The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-31
From he Boston Mercantile journal.

cent regulator Of the currency. II he hau 'ne ,h,n
~ 10 suppose himself more wise OF more d G, lila
w ashington Jefferson, Madison Monroe anu .;,s,;nn
lin or NOR. learned expositor Of the Consuiuuoh
than the Supreme Court OF the uh'eu I,;. ia
Marshall at its head il was his duly W 1,., ~,
people They understood, and iuiiy pe''es.u, -,
the preudi;es he had entertainer 81 49, nnre
former wears had yielded to the opinions OF 'nsse uie
. nj wise natriots But he has not Under the pea
~ ,.cisnce he has resisted all efforts OF concha-
,ory character and while the people have asked ir
a fsh, he has given TO them serpent cincthnaH
Gazeffe.
The consttutionality Of the establishment by Con
gress of National Bank, with power TO establish
branches for discount and deposit in the different
States has been doubted by some OF our states
men and legslators-and the creation or recharlerng
of such institution, has always been resis'eu ."
that ground And for this and other causes iurse
portion of the people of this country nave Always
been opI osed TO the creation by Government, OF
large oneyed institution possessing the pooer 10 10
much good, or much era IL has been objected 70 ~
intelligent men, on the ground that u an ehe,so.'
Executive should obtain the ,ntrol OF sucn an ii
tuition il would prove powerful, and probably an "
resistble instrument to carry his measures hto oPeia
ton although il might be freighted with the run o,
the counlry-and that, the other hand, II IL shouu
be controlled by the INSCRIPTIONS leaders % hune-
rous party, by an unprincipled capai II couiu NC
used formidable engine TO PROSTATE the eA's,h9
adminis,rat alton, and present an insurmountabe oar
rier to the will Of the people. And that III elheI
case, its direct tendency would be, TO Introduce that
system of venah,y and corruption which has always
heraded the downfall of Republics.
During the Administration OF Andrew JACKSON,
this feeling of AN opposition 10 National Bank gam
ed strength And his course in relation to the Bank
then in OPERATION orcbly illustrated the fact that
bold unscrupulous Executive, could at any time by
INDUCING feelings OF hostility 10 such al, ins'uion
plunge the whole nation into gloom and embarrass
ment Since then, many circumstances have occurred
to change the opinions of those, who formerly con
tended for the establishment OF u National BANK
They have that the facility for discounts, which
such an institution is calculated 10 promote tends TO
Introduce an ina ed credit system, destructive to the
real interests and morals of the people. They have
also seen the downfall Of the Bank OF the United
States in Philadelphia, under circumstances, winch
reflect shame on our country anu among .he cohs.
qucnces of its downfall is the ruin OF thousands OF
worthy and industrious citizens. Yet this Bank was
managed by Nicholas Biddle, the President of the
late National Bank acknowledged once to be an hon:
est man. and the able fnancier in the country
These and other considerations throwing The
question of constltutonaty entirely aside, created
among people Of all conditions, and beh parties,
strong feeng-prJudice, if you will-aganst the
establishment of any great National Institution IN
bodying the principles of the Old United States Bank
The Van Buren, party were, TO man, opposed TO the
establishment Of such instu ion-indeed, opposi-
lien to a National Bank, was of the principal
points in their political creed. Many OF the Wing
party were also opposed to Bank--and II is highly.
probable that at the election OF Presidential electors In
November, 1910, decided majority of the voters in
the United States opposed TO the establishment
Of any institution resembling IN Its character the late
United States Bank. The opinions of the lamenled
Harrison explicitly given on this subject
and if his life had been spared TO his country, It IS
by no means certain what course he would have
adopted in his capacity of President Of the United
States. This anti Bank feeling prevailed to such
extent among the Wings that It deemed erpe-
dent by the delegates TO the Harrisburg Convention
to nominate candidate for the second office IN the
gift Of the people, John Tyler, who it was well
known had never been favor OF such institution
and who, there reason to suppose would
under any circumstances, advocate the establishment
of a National Bank!
There also many of the Wing party, who be-
lieved that in the abstract" National Bank would
be highly bene fetal to the counry-and that could
be SO managed as avoid the objections which
urged against such institution But they believed
that ii could not be useful unless il was also popular
opposed, therefore, the principle OF expediency,
the idea of establishing large national moneyed nst
tuition, which would be surrounded by host of pow
eIful enemies eager TO find imperectons and detect
errors operations ready to msrepresent its acts
and assa its credit, from any and every quarter and
who would leave no means untred to counterfeit all
the beneficial effects which might, under other crcun-
stances have b. en- reasonab expected from its
Enlistment. For these reasons they were not anx-
ious for the establishment of such an lnsuon-and
these feelings cherished by many Of the
Jealous advocates Of old fashioned National Bank
When the Bank bills passed Congress by small
majority at the extra session. Pre- ldent Tyler reus-
ed sign them, in consequence Of which neither of
those bills became law. In adopting this line of
CONDUCT which promised to be unpopular with large
portion Of the Wing party, the President acted with
that consistency which will always mark the conduct
of an honest man But many of the w higs forgot
the sentiments this SUBJECT which the President
had ever expressed assaed his motives-lidculed
his conscientious scrupes-and even up TO the present
time have heaped upon his head unmitigated abuse
But if John Tyler had not possessed firmness
enough exercise his veto power in relation those
b:llsif through deficiency oil moral courage, he had
SO far abandoned his known principles TO sign either
OF those documentsthe country would now have been
in sad condition-worse, far worse than it is under
existing circumstances. If either of those bills had
been signed it is by means probable that the Bank
would have gone into operation-for there no in
ducement for capitalists to money in that stock
and even If the stock could have been taken up with
powerful and active opposition to il from all parts OF
the country, It's operations would have been sadly Grip
pied The Wing party-the party which elected
Harrison and Tyler-and what is of more value, oil
their political principles would have been scattered TO
the Withstand RADICAL party of great numerical
strength, and, in republic, strength gives porer
would have been formed on the ruins, which would
have sown the seeds of Jacobnism, dscord and
chy through the land. Since the close Of the extra
session. many events have occurred to give strength
to the hostility against not only National Bank but
to the whole banking system The failure Of banks
in the West-the defalcations of bank officers and
the prostration of the Grard Pennsy vania and other
Banks in Philadelphia all have tended to increase
the deeprooted prejudice, which has always existed
against large and powerful oneyed institutions.
We have no hesitation in declaring AS our opinion,
that John Tyler, in refusing to sanction Govern
ment Bank the principles proposed by Congress,
has rendered service to the country, which ought to
enttle him to the lasting gratitude of the People
and such will be the opinion OF all, when few years
shall have passed away and his actions will to
be regarded through the inverted perspective Of preju-
dice.
From The Philadelphia Ledger.
MORE TROUBLE
At the very time when the Treasury is bankrupt,
the country defenceess, its relations with Britain
alarming to all lovers Of peace, and four months OF