Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-05-16

sgement Of private inteIPrlse'' II Is
doubtless within yOuT recollection what
tempsstof dsnnnciAi;on received IRON
those who thought proper 20 overlook
those considerations. The opinions then
advanced would, il is quite certatn, be
received with more favor now; and have
only to add that they have undergone
no other change, than that Of additional
conviction arising from additional exPe'
rience Of their truth.
The tremendous power Of bank tor
evil, when impelled BY aEariee and am
bitiOn, self.preseFvatiOn or venganee. has
been seen. u is q maxim Of every gov
sFnment constituted on free principles, TO
Withhold all power from rulers which Is
not indispensable to the preservation end
defence Of the Figts Of person and prop
erty. And this maxim is founded on the
experience Of mankind, which has taught
them by long series Of suffering, that
not only iS power much more liable to a.
buse than to beneficial exercise, but that
with the purest intentions it can do taT
less good, than Il can peTpetnate mischief
when perverted 10 evil. The people OF
the United States have Tepudiated des-
| pOtic or Discretionary power, in all their
political institutions, because OF its pro-
pensity to abuse. Yet they have been,
and mark my words, will be again and a.
gain called upon to create q desPotic lr-
responsible mOneyed power, stronger
than their government, becausU It IS
expected to do what government itself
cannot perform. lhope and trust such
appeals will never again be successful,
and that the good people Of the United
States will always bear in mind, that an
institution which can do what its adVo-
cafes affirm this can, must, IL subserVi'
ent to the government, give II vast
accession Of power, dangerous to the
rights Of the States, and which, IT from
any cause il should become hostile, can
either subject that government TO its
will, or like the defunct institution of
which have spoken, involve the county
in confusion aud difficulty, it's govern
ment in perpetual struggles, and its PeO-
pie in an inteTminable series Of panic and
dismay. Nothing but an ever watchfui vigI
lance ,Onlthe part oflhe people, will prevent
recurrence Of these evils. The enemy
ID not dead nor doth he sleep. The
schsm id the ranks Of the opponents ol
Democracy, turns almost exclusively on
the question Of National Bank, and the
complete triumph Of federalism will be
the precursor of such an institution
la expressing my opposition to all the
schemes which have been submitted Ia
Congress at its last session, foV managing
the fiscal concerns Of the country. involv
ing as they all do, union Of bank and
State, do but speak the sentiments Of .
vast majority Of my fellow citizens, as g
vince d in the votes Of their representa-
tives, and in tho almost universal cons
domination they have apparently re-
ceiVed at the hands Ofthe people them
selves. t8~7
The manufacture OfpapeT money has
been attempted in every form; 1t has
been tried by individuals, been transfer
red to corporations by the States, then to
corporations by Congress, engaged 10 by
the States themselves, and has signally
failed in ell. 1t has in general proved mol
the handmaid Of honest industry and
we'll regulated enterprise, but the pam
psred menial OF speculation, idIeness and
fraud. Il has corrupted men of the high
est standing; almost destroyed the con.
fdence of mankind in each other; and
darkened our criminal calender with
names that might otherwise have confer.
red honor and benefit on the country
There is strong ground for believing thai
such q system must have some innate in
curable daGeci, ofwhich no legislation car
diVesl it, and against which no human
wisdom can guard, OF human integ'
rity sustain ITSELF
The history Of the past however, leaves
little room for doubt that paper mOnsy il
some form will, notwithstanding, continue
TO constitute part of the circulating me
dium Of the country. But my most SIN
cere and ardent wish is, that ils issue By
the federal government, may in future
time be prevented. The lights Of ex,
ueriance have in vain been diffased: lee,
sons Of repeated and vide spread ruin
have been unavailing, if thSfe be ans
who YET can bring themselves to believe
that the government Of the United States
which possesses nothing but what it re.
ceives from the people can bestOw on
them any thing other than what il has
thus received. Ifit contracts loans, the
people must pay them; and iflt issues pc.
per money, Il must be redeemed by The
people. How then can relief TO the peO-
pie be derived from iHcurring obligations
which they themselves must redsemf
But in addition to this deception, I
might almost say fraud on the people,
there Is decisive objection 10 the issue
Of paper currency by governments, upon
Whatever principle il may be founded -
The experience Of all nations, where this
axnadiant has baen Adopted. demon.