The North-Carolina standard., 1843-05-17


TO THE
Democratic State COnremtion of Indiana
K1NDERHooK, Feb 18th, l843
GENTLEMEN:-I have had the honor to re-
ceive your letter, written in behalf of the Indiana
Democratic State Convention, and asking my
views and opinions in relation lst, to the charter
ing of National Bank, or any other national in
stitution, by whatever name it may be called au-
thorized TO issue bills of credit for banking pur-
poses to regulate exchanges, and of the consti-
tutionality and expediency of such an institution !;
I'd, to the distribution of the Proceeds ofthe Pub
lie Lands among the several States of this Union
Sd, to Protective Tariff '4th to an amendment
of the Constitution still further limiting the Veto
Power; and inquiring, in conclusion, whether
will abide the decision of National Convention
of the Democratic Party, in the selection of a
candidate for the Presidency, and whether will
give my support and influence to the election of
the nominee of said convention, if not myself no.
minated by it.
1t affords me much pleasure to comply with the
request of the convention; and have only to re-
gret that the number and importance of the sub
jects embraced in their interrogatories and the
cessity of some explanations to do justice to the
views entertain in regard to them, will unavoid-
ably extend my reply TO much greater length
than could have desired.
l am opposed to the establishment of Nation
al Bank in any form, or under any disguise, both
on constitutional grounds and grounds of expedi-
ency. The power to create such an institution
has not been given TO Congress by the Constitu-
tion neither is it necessary to the exercise of any
of the powers which are granted; and if exercis-
ed, would be, as it always has been, highly iniu-
rious to the public welfare. These opinions, alike
adverse to the consttutonality and expediency of
National Bank, have been frequently and ex
tensively laid before the people, and sometimes on
occasions of deep interest. They were express
ed in nv letter to the citizens assembled at Shocco
Springs in North Carolina, when my name was
before the public for the Vice Presidency; repeat
ed in 1886, when standing in similar relation to
the office of President of the United States,
in letter 10 the Honorable Shcrrod Williams,
which was widely disseminated; and reiterat-
ed in my first message to Congress, at the ex-
ira session in 1887, when the attention of the
whole country was again drawn to the subject by
the failure of the deposit banks TO fulfil their en-
eagements with the Government The opinions
and principles avowed on these various occasions
have undergone no other change than that of adj
ditional conviction of their truth, derived from
events that have since occurred
l might rest here, content with this explicit
avowal, and proceed TO reply to your other inter-
were it not that this appears to me a
proper occasion to advert to the deplorable calami
ties inflicted the people by the conduct and fl
nal catastrophe of the late bank. through the
of its means and the abuseof its pow |
pr 1t is true that this institution is now more.
1t has sunk under the weight of its own enormi-
ties and has left nothing behind but the wrecks of
its career. But the interests, pecuniary and polit
cal, the parents who first gave it birth, and the
nurses by whom fostered, still survive, with
he same means Of producing another offspring, |
and the same disposition to employ them, when
ever favorable opportunity presents itself The
question of National Bank is still before the
people, and will continue to be, so long as avarce
and ambition see in it the means of gratifying the
love of money and the love of power. 1t is one
f.the great leading measures of party which
will never be extinct in this country. 1t is essen
ial to the acquisition as well as the preservation
of its power and will never be relinquishcd while
here exists hope of its attainment The only
security against its revival, is in the public opn-
ion, and even, that has more than once been found
10 be an insufficient barrier. For this reason, l
conceive it proper that every occasion should be
aiken to recall to the publicrecolection by way of
4 warning example, what otherwise it might be
better for the honor of our country to bury IN OBJ
ivion
The mschiefs inflicted on individuals by the
abuse of the powers ofths potent institution, have
been so general as to impress the public mind
with a,sufficiently clear perception oftheir mag
nude: but the extent of its power can only be /
Justly appreciated by those who administered the
during the period of its hostility
The agency which the unparalleled abuse of this
mower. exclusively conferred for the public good,
had in producing those embarrassments in the bu-
siness concerns of the country as well as the pc
cuniary affairs of the State and General Govern
ments It IS believed, is not clearly and generals
ly understood But even if it were, it cannot be
TOO often or too deeply impressed on the mind and
memory of the people of the United States. The
promptings of political ambition; the passion for
money; the embittered feelings Of party strife
the apprehension of disgrace; the fear of punish
ment; the artifces of long practieed deception,
and the strong bond of community in frauds,
have all exerted their influence in hiding from
The public view. the seductive practices of the
bank But the people will never rest satisfied, /
trust, until they know what has become of the al
most countless millions of which the States and
individuals have been defrauded by a long con-
tinued series of mismanagement and corruption:
Fhetruth will yet be known, and the purposes of
Justice at length accomplished.
The two great measures by which the late
Bank of the United States States operated most
fatally upon the prosperity and happiness of the !