Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-02-06

P'OPOal''OH was S6N6Ghl times ndu6 III lDt
n convention which agteed upon the Con.
D stitution, 10 confer the pow for certain
. specified purposes, and as of ten rejected
. by decisive votes, for various reasons, anC
for This especially, that the power TO in
: corporate for any purpose would be con-
slTued by some, to convey the general
! power ofincOrporation for every purpose
and would be made use of to charter a
Bank. They had in their day, experience
and learned 10 appreciate the evils Of pat
per money, and therefors desired and
designed that the government they were
framing should escape them, by being
deprived of the power Of creating or rec
Ognizing, as money, any thing but gold aud
silver.
a. Because the whole power Of the
government over the currency. conferred
; by the Constitution is,"to coin money
and TO regulate the value thereof, and Of
foreign cOins;'' whereas By the incorpora.
tion Of national bank 1T assumes and ex.
ercises the power Of regulating and con.
trolling the paper currency Of the states as
we'll as of creating and issuing one of lis
own. If the states have the right by the
incorporation oflocal or state banks, to
authorize the issue Of paper circulation
it is preserved" and sovereign, power,
and the exercise of a control over it by
any means, by the government Of the
! United States, is an assumption OF power
not authorized by the Constitution. vio-
| Ia linn OF tho Rinhfn nf The EaNo and q
breach Of the federal compact. If the
states have the right to charter banks Of
issue, those banks are state institutions,
responsible only TO the state under whose
authority they exist, and the general gov
ernment can exercise no CONTROL over
them, either directly by specific legisla-
liOn, or indirectly through the agency of
a national bank. Buff the government
Of the United States can make or recog-
nize any thing as money, except "coin,'
il is then under constitutional obliga-
ton TO CIRCULATE" it, 10 assume the whole
control Of it, and at once TO divest the
states of all power over it. This pre-
sents dilemma, the only escape from
which is the recognition OF the true prin.
ciples Ofthe Constitution, that the gener-
al government cannot make, in any way
direct or Indirect, or recognize, by receiv
ing it as such, any thing as money, but
"coin." This relieves,u of all difficulty
and precludes the federal government
from receiving or using as money, any
paper of banks and fortiori, from Crea-
ting any such paper 'self. 1t cannot
therefore charter a bank with the power
Of issuing a paper circulation
s. Because the government of the |
United States has no right to confer the |
special privilege upon few individuals,
of using the public moneys for their pri.
vate purposes. The money received in
the national treasury is collected from
the people, for the common benefit, the
support Of their government, and cannot
Justly or cunstitutionally be appropriated
to any other purposes. Yet the revenues
Of tn United States, are deposited in
bank of the United States, not as species |
of bailmenI, or special deposite, simply |
to be kept safely and returned as depos-
tied when called Cor, but 10 be returned |
only in like amount, and TO be used in |
the mean while, for the spacial benefit of
favorites, and private stockholders in the |
bank The Constitution of the U. s. pro |
vides, that"no money shall be drawn from |
he treasury, but in consequence of appIo-
ration made by law" A natOual bank
is to all inten,s and purposes in fact, the |
treasury Of the United States, and the
withdrawal Of the moneys of the govern.
ment thereTrOm, in the ferns of private |
loans, discounts an exchanges, is with |
drawal oC''money from the easury," not
''ln consequence of appropriations made |
by law" and is a violation Of the Con-
stitntiOn.
6. Because an institution Of this kind |
is contrary TO the spirit and design Of our
whole system of government-con(erring
exclusive and grea privileges upon the
few, concentrating the influence of wealth |
in one irresponsible corporate monopoly, |
transferring the management Of the
revenues of the government, TO hands nor
amenable, to the people, and thus virtually |
conveying away, the control of the gov
erAment itself through its finances, from
those to whose charge it was committed |
BY the Constitution, 10 others not known |
to the Constitution nor responsible TO the
people. In fact, creating a government
within a government, we'll calculated g. |
interested to obtain command over and
thus TO supegcede the government Of the |
Constitution established by the states and
the people
y. Because national bank is dan.
gerous to the liberties Of the people and
to the existence of free government.
In proof Of this position, il is unneces-
aaly to recount the history Of the last ten
years; to instance the great and fearful
contest. between the legitimate constitu.
tional authorities Of the nation, and the
I