The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1842-03-19

States for the fiscal operations of the aC
Government in all its departments, for ki
he regulation and preservation of is
sound currency, for the aid of CONNER n
cial transactions generally, and even for II
the safety and utility of the local banks, n
is not doubted, and. as is believed, has Il
been Shown IN the past experience of the $
Government, and in the general &C 0
and operations IF the present I
bank
"The present institution nay indeed I
be considered as peculiarly the offspring
of that necessity, springing from the IN
.conveniences which followed the loss of
the first Bank of the United States, and
the evils and distress incident to the ex-
cessive, and, in some instances, fraudu-
lent issues of the local banks during the
war. The propriety Of continuing 1t Is
to be considered, not more in reference
to the expediency of banking generally,
than in regard to the actual state Of
things, and to the multiplicity OF State
States banks already in existence, and
which can neither be displaced nor in
any other manner controlled IN their
issues of paper by the General Govern
menl
at is not intended to assert that The
Bank of the United States, as at present
organic ed, is perfect, or that the essen
: tial objects of such an institution might
! not be attained by means of an entirely
: new one, organized upon proper Prlncl-
: Piles, and with salulary limitations
: It must be admitted, however, that the
r good mana cement of the present bank,
e the accommodation IL has giUen the Coz
# eminent, and the practical benefits II has
v rendered the community-whether 1t may
IT or NAV not have accomplished all thai
J. was expected from it-and the adUanfa
o 9es of its present condition, are clrcum
e stances la its favor, entitled to grea
g weight, and gives 1t strong claims nPo'
the consideration Of Congress. in any fu
10 ture legislation upon the subject.
ne these may be added the knowl
ir edge the present bank has acquired Q
N the business and tcants Of the raTiorS POI
s. tiOns of this ertensire country, which, be
1t ing the result of time and experience,
be an advantage it must necessarily posses
- over any new institution"
lat We come next to recital of
of The predictions by wise statesmen
:. the consequences of 'sthe Exper
ment.''
~ A bill for re chartering the Bank
the United States having passed bo
Houses of Congress in July, 1882, al
60 been sent to the President for his sign
7S' ture, was returned by him to the Sena
~ with his objections on the 10th day
july in that year. A solemn deba
'"' took place upon the question, arising u
- der the Constitution, whether the b
o'' should pass Notwithstanding the Pre-
'"o dents objection; after which, as all c
p readers know, the number of vo
GU in its favor not amounting to two-thll
=" of the whole Senate, the bill was reJe
10 ed.
nen To a few quotations from this
GU bate, as contained in the Regis
30" of Debates, (Vol. VIII, page IL
: Ell sea- we now invite the readers att
ton.
laS' The Debate was opened by Mr.. w
anA' ster. who, in the course of a most a
lore speech, predicted the consequences
'on- the destruction of this institution.
sing ter stating that the two Houses of [
" gress in passing this bill had been
ann, verned by desire to avoid embarr
ment ia the pecuniary concerns OF
y country, to secure the safe collec
and convenient transmission OF pu
can monies. to maintain the circulation of
q we country sound and safe as it now hs
louo' ly is, against the possible effects
60 III wild spirit of speculation" Mr..
ster made the following remarkable
cer' diction:
81 hesitate not to say that, as Thu
- to travels to the West, it will dep
ate the value of every mans prop
Its effects will be felt IN the prlC
-. lands, the great and leading artic
: A. Western property; in the price OF
-, in the products of labor; in the re
- sion of enterprise; and in embai
.S ment to every kind of business an