Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-10-19
he land. the great cause would not be re-

submitted 10 Congress plan Tor Natio-
nal Bank, founded upon the idea OF a large
capital made up by private subscriptions
and having the power 10 extend lis branches
all over the country. | need not advert
10 the circumstances Of its presentation TO
Congress. 1t had received the approba
ton of the President and was concurred
in by every member Of the Cabinet as the
best that could be done, for as we said
circumstances had placed in the first place
the gentleman whom we all thought good
enough for the secondhand his opinions
we're different from ours but fixed: and we
deemed it the part Of wisdom and prudence
to see how we could get along as well as
might be under the circumstances. Mr..
Ewin's plan was sent TO Congress as ii has
been described-exce that the bank could
not establish branches in the State without
the consent of the States. Now had no
idea myself that there was any necessity
Cor any such provision as it was at most
mere theory-though | never would agree
in any case with ;he doctrine that the oms
SIGN to exercise a power is a surrender Of
the power. What was done? Doubts
were expressed as to whether the institution
could go into operation many were doubtful
as TO obtaining subscriptions. What did
we do! We sent to the commercial cities
the principal towns in the country and ask
ed gentlemen of known skill and capital TO
come and consult with US about it. They
expressed doubts. but hopes also. aud pIedg-
ed themselves to do the best they could;
and as the community was interested 10 i!
and the administration was fresh and popu
lar-they were earnest 10 have the bill
tried " hat was the result? 1t was sent
to the Senate and rejected. Another bill
was brought in-divested of this theorelic
difficulty, It was discussed two months and
then it was found that it would not pass
Wing Senate.
will not pursue the unhappy narrative
Of the session of 1871. Men grew angry
and resenlu saw the storm arising,
and endeavored, as far as could, to hush
1t. | expressed my opinion freely to the
two Senators from Massachusetts,, and ad-
vsed them to give men time to cool-to
let Cancellation take place. and harmony
be restored if possible. am bound TO
suppose my advice was not good; il certain
ly was not followed, and the consequences
need not tell you.
The great desire, the urgent necessity Of
this country is currency-faciiily OF ex-
change. You work for the people Of Ala
bama-they plant for you, and YOU want
a common medium, to equalzc debt and
credit with the same velocity as steam
transports men and machinery. You have
=, NJ b,,t Nv h.
thority and permission Of Government
never, never. You want a large and Iibe
raj provision for exchange, and wlhoutthis
you cannot reach the goal at which you
aim. How will you do III | need not
say by a Bank of the United States based
upon private subscription: for that is out of
the question. The mau who pursues that
follows an obsolete idea. Suppose a law
should establish Bank. with capital of
fifty millions; who VIII subscribe TO i'll
What will you give for share! 1t is entire
~ out of the question. Take it. then for
purposes Of local discount-say in State
street; do you want this untaXed capital to
make your discounts?
Well. hat shall we ever have for |
repeat it, many gentlemen propose TO Go
nothing-but TO postpone every thing till
the incoming Of the Jews. Is nothing TO
be attempted When the Exchequer was
presented to Congress it was assaIed from
all quarters. | believe one gentleman did
get courage to say in its favor that he did
not know but after all, by some possibility
some good might come of it. But it had
many different classes Of opponents, Some
said that it would be Ileiess machine
it would not move at al! /; others said it
would have by far too much life !; it would
answer the purpose of its creation-and
that was TO Increase Executive power.
One indicated it as a terrific giant Of enor-
nous magnitude. striding over and crush
therefore, break the Constitution and there
fore they would oppose it. These oppo-
sing arguments conIradicted, if they did
not refute, each other and convinced me
that the plan could no, be adopted or even
tcmperateIy considered One was afraid
to do one thing lest he should break the
Constitution, and another was afraid - do
another lest he should break it a.; and so
they did nothing. One man would not
to establish branches. lest he should break
the Constitution and another would not
vote for one which had, lest that should
break II They acted like boatman, who
in the midst of rocks, and shoals, and
whirlpools. should refuse to pull one stroke
for his safety, lest ne should break his
ear. But they stood looking forward to
the time when restored confidence should
enable the bank 10 go into operation.
When will this be When prosperity re-
turns to the country. That is, when the
emergency is over. Meantime they in
tend to do nothing to save the ship from
sinking till The chances of wind and wave
shall drive her safely on the shore. That's
the policy.
lie IS more sanguine than am. who
Of no