Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-04


a trust, MIR NJ. would not put It into his hands, un
a less he had first received revelation hom Heave
y that he woald live forever.
Of lie considered II among the worst signs OF Oh
8, times, aud fact well calculated To fill the bosom
&c the patriot with dependency, and TO turn his ey
y with doubt upon the future, that this project wS
W looked ut in the country simply IN its money ospec
= IL was examined and discussed solely as mcasuI
lie calculated to give efficcn: relief and remove
: from that grid iron of suffering on which they wer
n now hound. Certainly twas scheme well pitch
cd 10 suit the present tone OF the public mind.
% exhibited shrewd acQ uaintance with the charac
ter and present condition Of the American People =
II The manner IN which the project was in place
:. received, and that too where there was an occumu
aion both o! Knowledge and OF intellectual strength
seemed, in this respect justify the nntcpations
), its author. Even minds like these could look at
Q as money measure alone, and seemed entirely 4
- disregard the deep and dangerous tendency whic
{ lay concealed beneath its surface.
But It was said that the project to be modifi
cd. IL was TO return from the committee in quit
a different shape. Now, II his honorable frien
c from New York, (Mr TallmNdsc,) who was at tn
head OF that committee, and for whom no man en-
tertaIned moro sincere respect, and on whose pu
rity and patriotism, moderation oHd saeacity, ",
man could more implicitly rely, should I've able Il
i accomplish such modification OF the scheme a
should strip 1t OF its more dangerous and alaTmn:
features, MIR Nj. would not merely receive the pro
posll with clrdor, hut would leap TO its adoption
{ His heart would rejoice within hm at the though
tina; such thing possible, hut he greatly fear
cd that 1t never could I've accomplished. That
ier.mird which was supposed 10 have conceived anC
elaborated this production, seemed TO MIN, by expires
slons scattered in various parts Of 1t, present
the Senate this alternative "~ithcr take this sub
NIT to the Sub Treasury" Ii that were the alter
native, Mr. NJ would not hesitate for q moment
lie would incomPatabiy rather adopt the Sub-Trca
sury than this monsirous Jusgernaui, whose muir.
derous car would make its way over the uecks OF
PROSTATE people.
In regard to the sub Treasury. MIR NJ. observed
that nc had FIRST formed his opinion OF it while II
private life, and he confessed that then struck him
that, considered per So, in the language of the Court
II was measure whose benefits were more cnhanc.
cd 10y It's friends, and whose evils eNag-
ccratcd 10y It's enemies, than truth would justify
AS measure for the restoration OF the currency, lie
considered wholly Inc icient but his chief obec
ton to 1t had been account OF that spirit OF soil
tube and isolation which strongly pervadcd il,
ana which he did no. deem respectable, aud which
| went 10 divorce the Government from the commu
nliy. As held up in that scheme, the Government
resembed the captain OF some ship which over
taken IN storm, who, instead of sticking 10 his
ship ami his passengers, took TO the iteboat, sue.
ceeded IN securing himself on some rock, unsub-
merged IN the sea- and left his vessel TO her fate TO
be shattered on the reefs TO founder IN the waves
10 this feature OF the scheme, MIR NJ. had elt the
utmost aversion. The strenuous opposition which
that plan received from the Wings was directed not
So much against the plan ITSELF then STOOD as
against what they apprehended II would crow TO be;
Out even their utmost fears never mngued into such
an ove3shaGowins and al,-graSpins institution as was
presented IN this oil. True, indeed, 1t OF the
same species, but II had not attained any thing like
the same size or strength. Il hid its face modestly
behind vel, so that its features were but dimly
seen-but this looked out impudenty with the
counIenance OF har!o,-It stared the public IN the
face without blush.
The certain effect of the adoption OF this scheme
must be TO destroy the local banks Throughout, the
United States, with The exception of those in the
great commercial centres; and there Its effect would
be so powerful and so concentrated, that local
banks would become extinct, for the plain reason
that they would be psohtless. MIR NJ. did not know
that he wodid weep many tears ovec them. Such
would be its effect in the great commercial empori-
um OF New York, and such it might have been in
Chnresion-a city which might have enioyed
similar distinction, had 1t not been for the fatal ma
lara and the yellow fever. He feared, however,
that the climate and the God of Heaven had pui
tina, forever oUt Of the question.
One OF the most striking things attending this pro-
jeci was, thu, II; should have originated in the Vr-
Sina school OF politics; and that its supporters If
u had any, should be found 10 that quarter. MIR
VI. ie!i deep veneraton for the ancient Dominion
No man entertained higher respect for the ptin-
clp.es she Inscribed upon her banner in '9S and
ga period in which She had resisted the vices OF
the oge. Her pc it!cians opposed q United States
Bauk, because there was no warrant for II in the
Constitution. Her patriots had ever been foremost
IN contendng not only for public liberty, but privat e
right And although IN the creatiUn OF such corpo-
ration hey might restrain 1t, fe'ter it, manace IT,
IN any manner they pleased, but still its inherent
power appeared IN their eyes formidable nd tre-
mendous that public liberty could not live by It's
side. But here there emlnated from that ancient Do
ninion system IN which all the banking faculties
were fully dcvClopet;n monster, which might not
merely act upon and influence she Government, but
was fixed upon It as par: and parcel of the Gov
ment itself. Yes, II was a Virsinion who could adj
vccite scheme Ike this! How Virginia, which
had felt such dread Of corporation, whose char
ter II could modify as pleased, could ever 20 Tor
project like this was thing he could not under
stand. BuI II he witnessed course like this, he
certainly should cease TO take lessons in political in
tesri!y from the ancient Dominion Not a single
banking power could be mentioned that was not full
y developed in THIS scheme. Here vas the pow
er ofissue. the power OF deposite, and the power
OF lending the public money, the power Of dis.
count, effected by an invasion. IL vas true that the
Kites raised under this system would remain less
time upon the wing, but their fight would be ex-
tended over wider circuit.
The whole plan was, in fact, nothing else but
the Fiscal Corporation of his friend from Georgia
(Nlr Berrien) which was last summer left OK posed
To the open air, with oil the winds and storms of
Heaven beating upon II. till at last there came
thunderclap which prostrated il in utter nsensb
ty. But behold II picked up. resuscitaied, set up
lis feet and removed beneath the friendly shelter
Of the Treasury building. Mr. NJ. could perceive no
points of diversity between the two. The Fiscal
Corporation bill, though it had been approved at
head quarters, and drawn almost by Executive die
veto and. should the present bill pass both Houses
he would not risk his lie upon it. but he would not
mind riskng few Yellow boys, that this bill also
would share the same fate lfCongress could get
what the President had expressly promised thsm
what ground had they TO expect that Of which they
had received no promised
The course Of gentlemen on the other SIDE MIR
Nj. regarded most unkind, in determining stand
still where they WERE and compel the friends Of this
measure 10 como to them. Would it not have been
more becoming, If compromise must be effected,
that each Of the parties should yield little groundl
II seemed very manifest that this measure had teen
] framed with the designed object of securing the
support Of the honorable Senator from Pennsyva-
mn. and Of the gentleman from South Carolina,
since IL amnlgnmn,ion Of the original concep.
ton of President Jackson, once and sill so great n
ilvOrl'e with the first gentleman, and n scheme of
the honorable Senator from South Carolina himself
The two seemed TO have been nicely dove,nilcd into
each other IL was very true that when jackson
threw out the intimntoI Of such project, the U.
States Bank WIS m the height OF its power. But
although the power Of General Jackson wns ire
slsthc, not only by the general multitude, but by
those who stood nj the head OF society," the project
met no inyor. II was repudiatcd on oil hands, and
in all quarters; yet that very plan the basis Of
the present measure. TO this had been sunaradded
the scheme Of the Senator from South Carolina
This latter plan Mr. NJ. had never particularly OK
nmined. AS might be expected II was bold nnt
original in lis character, and might be feasible. This
was substantially the same scheme; FOR whatever
gentlemen might say about the difference betweer
the proposed paper issue of this Exchequer Bank
and Government paper money, to ali practica
effect there was difference; for this new none,
would de CIeio rest on the futh Of Governmen
alone, and vyOuld be cOmuirtely irrrdeena hie