Holly Springs gazette., 1844-04-13

on the war winch resulted IN cur National
ln3cpend ence-Tnis Is expressed in ins
preamble % The oTdIn8nce which cortains
rae f1l!owing among other recItals
"Wbereas Congress oE the Goth day ol
May Lass, did from a conviction of the sup
port which the finances ofthe United States
would receive hcu tie establishment OF a
National Bsok, approve plan for such an
institution, submitted TO their consideration
by Ro5e.t Morris, Esq &c, &c. And
vheieas the cxiEeacies of the United States
render it inIispe peasstiy necessary that such
sn act ba immediately passed. BE Hthere-
fore. ordained, &c.
How ilJ this lustHgtion answered the
purposes for which j. was created IS well
known To every one ataii familiar with the
history Of our countrV-Mr S edgWIrk I'm
s9e ch. which he made IN the II. r. Of
u 5, on the 4th Feb. I78l) saii-"At a
time when our public resources were all
most ami nili.atej, our credit PROSTATE, our
government imbecIia and is patronage IN
considerable, a Bank Of small capital was
among the most operative causes, which
produced The first dawn that ultimately ter
minated iu meridian splendor, by the es'ab-
lisbmoni or Peace, independence and Free
dom"
Bv consulting Sparks lie Of Governo-
Morris. (y5I lsf, 235) the reader viii
liDd the following remarks IN regatd % that
institution This Bank had an extfaoF-
Inary effect To rasioratlHg public and pri-
yate credit ia the c0Usiry. and vas ot i'm
meass u1tiitv 10 aidI8g the future opera
lions oftIe Fiaancier, although Z was be
quo wi.h lle small capital of S400000" "
Here than was the hfst National b INK.
Il was created tfom conviction that tho
exigeucies ofthe United States rendered l.
Iudispensab.v necessary" and Is was lucOr-
porated bv The old Continental Congress,
acting under the articles Of Confederation
The powers ofthat Congress were vasts"
less than those conferred on the Congress as
organized under the Cons-Itatl0u vet no
scruDies were expressed then rs to the au-
lhority of CONGRESS TO pass the ordinance
90 was recognized, at that early day when
our financial system was com 3aTatively
simple. as 'indispensa0ly necessary" our
statesmen lben had something else % DO
lhdu amusc thsms Ives with refined dis
tuclions. which were 20 be used rs he
mems Of party intriQues and maueuvres-
They were practical men, and looked to
pracucal results The des,nies ofthe co0n-
try were impelled by lively sense Of pa
trIotism, to adopt such measures IS were
necessary to sustain the aTuIes in the field,
and give statii;y 10 the public credit. The
Baak was jhemeasare TesoTted 10, and it
answered all its ends.
May we not here pause to express our
surprise that IL should be doubted whether
the present Government ofthe United States,
which 1t must be Acknowledged on all
hands. possesses much more extensive pow
ers than the Continental Congress. has au-
thori,y 10 adopt a measure. which the Cen
eress p1ssed withOuta question beng raised
as 60 is compeiencv to enact.
In our next aCtlcle on this topic, we shat,
examine The history OF the Bank OF 1891,
and make such progress in our review Of
the subject as our time will allow
THE BANK QUESTIONING .
The present Government Of the United
States, dates its existence from the 4th Of
March, 1889. On that dav the Federal al
lance ceased, and the Constitutional Uaion
con meuced l. would be foreign to our
present purpose to. 60 into a review of the
history of the Country during the period
which inteyvened between the close Of the
War and toe adoption of the Constitution
We would recommend 10 our readers how
eve-, the attentive perusl OF that portion 81
oar national annals. It is period full oi
Interest, and well calculated 10 impress deep
~ upon the mind OF every patriot, the nee
essity of strong bond Of union between the
States which compose our glorious confede
racy Taey will see how utterly iucom
potent the Government as organized uGder
The articles Of confederation, was, for the
iulfiment of lis obligations. Ii had incur
red heavy debts in the prosecution of the
War. bat il had no means OF making pay
nents. and its requisilion on the States were
disreearded and despised. The National
credit was prostrated-the soldiers bad ex-
aandrd their fortunes, and periled their lives
for their Country, Knocked in vain al the
doors of an exhausted Treasury-a and the
purchase money Of our National lndepen
ience went unpaid
One olthe principle causes which contrib
oted TO the adoption Of sqhe more perfect
anion' which was provided for blythe Con
sitution. was the necessity of making some
provision tor the preservation of the pubic
credit and the payment ofthe public debt
bv placing the revenue power in the hands
Of the General Government
After the organization OF the new Gov
ernment, one or the first subjects which en-
raced The attention OF CONGRESS ives the ifn-