Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-27

once been found TO be an insufficient bar.
rier. For this reason, conceive it pro-
per that every occasion should be taken
to recall 10 the public recollection, by way
Of warning example, what otherwise 1t
might be better for the honor Of our coun-
try to bury in oblivion.
The mischlefs inflicted on individuals
by the abuse OF the power of this potent in
siitution, have been so general as to I'M
press the public mind with sufficiently
clear perception of their magnitude; but
the extent OF its power can only be aPpre-
ciated by those who administered the gov
eminent during the period OF lis hostility.
The agency which the unparalleled abuse
OF this power, exclusively conferred for the
public good, had in producing those en-
barrassments in the business concerns Of
the country, as we'll as the Pecunlary al
fairs OF the Stale and General Govern
ments, it is believed, 10 not so clearly and
GENERALLY understood. But even if it
we're, it cannot be too often or too deeply
impre ssed ON the mind anu memory Of the
people ofthe United States. The promp-
iings OF political ambition; The passion
for money the embittered feelings oi party
strife; the apprehension Of disgrace the
fear of punishment the articles OF long
prac,ised deception, and the strong bond OF
community In flauds, have all exerted
their influence in hiding from the public
view the seductive praclises Of The bank.
Blu, The people will not rest satisfied,
until they know what has become of'he al
most count ess millions Of which the States
and individuals haze been detrauded by
long continued series Of mlsmanage.nent
and corruption. The truth will yet be
known, and the purpose OF justice ut
length accomplished.
The two great measures by which the
late Bank OF the United STA es operated
most fatally upon the prosperity aud hap
piness OF tue people, were, first, wanton
contraction OF its loans; and next, sldcen
and reckless expansion, botn having the
same objec. in view, namely, that OF
wrestling charter from reluctant PEG.
pie. 1t cannot be forgotten tina, President
Jackson, in the exercise OF power dele
gated by the consttu ion, refused his 49,
sen. to bill renewing the charter OF the
Bank Of the UnlieI States, aud returned TO
Congress, where il fai'cl OF the con>ti'u-
tional majority. For this he was assal. ed
with every species Of denunciat,on by the
adheYen,s OF The Bank, while tr:umphan'ly
sustained by the peope, who re elected
him by majority. That the btnk refused
10 submit 10 this decisive expression Of the
public will, indicates the consciousness Of
extraordinary power, and determined to ex.
srt it to the utmost. Accordingly, 1t re.
nswed tho contest, on the recurrence ofthe
irst preliminary step taken by President
jackson for carrying into effect the deci-
sion SO solemnly ratified by the peop!e.-
This was the removal of the public money
from the custody of an institution in which
| il il hld been suffered 10 remain, it is now
morally certain the Government would
have shared the late of the destitute Wild
ows and orphans, who arc now iumeniing
thar confidence, in poverty and distress.
The Bank determined to coercc the gov
ernment into an abandonment Ct this nec-
sssary measure Of precaution, by sudden
|curtailmont Of discounts, which would be
severely felt, and The odium of which it
employed all its arts and influence TO throw
upon General jackson. In the short space
| OF fourteen months, it withdrew from the
sxigencies Of trade eighteen millions Of
dollars, aud this contraction was followed
| by that of the State banks, either from nc
cessi,y or common sympathy on the part
of some at least, IN a common cause. The
result of this combined action, was rapid
decrease OF accommodation TO the trade
and business Of the country, amounting to
a, least sirty millions Of dollars.
II must be obvious that the sudden alb
stracton of such n,enorm 'uS sum from the
general fund of business, would be severe
ly'felt by those who traded in whole or in
part, or borrowed capital, AMI through
them, in a lesser degree, by other classes
Of the community. These plltial incon
veniences were magni6ei into universal
distress and widespread ruin, by newspI.
pers and public speakers, either under the
direct influence Of the Bank by the strong
bond of dependence, or who united with
that institution in system Of action calcu.
lated to subserve the purpose of both par
ties Speeches in Congress, presenting
aggravatins pictures Of pubic distress. in
Aama,ory proceeding, of pubic meeting,
memorials, relief committees, and an in
finite variety of other appliances, with a
great monied institution, gifted with ample
means Of corruption, and uuscrupuious in
employ ing them, could command, were
brought into requlsition in order to create
a panic among the pc pile, AID overawe
tbs inaexible and Just man who then al