"7
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"Ti tendency of Democracy it toward the elevation of the induetrtovM clat$rt,tht itrea$e of their comfort, the atterliom of their dtrnity,t?n ttablihuunt ef their yotcr.'
BY ROBERT WILLIAMSON, Jr.
L.IXCOI.XTOX, X. CM MAY 28, 1841.
VOLUME IV, KO. 52.
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MV next.
Balcish, Match 3, 1841.
Frlm the Jiichmond Enquirer.
Dialogic between Maxmno, a Merchant,
and .Vas.'.v. u Farmer, ot the ' house of
thrfayr in the country, on the 1st of
Mrcl 1811.
We o je it to our ancestors to preserve
entire thfce rights which they have deliv
ered to oir c:ire. We owe it to our posie.
rity not U suffer their dearest inheritance
l bo destroyed. JtJNirs.
Manning. If he thinks paper money
"ihe fiiost -l)Vruiil of inventions to fertil
ize tht rich man's field by the sweat of
the poor man's brow," why does he now
advocate the establishment of a great paper
mill by Uncle Sam.9 1 should like to hear
him answer thai question. iMy confidence
in bis political views is very much impair
ed, and I begin to think that be is more of
a puzzle limn a politician.
I thank you for correcting me ss to the
anion nt of the precious; metals in Europe &
America, and as the amount is so great, 1
really do not think the specie feature of the
Sub-Tn asury law quite as harsh as 1 did
formerly. Hut this idea of trusting the pub
lic money to the custody of receivers gene
ral is ridiculous. ..They will steal your
public revenues, and away they will go.
i.c: ;!ic revenue he deposited in Banks,
which are infinitely better than any other
places of deposite. Individuals may break,
but Hanks me strong and never fail.
Atuson. This is news to mc If banks
are so safe and strong, why did one hun
dred and sixty-five Hanks brrak between
1811 and 183 ' Your favorite regulator
was in existence in the greater part of the
time endeavoring, as you think, to make a
sound currency. Do not Hank officers
sometimes steal large sums of money? You
nd assent ! U'lien Hanks break from
ti:ie to time when every now and then
an offn er of a bank steals the money from
ihe vaults, why p iff lh B;i iks for their
safety ? Hoik officers have not monopo
lized the honesty and virtue of the Untoi.
Some of them are good and some bad men.
Lord ( oke said corporations had in souls,
and it cannot be denied that men, when u
niied n companies, will often commit acts,
ivhich as separate imliviiiuals they would
scorn to cli. Association weakens respnn- j
nihility and bin Ms the sensibility of men to I
public opinion. !
Manning. A Hank of the U. S. would
regulate exchanges and keep them at a mo
derate rate, and this is a matter of vast iin
poriance. Mason. Then a National Hank would
do what the late one failed to do. Exchati
r?s will always be high when the curren
cy is unsound ami depreciated. I lie me
morial of the Rank of the U. S. to Con
gress in I8'-J1 shews that exchange was as
high as fifty per s ent, in some of the Wes
tern S ate, during the existence of that
institution. When ihe Banks honestly pay
specie, exchange never can much exceed
the cost of transporting specie from place
to place.
Jflkc currency le sound," says the
memorial of the U. S. Hank, ''the rates of
exchange can never be excessive, because
they ca-i never materially, and for any con
siderable length of lime, exceed the ex
pense, risk, and loss of interest incurred
by the transportation nf specie.
It is true that exchange between some of
the States have, fir a considerable time
past been very high. Hut wherever it wa:
iimn tne currency was in a greater or less
decree unsound, ilie 15. oiks were curtailing
and the currency decreasing. These can
ses could produce u i other result Had
these cases not exi.tcd, llie premiums of
exchange would not have been htJli. In
some phicfcs. though the banks pretended to
p.iy specie for their no es, they evaded it
in effect. Let the currency be sound, and
the premiums of exchange must be precise
ly just
H e lenrn from this testimony of the late
National Bank, that the rate of exchange is
not regulated by a U. S. Hank, but that it
depends upon the payment of specie by the
Hanks. If they will not pay specie, they
ought to be abolished: if they do pay it,
then exchai ges cannot be excessively high.
In his address 10 the stockholders of the
Hank in 1831, Mr. Hiddle declared, "As
long as the general currency of the U. S.
consists of specie or its equivalent, the
rates of exchange between any two places
in it, can never much or permanently vary
from the expenses of their transportation
from one place to another; and a reduction
to nearly that rate was the inevitable con
sequence of die resumption of specie pay
ments." You see, then, that in the opinion of this
distinguished banker, the payment of spe
cie regulates exchanges.
A funning. Hut if Congress would es
tablish a ne w Hank with a capital of fifty
or one hundred millions, the State Banks
would always pay specie and suspensions
f specie paynenls would be unheard of.
The whole p.iper currency of the Union
would become safe and sound.
Mason. Judging from the experience
of the past, the new Bank of the U. S. nev
er would accomplish these results. The
i . iv .: . n i . .
j i t T 71
1817. In 1S19 the Banks of Ienncssee
! suspended specie piymants, and the Banks
of Nashville did not resume until Septem
ber. 1826. In 1820 the Banks of CJeorgia
suspended, ami in 1824 the Governor of
that Stale insisted "that all the Banks
should resume specie payments." The
Banks of S. Carolina suspended in 1819,
and all of them did not resume uniil 1823.
The Banks of N. Carolina, suspended in
1819, and the currency of th State contin
ued in a very depreciated condiu'on for six
or eight years; and it appears from testimo
ny taken before a committee of the legisla
ture in 1829. that the banks of that Stae
had been in the habit of buying iu their own
notes at a discount. Of the one hundred
snd sixty-five State banks which Mr. Oala
tin says fiiled between 1811 and 1830, a
period of 19 years, by far the largest num
ber broke during the reign of a National
Hank. The Bank of Kentucky commenc
ed discounting in April, 1821, -but in des
pite of the Great Regulator, the notes of the
Kentucky Bank rapidly depreciated, and in
May, 1823, two hundred and ten dollars
of its paper would com maud only one hun
dred dollars in specie.
I deny that a National Bank can or
would prevent he State hanks from over
trading or suspending specie payments.
But even if it did regulate the State batiks
and prevent excessive issues on their part,
who can regulate a National Bank.
Manning Your question i so knotty
and tough ihat I really cannot answer it.
Mason. What is the use of pulling out
the little thorns if you leave the largest and
most dangerous behind to annoy and dis
tress anl torment the patient.
Manning. I know but little of medi
cine, and I begin to far that I know not
much of the political remedies which are
needed by the country.
Mason.- You cannot divest men of their
selfish p-issions by making them directors
and stockholders of a National Bank. The
duty of such an institution, as a regulator
of the currency, would conflict with its in
terest, as a Bank. The powerful instinct
of self-interest would induce a National
Bank to extpnd its loans and issues, when
ever it could do so, without endangering its
own safety. It is idle to expect that the
president and directors of a U. States Hank
would become efficient regulators of the
currency, at the expense of their own inter
est and that of the stockholders, who would
be as solicitous to obtain large dividends, as
the stockholders of any other banking in-
titution. Should Congress determine to
establish a Bank, its capital would probably
be from fifty to seventy millions of dollars.
Possessing branches in the several States,
this tremendous moneyed power would,'
by its expansion ami contractions, direct
when the prices of commodities should rise
and when they should fall. If it should
form a political alliance with the parly cre
ating it. their united influence and power
would be almost irresistible. Your friend 1
Mr. Rives, used to say, that "associated
wealth is the dynasty of modern Stateo."
If he meant the banking system, he was
not very far wrong.
" The sagacious Johr Randolph, in his
speecii in 1816, in the (louse of Represen
tatives, against ihe incorporation of the late
U. S Hank, said j
"His objections to the auency of Govern
ment in a Bank was, therefore, of no recent
dale, but one long formed the objection
was vital that it would be an engine of ir
resistible power, in the hands of any Ad
ministration that it would be, in politics
and finance, what the celebrated proposi
tion of Archimedes was in physics a place,
the fulcrum from which at the will of the
Executive, ihe whole nation could be hurl
ed to destruction, or mangled in any way,
at his will and discretion."
Manning. ITe have ni reason in sus
pect ill at a new National Bank would med
dle with politics in any way. We have
had two banks of the U.S., and I reckon
every body, except Mr. Randolph, regard
ed them as mere fiscal agpnts of Govern
ment and not political machines.
Mason. National Banks owe their es
tablishments in thi country to Alexander
Hamilton, a man who said the British Go
vernment was "the most perfect Govern
merit whirh ever existed," (see 4lh vol. of
Jefferson s Memoirs,) and who, Mr. Ji-ffer
son informs us, was 'not only a monarchist
but for a monarchy bottomed - on corrup
ti-Jti. In the Federal Convention Hamil
ton avowed himself in favor of a Senate for
life, and the Executive also for life. He
then declared that "the English model was
the only good one on this subject," (see 2d
vol. of Mr. Madison's Works.) He was a
man of talents, bravery and frankness. He
would not deny or dissemble his objects.
His first report to Congress, in favor of a
National Hank was made in December,
1731; and in that report he boldly declared
its political character. These are his words;
"Such a Bank is not a mere matter of pri
vate property, but a political machine of
the highest importance to the State. Cre
ated, then, for a political machine, ii fulfil
led its dest ny; and this first Hank is said
by Marshall, m his Life of Washington, 'to
have contributed to that complete organiza
lion of those distinct and visible intrties.
which in their long and dubious conflict for
power, have since shaken the U. S.lo iheir
j centre,
In an address delivered by Mr. Henry
Clay to bis constituents in 1816, he told
thern that one of the considerations which
induced him to oppose ihe renewal of the
the charter of ihe U. S. Bank, in 1811,
'was. that he believed the corporation had,
during a portion of the period of its exist
ence, abused its powers, and had sought
to subserve the views of a political parly.
Instances of its oppression" for I hut pur
pose, wre asserted to have occurred at
Philadelphia, and at Charleston, and, al
though denied in Congress, by the friends
nf the institution, during the discussions
on the application for the renewal of ihe
charter, they were, in his judgment, satis
factorify made out. Tins oppression, in
deed, was admitted in the Iloue of Repre
sentatives, in the debate on the present
bank, by a distinguished member of that
party which had so warmly espoused the
renewal of the old charter."
Manning My opinions upon this suh
ject were, I fear, the offspring of but little
meditation. 1 must examine the subject
more carefully. I should be glad to hear
the views of many of our distingusihed uien
against a National Bank at the periods
when the question of a National Bank was
discussed in Congress. The subject is an
interesting one at all times, and particular
ly so now, when wc shall probably have a
new Bank as soon as the next Congress
meets and can find time to act on the bill.
Can you gratify my curiosity t
Mason. The establishment of the first
Bank of the U. S., was recommended by
Alexander Hamilton, then Secretary of the i
! Treasury. His report was referred to a
committee, which in Jan. 1791, brought
in a bill to incorporate a bank. Mr. Mad
ison participated in the debate and deliver
ed a masterly speech against the establish
ment of the institution. The first objec
tion which is urged against the proposed
hank was that it would banish "the pre
cious metals, by substituting another me
dium lo perform their ollice." In the
course of his speech he said:
"In making these remarks on the mer
its of the bill, he had reserved to himself,
he said the right to deny the authority of
Congress to pass it. He had entertained
this opinion from the date of the Constitu
tion. His impression might perhaps be
the stronger, because he well recollected
that a power to grant charters of incorpor
ation had been proposed in the General
Convention and rejected. Is the power of
establishing an incorporated bank among the
powers vested by the Constitution, in the
Legi?lature of the U. S ? This is the
question to be examined.
After some general remarks on the lim
itation of all political power, he took no
tice of the peculiar maimer in which the
Federal Government is limited. "It is not
only a general grant out of which particu
lar powers are excepted, it is a gram of
part cular powers, leaving the general mass
in other hands, So it had been understood
by its friends and its toes; and so it was to
be interpreted. He thus concluded his
atgiimeut :
It appeared, on the whole, that the
powct exercised by the bill was condem
ned by the silence of the Constitution ; was
condemned by the rule of interpretation,
arising out ot the Constitution ; was con
demned by its tendency to destroy the
main characteristic of the Constitution ;
was condemned by the expositions of the
friends of the Constitution, whilst depen
ding before the public ; was condemned by
the apparetit intentions of the parlies which
ratified the Constitution ; was condemned
bv the explanatory amendments proposed
by Congress themselves to the Constitu
tion ; and he hoped it would receive its
final condemnation by the vole of this
hou-e."
Manning. Believing as Mr. Madison
did, that Congress had no authority t in
corporate a bank, and having, as President
of the United States, sworn lo support the
Constitution, what reason did be give for
signing the bank bill of 1816 ?
Mason. He signed the bill of 1810,
which incorporated the late United States
Bank, but the proc.eding year. Congress'
having passed a bill, with some provisions
witti which Mr. Madison was dissatisfied,
he vetoed the bill, and iu returning it to the
Senate he said :
"Waiving the question of the constitu
tional authority of the legislature to estab
lish an incorporated Bank, as being preclu
ded, in my judgment, by repeated lecogni
tions, under varied circumstances, of the
validity of such an institution, in acts of
the legislative, executive, and judicial bran
ches of the Government, accompanied by
indications in different modes ; of a concur
rence of the general will of the nation, the
proposed Bank does not appear to be calcu
lated to answer the purposed of riviving the
public credit. tc." In these views, you
will find his reasons for "waving" his own
opinions, and consenting to sign the bill
incorporating the last Bank.
Mr. Madison was one of the greatest
statesmen of our country, and his name is
identified with its history. His private
life was as pure as his abilities were emin
ent. No one ever denied his patriotism.
though many have questioned his infallibil
ity. His opinious arc entitled, to respect,
but we owe more respect V the Constitu
tion than to the opinions of any man r
mong the dead or living. The Constiln
lion belongs to the present generation, and
not to the past ; and the living have the
right,,and are. in duty, bound to examine
and la interpret it for themselves, aided by
all the lights before them. Freedom of
thought and the right cf interpretation, ap
pertain to the Executive, legislative and
judicial branches of the Federal Govern
ment. The Constitution does not require
either branch to surrender its opinions (of
the extent of power entrusted to the Go
vernment of the United States.) to the
other two department. The President
takes an oath to support the Constilution.
How support it ? As Congress, the judi
ciary, or the people understand it ? Not
at all, but as lie understands it. The old
Bank was established in 1791, and its char
ter expired in 1811. In this country, the
doctrine is al.nost universally maintained,
thai when a Bank is established and its
stock taken, the stockholders acquire ves
ted rights, of which they cannot, without
injustice, be deprived, during the contin
uance of the corporate body. Laws incor
porating banks, have unifirmly been con
sidered inviolable, unless the banks forfeit
their rights, by violating the conditions up
on which they were established Hut for
the prevalence of this doctrine, the act in
corporating the first Bank i'f the U. S.,
would probably have been repealed during
the administration of Mr. Jefferson, who.
in December, 1803, in a letter to Mr. Gal
latin, said : "This institution is one of the
most deadly hostility existing against the
principles and form of our Constitution.
V hen the charier expired in 1811, Con
gress manifested its regard for the Consti
tution, by refusing to continue the Hank.
But I am digressing. You aked me to
give you the opinioi s of some of our dis
tinguished men. who were adverse to a Na
tional Bank. I have read to you the ex
tracts from Mr. Madison's peech. That
Mr. Jefferson was decidedly hostile to a U.
S. Bank, is known to nearly nil persons,
and a you are familiar with his opinions,
I need not again reftr to them.
Manning. I wish to know what were
the former opinions of Clay and Webster,
upon the subject of a National Bank.
Mason. In 181 1, Mr. Clay was a mem
ber of the Senate of ihe U. S . and he op
posed the recharter of the first Bank of the
United States. In the course of his speech,
he said :
hen gentlemen attempt to carry tbi
measure upon ihe ground of acquiescence
or precedent, do they, forget "that we are
not in Westminister Hail? In courts of
justice, the utility of uniformity of decision
exacts of the Judge a conformity to ihe ad
judication of his predecessor. In the in
lerpreiation and administration of the la,
ibis practice is wise and proper, and with
out it, every thing depending upon the ca
price of the judge, we slmud have noe ur
ity for our rights. ts far otherwise,
when applied to the source of legislation.
Here no rule exists but the Constitution ;
and to legislate merely upon the ground
that our predecessors thought themselves
authorized, under similar circumstances, to
legislate, is to sanctify error and prrpefu
ate usurpation. This doc
trine of precedents applied to the legisla
ture, appears to me to be fraught with the
most mischievous consequences. The
great advantage of our system of Govern
ment over all others, is that we have a
written Constitution, defining its limits,
ami prescribing its authorities ; and that.
nowever, jur a urne, laciion may convulse
the nation, and passion and party prejudice
sway its functionaries, the season of reflec
tion will recur, when calmly retracing their
deeds, all aberrations from fundamental
principles will be coriected. But once j
substitute practice for principle ; the expo
sitions of ihe Constitution, for l lie text of;
the Constilution ; and in vain shall we look
fir the instiument in the instrument itself!!
It will be as diffused and intangible as the
pretended Consiituiioii of Lngland. And
it must be sought for in ihe statute book,
in the fugitive journals of Congress, and
in reports of the Secretary of ihe Treasury."
What admirable doctrnes did Mr. Clav
preach in 1811, in favor of our adhering to
the Constitution our guide, instead of
rallying upon precedent and practice. The
doctrine of preceder is, applied to the Lc
gislaiure, appeared to him "lobe fraught
with the n:i)!t mischievous consequences
These opinions of Mr. Clay were true in
1811, and they are equally true in 1811.
"This varant power lo eiect a bank.
(said he,) after having wandered through
out the whole Constitution in quest of some
congenial Fpot whereupon to fasten, has
been at length located bv the gentleman
from Georgia on that provision which au
thorizes Congress to lay and collect taxes,
izc. In 1791, the power is referred to one
part of ihe instrument, in 181 1 to another.
Sometimes it is alleged to be deductible
from the power to regulate commerce.
Hard pre-sed here, it disappears anj thows
itself under the arrant to coin money. The
sagacious Secretary of the Treasury, iu
1701, pursued the wisest course ; he has
taken shelter behind general high-sounding
j and imposing terms. He has declared, in !
the preamble lo the act establishing Ihe
bank, that it ui!l be vtry conducive to the
successful conducting e the national Jl'
nances; will tend to pive facility to th
ob aining of loans, and ill be productive
of considerable advantage to trade and tn
dustry in general. No allusion is made to
the collection of taxes. What is the na
ture of this Government ? It is emphati
cally Federal vested with an aggregate of
specified powers fur general purposes, con
ceded by existing sovereignties, who have
themselves retained what is not so conced
ed. It is said that there are cases in which
it must net on implied powers. This is
not controverted, but ihe implication mu6t
be necessary and obviously flow fiom the
enumerated power with which it is allied.
The power to charter companies is not
sp'cified in the grant, and I contend, is of
a nature transferable by infre implication.
It is one of the most exa'ted attributes cf .
sovereignty. What is a cor
poration Pitch as the bill contemplates ?-
It is a splended association of f.tvored in
dividuals taken from the mass of society,
and invested w ith exemp'ion. and surroun
ded by immunities r.nd privileges.
The power f a nation is said to con
sist in the sword and the purse. Perhaps,
at last, all power is rc-olvaLlu ir.to that of
the purse; for, with it, yt'ii may com
mand almost every thing t Ie. The spe
cie eirctilaMo i iif the United Sta'es is esti
mated by some calculators at ten millions
of dollars; and if U be no more, ore moie
ty is in the vaults of tl is Bank. May rot
the litiie arrive when ihe ronciMrmioii of
such a vast portion of the circulating medi
um of the country in the hands of any cor
poration, will be dangerous to our iiberih s?
By whom is this immense power uieldedt
By a body, who, in derogation of the .great
principle of all our institutions responsi
bility to the people is amenable only to a
few stockholders, and they chiefly foreign
ers. Mr. Clay went on to assert thst
"seven ttnths" of the capital of the bank
b longed to the fid jeci? ot England,
"Republics, above all others, (said lie,)
ought most studiously lo guard against for
eign influence. All history proves. tha the
internal dissensions. exciiel by fon 'mn in
trigue have produced the downfall of al
most every free government that has hith
erto existed ; nnd yet gentlemen contend
lhal we are benefitted by ihe possession of
th:s foreign capital ! If we could have its
use, without its attending abuse, I should
be gratified also. Bui it is in vain to ex
pect the one without tho other. Wealth
is power, and under whatsoever form it ex
ists, i s proprietor, whether he lives on this
or the other side of the Atlantic, wiil have
a proportionate influence."
The Custom-Ifouse Appointments.
The Baltimore Clipper is anxious to know
if in speaking of ihe late appointments we
did not use language raiher too strong for
the truth if facts warranted our bitter as
sertions. The Clipper is informed that
we would have been justified in using
terms still more indignant on the subject".
The appointments have sbsolutely shocked
the moral sense of even the Federalists
themselves. . Indignation meetings have
been held by them, and at one the Moya
mensing a Committee was appointed to
go to Washington, and represent the Jerri-'
hie perversion of principle as illustrated bv
;he selections of ihe Collector. When
we spoke of Pipe Layers being rewarded
with office men who openly violated the
lection laws of our own and oir neighbor
ing States for hire we alluded to notori
ous facts militating so strongly against the
professions of Mr. Tyler in his address,
that he should blush for the inconsistency
his creatures have occasioned. When we
spoke of appointments ton, of men who
have just escaped the Slates-Prison, our
words were the simple truth, and none in
ihi meridian pretend to gainsay them.
Alas ! what a "Christian .dminisiraiion ! !"
Philadelphia Spirit of the Times.
From the Raleigh liegis.'er
IMMENSE FIRE IN NEW YORK.
After a long per od of exemption from
Fires of a serious nature. New York wai
visited witli one on Saturday morning last,
which occasioned an iinmese loss of proper
ty. It commenced at No. 1 10 Pearl
Stri ct. 'Vie Jourinl of Commerce sav
that the total los of property is not far
from $33',Oi0, of which about 275,0011
is coveted by insurance, distributed, mnr or
l?ss, anionj nearly ail l!ie Insurance. OiTi
cc? in the City, n 1 1 si n-i in ot'urSt.ites.
The following btatement presents th
mines of the sufferers, as wtli as the a-
mount of loss and the insurance by whicli
it is covered :
Estimated loss, Iniur'ce.
Richards &. Co. dry (pojs, $33,000 $25,000
Ssmuel Cochran, lace, - - 90.000 65.000
Lewis Wiley - - . 5.000 6.000
F. Coltinot.W goods - 40 000 40,00
Hoolh & Tuttlc, dry gwds, 25.000 25.000
N. W. Sandford. shoes, - 10,000 partly in.
F. .Sheldon cfc C,-. drj ?oojs, 15,000 15.000
Adshead t Co. Jrv goods, 40.000 40.000
H. B. IlawarJ, dry goods, 40.000 Jo.OOO
Wm. Rut, drugs, - 5,000 3.000
Durtnd fc Co. . - - 15.000
Fiv stores, saj - 35,000 no, known.
$355,00 fC58,(HX
V