The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-08-07

When gentlemen attempt to carry this mea-
sure upon the ground of acquiescence of pre-
cedent do they forget that we are not in West
minister Hall? In courts of justice, the utility
of uniform decision exacts of the Judge con-
lormity 10 the adjudication of his predecessor
In the Interpretation and administration of the
law, this practice is wise and proper and, with
out it, every thing dependant upon the caprice of
the Judge, we should have security for our dear
est rights 1t is far otherwise, when applied to
the source of legislation. Here no rule exists
but the Constitution, and TO legislate upon the
ground merely that our predecessors thought
themselves authorized, under similar circumstan-
ces TO legslate, is TO sanctfy error and perpetu-
ate usurpation. But if we are to be subjected
10 the trammels of precedent, | claim, on the
other hapd, the benefit of the restrictions under
which the intelligent Judge cautiously receives
them. 1t is an established rule, that 10 give a
Iprevious adjudication any effect, the mind of the
Judge who pronounced it must have been ava
kened to the subject, and it must have been a
deliberate opinion formed after full argument In
technical language it must have been a SUbStien-
TO- Now, the acts Of 1901 and 1907, relied
upon as pledge for the rechartefing this compa-
ny, passed not only without any discussions what
ever of the constitutional power of Congress TO
establish Bank; but, venture to say, without
a single member having had his attention drawn
to this question. Ihad the honor of seat in
the Senate, when the latter law passed, probably
voted for it, and declare, with the utmost SINGER
! ity, that | never once thought of that point and
| appeal confidently to every honorable member,
who was then present, to say if that was not his
situation.
| oFr i 1,o1 H.
Legislature appears 10 be fraught with the most
mischievous consequences. The great advan-
tage Of our system of Government over all others
is, that we have a 1priHcn Constitution defining
its limits and prescribing It's authony--and that,
however, for time, faction may convulse the
nation, and passion and party prejudice sway its
lfunctionaries, the season ofre-elecon will recur
when, calmly retracing their deeds all alterations
from fundamental principles will be corrected
But once substitute practice for principle-the
exposition Of the Constitution for the text of the
Constitution and in vain shall we look for the III
strument in the instrument itself. 1t will be DIFF
fused and intangible as the pretended Constitu-
lion Of England, and must be sought for in the
statue books, in the fugitive journals of Congress,
and in the reports of the Secretary of the Treas
urv What would be our condition five were to
take the interpretations given to that sacred
book, which is to be the criterion of our faith for
the book itself? We should find the Holy Bible
buried beneath the interpretations, CLOSES and
f comments of councils, synods and learned Di-
! vines, which have produced swarms Of intolerant
and furious sects paraking less of the mildness
of their origin, than of vndctive spirit of hostii-
) ty towards each other They ought to affordus
solemn warning, to make that Constitution which
we have sworn to support, our invarable guide.
| conceive then, sir, that we are not empower
led by the Constitution, nor bound by any practice
) underit, to renew the charter of the bank, and
f might here rest the argument But as there are
strong objections the renewal, on the score of ex-
pedioncv, and as the disresses which will attend
the dissolution of the Bank have been greatly cx-
aggeratcd, | will ask for your Indulgence for a
few moments longer. That some temporary in
convenience will arise shall not deny, but most
IgroundIessly have recent failures in New York
been attributed to the discontinuance of thi S
Bank. As we'll might you ascribe to that cause
the failures of Amsterdam and Hamburg, of Lon
don and Livcrpool-The embarassments ofcon-
, Imerce--the sequestrations in France--the Dan
sh captures-in fine the belligerent edicts, are
the obvious sources of these failures. Their
! immediate cause is the return of bills upon Lon
) don drawn upon the faith of unproftable ship
ments. Yes, sir, the protest of the notaries of
, London, not those ofNew York, have occasion
} ed these bankruptcies.
} The power of a nation is said TO consist in tie
sword and the purse. Perhaps at last all power
is resolvabe into that Of the purse; for, with it,
you may command almost every thing else. The
specie circulation of the United States is esima-
tied by some calculations at ten millions of dol,
: lars if it be no more, one moiety is in vault Of
t this Bank May not the time arrive when a con.
} centration of such vast portion Of the circula
: ting medium Of the country, in the hands of any
corporation, will be dangerous to our libertes?--
!, By whom is this immense power welded? BY q
e body who in derogation Of the great principle O
t all our institutions, responsibility TO the people
r is amenabe only TO few stockholders, and they
= chiefly foreigners. Suppose an attempt to sub
Y vert this Government. Would not the traito
: first aim by force of corruption, to acquire tho
S treasure of this Company? Look at it in anothe
aspect Seven-enths of its capital are in the
+ hands Of foreigners, and these foreigners chiefly
e English subjects. We are possibly on the eve
n of rupture with that nation. Should such al
+ event occur do you apprehend that the Englisl
y Premier would hesitate in obtaining the entirt
= control of this institution! Republics above al
c other Governments, ought most seriously II
guard against foreign influence. All histor
}, proves, that the internal dissensions, excitet
+ by foreign intrigue have produced the downfall O
It almost every free government that has hithert
: existed; and yet gentlemen contend that we arr
d benefited by the possession of foreign capital
l. If we could have its use, without its attending
+ abuse, should be grati6ed also. But it is il
Il vain to expect the one without the Other
0 Wealth is power, and, under whatever form
+ exists its proprietor, whether he lives this
4 the other side of the Atlantic, will have pro
n portionate influence. 1t is argued, that the pos