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

would be so powerful and so concentrated that To-
cal banks would become extinct, for the plain
that they would be profitless. Mr. NJ 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 mi ght have en-
Ioyed similar distinction, had 1t been for the
fatal malaria and the yellow fever. He feared,
however, that the climate and the God of Heaven
had put that forever out of the question.
He had said that 1t not his intention to go
into analysis of the bill, yet there were really
two things in 1t which had so forciby struck
his mind, and which so palpaby demonstrated the
illogical character of the much Wanted argument
in the report, that he could but refer them.
The first occurred in page of the report. where
it was asserted that this Exchequer Board was no
bank because it did not collect its capital by sub
scrpton-ust as if that feature were essential TO
the existence of bank. Might not bank be In
corporated and endowed with all banking faculties
where this requisite wholly wantingl What
were the banks of Alabamal If this reason was
sound one, they were no banks at all, Ga state of
things which the people of that State might well
desire to be the case. ia laugh This was
specimen of the incontroverhble logic for which
this paper had been so highly praised, and praised
too by the Senator from South Carolina, whose
searching eye any one would have supposed no III
secutive conclusion could have escaped. But he
supposed that the Senator had been so much graft
fed and entirely engrossed by the concessions in
the report, that he not disposed 10 look with
very microscopic gaze upon Its other features.
Again, in page ., 1t was conended that this
no Government bank, because it did not discount.
Now, here doubled and twisted fallacy: the
reason gwen was untrue in principle and untrue in
fact Untrue III fact, for contessedly the Board
would discount bills OF exchange and untrue In
principle because a bank may exist without this
power. Here was another instance of the mpreg-
nabe logic OF the report, another evidence of that
gigantic intellect whose impress SAID to dsun-
guish every word and line.
The third fallacy might be found on pages and
Is, where the Secretary sisted that the bill propo-
sed no union of the purse and the sword, because
neither the President nor his Secretary could touch
a dollar in the Treasury without appropriation.
WHY, had not this always been the case Yet
what had been the ground taken by the Wing par
" at the time of the removal of the depositcs =
What had been the cutlery on that occasion of this
Secretary himset-both master and manl Altho'
every petty Locotoco paper IN the country had de-
Tended the act on this very ground, that General
jackson himself could not touch dollar of the pub
lie money unless by the appropriation of Congress,
did the Wings admit that reasoning validl Did
they not still contend that that effected union
of the purse and the swordl And not the case
the nowl In this fallacy there were two
truths lnvolved nay, three. In the first place, the
principle was unconstitutional 1t was said that
neither the President the Secretary could touch
a dollar of the public money. But this Government
had fallen into decay, and, though commerce had
become quite too mercenary concern for the ans
tocracy of the present day, as substitute they
turned their attention to banking, and the
nue. was collected at different points, and had to
pass through the hands of subordinate functonares,
every whpper-in of a custom-house might appro-
pirate the whole amount to the purchase of eX-
change. The argument entirely overlooked the
fact that the entire revenue might be seized upon
without dollar being appropriated. Ii this
example OF the severe, consecutive, lmpregnable
logic of the report he, for one, must have Ca
pacity before he could be able discover it,
Mr.. NJ said, in conclusion, that the Bank in this
bill was ultra, beyond any United States Bank that
had ever been thought of When Caesar, at the
head of his victorious leglons, broke into the Tenn
pie of Vesta and seized the public treasure he had
not In his hands power so gigantic as that which
was conferred by this bill 1t was the long sought
philosophers stone the lamp of Aladdin was no
touch to it. 1t converted reams of paper into gold
merely by putting it under the press of the Govern
ment.
With all this gigantic scheme, concocted and
elaborated by the master-mnd of the age, backed
by all this force of argument, and defe nded by all
these illogical conclusions, he would not say that
there was man in this Senate who would not
take it, but this he would say there was none here
who had nerve enough to say /" | aCiU take it -
" Erpede Hercuie,a." Here might be seen, on a
narrow strip of land, which separated one side
the calm, deep blue of Wing principles and
doctrines, on whose bosom upborne the desti-
mics of freedom and the hopes of a gazing and ex-
pectant world, from the raging sea OF Democracy,
whose wild surges roaring and dashil = on the
other, the footprint of liercues--buL Aol The
whole impress of the foot for so narrow was the
fral and sandy verge, and nearly did the waters
on the side encroach upon its limits and threat
en- to minge with those upon the other, that there
not room for the giant to tread without having
a portion of his footprint obierated by the waves.