The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-08-07
CLAY AND THE U. $. BANK,

Clay made:
CLAY AND THE U. s. BANK,
AS the words of the "Great Embodiment are
thought more of by many of his followers, than
even those of "IIoIy Writ we subion the fol-
lowing from his speech Of 1911 on the U. s.
Bank. Read-reAect and then decide.
What is corporation, such as the bill contem-
plates? 1t is splendid association Of favored
individuals, taken from the mass Of society, and
invested with exemptions and snrrounde by i'm
munities and prvileges.-The honorable gentle
man from Massachusetts, (Mr. Floyd has said
that the original law, establishing the Bank, was
Justly liable to the objection of vestng in that in
stituton an exclusive privilege, the faith of the
Government being pledged that no other Bank
should be authorized during its existence. This
objection he supposes is obviated by the bill un-
der consideration; but all corporations enjoy eX-
elusive privileges--that is, the corporators have
i privileges which 10 others possess. If you create
fifty corporations, instead of one, you have only
/ fifty privileged bodies, instead Of one. contend
that the States have the exclusive power to reg.
ulae contracts--to declare the capacities and
incapaces to contracts and provide as to the
extent of responsibility of debtors and creditors,
StNS' ''iS'N''
body, and say, it shall be endowed with the at
tributes of an individual--if you can bestow on
this subject of your own creation the ability to
contract, may you not, in contraventon OF State
Rights confer upon slaves, infants, and feameS
copere the abilityto contract? And if you have
the power to say, that an association ofindivldu-
ais shall be responsible for their debts, only in
certain limited degree, what is to prevent an ex-
tension of similar exemption to individuals?
Where is the Limitation upon this power to set up
corporations ?--You establish one in the heart of
a State--the basis of whose capital is money,
You may erect others, whose capital shall consist
of land, slaves and personal estates and thus the
whole property, within the jurisdiction OF a State
might be absorbed by these political bodies. The
! existing banks contend that it is beyond the
! power of Congress by charering Companies, to
7 dry up all the sources of State Revenue. Geor-
gia has undertaken, it is true, to levy tax on the
branch within her iurisdiction--but this law now
under course of litigation, is considered as in
valid The United States owes great deal OF
land in the State of Ohio. Can this Government
for the purpose of creating an ability to purchase
it, charter Company9 Aliens are forbidden,
believe, in that State to hold real estate. Could
you in order to multiply purchasers confer upon
them the capacity to hold land, in derogation Of
the legal law? amagine this will hardly be in
sisted upon, and yet there exists more obvious
connection between the undoubted power which
is possessed by this Government TO sell its land
and the means of executing that power, by in
creasing the demand in the market, than there
is between this bank and the collection Of tax
This Government has the power to levy taxes to
raise armies--provlde ammuntlons-make war
regulate commerce--con money, &c. &c. II
would not be difficult to show as intimate con
necton between corporation established for any
purpose whatever, and some one rother of these
great powers, as there is between the revenue &
the Bank Of the United States.
Let us enquire into the actual participation o
Ithis Bank in the collection of the revenue. Prio
10 the passage of the act Of 1900, requiring the
collectors Of these ports of entry at which the
principal Bank, OF any Of It's Offices, are situated
to deposit with them the custom house bonds, i
had not the smallest ascendency in the collection
Of the duties. During almost one moiety Of the
period of which the existence of this institution
was limited it was in no wise instrumental in the
collection of that revenue to which il is now be-
come indispensable! The collection previous tC
1900, was made entirely by the colectors ant
even at present where there is one port Of entry
at which this bank is employed, there are eigh
or ten at which the collection is made, as it wa
before 1900. And, sir, what does this Bank o
Its branches where resort is had TO it? 1t doe
not adjust with the merchant the amount Of duty
nor take his bond, nor if the bond is not paid
coerce the payment by distress or otherwise. Il
fact, il has no active agency whatever in the col
lection. lis operation IS merely passive; that is
f the obliged after his bond is placed in th
Bank discharges it, all is we'll SIch is the nigh
ty aid afforded by this tax gatherer, withou
which the Government cannot get along! Again
it is not pretended that the very limited assis
tance which this institution does in truth render
extends to any other than single species of ta
-thatis duties. In the collection Of the excis
the direct and to her internal taxes, no aid wa
derived from any Bank. 1t is true, in the colleC
ton fthose taxes, the farmer did not obtain tn
same indulgence which the merchant recoiyesi
paying duties. Bnt what obliges Congress
give credit at allG Could it not demand proml
payment Of the dutes2 And, IN fact, does il ne
so demand in many instances2 Whether cred