Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-20

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power of Congress, by chartering compa-
, MES, to dry up all the sources Of State re-
venue. Georgia has undertaken, it is true
10 levy tax on the branch within her lu-
risdiction--but this law, now under a
course obligation, is considered as inva-
lid. The United States own great deal
Of land in the State of Ohio. Can this
Government, fo1 the purpose of creating
an ability to purchase it, charter a Compa-
ny? Aliens are forbidden, | believe in
that State to hold real estate. Could you,
in order TO multiply purchasers, confer up
on them the capacity TO hold land, in dero-
CATION ofthe local law! imagine this
will hardly be insisted upon, and yet there
exists more obvious connection between
The undoubted power which is possessed by
this Government to sell its lands, and the
means of executing that power, by lncrea.
sing the demand in the market, then there
is between this Bank and the collection Of
tax. This Government has the power to
levy taXes--to raise armies--provde a
Navy-make war-regulate commerce.
coin money, &c, &C., 1t would not be
difficult to show as intimate connection
between corporation established for any
purpose whatever, and some one or other
Of those great powers, as there is between
the revenue and the Bank of the United
States.
Let us enquire into the actunl partici-
patton of this Bank in the collection Of the
revenue. Prior 10 the passage of the act
Of 1900, requiring The collectors of those
ports ofentry atwhich the principal Bank,
or any of its officer, are situated, to depos-
tie with them the custom house bonds, 1t
had not the smallest agency in the collec-
ton of the duties. During almost one
moiety of the period 20 which the existence
of this institution was limited, it was nowse
instrumental in the collection OF the rev.
enae to which it is now become indspen
sable! The collection, previous 10 1890,
was made entirely by the collectors and,
even at present. where there is one port
of entry, at which this Bank is employed,
there are eight or ten at which The colec-
lion is made, as it was before lSOO.-
And, Sir, what does this Bank, or it's bran.
chcs, where resort is had to IT? 1t does
not al Just with the merchant the amount
of duty, nor take his bond, nor, if the b nj
is not paid, orce the payment by distress
: or Otherwise. In FACT, il has no active
r agency whatever in tho COLLECTION. Its
operati is merely passive; that is, if the
obligor, after his bond is placed in the
Bank, discharges it, all is very WE'LL
Such is the nigh y aid afforded ly this tax
galherer, without which the Government
cannot get along! Again; it is not pre-
tended that the very limited assistance
, which this Institution does in truth rem
der, extends TO any other than a single
species OF tax--that is, duties. in the
collection OF the excise, the direct and
and internal taxes, no aiG was derived
from any Bank 1t is true, in the collec-
ton of those taxes, the former did not OBJ
tain the same indulgence which the mer-
chant receives in paying duties. But
what oblges Congress to give credit at
all! Could it not demand prompt pay
ment of the duties! And, in fact, does it
not SO demand in many instances?--
Whether credit is given or not, is matter
merely Of discretion. If it be facility to
mercantile operations, las presume il ISL
it ought to be granted But | deny the
right t. engratt upon it Bank, which
you would not otherwise have the power
10 erect. You cannot CREATE THE Ne
cEssITY OF Bank, and then plead that
necessity for its establishment. In the ad-
minisuation Of its finances, the Bank acts
simply as payer and receiver. The
Secretary of the Treasury has money in
New York, and wants it in Charleston; the
Bank will furnish him with a check, or
bill, 10 make the remittance, which any
merchant would do just as well.
will now proceed to show, by fact, &C.
lual experience, not theorctic reasoning,
but by the records themselves of the Trea-
sury, that the operation of that depart
ment may be as well conducted without
as with this bank The delusion has con-
sisted in the use of certain high sounding
phrases, dexterousIy used on the occasion
-"lhe collection Of the revenue"-"the
administration OF the finances" -"the con-
Quoting of the fiscal affairs of the Govern
ment,"--the usual language of the advo-
Gates of the bank, TO extort express assent,
or awe into acquiescence, without inquiry
t or examination into its necessity. About
the commencement of this year there ap-
, pears by the report ofthc Secretary OF the
f Treasury, of the 7lh of January, to have
been little upwards Of two millions add
! tour hundred thousand dollars in the Urea
sury Of the United Statas; and more than
one-thrd OF III whole sum was in the
vaults of local banks. In several instsn.
ces where opportunities existed of zelect.
! ing the bank, preference, has been given