New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-11-11
4

mercantile phrase there better feeling among the Peo-
pie. There has been decided in prices Msney be-
coming plenty and there thousand Banks wAIch are
ready TO lend their money good customers under the opn
ion On which do concul that all good paper may De
safely discounted The tendency this: large prices by
creating demand for money induce large from banks
large tend raise prices Thus prosperity bsgets sf
and revulslonand this Will DC
the history Of business affairs surely uness some
check some control be exercised the whole matter
Now, gentlemen do say, never have sad that
Bank of the United States indispensable agent lo Inc
good administration of the Government or The prosPe!
the people. only say that 1t Is ha duty o inc
Government to take OF the Currency and favor Of
Bank SAID that had been repeatedly tried and uniformly
with success.
One other remark will make upon this subject. Seven
or eigh, yeaIs since declared my place the Senate
that having very much desired the Of the char
Ter TO the bank from sincere conviction that both banks
which had been organised By authority Congress had been
productive Of good, made up my mind IN Gen
time that could possibly establish another banK t
there should be decisive call by the people for such an IN
stitution Iremoin Of that optn on And have SAID on
another and more occasion that 1t appeared TO me that
Bank the United States founded upon private subscrp
lions and invested with the power OF discount out OF
the question think so still because the
Of the couatr have changed since the expiration OF the char
ter State institutions have greatly Increased and many OF
the States derive considerable portion Of their revenue
from upon the capital Of the banks within their limits
Nevertheless quite willing 10 agree that bank on the
old modal perfectly constitutional and the time should
ever come when BIZ the wisdom Of Congress ard the general
should seem proper TO be adopted it rold hare my hearty
concurrence But still think that institution of that
should be institution rather for controlling Issues
and for taking of the of other banks than for dis
counting paper and thus furnishing capital for private busi-
Gentlemen, another of the particular topics to which my
attention has been drawn by the Committee that relating
to the protection which the General Government 10
Agriculture Commerce and Manufactures; and this leads
to the subject of Tariff for favong aud encouraging
oyYr Industry will endeayor 10 my opinion upon
O
men believe that there OF uHrosm upon the sub
jec Extravaganza Of opinion characteristic Of this age
political subjects only but on all subjects men either
off the Gauges 10 the extreme West In regard 10
this subject there who carry doctrines Tariff
to the length Of prohibition certain extent of foreign
commodities; and others, again. maintain stoutly that it s
perfectly unconstitutional for Congress to look any other
object the world than the of money which may
be received have the least regard to avorng and
couraging the Capital of Country Ny opinion is
that the power Of encouraging the products of
Country by inst discrimination does belong Congress 1t
Is necessary that the authority of The National Government
should include the power lay duties with this direct OBJ
Jet, and it ought TO be kept steadily in view VIZ; ,.
That's nv opinion and should be willing Ill calm
and candid way discuss the subject with any gentleman
Of candor and intelligence in the commonwealth.
lie; consider few general truths First Congress has
the power lay duties upon lmportanons No State has
that power all The time when the States had that
powerwhen Massachusetts, could lay tax importa-
sen, Constitution and she exercised and did impose
not only the but for the protection Of her manu-
features Several ofthe States of the Union possessed and
at various times exercised this power But Nassachu-
sets and all the other States have lost altogether this power
laying duties except for quarantine strictly local
purposes The power they possessed has been trans
erred other hands, and may still be exercised in the
way for the encouragement and protection Of domestic
industry. And Mr. Madson's conclusive argument-con-
elusive be, think every candid mau that
the possessed and exercised this power before the
adoption of the Constitution, they parted with it and
transferred to Congress, they had right to expect that
Congress would exercise it for their benefit
Vow the power Of Congress is to regulate commerce, to
regulate trade and what is the OF that power! may
say genemen that nobody has disputed its existence All
English history and all American history down 10 the time
of the Revolutions show that the power to regulate trade
understood necessarily comprising the power Of do
ing favor home productions The phrase has
be well understood any other the English language
which taken From the time Of the Tudors and
s,uar down. the protection OF home products sought
be established by regulations Of trade and the contfover
that preceded the Revolution the leading of those
days OTs and ADAMS and other great patriots Of their day
while they dered the right of England to lay duties upon
American mpora:ons, to fill her Treasury at home and
support her government fully recognized her right 10
regulate trade and thus protect manuac Here the
Reporter obliged to start express for the Remain