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

either the will or the power 10 do good
II neither regulated the currency by res
training the issues of the State Banks, no
the exchanges by accommodating them t
the course of trade. On the contrary. il
the various stages of its progress and de
cline, il set the example Of unbounded ex
pansion; it set the example in suspension
of specie payments; and TO the last mo-
meut Of its existence, was the great enc
my Of, and obstacle to, resumption. The
only mode by which ii ever sought to reg
ulate exchange, so far as my information
extends, was by an arbitrary rule OF the
Bank, instead of leaving it to the natural
laws of trade, which is the best OF ali regu'
lations, because it regulates itself. Such
is the case at this moment. There is nc
United States Bank in existence, and no
legislation on the subject; yet the rates oil
exchange between the different portions OF
the United States, being thus left entirely
to the operation Of natural and inevitable
causes are now far more uniform and
equitable, than they were during any Pc
riod in which the Bank exercised its boas.
ted power of regulation. Whatever dl.
versity exists, beyond the mere cost AID
risk of transporting specie, arises from
difference in the currency, and cannot
therefore be justly ascribed TO the want Of
regulator of exchanges.
Ny views on the subject of exchanges,
and of the proprie,y, necessity or eSpedi-
en- " of any Interference Of Government
in their regulation, were communicated to
Congress in 1897. To repeat them here
would engthen this communication, from
which desire to answer your questions
fully, frankly, and explicitly, will, fear,
be extended to the verge OF tediousness
| must, therefore, respectfully refer you 10
that document. You will there see
clear, broad distinction between that spe-
cies of exchanges APPLY demoninated exit
ing" which was little better than an in
strument Of fraud, and bills drawn for the
trausier Of actual funds from one place TO
another. / eadeav red also to sl'l.fy
Congress of what is now SO apparent, that
the exchanges would here, as they do 10
other countries, regulate themselves, II
Congress would hut leave them as they
arc fl .lswhare, to the management OF
privat, enterprise. II is doubtless within
Your reco lie ton what tempest of de-
nunciation received from those whl
thought proper 10 overlook those consider.
atoms. The opinions then advanced
would, II is quite certain, be received with
m0rc.fivor now; and have only add.
that they have undergone no other change,
than TIA, of additional conviction arising
from additional experience OF their truth.
The tremendous power Of a bank for
evil, when impelled by avarice and ambi.
ton, selfprescrvation or vengence, has
been seen. It is maxim in every Gov
eminent constituted on free principles, TO
withhold al power from rulers which is
not indispensable to tho preservation and
defence Of the rights ofperson 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 more liable to abuse
han to beneficial exercise, but that with
the purest intentions it can do far less,
good, than it can perpetrate mischief when
perverted to evil. The people of the
United States have repudiated despotic or
discretionary power, in all their political
institutions, because Of its propensity to
abuse. Yet they have been, and mark
my words, will re again and again, called
upon to create despotic irresponsible
moneyed power, stronger tain their Gov
eminent, because it is expected to do
what that Government cannot ofitself per
form hope and trust that 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 advocates alnrm
this can, must if subservient to the Gov
ernmenr, give ii a vast accession of pow
er, dangerous 10 the rights Of The States
and which, iffrom any cause it should be
come hostile, can either subject that Gov
eminent to its will, or like The detuact in.
stituiion of which have spoken, involve
the country 10 confusion and difficulty, its
Government IN perpetual struggles, ant
its people in and interminable series o.
panic and dIsmay. Nothing bat an ever
waichful vigilance, on the part of the peo'
pie, will prevent a recurrence of these
evils. The enemy is not dead, nor doth
he sleep. The schism in the ranks o! tht
opponents of The Democracy, turn Amos
exclusi. ely on the question of Nationa
Bank, and The complete triumph of Feder
alism will be the precursor OF such an IN
sltution.
In expressing my opposition to all III
s-hemes which have been submitted Il
Congress at It's last session, for manaeinl
The fiscal concerns Of the country, involv
!. Al -. n H. - ,,o;on of p,nly m