Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-22

of those in the great commercial centres; anu
there It's effect would be so powerful and 30 con-
centrated, that local banks would become extinct,
for the plain reason that they would be proftless.
Mr. M. did not know that he would weep many
tears over them. Such would be its effect in the
great commercial emporium OF New York, and
such it might have been in Charleston-a city
which might have enjoyed similar Distinction
had il not been for the fatal malaria and the
yellow fever He feared however, that the eli
mate and the God OF Heaven had put that forever
out Of the question. ;.
One Of the most striking things attending this
project, was that it should have originated in the
Virginia school Of politics; and that its support
ers. if it bad any, should be found in that quar-
ter. Mr. M. felt deep veneration for the an
cient Dominion. No man entertained higher
respect for the principles she inscribed upon her
banner in '99 and ga period in which she
had resisted the vices Of the age. Her politicians
opposed United States Bank, because there
was no warrant for it in the Constitution. Her
patriots had ever been foremost in contendng
not only for public liberty, but private right
And although, in the creation Of such a corpora
ton, they might restrain it, letter it, manacle 1t,
! in any manner they pleased, yet still its inherent
power appeared in their eyes so formidable and
tremendous. that public liberty could not live by
its side. But here there emanaed from that an
cient Dominion system in which all the bank.
ing faculties were fully developed; monster,
which might not merely act upon and influence
the Government. but was fixed upon it as part
and parcel of the Government itself Yes it
was Virginian who could advocate a scheme
like this How Virginia, which had felt such
dread of corporation, whose charter it could
modify as it pleased, could ever go for project
like this, was a thing he could not understand.
But if he witnessed course like this, he
tainlv should cease to take lessons in political
Integrity from the ancient Dominion. Not a
single banking power could be mentioned that
was not fully developed in this scheme. Here
was the power Of issue, the power Of deposte;
and the power Of lending the public money, the
! power Of discount, effected by an EVASION. 1t
{ was true that the kites raised under this system
: would remain less time upon the wing, but their
flight would be extended over wider circuit.
, The whole plan was, in fact nothing else but
! the Fiscal Corporation Of his friend from Geor.
n ga, Mr. BsRRIENl which was last summer left
exposed to the open air. with all the winds and
t storms Of Heaven beating upon it, till at last
n there came thunderclap which Frustrated it in
a inter inscnsibilty But now behold it picked
0 up. resuscilated. set upon its feet and removed
beneath The friendly shelter of the Treasury bull
r ding. Mr.. NJ. could perceive no points OF d.
versitv between the two. The Fiscal Corpora.
! ton bill. though it had been approved at head
| unarrers and drawn almost by Executive hira
s ton. nevertheless encountered the Presidential
: veto: and should the present bill pass both
r Houses, lie would not risk his life upon it, but he
S would not mind risking few yellow boys. thai
n this bill would share the same fare. If Con.
!. grpss could not get what the President had ex
). presslv promised them, what ground had they t
2 expect that of which they had received no pro
S mise
IS The course Of gentlemen on the other side Mr.
y NJ. regarded as most unkind, in determining tc
$ stand still where they were, and compel the
4 friends OF this measure to come to Them Would
n it not have been more becoming, if compro
a mise must be effected, that each OF the parties
II should yield little ground? 1t seemed very
: manifest that this measure had been framed will
VI the designed object Of securing the support Of thu
e honorable Senator from Pennsylvania and O
0 the gentlemen from South Carolina, since it wa
: an amalganaton Of the original conception o
n President Jackson, once and still so great ia
!, vorte with the first gentleman, and scheme o
Is the honorable Senator from South Carolina him
o self. 1t was very true that when Jackson threw
n out the intimation Of such a project, the U
States Bank was in the height Of its power =
d. But, although the power of General Jackson wa
in irresistible, not only the general multitude, bu
lie by those who stood at the head Of society, tn
10 project met no favor. 1t was repudated on al
m hands, and in all quarters; yet that very pIa,
I'd was the basis Of the present measure. To th
I'd had been superadded the scheme Of the Senate
y, from South Carolina. This latter plan Mr. N
IN had never particularly examined. As might
n expected. it was bold and original in its charat
OF ter, and might be feasible. This was substont
ut ally the same scheme; for whatever gentleme
e. might say about the difference between the pr
lg posed paper issue Of this Exchequer bank and
er Government paper money, to al! practical effe
Oh there was no difference; for this new none
ed would, dc fdCtO, rest on the faith Of Governne
ms alone. aud would be as completely i, z1oemab
he as if il were declared so on its IatrY, "When
b. was issued in The proportion Of three to one
er when it grasped every one, even in the minute
To- concern OF private liie-when it insjnuated itse
he every where, and intermingled itself with all Ii
l' relations Of society, how could it be expectt
'er hat the Government should redeem it? Was
ever designed or expected that it should!
10. Mr.. NJ. said that here there was an administr
lie lion proIessedIy wing, which came forward al
eh planted itself upon measure which derived
IN origin, in pat, from the very highest auhOr
le. ever claimed by Gen. Jeckson, and in part fro
nd the intellectual ingenuity Of another scarce
ne ess distinguished. Thus it stood, with one fo
ire on the one side and the other on the other. u
ed der such circumstances, he confessed that he hi
10 no hope Of seeing anything done for the cure
de Icy. There remained barrier yet in the wa
nd When the vengeance Of Heaven descended {
en- The man of their choice all their eyDaCtation