The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-09-30

as dangerous and mschievous means to exercise an
press power of Congress. must consider 1t IN ght
more serious than obsolete idea" RenounciDg the
opinion that il may be regarded necessary or proper
means of exercising an express power OF Congress,
must ever consider an act for IFS recharter as uncohs
tutonal, even upon the principles OF constitutional law
Enumerated by the Supreme Court IN Affirming lis consul
nationality. -
equally opposed TO the use of the State banks as
places OF depose for the public treasure; s9ch
ion of the government with State banks is a
partial In its influence the commercial community, s
more objectionable as means OF exercising a the
danger OF corrupt and partial use OF the pupc
and unnecessarily exposing its safety ana security. o
ming all connexlon between the government ana tne
in the adjustment of the civil policy OF the country
think it the duty OF Congress to periect the
lao enabling the government 70 collect anu n; 81
an Individual governed and restrained only by me natural
laws of trade and commerce. We are all familiar win
the history OF the connection between the government
and the State banks resulting the loss OF millions OF
the public treasure accompanied with the utter rum OF
the banks and the commercial community TO whom the
public treasure had been loaned and from whom was sud
denly NEUTRALITY-SUSPICIOUS. both borrower and lender
the public being meanwhile squandered In the
widest adventures and speculatlons.
On the other hand, the entire history OF the late Nation-
al Bank is pregnant with cautionand the attempt TO re,
establish disceded and disorganized the powerful and
popular party that obtained power IN ls4o ana elected
Gen Harrison President of the United States. For the
first four years the operations OF the Bank OF the United
States astounded the commercial community who could
only attribute its alterations to ignorance OF inexpenence
on the part of those who governed It, The charter re-
qured seven millions OF its capital to be paid IN specie
but went into operation with little more than onethrd
of this amount and coured the favor and applause OF the
commercial world by generous and extravagant loans
| This uawise expansion was soon followed by yet
more cruel six or seven millions OF loans
being called in in the short period OF seven or eight
months-occasioning the disastrous commercial convu;
sion of 1s1sl9. Its history from 1921 to 1885 presented
the most rapid and disgraceful repetons OF the same
| follies and yces-the contraction OF 1SlS-19 being
followed by period Of expansion, which called for
another contraction as early as 1S41. While commencing
in 1923, and extending through s24-a3 the country was
flooded with paper money-busness ran Wild the most
inflated specuatsns constituted the commercial operations
of the country. The great States Of New York and
Pennsylvania entered the field contest with tho general
government the work Of ruin. and established seventy
millions of bank capital the other States soon catching
the contagon. The four or five following years were
years of excitement oftentmes of great suffering until
towards the end of the year 1929 desperate effort was
made by the bank to escape its DOOM Loans were large
and suddenly extended. until in the spring of 1882 they
had risen from forty to seventy mii!iops Who dare
wonder at the ruin and disgrace which followed l.
who does not remble the influence of this national
stiuon upon the State banks,he aggregate capital OF
which in isl6 was aboyt eightysx millions, while in
1880 it had reached nearly hlldred and fifty millions,
and in the four five years following increased with
out limit. until this system fell overwhelmed with bank
ruptcy and ruin
It would be painful task to pursue this sqd history
These reflections will hope, Justify my earnest eonyic
lion that the government should forever shun connex-
ion with the banks and render unnecessary perhaps, any
more particular reference to our own experience in Mary
land on the subject Of banking or connection of our
| own otttc Udnks WIN PHV(N utdSuIc: well
known opinions OF my opponent on the subject OF bank
ing and his unreserved indifference to those fundamental
defects of the system. which treat specie basis of
fifth or one-sixth OF the paper issue compatible with
sound commercial principles, will not render even him
Indifferent to those Considerations which forbid
ion between such institutions and the government He
must remember that even the Bank of Maryland, in its
bankruptcy and ruln within few days Of its final fail
ure, with its capital utterly and absolutely sqpandered,
was suppant to the government for share OF the pub
lie treasure When all its private exhaust
ed-when the financial schemes by which it plundered
our community AL exploding-when the whole ex-
tent of its bankruptcy was appaleGt-when the misery
and want it was about to nct upon our tailoring classes
was no longer doubtful, find seeking the shame and
dshonor by which Maryland bank should stand out in
formed by the State banks from Maine 70 Iouisa
ma: To this experience again appeal when advocate
divorce OF the government from the banks, and the es-
Enlistment OF an independent treasury.
The civil policy of the country is fully embraced by
application Of the principles which have been discussed
in treating of the revenue and currency, and commercial
legislation of Congress In view Of our foreign policy,
the only issue open which calls for particular reference
is the existing war with Mexico: feel reluctant to
nen and myself on this question upon which
we should all stand united AS delegate representing
the city of Baltimore Ia tho General Assembly Of Mary
land in the winter Of lst7, he has PLACED himself the
record with full development OF his views and opinions
in regard to this question From those views and opin
ions wholly dissent feel assured that ninetenths of
the people OF this district share with the dssent and
were this issue only to be judged between u.s. he would
bear the burden Of their dsgeasure if not their eproba
uOH vi Tic 1u Way ~ FeoTudry 1915 my opponent
voted in the affirmative upon set Of resolutions among
which are the following
RESOLVED by the General assembly of Maryland, That the
existing hosities with Mexico Brought about by the
act of the President OF the United States, ordering the
army to occupy territory at that time under the jurisdiction
of Mexico. the acquisition of which territory it the
intention of Congress, the date of the annexation of
Texas, TO leave to friendly negotiation between the two
governments.
2. That these hostes were thus brought about whilst
Congress was in session, to whom the question of making
war exclusively belongs, and who nevertheless, moi
consulted by the President previously the invasion of the
disputed territory advised by him Of his designs
gard to the =
That the motive of this REFUSAL neglect, to consult
Congress in advance OF this have been
an apprehension, the part the President that if Con.
gess had been consulted they would have ooncurred
in his design TO invade the disputed territory
4. That Congress not having declared war il was the
exercise of authority conferred the President by the
constitution, when he directed the army march into the
disputed territory and when he suffered them to threaten
with hostile array the Mexican town of Matamoras.
g. That although the people of this had ste red
manifold and gevous wrongs from the government of
Mexico such might have been sufficient authorize
resort for redress these wrongs furnished no de-
fensibe ground the President Tor waging war; without
first consulting Congress, and awaiting their decision
the subject
g. That this Legislature believe the war might have
been avoided if the President had consulted Congress
had not directed the army march from the Nueces to the
been obtained for the wrongs inflicted upon our people by
Mexico, than in any be expected the pre-
sent of things That whilst impoverisles the
enemy and deprives him OF the ability pay indemnify
tsaction than what may be found in the acquisition of
territory by conquest.
These resolutions command my most earnest dissent
They proposed in the General Assembly of Mary
land in February, ls47 In the of 1916 the Con-
gress of the United States, by nearly unanimous vote