook,
ing TO protection as its main object, would
be uniust and unequal in IFS operations
hostile to our foreign trade. and highly
preiudicial TO the agricultural and other
non manufacturing interests.
The ultimate benefit of such a meas
ule, even to the manufacturer, mi ght be
questioned. Stability in our national
policy is desirable to every branch Ofbus.
iness--to none more SO than the manu-.
featuring interest. The experience Of
former years should adm onish all, that
the protective policy TO that extent
claimed by the manufacturer, will not be
quietly acquicsced in by majority ofthe
American people.
Among the various national measures
that have recently occupied the public
mind, none have been advocated with
moie zeal, by Que portion Of our fellow
citizens, than the creation of National
Bank. Believing that this measure is
unconstitutional, and that the federal
government should studiously refrain
from the exercise of all powers not dele
gated, or such as are even doubtful, and
that the preservation Of our national COM
pact unimpaired is a sacred DUTY we owe
to ourselves and TO posterity, could,
under no circumstance, appreciate the
creation Of such an institution. As a
measure Of expediency, cannot think a
United States Bank would be calculated
to promote, in any form, the public well
fare. In directing our policy in the fu>
ture, we should consult the history Of the
past. The admoniIions of experience
should not be disregarded and thrown
away; and we should not rush blindIy into
measure which has been tried and
proved, not only an entire failure. but
which in its various influences and final
overthrow has been instrumental in de-
frauding an honest, confiding, and unsus.
pecting community out ofmillions.
With this example and instructive less
son before us, what prospect ofrelief has
the country from the creation of another
National Bank? What security have we
that such an institution would be placed
under the control ofmen more sklltul,
prudent, or honest than those who dir!c>
ted and managed the former3
Money, coupled with power and lntiu-
ence, has corrupling, dmoralIzlng tens
dency on the human mind, and, under
like circumstances, will generally pro-
duce like effects. We have no reason.
therefore, to hope that another National
Bank would share a different fate from
the former, or that it would give relief
10 the country, or in any shape promote
the public interest.
The veto, by the President of the Uni
ted States, Of The bank bill recently pass
ed by Congress, in my judgment, de-.
serves tho appreciation and applause OF
every true friend of his country, as be,
ing preselvative of the constitution, and
calculated to prevent, in future,a repe'
titioR of the frauds and innumerabIe evils
inflicted on the country by the late bank
An honest and virtuous cOmmunity,smart'
ing under the wrongs committed by that
institution, will not hesitate to award TO
the executive of the United States that
Just need fpraise which, in all cases,
should follow an honest and fearless exr
ercise of constitutional power for the good
of the country.
The subject of banks and the cur
rency is one ofabsorbing interest to the
community. The great extent OF INJURY
and wrong inflicted on the public, through
the strumentalty Of the present unguar'
ded and irresponsible system of banking
within the last few years, together with
the present scarcity of circulating me.
dunn, and the general Indebtedness OF
the country, give to this subject on unu-
sual interest among the people at this
time.
In my inaugural address of eighteen
hundred and thirty-sight and my two sub
sequent annual messages TO the General
ASS6IuOly1 lOOk OCSdoloh W B'NS HJ
views at length, and in detail, on the sub
iect orbanks and the currency. ! also
embraced the same occasions to exples:
my decided conviction against the policy
of creating State Bank, in any FORM
Iccould do but little moro now than reiIer
ate The views and opinions heretofore ex
pressed on this subject, to the Genera
assembly. My mind, in relation to this
important subject, has undergone no ma
terial change, but, on the contrary, my
previous convictions have been rathe
strengthened and confirmed by subse
ouenI observation and reflection. ! still
entertain the opinion, as heretofore ex
pressed, that no system OF banking coul'
be adopted in this State, with the sam
prospect Of success, as a system OF loca
banks, with an increased personal llabll!t
in the stock kholders and surrounded D.
such legal guards, restrictions, and re-