Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-09-05
THE WING Address.

How the wing party propose to bring
about a moderate and cautious use Of the
credit system we are not Informed, whe-
Their by the creation of snother national
bank, by proper regulation Of the bust
ness oil local banking, or both; whether by
reunion Of Bank and Government, or
by a continued separation: whether by con
timing banks, in the.sisSues, TO their actu-
al capital, Keeping their circulation down
10 the real commercial wants of the coun-
try, and by making stockholders indvidu-
ally RESP onsiHc for corporate liabilities,
or by permitting these institutions to pur-
sae the course they have heretofore unre-
straSnedly pursued. Upon all these points
che reader is left sc mcwhat in the dark
Under the cloak of similar very plausible
genrrdlhies, the wing party once succeeded
in deceiving the people into their support,
when their very first attempt after get
ting into power, was TO fasten upon the
country and connect with the fiscal opera
tons of the government n great and ire
sponsible banking institution, REGARDLESS
oil the lessons of experience, which had
FULLY demonstrated the inutility of
bank rs fiscal agent of the government,
and lis pernclous influences upon the gen.
ernl business Of the country as tending TO
an " immoderate and Mcautious use of the
credit system" The same species Of de-
ception, for the attainment OF the same
object, they are evidently again disposed
70 practise. Not daring openly to avow
themselves friendly to the establishment of
'un old fashioned u. $. Bank, Gheir last
argument with reference to the cxpcdiency
OF such an institution "to regulate cxchan-
ges +" having been fully proved by expert
ence TO be fully fallacious,) they yet seek
TO accomplish their sign in this respect
by special appeals concerning the necessi-
ty "of extendinglo the poor but ambitious
trodesman, artlZan, or agricullurist, the adj
vanages of capital" and by attempts to
induce the belief that the democratic party
IS disposed TO rcpudate entirely paper
circulation and we'll regulated credit sys-
tenn. But the deception will not take The
people are fully acquainted with wing POI
icy upon the subject Of the currency and
banking. The severe lessons they have
had are not yet forgotten Empty pro,
fesSion will therefore avail whig policy
but little
The principle Of the democratic party
with refer ence 10 the paper system is, that
although representative Of money, some
thing beside gold and silver is indspensa-
IN the commercial transactions Of the coun-
try, yet "great care should be taken, both
by individuals and governments, that what
ever processes 10 be the representative of
money or property shall indeed aud in
truth be So" No other principle can with |
safety be adopted, in reference 70 the issues
of banks; and while to the violation of this
principle is to be attributed the dcrlnec-
mcnt of the monetary atf'lils of the country,
and the pccuniary cmbarrassmcnts and dis
nscrs winch have occurred, rigid adhcr-
cncc to it in future VIII alone prevent re-
cuTcncc of the evils incident to an unsound
and iluctuating currency.
n third leading feature of the wing
creed is said to be
"Opcn and undistinguishcd hostility to
a farther increase OF executive patronage, |
OF to placing the funds of government more
completely under presidential control and
influence by the establishment of a Sub |
Treasury"
The plain English of this is-a United
cnco of the President or people, as Il dcpo-
STORY of the funds of government and as
fiscal agent, with power, as formerly, to
make the money of the people blss for
bank speculation and stock jobing. Instead |
of the system which was contemplated by the |
fathers ofthe country when they framed the |
Constitution. and which has proved to be the |
best for the banks, best for the government. |
and best for the pcoplc-we mean the sub |
treasury systematic wings seek 10 bring |
about again au alliance of the public treas
nry with, and It's dependence upon, a rad
cally vicious banking system: a connection
which heretofore resulted in consequences |
SO pcmcious TO the banks themselves, to
the government, and to the general business
interests of the country.
There never was tim1 N the history of
our county when the funds of the govern |
mcnt were more " completely under prcsi |
dental control and influence" than now
For this the democrats arc not responsible:
they had established a system. ndcpcndent of
Lanks, which secured the sdtG-kccping and
disbursement of the public revenue in Il
constitutional mode. over which the .prcs;-
dental control and influence was strictly
and cautous V prescribed and guarded, cX-
tending no farther than the public interest
demanded. Under profession of open
and nndistinguishcd hostility to an increase
of executive power" the wings assumed the
rcigns of government. when one of their We
~ first acts, be orc having es ob,ishcd any
system i'll It's stead. was to repeal the indie
pendent treasury law. and thus 10 place 1.-The
funds ofgorcrnmcnt completely under pres
idential control and influence" where they
have remained ever since. Such is the di- |
ference between wing profession and prac-
iicci
The other leading features orthc whig
creed. as presented by the address, are in
substance: the integrity of public servants;
the distribution of the ayaiiS of the public |
domain among the States, TO enable the in
dcbtcd oncseto discharge their obligations:
the providing of efficient means for public
instruction; as speedy an admission of for
cigners 10 the rights of citizenship a. man
comport wih a tnH understanding of HcI