The Arkansas banner., 1844-08-21


 Zion. whatever its inherent value
 any weight in settling this question
 'Ssed to the establishment of a Ma
 Po,. I Secondly, Because, even if Con
 OaT I tbe Constitutional power, it would
 'a 'o;nrious to the business, and dan.
 7 .o n the existence, of our present form
 oo,ent. Such an institution can ado
 n' .n fine real wealth, nor to the sounc
 aft inc country. It can inlate bushes:
 .ne. and thus, give encouragement tc
 ton he, and extravaganza, which must in,
 ~ '' .ssult in wide spread ruin and dis,
 ,lI experience shows this; and far.
 aat all banking institutions, the larger
 .s dangerous, become instruments, ol
 ~ nower of expansion and contraction, i lands of the few who will control
 . and whose interest Is found in the
 ,;oos of business, to the great detri- i < tbe many. As a regulator of the % saJ currency of the country, do not
 off fl capable of accomplishing one tithe
 sood which is promised for it; because
 ID evidence, either in the history of
 or in the nature of things, to warrant
 sb expectations. But, even if such an
 'ion could do all that is promised for
 ,bese respects, 1t has attendant evils
 more than counterbalanceall this good.
 
 that which it's friends urge as it's poc excellence, regard as its most ob- kaa5le quality. It is it's ability to control [tion of the State Banks, which presup-
 be want of ability, on the part of the
 ecjslatures,fo exercise this control.- claims for the bank more power than ate Legislatures possess; and involves sGne to which l cannot conceive it pos- for any republican to subscribe. hold be not only true, but proper, that the
 Legislature is supreme within the limits State, except wherein 1t has, through
 onstitution, delegated a portion of its sy, 10 the Federal government. What hes of this supreme authority of the
 when 1t is superseded by an omnipo- ] nd irresponsible corporation2 for let it bne in mind that the very reason, for the byment of such ah institution, endows G power superior to that of the State Fnnent Limiting the argument, then, single consideration, a due regard for fghls of the States, and a sound policy e perpetuation of our present form of nment, require every American patriot bDose the establishment of National
 In conclusion, of this subject, must Etiat the other two grounds of expedi- and the only ones, upon which 1 un- bad the advocates of a Bank to urge it's [ishment, are its power to regulate ca kssbetween different and distant portions country; and it's utility as a depositoryI public money; acting as fiscal agency,| ' collection and disbursement of the tnment revenues. The former of theseI low be advantageously dispensed with, he experience of the last few years,l |S that exchanges, over which Banks F exercise any beneficial control, areI Eliently, properly, and safely regulated |e great laws of trade, in the natural |e of business. As depository of theI money, or fiscal agency for the coll h and disbursement of the reyenue,i are no longer needed. Their suppo-E Fcessity for this use, was entirely su-I Jed by the passage of the IndependentI |Fy Bill, which, combining all the ad- Ees of safety and convenience, came Ey within the purview of the Constitu- Fs only contemplated the branching of feasury, to suit the extension of our gov- fnt The original thirteen States all lay | east side of the Alleghanies; and nearE centre, at the seat of government, was oarnational treasury. The government een extended oyer double the numberh les, embracing three times the quantityE Iltory, and five or six times the amountk 'pnlatlon. By the Constitution, theE ury is the place for the sale-keeping ofE venues of the government; and if con- bee, and general advantage are to bes lt the branches of the Treasury wouIdE lces far more appropriate than Banks pr branehes-all of which continue toF irresponsible; and when sea- Pon the government, by act of Con- hang upon it like an incubus, paralyz- sther than infusing energy into its opel Fng occupied so much space with theE Es already discussed, my following re- 'must be restricted within much nar- limits than had intended or desired.
 PROTECTIVE TARIFF. e views l have presented, of the originE E extent of the powers of the Federal rInment, are peculiarly applicable to the X question, For, although the poWerE 'ngress to lay and collect taxes, bye ol duties upon foreign imports, is un-I eu' oelng expressly given Tn the Con-I oa' yet its limitation is clearly defined, NY oy the principle of equality which me foundation of our government, but, Oyihe express requirement. of the Con-s Oa' that ''all duties, imposts, and excises Oe uniform throughout the United States. lo' only should these duties be uniform 5, 2, and equal in the proportional amount! 'ed from each individual and class off ,u1ualS; U but no more, in amount, shodldI lec'ed than is absolutely necessary toI ne expenses of the government, eco-l any administered. Thus, ReUenue, should be the object of all Tariff laws | ' s'eonomy in amount, and equality inE l1on, should be their characteristic pie ! Such was the design of the franersE constitution, and such the expressl 'Uu Ot tho f