Holly Springs gazette., 1844-05-04

were Banks most useful, and whether the
United States ought, or ought MOTTO exercise
the power to establish a Bank As to the
question whether natioual Bank would be
favorable 10 the administration Of the finan-
ces ofthe government, It was one on which
there was so little doubt that gentlemen
would excuse him if he did not enter into
it."-LeaVing il. these questions he proposed
to examine the state and causes of the disor-
dsrs of fthe currency, and whether il was 10
the power of congress. by establishing ma
tional bank, to remove those disorders.
"As to the state ofthe currency Of the ma
tion," Mr.. Calhoun proceeded to remark.
"thGt a. loaS eztremeLy deprecated and in
degrees varying according 10 the different
sections Of the country" that it was "a stain
on the public and private credit, and injuri-
Gus to the morals of the community )" that it
'aoas opposed 10 the principles Of the Fede-
raj Consultation" ;" that 'rhe power was Civ
en- 10 congress by that instrument IN express
terms, to regulate the currency Of the Uni
ted States; )" that ain point Of fact, that pow
eT was not in their hands" bat was eXercis-
ed by banking institutions, no longer res
ponsible for the correctness with which
they managed i: )" that in lieu of gold and
silver they had paper medium, unequally
but generally deprecated which affects" he
said, 'the trade and industry Of the patton,
which paraIyzes the national arm which
suIlies the faith, both public and private
Of the United States, THE RIGHT"
he continued "ofmaking mouey-an attrib-
ute of sovereign powers sacred and in.
portant right-was exercised by two hum
dred and sixty banks, scattered over every
part Of the United States, not responsible
to any power what ever tor their issues of
paper"
He next alluded to the ercess Of those pa
per issueS-that "there were not in the
vaults Of all the banks, more than fifteen
millions ofspecle, with a capital amounting
to ABOUT eighty-twO millions OF dollars and
":hls, be argued "was the true and only
cause Of the deprecIation of the currency"
He then turned his attention to "the mGnner
in which that excess had been produced
it was intimately connected with the suspen-
sion OF specie payments; and advantage had
been taken ofthat ssssessien-to is<sc s.iIt
greater floods of it." Besides, he said, "the
banks had undertaken to do new business;
to make loans to the government. not as
brokers, bat as stockholders a practice
Gle payments" and 'that introduced the sub
ject Of the national bank"
"A national bank" he said, paying spe-
Gle itself, would have a tendency to make
specie payments general, as we'll by its in
fuence as It's example" Such an instilu-
lion, with a capital Of thirty-five millions o.
dollars, "with the aid of the state banks that
were ready to pay specie, would produce a
powerful effect all over the nation "-"The
restoration of specie payments would re-
move the embarTasSmentS on the industry of
the country, and the stains of It's private and
public faith" III remained to see wheth-
er the house, without whose and it was in
vain to expect to attain the subject would
have the iorlitude TO apply the remedy.
The debate continued until the IA March,
when the question was taken on the passag ge
of the bill and it resulted in the affirmative
Ayes. SO-Noes 7I.-(See Journal, 1915
, I6, p. 4S9 90.)
AS tins was the decisive vote, it behooves
US, in reference to the charge that the Bank
was Federal measure, TO examine careful
ly the ayes and noes on the question. We
are oldfashione9 enough TO believe that one
of the best test of the party character of a
measure is 10 see by whose votes it was car
ried. 1.-THE Republicans carried it triumph
antly through the National Legislature, a.
gainst Federal opposition, and Republican
President approved it. we would naturally
conclude it to be Republican measure.
But IT, on the other hand, 1t was sustained by
Federa!ists and opposed by the Republicans,
then we will acknowledge 1t to be Fede.
raj measure.
What then are the facts disclosed by the
JournaI2 OF the so who voted FOR the
Bank. SIXTY SEVEN were Republicans and
THIRTEEN were Federalists And of he
n who voted AGAINST the Bank, THIRTY
were Republicans and FORTY ONE were
Federalistsl
And this measlre, which the Richmond
Enquirer, edited by an old Virginia gentle
man, who has grown grey in political life,
and who has been for half century famil
lar with all the twistings and turnings of
parties gravely denounces from week TO
week, ard day 10 day, as FEDERAL MEAS
UREl "Oh shame. where is thy blush /"
But let us go little farther. and see who
were these puhlicans and sinners who thus
turned the temple OF liberty in,o a hall of
money changers We ask empnatically. |
who were the faithless representatives. who. |
upon the constitution Of their
the obligations of their |
- L.