The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-06-24

favored few" who should move llis giganttc machn-
cry, would hold within their hand the direction o
the moneyed aud CONNIE rcial affairs of the milton
and their Iower would be felt in the remotest re-
Of the country aud IN the humblest occupation
They could expand and contra al pleasure the IA
elites OF business producing unnatural prosperity
or opression-eDabing the iniatiated few 10 thrive
by specuiations leaving the TO suffer by the
irregularities. They could yibrate the value of pub
lie securities and stocks, by imitation or contraction,
enriching themselves and their layorites at the ex
pense OF those who would neither undo rstand
the source Of the fluctuations They could encourage
or embarrass the foreign trade OF the country, by
charging or diminishing the facilities OF exchange
aud OF domestic supply, promoting excessive
importations of merchandise fiom abroad to the
injury Of home industry, by ioaning the revenues OF
the credit OF the Government 10 the Importer, and
comforting upon him privileges wit held from the
manufacturer. They could hold in subsection the
moneyed corporations, and paraiyze the legislation OF
the sovereign States Of the Union regard to their
currency. They could WELD an engine Of political
influence over tue press, and public opinion, Of
irresistible potency, riding down and riding over
Through the powers necessary 10 lis own exlstence)
that equality and freedom upon which the constitu
ton io founded and which is indispensable to the
loyment OF the rights and liberties of the citizen and
the unrestrained pursuit Of happiness
That such an institution might be capable of good
there no doubt but lis liability TO aSuse gla
ring, and the effects OF It's abuse too terrible 10 admit
of compromise It's advocates allege that il is des-
rable an agency for collecting and disbursing the
public funds, and regulating the exchanges Of the
country but all experience demonstrates that the
ordii AIRY and constu ional means Of collection and
disbursement are adequate 10 all the wants of the Gov
ernmeDt ior convenience or utility; while the domes
TIC exchanges have never been cheaper or sounder
than when no such institution existed 10 nonopolize
and control them. To secure sound currency and
sound exchange based moneyed Institutions the in
slant converlibty Of their promises to pay into oOh
on demand, is ndIspensably necessary, and must be
invIolably maintained. central monster power is
not required to accomplish that result While il
might control its satellites, what would regulate
itself but the uncertain will of few irresponsible in
divfuals and when diverted driven from its legit
mate orbit, what overwhelming and incalculable ruin
would t not throw upon the Government and the
people, In peace, privileged few could make
their will the commercial and fnan .al law of the
land and III war, II might prescribe the measure oil
Governm, mt, by controlling its revenues, and at all
Zines stamp the impress of their influence upon the
legislation Of the country
10 verify these position, we need only advert 10
The history the late Bank Of the United States In
early period OF It's it rushed to the verge
Of bankruptcy by its Encouragement the
commercial prosperity Of the nation. Subsequently,
to secure its rencorporaon by Congress, II associa
ted its fate 18th the success OF great political par
iy, and waged war upon the administration of the
Government. Ii subsidized the purchasable conduc-
tors of the periodical press and by loans and accom-
modatons, sought to insinuac It's infuepce into the
legislation Of the States and OF Congress. 1t umed
TO control the popular eections-dIhusing It's app-
ances among the peoi le themselves, extending mil
lions millions lis discounts and accommodations !;
and when failing in its profgate efforts, 1t merc-
essy turned It's terrific of oppresson-crush-
ing vast mutltudes OF the industrious and business
portions of the professionalism accommodations
within the narrowest Misunderstanding payment where
It had allured an expansion of credit-compelling
the banks OF the States to follow lis own example IN
o
ing distress, ruin and panic throughout the whole eX
tent OF our country and all for the diaboi;al pnr
pose of subjeoing the Government and the people to
lis imperous demands The enum,raton Of The
multiplied evils which 1t inflicted upon the coun-
try would transcend the limits of this report -
But the most disastrous Of al the foundation
which II LAID, and the impulse which II gave, by It's
own vast and sudden expansions to that deplorable
imitation of the ncy, which spread extravaganza
speculation, and ultimate ruin, the land. The
institution at length plunged into in ovency. Thou
sands of innocent NEUTRALITY-SUSPICIOUS. of confidence
bestowed upon great names, citizens, foreigners,
widows or hans, were at once overwhelmed in its
disasters, and our country stood dlshonored before
the world In the finale, we have seen men who
once anded the resEect Of the nation, who had
welded IN the moneyed affairs of the times almost
omnpotent power, and whose chief (he who stood at
their head) had predict before the orld Speaking
of the pa riot and his supporters who maDt ed the
sovereignty of the people IN the war of the bank
from JUSTICE we have seen themselves occupy the
cuprit's place before the judgment seat of justice
But, in the opinion of this committee, the people
have repeatedly placed the seal of condemnation up
on the establishment Of bank OF the United States
and although II has been, and still is, the favoe OBJ
iect OF the leaders and stu gushed statesmen Of
great political party m our country, no reversal Of
that condemnation can be honestly obtained.
in 1882 the question Of the constitution ality Of
bank of the United States was distinctly submitted TO
10, ole th.ir
son. Gen. Jackson had exercised the veto power 10
arrest the triumph VIII ch the bank had achieved over
Congress. I he great issue made up bero
the country, and solemnly decided by the III
innate and sovereign til unal, against the
bank. In 1884, the struggle was again re-
newed, and ended IN the disastrous de-
feat, by the election OF decisive ma jorty of the
representatives. OF the people opposed the institution.
In $50, another and final effort made to re.
gam the position from which IT had been driven and
AGAIN was the popular decision re-aliirmed by the
trump plant election Of Martin Van Buren, over all
divisions and all opponents In all these periods
from the commencement Of the war by the Bank up
on the Government, powerful political party was
allied TO the institution and the desnios Of both were
ndissolubly united. In the great conflicts of those
years, citizen of the Union more distinguished
as the adversary OF the Bank than James X Polk Of
Tennessee, and none more its champion than
Henry Clay, OF Kentucky. AT the Presidential
election ~ lS4O It became part Of the policy pur-
sued by the adyo, sies Of the institution 10 satisfy the
public mind that the question Of Bank was not d. en-
IN issue before ue people. General Harrison, the
frcs DENTAL candidate OF that party persuaded
TO make solemn avowsl Of his opinions. he an
nJuaetd that there IS in Ge Constitution no erpre,,
grant Of p9eU 10 charter National Bank; and J,ai
could neper be eoHaiuonai 10 freIcise that poo r. sare
IN The ereni ha The pops granted TO Congress could mol
be Carried into fret uio rssorting 10 such an siii.
ton THIS deliberate onnunoiafion and The conceded
hostility If .ur. Tyler (noo President Of fhe United
Soies then canddai, for N yee Presidency 10 Bank
Of The Uated States, ueH The reiie aed deciar.
afions n the most eminent adhtrenh If those eenll,nsn
~ oierent and distant pus Of the country and Of in
gusnhai presses ~ Their support and Of committees and
conventions n their paftsas that The question of bank
pas mel in issue and formed pari Of Their poiicp
induced TO gr at extent, an impression upon the