The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1844-06-27

form Of our constitution The nation is al this time 80
strong and united in its sentiments that cannot be Ia
taken at this moment. But suppose series Of unto
ward events should OCCUR sufficient 10 bring into doubt
the competency of republican government 10 meet
crisis oil great danger or 10 unEinge the confidence OF
the people in public funClonaries an institution like
this penetrating by its branches every part Of the Union
acting by command, and in phaanx many in a crit
cal moment, upset the government deem no govern
men safe which is under the Vassallage Of of any self
constituted authorities any other authority than tha'
Of the nation or its regular functionares. What OBJ
structon could not this bank with all its branch banks
be in time of war2 # might dictate to US the peace we
should accept or withdraw its aid Ought We, hen 10
give further growth 10 an institution powerful SO hos
tile? That il Is so hostile we know-frst from know
ledge of the principles OF the persons composing The
body Of directors in every bank principal or branch,
and those Of most ohe stockholders second from their
opposition to the measures and principles OF the govern
ment, and to the election OF those friendly 10 them and
3d. from the sentiments of the newspapers they support
Now while we are sroDg it is the greatest duty we owe
TO the safety of our constitution to bring this powerful
enemy 10 perfect subor1ination under its authorities:
the first measure would be TO reduce them 10 an equal
footing only with other banks as to the avos of the
combination Of the banks against US in critical emer-
gency, could we not make beginning towards an in
dependent use of our own money; towards holding our
own bank n all the deposites where it is received and
letting the treasurer give his draft or note for payment
at any particular place. which, in well conducted
government ought to have as much credit as any pr-
vae draft or bank note, or bl and would give US the
same facilities which we derive from the banks2 pray
you to turn this subject in your mind, and give it the
benefit ofyour knowledge of Details whereas have on
y very general views on the subject.
"Affectiouate salutations.
"Washingon, December 49, 1903"
In this communication Mr.. Jefferson speaks in the
language of prophecy. He anticipated the difficulties
which we have witnessed and are now Witnessing, not
only in relation to banks, but ofcorporaons in general
And his objections did not more exist upon the grounds
OF policy, than upon the unconstutionay OF all in
corporations, but more especially that Of National
Bank. have not tmeto refer to his arguments agains,
national bank nor is it necessary l will, however,
ask the clerk to read one more passage which is found
in his Ana Jeferson's Works, vol 4, pages 523-7
The Clerk read
regret that the length of this expose will preven
me frOm making it a part OF my printed remarks. !
hope will be sufficient TO say that it is his cabinet opn
ion against the constitutionality OF National Bank
His arguments are Conclusive and irresistible. wish
every man ia this Union Gould be furnished with COPY
of this opinion he would cease TO be Bank man, OF
acilfuAy violate the Constitution.
Mr. Jefferson was opposed to national bank paper
currency, stockjobbing interests; and Assumption Of
the State debts. He looked upon Them all as corruptlns
in private and political sense.
hold in my hand The "Lie Of Jefferson" VOL i
page 1888, in a conversation with General Washing
ton, he says among other things:
"That the two great complaints were, that the ma
tional debt was unnecessarily increased, and that it fur
nished the means of corGpthg both branches of The le
gslaure, as it notorious to all that there was
considerable squadron in both branches whose votes
were devoted to the paper and stockobbing interests
that on examining their votes they would be found ir
favor Of every treasury measure and as most of those
measures had been carried by small majores, they had
been carried by those very votes that therefore, it wa.
just cause OF uneasness when we thus saw members
egsatng for their own interests in opposition to those
of the people,"
On pase 1884, speaking of the effect of the rise OF hank
and other stocks produced by the operations of the Uni
ted States Bank and its paper issues he says:
"This sudden inaux OF good fortune was ATTENDED
with It's Usual abuse disposition to exchange the reg
ular pursuits OF industry for adventurous traffic anc
whatever business held out the temptations of lottery
Mr.. Jefferson tells Mr.. Gouverneur Morris ,same
page,)
"Our republic credit is good, but the abundance o.
paper has produced spirit Of gambling in the fund.
which has laid up ships the wharves as too slow
instruments profit and has even dsarmed the hand
the tailor of his needle and thimble Theysay lbeevi
will cure itself wish it may but have rarely seer
gamester cured by the disasters of his vocation
"The effect of the specuations in the funds, on the
habits and character os the people, Especially in the ci
ties and towns, was greater than can well be maginoc
by one who was not an eye witness"
One more extract by way OF illustrating the fedora
party in 1876, 1 and 8, which think will supersett
any description of them at this time, except BY compar
son. II names are the representatives of things, ,h
terms "whg" and Jefferson democrat are out of Join,
and out OF time and place, when applied to the part,
opposed 10 the democracy This is letter which fnc
in the volume of Mr. Jeiersons life, page 5l3 addres
sed to Mr. Mazee
"The aspect of our politics has wonderfully changet
since you let us, April a. 1896 In place Of that low
of liberty and republican government which carried u
triumphantly through the war an anglican monarch
ca[aristocratica party has sprung up whose avuwet
object it is to draw over Us the substance as they hav