The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-11-04


BANK operating through The whole Union-obiec
tons SO long entertained by large portion of GU
fellow citizens and strengthened rather than dimin
,shed by discussion and by the sad experience of thu
Tremendous power and the still more tremen,ou
corrup'lons OF such an institution, waving these,
the very TACT OF the existence of such objections
ana OF DINERS OF different character will ciectu
any prevent subscription 10 the stock by those
sound and prudent capitalists whose coun,cnance
ana whose real wealth can alone give it Vitality
such men will never consent 10 place their prop
erty IN position 10 be the sport Of tho alternate
arlumphs and defeats of parties. The char,erina
bank under such circumstances, would but in, ito
tho cupidhy Of those who intend 10 become bor-
rowers rather than lenders, and who by means Of
the responsibility of u cooperation and with the
Impunly that has marked former transactions Of
similar Institutions, would plumber those whose
coincidence they had invited but to belray it. What
ever may have been our opinions heretofore of the
utility Of National Bank, however we NAV have
been compelled to acquiesce in its supposed neces-
lty, the history Of The last few years has, should
hope, convinced all who are open to conviction,
that any evils which may be anticipated from the
want OF such an institution, however great are
more toerable than the certain, positive and i'm
measurable injuries which we now know have flow
ed from the existence of one that was Instituted
under The most favorable auspices, and was COM
mted TO the charge of men at the time esteemed
the most honorable and trustworthy in our land
Within four years Of its existence, the last bank of
the United States became little better than den
OF robbers Its managers with few exceptions,
pursued a systematic scheme of p'under and fraud
which was arrested by the investigations Of u COM
mitee Of Congress.
Clemency, now believed TO have been mistaken
l.. 4. 4 4
example which had been made of the offenders
would deter others from similar practices, saved
the bank from dissolution. IT was allowed to pro-
coed under new restrictions des gncd to prevent
the recurrence of similar frauds. In few years
it was found a, open war with the Government of
The country, seeking the renewal of its charter,
substituting presses and editors, sQuandering its
treasures in parlizan elections and openly purcls-
lug support Of the vena in all directions The moral
corruption which thus flooded the whole country,
was in itself an evil of the most fearful magnitude
II struck deep at the roots Of public faith and pri-
vate honor, and prepared the way for that reckless
and unbounded extravaganza, which the Bank it.
sell stimulated Dy the proluse distribution Of its
money, and The consequences Of which we are
now reaping in individual suierngs from which
bankrupt law affords but slight relief, and the deg
radiation Of The character Of our country by the
fraudulent insolvencies of our public corporations,
aud, and by the shameless refusal of sovereign
States to fulfil their obligations.
The !iral extinction of the same institution I'M
der State charter, but managed by the same in
divduals and the consequent inevitable exposition
OF its affairs, have disclosed scenes Of deprayi,y
and fraud at which the whole country stand aghast.
Who can look back at the immense amounts of
public funds which have been entrusted to the f.
nj bn mn c,nl oc ha.
ror at the abyss which we have cscupcd' And
who would again venture the treasury of the ma
ton upon the integrity of any body Of individuals
in an associate capacity, when we have before us
such reiterated examples of the feebIeness of the
most unspol:od public and private character, to re-
slst the temptations winch attend the control Of
enormous wealth and inordinate power How cali
any government justify itself in thus transferring to
corporate individuals, the functions with which il
is entrusted for the welfare OF the people The
collection, the preservation, and the disbursement
of the public revenue is the business of the gov
eminent itself, through its agencies, with all the
responsibilities of office, aud with the securities of
oaths, bonds, and constant check and supervision.
1t might with equal propreiy relieve itself of the
burden of governing its Territories, by employing
the agency Interpretations, and The post office and
other departments, might likewise be consigned to
their care If the government is inadequate to
the entire management Of its fiscal allhirs should
we not be better employed in seeking and provd-
ing the necessary powers TO enable it to discharge
one of its highes, duties, than in creating artificial
bodies to whom this same and still greater powers
must be confded' If there he danger in the
exercise Of such powers by the selected public
agents of the people, directly and periodically re-
rponsible to them for all their acts, is the danger
lessened by transferring their exercise with the Sc
cIccy which invariably attends the proc edings of
corporations, to those who are not selected by the
people, and not responsible to them, but who hold
their chartered rights for longer or shorter term,
by an immutable law which even the will Of the
people cannot rescind?
Is not the only plausible objection which has
been urged 10 the Exchequcr plan. that it will in
crease the power of the government and particularly
of the Executive department, is il not unfnunded
and irrational All power is liable TO pervcrsion
for improper purposes, but since it must exist the
true question is, where can il be most safely lodg-
cd' The American people have answered this
question by declaring that their their own replc-
senlallves and officers chosen by themselves, are
the most safe repositories of those powers with
which government must be clothed. for the protec-
ton Of all. If the Constitution would permit the
selection of the experimenting officers by other
means than the appointing power which it has cre-
aled, let those means he adopted according TO the
invitation Of the President. But until they cun be
derived or obtained by the consent of states and
the people, we have the same md even greater
security against the abuse Of such powers, than
we have against the abuse Of any other power YES
ted in the executive. Tho means of obluining full
and perfect knowledge o. all the operations of the
Exchcquer board and its agencies, at any time and
nj ali times, by Congress and the people are pro-
,idcd The system is capable Of any moIica-
ton or improvement, which experience may suggest,
and IT, after all serious evils should be felt or JUST
Iy anticipated, no vested rights of any corporation
can be inlerposed to prevent its instant repeal. No
human institution is or can be free from liability
to abuse and the fair question is, whether the adj
van,ases 10 be gained by furnishing sound currcn-
cy to the country, are so important as 10 justify the
employment of the powers oiven by the Com