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

lions; and, when failing in its prohigale efIoris,
mercllcssly turned lis terrific screws of oppression
brushing vast muudes of the industrious an,
business portions ofhe people contracting accom-
modallons within the narrowest limi s-exacln,
payment where it had allured an expansion o
cred'l-compelling the Banks of the States 10 fol
low ITS own example in the process of contraction
and oppression producing distress, ruin, nnc
panic throughout The whole extent of our country,
and all for the dmboical purpose of subiectins
the government and the people to its imprrou,
demands! The enumeration Of the multiplied
evils which it inflicted upon the country would
transcend the limits Of this report. But the mos,
disastrous oral was the foundation which it laid
and the impulse which it gave, by its own vast and
shdden expansions, 10 that deporable initiation of
the currency, which spread extravaganza, specu-
'a,ion, and ultimate ruin, over The land. The in
sltnllon II, length plunged into insolvency. Thou
sands of innocent Individuals victims of conf
dence bestowed upon great namcs-cirizens, for
eisners, widows orphans, were at once overwhem-
ed in lis disasters, md our country stood dshon-
ored before the world. In the finale, we have
seen men who once commarded the respect of
the nation, who bad welded in the moneyed af-
FAIRS OF the times an almost omnipolent power and
whose chief Che who stood at their head)had pre-
dirt"d before the world. speaking Of the patriot
and his supporters who maintained the sovereignty
of the people in the war Of The bank that 'lhe
Penilen'iary would yer claim its rugi,cs from
Justice" we have seen themselves occupy the cul-
prll's place hefnre the Judgement seat Of Justice!
But, IN the opinion Of The committee, the peo.
Pile have repeatedly placed The seal Of condenna-
lion upon The establishment Of II Bank of the Uni.
ted States: and although it has been, and still is.
the nvo'ie ohje2t of the leaders and Distinguished
statesmen Of great polilira party in our country.
no reversal Of that condemnation can be honestly
Obtained
In 1882, the question Of the ccnsiu,icnali,y
Ola Bank Of the l'nieh STATES. was distinctly sub
mi''fd TO people III The presidential election.
for their decision. General jackson had exercised
the veto power to arrest the triumph whch the
bank had achieved over Congress The great is
sue was made up before The country, and solmenlv
decided by The ultimate and severe On tribunal,
against The hank. In 1884 the struggle was a
gain renewed and ended in the Sale disastrous
defeat nv the election Of decisive majority of the
representatives of The people opposed to the ins,-
tuition. In 1886 another and final eflnrt was
made 10 regain the position from which il had been
driven; and again was The popular decision re-
affirmed, by The Triumphant election Of Marlin
Van l'nren over all divisions and all opponents
In all these periods, from The commencement, of
the war by the bank upon the government, pow
erlul political party was allied to The institution,
and the deslinies Of both were ird.solubly united
In the great conflicts of those years, no ciizen of
the Union was more distinguished as the ad, ersary
of the Bank, than james X Polk, of Tennessee.
and none more so us its champion, than Henry
Clay OF Kentucky. AT the Presidential election
in 1910, it became par, Of the policy pursued b,
the advocates Of the institution to satisfy the NIB.
lie mind that the question of bank was not then
in issue before the people. General HARRISON
the presidential candidate of the party, was per-
suadcd 10 make solemn ayowa Of his opinions.
lie announced that there is in the constitution no
express gran, of power to charter National Bank
and that II could never be constitutional TO ex-
erclse thai power, save in The event that The pow.
eis granted 10 Congress could not ne carried into
elect without rcsorlng 10 such an Institution
This deliberate annunclaton, and the conceded
hostility Ct Mr. Tyler (now President Of the Uni.
ted Sthtes,) then n candidate for the Vce-Presi.
dency, 10 Il bank the Unlied States as well as
the reiterated declarations Of the most ennen,
adherenls orlhoIe gentlemen IN different and dis
ian' parts Of the country, and Of influential presses
in their support and Of committees and conycn.
lions their pnrisans; that the question Of bank
was not in issue, and formed no part Of their pol
cy, induced to great extent an impression upon
the pull lie mind, ihd, in the event of the success
Of the political patty which finally iriunphcd II,
iha, election. no attempt would he made, and no
design existed, 10 establish Bank of the United
States Bul the first great movement Of the Con.
eress elected under thu triumph was signaIizrd
nv the passage Of acts for the incorporation Of
National liank. with powers the most alarm
ing and dangerous. The moral sense of ,b
whole country WIS shocked by ihi, reckless and
astonishing violation of pledges and confidence
Bat the nation was shielded by the indrp, ndenre
of the present Executive lie fearlrssly maintained
his honor and consistency, by a prompt and eff
eclual exercise Of The veto power. This act of
patriotism was followed by legislative deunciaion
and political prescription by the ascendant parry,
exhibiting melancholy but conclusive evidence that
1t part of the design Of he political move
meni which Produced hat revolution, 10 deceive
the people, But we may confidently assume
that they will never again, upon the great question
be ,niSed. The protraclinn, at the subsequent e.
lection, Of that purity whose brief career had been
thus signaIized by the Justification Of solemn as
sruances, demonstrated that the people themselves
were unchanged.
In conclusion the committee remark, that
they no occasion for the ndop, ion Of any pecu-
liar or extraordinary mode If further manifrsiing
the sense ofthe people upon this subject. Like
all other questions, it will he submitted BY discus
sions in the ccn,ass 10 their judgement No better
knowledge of their sentiments need he desired