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

leny tue Tlgnt 10 engratt upon II bank, Wflcn
you would not otherwise have the powerto erect.
Y0h cannot CREATE THE NECESSITY of Bank,
ana then plead that necessity for its establish
mdht. In the administration of its finances, the
Bank acts simply as payer and receiver. The
Secretary of the Treasury has money in New
York and wants it in Charleston; the Bank will
furnish him with check or bill, to make the re-
which any merchant would do just as
we'll
will now show, by fact, actual experience,
not rhetoric reasoning, but by the records them
selves of the Treasury, that the operation of that
department may be as well conducted without as
with this Bank--Thc delusion has consisted in
the use ofceltain high sounding phrases, dexter
ously used on that occasion-'sthe collection of
the revenue"--"the administration of the fnan-
ces"--"the conducting of the fiscal affairs Of the
Government. 1.-The usual language of the adyo-
Gates of Bank to eXtort express assent, or awe
into acquesence, without inquiry or examination
into necessity. About the commencement of
this year there appears by the report of the Sec
etary of the Treasury, of the 7th January, tohave
been a little upwards of two millions and four
hundred thousand dollars in the Treasury of the
United States; and more than one third of this
several instances where opportunities existed of
selecting the Bank, a preference has been given
TO the State Bank, at least portion of the de-
posts has been made with it, In New York, for
example, there was deposited in the Manhattan
Bank $1SS,670, although branch Bank is in
that city. In this district, $l15,0O0 were depos-
tied with the Bank of Columbia, although here
also is branch Bank, and yet the State Banks
are utterly unsafe to be trusted?-If the money
after the bonds are collected, is thus placed with
these Banks, presume there can be no difficulty
in placing the bonds themselves there, if they
must be deposited with some bank for collection,
which deny.
Again: one of the most important and compli-
Gated branches Of the Treasury Department, is
the management Of our landed system. The
sales have, in some years, amounted to upwards
of half million Of dollars, are generally made
upon credit, and yet no Bank whatever is made
use of TO facilitate the collection. After it is
made, the amount in some instances, has been
deposited with Banks, and according to the Sec
retary's Report, which have before adverted to,
the amount so deposited was in January, upwards
of three hundred thousand dollars, not one cent
of which was in the vaults of the bank of the
United States, or any Of IFS branches; but in the
Bank of Pennsylvania, its branch at Pihsburg, the
Marietta Bank, and the Kentucky Bank. Upon
this point of responsibility, cannot subscribe tc
the opinion of the Secretary Of the Treasury; if
lit is meant, that the ability 10 pay the amount o
Iany deposites which the Government may make
under any exigency, is greater than that Of the
State Banks; that the accountability ofa ramlfed
institution, whose affairs are managed by single
head, responsible for all its members, is more sim
pie than that of number ofndependent and un
Iconnected establishments. | shall not deny; bu
with regard TO safety am strongly inclined tc
think it is on the side of the local Banks. The
corruption Or misconduct Of the parent, or any o.
| its branches, may bankrupt or destroy the whole
System, and the loss of the Government in that
event will be Of the deposites made with each
whereas, in the failure Of one State Bank the loss
will be confined to the deposit in the vault of that
Bank. 1t is said to have been a part of Burr's
plan to seize on the branch Bank at New Or
leans. At that period large sums, imported from
La Vera Cruz, alleged to have been deposited
| with it, and if the traitor had accomplished the
design, the Bank of the United States, if not &C.
tually bankrupt, might have been constrained tc
stop payment.
1t is urged by the gentleman from Massachu-
setts, (Mr. Loyd) that as this nation advances il
commerce, wealth and population, new energies
will be unfoded, new wants and exigencies viii
arise and hence he infers, that powers must be
implied from the Constitution. But, sir, the
question is, shall we stretch the instrument tC
embrace cases not fairly within the scope, or shal
we resort to that remedy, by amendment; which
the Constitution prescribed!
Gentlemen contend, that the construction
which they give TO the Constitution has beer
acquiesced in by all parties and under all admin
istrations; and they rely particularly on an ac
which passed in 1904, for extending branch tC
New Orleans; and another act of 1907, for pun
ishing those who should forge or utter forged pa
per of the Bank. With regard to the first law
passed no doubt upon the recommendation of tht
| Treasury Department, would remark, that
was the extension of branch TO Territory owe
which Congress possesses the power of legisla
ton almost uncontrolled, and where, without an,
constitutional impediment, charters of incorpora
ton may be granted. AS TO the other act, it wa
passed no less for the benefit Of the community
than the Bank-to protect the Ignorant and TN
wary from counterfeit paper, purporting to hav
been emitted by the bank. When gentlemen
are claiming the advantage supposed TO be dedu
cible from acquesence, let me inquire what the
would have those TO do, who believed the estab
lshment of Bank an encroachment upon Stat
Rights? Were they TO have resisted, and how
! BY force? Upon the change ofparties in 1900
It must be well recolected, that the greatest ca
amties were predicted as a consequence Of tia
event. Intentions were ascribed to the new oc
cupants ofpower of violating the public faith, an
! prostrating National credit. Under such crcum
stances, that they should act with great crcum
spccton, was quite natural. They saw in fu
, Operation, a Bank chartered by Congress wh
: had as much right to Judge of their Constitution
t al powefas their successors. Had they revoke
the law which gave It existence the institutio