The Woodstock age. [volume] (Woodstock, Vt.) 1844-1845, 1844-09-12


the stability ofour Union is in the as
sumption of undelegated powers. The
constitution was the work of the father
of the Revolution. They had not onl
the experience of an eventful war, bu
of years of peace under the government
ofthe confederation, They felt all the
evils, social, civil, commercial, and po-
ltical, ofthe then existing system. They
ardently anticipated the blessings, ano
saw clearly the dangers to be avoided, b,
reorganization, and with all the ligh
which uneXampIed wisdom shed around
them, in their careful progress of recon,
struction, they refused to incorporate
the power in question,
IT, however, this constitutional objection
did moi exist, others ola practical charac-
ter, equally controlling, would be found
in the dangerous nature of the institution
itself. To accomplish the purposes Of
its creation, it must have a capital of e.
normous magnitude. That of the last
was thirty-miIlions of dollars; none less
would scarcely be proposed, 1t must
have not only the privilege of manufac-
turing and lending as money its own pa
per, at pleasure, to an amount equal or
larger than its capital, but it must also
have the further privilege Of collecting,
receiving, and using the revenues of the
country, (oltcn yearly as many millions
m re, to be loaned out for the benefit OF
its proprietors, making the erich richer,
and the potent more powerful" 1t must
be under the control ola few individuals,
and, though ostensibly made subservient
to the public convenience, it would natu-
rally be managed to their supposed ad-
vantage. Its centre must be IN the com
mercial emporium OF the Union, and lis
ramifcalions extend over the most dis
tant portions, reaching every point and
embracing every interest within the
oll-poweriul grasp Gifts "Briarian arms, :"
What disastrous evils might not power
so vast and irresponsible inliict' "lhe
favored few" who should move this 81 gan
tic machinery, would hold in their hands
the direction of the moneyed and com
mcrcial affairs of the nation, and their
power would be felt IN the remotest re-
cess, of the country, aud in the hum
blest occupation, They could expand
and contract at pleasure the facilities of
business, producing unnatural prosperity
or depression enahing the Initiated few
to thrive by spcculations-eavng the
masses to suffer by irregularities. They
could vibrate the value of public secur-
ties and stocks, by initiation or contrac-
ton, curichng themselves and their favor.
ties at the expense of those who would
neither see nor understand the source of
The fluctuations. They could encourage
or embarrass the foreign trade of the
country, by charging or diminishing the
facilities Of exchange and Of domestic
supply, promoting excessive importations
of merchandise from abroad, to the inlu-
ry Of home Industry, by loaning the rev.
enucs or the credit of the government to
the importer, and comforting upon him
privileges withheld from the manuactu-
rcr, They could hold in subsection the
moneyed corporations, and Paralyzc the
legislation Of the sovereign States fthe
Union, in regard to their currency. They
could WELD an engine of political inhu-
cncc over the press, and over public o.
pininn, Of Irresistible potency, riding over
Through the powers necessary to its own
eyisienccl that equality upon which the
constitution is founded, and which is in
to the enjo,mcn of the rights
and liberties of the citizen, ard the unre-
strrined pursuit of happiness.
That such IN institution might be ca
pable of good, there is no donbt but its
liability to abuse is too glarlng, and the
effects of its abuse too terrible, to admit
of compromise. Its advocates allege that
it is desirable as an agency for collecting
and dishursing the public funds, and reg
ulating the exchanges Of the country;
but experience demonstrates that the or
binary and constitutional means nl collec-
ton and disbursement are adequate to all
the wants Of the government, Tor conve-
nience or utility; while the domestic en-
changes have never been cheaper or
.ounder than when no such institution en-
isted to monopolize and control them.-
To secure sound currency and
sound exchange based on moneyed
the instant convertlbiiry
of their promises t. pay into coin on
demand, is indispens bly necessary,
aud must be in,ioIabIy maintained. A
monster power is not required To
accomplish that result While it might
chnrol its own satellites. wha, would reg
nlaie itself but the uncertain will of few
individuals! and diverted or
driven from its legitimate orbit, wha, over
and incaculable rum would it
not throw upon the government aud the
people! ln peace, n privileged few could
make their will the commercial and finan-
cial law of the land; and in war, nigh,
prescribe the measures Of government, by
its revenues, and Of all times stamp
The impress Of their influence up,n the legislation
Of the country.
10 verify these posiions.we need no, only advert
10 The history Of the late Bank of The U tied
States. In early period of its career. i: rushed
10 the verge Of bankruptcy disordsring BY its
the commercial prosperity Of the
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