Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-06

The question lies between This plan and a
national bank, there cannot be much
room Tor doubt or hesitation. Waving
Tor the present the insuperabIe difficult.
ties presented by the constitutional OBJ.
jeciiOns TO such bank operating through
The whole Union objections so long en-
tertained by large portion Of our fellow
citizens. and strengthened rather than
diminished by discussion, and by :he sad
experience Of the tremendous power, and
the still more tremendous corTuplions Of
such an insIitutlOn;-wsiVing these, the
very fact of the existen ce of such Obiec.
tions, and Of others Of different charac.
ter, will effectuallY prevent a subscription
10 the stock by those sound and prudent
capitalists whose cOuntenaRce and whose
real wealth can alone give it vitality
Such men will never consent to place
their property in position 10 be the sport
OF the alternate triumphs and defeats Of
parties. The chartering bank under
such circumstances would but invite the
cupidity of those who intend TO become
borrowers rather than lenders ;and who, by
means of the irrespoRsiblity ofa corpora
ton, and with the lmpunity that has mark
ed former transactions of similar institu-
tions, would plunder those whose conf.
dence they had invited, but to betray it.
Whatever may have been our opinions
heretofore OF the utility of a national
bank-however we may have been COM
PEELED TO acquiece in its supposed
necessity the history of the last few
years has, should hope, convinced all
who are open to conviction, that any evils
which may be anticipated from the want
Of such an institution however great, are
more tolerable than the certain, positive
and immeasurable injuries which we
now know have flowed from the exis
tence of one that was instituted under the
most favorable auspices, and was COM
mitted 10 the charge of men al the time
esteemed tho most honorable and trust
worthy in our land. Titbin four years
ofits existence, the last Bunk OF the Uni
ted States became little better than a
den of robbers. Its managers, with few
exceptions, pursued systematic scheme
of plunder and fraud, which was arrested
by the Investigations of d committee Of
Congress.
Clemency [now believed TO have been
mistaken towards innocent stockholders
and hope that the example which had
been made Of the offenders would deter
others from similar practices, saved the
bank from dissolution. 1t was allowed
TO proceed, under new restrictions, de-
signed to prevent the recurrence
of similar frauds. Ia few years it was
found at open war with the government
of the country-seeking the renewal of
its charter, sLbsidizing presses and edit
ors, squandering its treasures in partisan
elections, and only purchasing the sup
port of The venal on all directions. The
moral corruption which thus flooded the
whole country was itself an evil Of the
most fearful magnitude. 1t struck deep
at the roofs ofpublc faith and private
honor, and prepared the way for that
reckless and unbounded extravsgance
which the bank itself stimulated by The
prOfuse distribution of its m oney. and
lhe consequences of which we Are now
reaping in individual sufferings, from
which bankrupt law affDrds but slight
relief and in the degradation of the
character of our country by the fraudu.
lent insolvencies of our public corpora
tions, and by the shameless refusal ofsOv.
ereign States 10 fulfil their obligations.
The final extinction ofthe same insti.
tuition under State charter, but managed
by the same individuals, and the conse-
quent inevitable exposition Of its affairs,
have disclosed scenes of depravity and
fraud at'which the whole country stands
aghast. Who can look back at the i'm.
mense amounts of public funds which
have been intrrsted 20 the fidelity Of the
same men, without feeling Of horror at
the abyss VIII ich we have escaped? And I
who would again venture the treasury Of
the nation upon the integrity of any bo,.
dy Of individuals in an associate capacity
when we have before US such reiterated
examples oft feebleness Of the most
unspotted public and private character 10
resist the temptations which attend the
control of enormous wealth and inordi-
nate poweri How can any government
Justify itself in the transferring TO corpo-
rate individuals the functions with which
it is lntrus,ed for the wealth of the peo.
ple9 The collection, the preservation,
and the disbursement of the public reve'
nue., is the business of the governmen,,
itself. through its own agencies, with all
the responsibilities of Office, aud with
the securities of oalhs, bonds, and con-
slant check and supervision. 1t might,
with equal propriery, relieve itself ofrhe
burden of governing IFS territories, by
employing the agency Of corporations;
and The PoslOffice and other departments
might likewise be consigned to thor care.
f the Government is inadequate TO the
entire management Of its fiscal affairs,