The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1844-07-31

necessity Tor a united States Bank, un
der the authority and control of the Cen
eral Government. The power of Gov.
eminent is distributed in the United
States between the States and the FEEDER
al Government. All that is general and
national appertains 10 the Federal Gov
eminent, all hat is limited and local To-
the State Governments. The States car
not perform the duties Of the General
Government, nor ought that attempt 10
perform, nor can it so we'll execute, the
trusts confded to the State Governments.
We want a National Army, a National
Navy, a National Post Office establish
ment. National Laws, regulating our for
eign and our coasting trade,
above all, perhaps, we want a National
Currency. The duty Of supplying these
National means of safety. convenience
and prosperity must be executed by the
general government. or it will remain
neglected and unfulflled. The several
States can no more supply a national
currency than they can provide armies.
and navies for the national defence. The
necessity for a national institution does
not result merely from the existence Of
lacal institutions. but il rises also out Of
The fact that all the great commercial
nations of the world have their banks.
England, France, Austria, Russia, Hol-
land, and all the great powers of Europe
have their national banks. Ii is said
that money is power, and that 10 embody
and concentrate it IN a bank. Is TO create
a great and dangerous power. But We
may search the records of hi story, and
we shall find no instance, since the first
introduction of banking institutions, OF
any one of them having sought 10 sub
vert the Liberties Of a country or tu create
n confusion and disorder. Their we'll
being depends upon the stability oflaws
and legitimate and regular administration
of government. If it were true hat the
creation ola bank is to embody a mon.
eyed power, is not such a power in the
hands of the general government Decess~
airy to Protect the people against the
monryed power in the form of banking
institutions in the several States, and in
the hands Of Foreign Governments
Without it how can the commerce Of the
United States cope and compete With
the of Foreign Powers having
national banksl In the commercial
struggles, which are constantly in opera
ton between nations. should we not la.
Dor under great and decided disadvantage,
if we had no bank and they had their
bankS1 We all recolleci a few wears
ago, when it was alledged to be the poll
cy Of the bank Of England to reduce the
price of our great Southern staple, in or
der to accomplish hat object, the policy
was adopted Of refusing to discount the
notes and bills Of any English houses en-
gagged in the American trade. IF a bank
OF the United States had been in exis-
tence at that lime, it would have adop-
ted some measure Of counieractiOn but
there was none, and the bank Of England
effected its purpose.
Ii has been asked, what, will you have
banks, merely because the monarchies of
Europe have them Why not also intro
duce their King, Lords and Commons,
and their aristocracy? This is a very
shallow mode of reasoning. | might
ask. in turn, why have armies, and IA
vies. laws regulating trade. or any other
national institutions or laws, because the
monarchies Of the old world have
them? Why cat. or drink. clothe or
house ourselves, because monarchs per-
form these operations! | suppose my
self the course Of true wisdom, and Of
common sense, TO be TO draw from their
sciences, and civilization, and pollti-
cal institutions. whatever Is good, and
avoid whatever IL bad.
Where, exclusive of thnSe who oppose
the establishment Of a bank of the Uni
Ted States upon constitutional ground. 90
we find tho greatest opposition to it You
are, fellow-cilizens, perhaps not possessed
of information, which | happen 10 have
acquired. The greatest opposition TO a
bank ofthe United States will be found
TO arise out ola foreign influence. and
NAV be traced TO the bankers AMI brokers
of Wall street in New York, who are
welding a foreign capital. Foreign Pow
ers and foreign Capitalists see, with sa'-
isfaction, Whatever retards the growth,
checks the prosperity, or arrests the pro-
gress of this country. Those, who WELD
that foreign capital, find from experience,
that they can employ it to the best ad-
vantage. in a disordered state of the
There are no sections of the
Union which need a uniform currency,
sound and every where convertible into
on demand, so much as YOU in the
South and we in the West. 1t is indis-
pensable to our prosperity. And, II our
brethren at the North and the East, did
not feel in the want oft themselves,
sInce il will do them no prejudice, they
ought, upon principles of sympathy AMI
mutual accommodation, TO concur in
supplying what is so essential TO the bust
ness and industry Of other sections of tho
Union. 1t is said that the currency and
exchanges have improved, and are inn
and so they have, and are
I his improvement is manly attriboial to
he salutary operation Of the Tariff Of
1912. which turned the balance Of I AIDE
in DOR favor. But such is the enterprise
and buoyancy of our population, that we
h,ya mn sacuritv FIR the rantinnafion IF