Newspapers / The Durham Recorder (Durham, … / March 21, 1839, edition 1 / Page 1
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UNION. T1IE CONSTITUTION. AND THE LAWSTHE GUARDIANS OF OUR LIBERTY. Vol. XIX. TH IKS DAY, HAlICIl 31, S39. JS: 062. SPEECH OP MR. RAYNEI,. (or BkiTroto.) r ,.-r in I 11-mim 4 Cmmwi of Naib Ctt !' U estr Is, I8JS K It. iimmm of ltUKtw U r SMWr M Owe"- Co-triad d. Cut sir, the paramount and greatest h ecuoa w this system," is. that it requires ,dJ and silver t be paid by all debtors f ihe government in payment of the puUf dues. Nw, sir, if I were dispos ed t compromise my opinions for the purpose of seidwg this mturr, ft while ihc s,--rie clause 11 retained and insisted -aai 1 never could content even to ratrrux the proposition. i i contrary i , Ji Mmer eage, and ri! ansetde and (U,rrg the whole business traneac li..i. el society. Tier ia only much speoe in 'I'" world: ihia, of uc-lf, dtseoo-a-rlfd mlh the a j air m of rrrdil which bJ upon it, ia ant snffii.ni by twn third, to perlorm ibecoineieial buttnet f tl.e world. Tliia specie, according to j.r.miiU at ffnn and oneriing in theo n.tme. those lsS of physics which ?. wier inmk a level, or a stone to rr.n .tf to liie earth, will diffuse itel t ,r,Hii.Mit all commercial countries i d.w jf poruon l ibeir relative butinet an I i-if nf hi in Id scale ..f commerce. i. Ahrnt-art u ditw an widu propor- i ilof tlx' iirerioti incuts If -in necun in stii'iuier, uimt ininii trquirea dv ' irtf "umi-rci! rt-ltMnn rfii'ii betoeoi tVm. eaftiii will aa rrrwinlt lullow. j 4 rlTfct t-I"wa eaue. anl ennmrrrul r n'xrr mnrnl 11 inevnahle rr.uli; ( tt ilt republic of eaoiNierce, like dial ol Irtirr. iv one and indivisible. It mLra no didVrence that eountriea mv he f prated by rolling oceane or e.fl ra;4 Hinlain. if they belong I the grmi eitniinerrul lmily of nation their inter eaia are at much identified rrUtioo in rommrrce, and aa likely to b fl"i ird, oe ly a di-ra'tgeoient of the enrr ny anmlier. at tl lh wltde Cimwrri.l im!J wa ronoilidated mtt one tail empire. Sr, yu might aa well attemp to ile-trtty the mrturice ol the gloriout liieratttrv of Knrland. iv itf her cmnmerrtil rru4 ti-tn; y nu mi lit well attempt to i!etroV s the oower wlnrli ia eiirirl er vlie j public iiiiimI m Hut country by the rn, pcifecii.m in the arr4ni;inenl f any ing pign of S(n, 15) ron, and llUer, y'' conUary'io the i!ipenationa a to atoid the iiptiUe which arf eiven !! an ail-wie l'ioi-lence, tliai man ahould ijc unmrrfe (mm t!ut creat fucurwl the J c mi nffcul world. I Taking it for granted, then, that we" driven from the bowera of tden. cannot abtrct from other nationt more than our proportionate ehar ol the preeinut metalt without dilurbing the knien (.a t of Commerce, let u ace what it nur condition, h it, btliete, generally ailmined bv the otnai tkilful finaurier in our country, i that all the ttiecie in the counw v does nn ' fall short of 0(1. nor exrerd HO million ( dnlUra wlule we employ about 330 million nf Capital to do our butiitcat. Well, now, tunnote that the establish- iio-ni of this sysiem, ss conten l-d lor by it great proriittor T. II liiton lor ; I inii. tlul he i "JU author, i pij-c-; tor." and would, no doubt. witU to be lis " liual executor, but that ho has in a Qieature been supplanted by wuittr unn,ie. I y, it should ultimately, t trci-ed in bitiialmig all piper from ciiculation mutt nt the price of every article tail in the ratio of 350 tu 80 and wottM not baikrupicy. wretchednraa and rum follow in its tramf Uvea ad ii'l'in the acheme were practicable, a id that t'nt rerult would be benelKlal to poaterity lota any one believe that any one believe that the prevent the generation ought to make ao great a tacrtfice for that which is to eoinef Uut admitting, on the other hand, ss contend ed by others of it friend, that its object it not to destroy all paper, and will not be the renl', wiill the abstraction of at Ir-att 30 millions of specie from the bust net capital ol the country will be the C'niquiKe. and a shock to credit and a revuUmn in trade will neceearily follow, which will agitate tint nation from ita centre to it circumference. I'erhapa gentlemen will deny that it will abstract tut amount ol specie from the busmen f the Country. Well, now, sir, has this adftiintvirition shown any disposition to curtail ids expenses of the government! D i they not continue their wasteful and rxtMnaiinni expenditures of the public noney, although yout treatury is bank rupt! And I iiiii, that all the money I'm i leipnred for the expente of the g"ern iicnt. when under Hie control and 'lU'MiM-iKnt of P"'ty known to be hoe ilet'i Ute bole credit ay stem, will be nf t uucrmin and fluetuiting a character . . .i-'inite a bn for any pernianeiil ' tiaiaectuint.'' It will be " here t 'i . i , tttd go.ie to-morrow." It can bo t-fi-rred at a:ty in neni from on pluce i tn ipicr, wlie icver th Secretray in tuod'oo iimv think the public m.'ie-tr, tj tire tt. tid tichecks drawn u,""t life 'lepilarte should ullim vly berooie the ttiediuiti of pay ment to the public creditor, (and it t reasonable t ''I'iMi-e that in nioit ca-cs they would I'f' lcr those cbeck,) ami thu cuter into be ftiiniit 1 ol ctrculitioii, millions or the Cld ni silver ol the country will then "'ii nut ,h inn ImikU of the publifi "'dicecs, and that repreetiicd only dollar tor collar by theae gnr rnmcnt drafi. I again, air, believe Hie tendency of this specie provision will be to the uVsuue- imm U ail the local baiAa of oar country. One food round foe ihia belief ia. that it bad tu origin in a feeling eaugoniaueal to the banks. If it goes lata operauoa now. it wUI be nnder the edminittiauoa of men who art knows to U boatde to. and wb will consequently adminwier it I the annoyaoc and dea'tmeiMin of the baaling ayaieo. The tendency of the aperic to aecaotulate ia the hauda of the drjMMiuriee, ill keep np a ronaunl dram npnn the taulia of the loea) beuka, which ill eripple tlieir operationa, and keep lhm i a elate of roaatant dieai and alarm; for thej would not know at what moment tliey nif ht be called oa to u . eerjr duller ia their taulia. fa rdrr to enable then) to meet any great esreaa 01 revenue liable to be procured by the fluctuaiiiina of trade. And again reloaal to receire tlieir aotea by the f iernment, will elamp diKrcdit on tlieir erry facet; it will alarm the ignorant and the uiiiij. and. at etery temporary Cuctu anon ia iraiie or buaineaa. tlieir notea wuU MMir in pon then. Now. air. I am not tu he andrraioiNl aa aUndmg up lirre aa U.e eoeul aUiCate of bank. I know it i l4hiinble. ia a eritain quarter, to drniKinre errv roan aa a baiik-hiibed aritneral, w ho ilarrt l uiier a word in drci.re of tlteae lable ti"i" it a maiier ui nui nine rn.tairiit 10 nir, if toy name $ftouU w aaaoriated with the dtatingmolird patriot ;ol Hie Country, in bring ilenmiiired at n.nv,-vMi)i. or aa an ariviocrau I am loe Ifxild rather convijer it at a coin- llimrnk I will remark, however, that ao fr Iroiit inv being inieretted in banka. etrept aa a member of the community at Urge, know perhapa leva about the dtlaii at banking tranaartiont. than ol any other polmcal quetiion to which I have evei turned iny attention. My opinione, in regard to them, ate drawn from genertl principle, and from di itiierea ed obvervaiion. I look upon the abutea of banking, at ne of ibe nrcetaarr and ioditMnaable etilt of lire government; epciatly when riiiy men ate truted with the rrint ' fr. t rannot expect to arrive retch perfrttton vetiilt" m tine atate l probation. Lri amre our firm parent mdrr the unalterable decree- Curved it the ground for thy sale; in sorrow shalt thou eat of it all the davs of thy lift niau haa had hit happinett allured ith pain, and srrn all his rain elTortt Ml lar short ol ihnr detign. . Itrcauve the banking avttem has been abued, because us exresnrs hsve eauted a trntporary drratigrmrnt, it it no reaton why we ahould denounce it a altogether ietniriiHi, and di.card it Iron) our confi dence entirely. There it not one of the jblfstmgt with whiclil'rovideiice hat gilt- u, that may not. by improper ue, he converted to our destruction. The ti'e which prepare Our lod and ministers to our comfort, when in the hands of the iiieenilmry may be employed in laying our dwellings in ruins and demolishing , the wwks of aget. The eery cloudt of i heaven, w hoe showeis punU the atmna 1 phrre and fertilize our fields, when Ush- : ed into tcinpetl, lay low in a moment the f airticiures of the artist and the labors nf hubandman, tcattering ruin and detola Hon in their train, ttesidea, there are a-tttciatioHt connected with the history of the banking syttem, which identify it with the very name of liberty. Ijook at the niitfin of banka. Do yoo find them first springing up in a land nf despotism, or a land of freedom! The Bank of Ve nice, established in 1171, that of Genoa, in 1345. and that of Amsterdam, in 1609, were the three first banka known to the commercial world; and let it never be for gotten, that thee were not only ettabliah ed in free governments, but that it was in an age or despotism, and when the glinv mennga of Ireednin had jutl begun to dawn. Thete banka were the legitimate o(Tpring of commerce, for every one at all acquainted with history, knows thai those enterprising citiea were engaged in commerce, white the snrroundiuff world was lorked up in the chains of the feudal1 system. Look at England, that country! from whom we obtained our earliest ideae of liberty, enjoying a degree of freedom meatarea of thia and the preceding ad unknown to the rest of Europe, her artaj miniairationa. In their xeal 4o destroy . ..I. tr s, r . . It .. I ft. . - and her arms the admiration of the world. her literature, brightening, by its perusal, the face of genius in every clime where cinliz tiion lu dawned, her navtea cover iug every ocean, her maitufaeinrea cloth- nig every people. from Greenland'e icy mountain, to Imlia'a coral strand." In that country, the bankiifg system has round eMO'cnl favor, and hat hcen used as one of the main scents of ber greatness and glory. The Bank of England was chartered in 1G9I. only six vears after, the celebrated revolution of '89, which placed on a firm basis the rights of the citizen, anl OXeu uennue anu preacnueu limit to the prerogative of the crown, at a period when the minds of the English eople were peculiarly sensitive in regard to a violation of their rights. The chatter a . a a 1 of that ineutaiioa haa aince received aet ea aucceaaivc rrneaala; aad ao appueot Lai been it sulity to the great body of the nation, that it baa never aaaumed a party character, ia oil the violent eiraggtee for power betneea tba great rteal puuet la that country. . Look, oa the other band, to thoaa cons trict where there art ao banka, and when gold and silver ia the only carrencr. Look to 8paia. once tba mielreaa of tba tainee of Pera degradation and atieery ia the ebaraeierialie of her people. The Chaaliliaa blood of her ancient chivalry flowt dull and aluggiah throogb the tetaa of their dt-renerite ooateriir. bom all the efforu and impiovemeot ol the ago cannot route into action. Look to Italy; all lib aaaoctttiona of her former glory cannot awaken ber from tba elamber of gets penary and want, arretchedneaa and hunger, elalk amid the raiaa of the Colieeam. and banditti plot their iaferaal eclteinee where, ooce, a Roman Seaaia aat." Look to the South American atalee. the very eouatriea ia whoa oiountaina lie embedded tit preeioua meula, whote exrlutiv aa certain politiciane believe to be a panacea for all the - alio thaf government ia heir to, and what da you witueea calculated to rrjoice the heart of the pliilanthropiat? Anarchy and re to:otion. violem-e and prietfralt. ara the leading incidents in their bitiory. With all their gold and ailver currencr, and with the bright example we have aet te fore them, they teem delioed to alum ber in obacuntr, and only to be a routed at latervale by the earthquake sounds of violence and eommouou. Begging pardon of the houte for pur suing ihia idea so far, 1 will retara more diieetly to the subject. I will take it for granted, that with the detlruciion of banka will neceatarily com the Ueainie tion of credit. Thia, I think, ia eaay of temonttratmn. In the first place, credit that it, eredit in the general aenaa ia j which it is understood, in this country I unknown in those countries in which ! banks do not etist; and even in our own rnuntry, those eeetinns in which eredit is most easy to be obtained, are also moat remarkable for the quantity of capital in vested in banking, aa well as for their in iluvtury and emerprixe, In fact, bank notea are nothing but the representatives of credit; and t bank is nothing more than a market where credit is sold. In the se cond place, that portion of the community who avow their preference for the aboli tion of all credit, and who are ao loud in their denunciationa of the mercantile clats the very soul of whose existence ia creditare the ssme who are most con pieunrjs in their opposition to what they term the monopolies and exclusive prii leget of the banka. It ia the aame apirit which excitea opposition to both, and which would destroy with the banka all credit and confidence in the varioua trana actions between man and man. Destroy credit, snd yoo deprive enter prize of its main stimulus, and indigent merit of its only heritage. Destroy ere dit, and. to ute a remark of an eloquent Senator, capital ia hoarded and labour starves." Without eredit. what would be the situation of the poor but meritorious young man, whoenters upon the great the aire of life friendless, parentlets and mo- nerlcst! He mnsl languish in obscurity forever, struggling, but in esin, against the resistless tide of fortune. Destroy credit, snd many a young man who might, with the advantages of credit, be able to wing hia way with an eagle's flight to the highest pinnacle in the temple of fame, would hare to pats his dsys in toiling for the physi cal neceasaries of life, and at last go down to the grave forgotten and unknown. - t . . . Ueetroy creun. ami wnai muti oe ine si tuation of that man. who, from affluence to-day, is, by the caprice of fortune, to morrow reduced to want! He muat aee the wife of hia bosom deluged in leara, and lua famishing children crying for bread: and all he ean do, will be to look on in enrrow and gnash his teeth in anguish, But, bv the blessings of credit, the youth in poverty, and the husband or fsther in misfortune, if he haa character and merit. can easily obtain not only a eopplf for hia present wanta, but also a means for future enterprize. But while advocating : a well-regulated system ol banking. 1 am not to be understood as defending that wild and extravagant syttem which haa been brought upon ua by the rath and wicked the banK. ol ine uniteu otaiea, sna to en able the country to dispense with ita agen cy, they have deluged the country with what they now denominate "bank rags snd have converted into a curse that which, under a wise policy, would have operated as a Westing. Banks can only prove beneficial so long aa they are ret trained within proper limits aa to their number, so long as their issues are re stricted to the wants and business of the community, and so long as they are held to a strict accountability for a violation of J their chartered privileges. 1 admit the banking syttem haa been abused; that it has been pushed to a rutnoua extent. which haa threatened to destroy, not only the proaperity, but the commercial eredit of the country. And who Tuva done this? Who bate been ia power while ! this stateof things has been carrying on! ' Wh. the eery saea, at I have attempted to ahow, who arc bow ao eoctferoua ia their denunciation of all baokt. Although the abuaea of banking have brought incalculable ceils npoa the conn by, attll they hate taught es a tesaoB, from which wa may profit for the future. It has opened the eyea of ibe people to the hypocrisy of those ia power, anil coo tiaeed them there is ao confidence to be placed ia their professions. It haa taught bs there is a limit in the banking system, beyond which we cannot go with aafety. and baa afforded ut experience, by which wo may be enabled to avoid for the fu ture th rocka aad ahoale on which we ha vt been ao nearly wrecked. Another objection, air, to the specie feature ia this: It makes an odioua ducri mioation between the government and the people. The government belongs to the people, and it ahould ose, ia the ad ministration of its function, u.e earns medium of currency aa that nsed by the people. Keqairtng epeeie ia all duea to tba general government, while the atate goveramenta receive paper, and the peo ple ute it in all their tanous transactions. is calculated to give the general govern ment ao alien character. You thua weak ea the bonds of that Union, which I look upon not only as the palladium of our ci vil liberties, but ss the bulwark of our national defence. And. air, I admonish those who sdminitter the general govern ment to beware how they abuse further the patience of tins people. Let them send out their tax-gatherers to collect all the apecie in circulation, and to annoy and circumscribe the operatione of our atate banka. and my word for it, the va lue of the Unioo will not only be calcu lated, but aet at naught You will bsve again to retort to your proclamations and your bills of blood; you will have to call again upon the myraidona of federal pow er to enforce your syttem st the bayonet's point. I hink you, sir, the people of tins country will ever consent thst the olnce holders men who, by their habits, their employment, and their atsocistions, have no sympathy in common with the great mats ol the community think you, 1 say, that the people will suffer thete men to receive the reward of their prostitution and devotion to power in gold and stiver, while they, themselves, hare to ute bank paper No, sir. never!. They item a ill consent to purchase the benefits of this union at the price or liberty, and at the aarrifice of their dearest right and inte rest. Now if gentlemen are really conscien tious in their support of the specie fea ture of the sub-trrattirv, why not carry the eystem fully out! If it ia proper for the general government, it it also proper fo,' the state governments. Why then do they not introduce a bill, requiring the sheriffs of the different counties, or offi cers to be appointed for the purpose, to receive nothing in payment of taxes but gold or ailver, dispensing altogether with the agency of banks, and requiring the collecting officers to keep in their own hands the money when collected, and to pay it out to the public creditora upon the warrant of the treaaurer! Appropri ating at the aame time, a sufficient sum to purcbaaa 1 Iron safes, vault, &c. in which the collecting officers are to keep the publie money; and authorizing the treasurer to transfer any amount of the funda of the atate from one point to an other, "at his discretion, whenever the public aervice shall seem to him to re quire it. I aay, if the friends of the ad ministration believe such a acheme prac ticable for the general government, why not propoae a aimilar one for oar own state! Because they know they dare not. Because they know the people of this Hate would then have practical experi ence of the workinga of the system; and they know further, that it would be greet ed with indignation "long and loud" from Currituck to Macon. Genttemen talk of a divorce; but, air, pasa thia eub-treasury bill, and yoo will have effected a divorce with a vengeance. You will have divorced the affections of this people from the government of tha Union. iAnd thia, sir, is no time to en courage a feeling of disaffection to the Union, a reeling which unfortunately, l fear, is beginning to pervade every aee- tion of our country, and every depart ment or eociety. Yea. air, it is enough to make the heart of the patriot bleed, to see with what coolneas the dismember ment of these statea ia contemplated. But a few yeara aince, the very name of disunion waa reprobated with abhorrence; now, it ia aa familiar aa household words. And what ia the cause of this! Are men less patriotic now than they were then! Do they less appreciate the value of thia Union! No, air. it ia because ine go vernment ia administered with an utter disregard to the people'a interest, and solely with a vi6w to the preservation ol power. And carry out thia system, and you will give to your federal government the character of a cruel task master, who will rule you with a rod of iron, and chaa tise you with a whip of scorpions. Gen tlemen tell us thst. in the destruction of the United Statel Bank, they atrangled a monner; but in esubliahtog thia system, j ntj rear p a monster of etill savtre Lidc- one attcB, which will extend hia Briareaa arma lata every tillage aad hamlet in your country, to gratp every dollar of gold and niter ia escalation, wbkh.ace having clutched, ha will hold with the gripe of Shyloekv The effect of yoar boasted divorce will he to establish a still mora adulteroaa marriage between mo- mey and power, tba offspring of which HI be a bend, whose appetite nothing caa aaliale but the blood of your people. Uut geauemea aay they mutt have a divorce between the goverameet and the baaka. Aad, air, why! Ia not tha in ternment the property of the people, es tablished by their own consent, and for the purpose of preserving their rights and promoting tlieir interests! It is the crea ture of their choice; not imposed upon them by foreign power, but assumed by their own free will and consent. Well, hat are the banka! Were they impos ed upon ua, contrary to our consent! Are they exclusive privileges, unwarrant ed by our free institution! Sir the re presentative or me people nave ever thought otherwise; it is they thst esta bliabed them, and they that continue to sustain them. Here then, ara two great agencies; the federal government esta blished for certain great purposes, and the banka of the country, eatablished lor the purpose of aiding the wanta of trade and the convenience of commerce, ro air, if one of those grest sgencies ean the belter perform ita lunciiona by employ ine the aid of the other, where is the ob jection! Why insist upon a i voice, un less the connection nai been an unnappy one, or in aomo way productive of evil results! That the connection waa aa unhappy one, ao far aa relatea to the agen cy of the late Bank of the United Sutea in keeping and disbursing the publie mo ney, cannot be asserted. For of the ma ny hundred milliona entruated to the fis cal management of that institution, not one dollar waa ever lost to the govern ment; while, at the aame time, ita trans fers were alwaya made with certainty and despatch. While, on the other hand. the bank, owing, among other causes, to the increased credit which tt obtained from its connection with the government. furnished m currency ' Unequalled for soundness or uniformity, and regulated the exchanges upon the most admirable fooling, and brought them down to the lowest possible cost at which funda can be transmitted fioin one section of the Union to another. So wa aee that the connection had a happy influence, first upon the people by the improvement el fected in the currency and exchanges, and aecondly upon the government, in the eecurity and disbursement of the publie funds. True, sir, the connection between the government and the pet banka waa an unhappv one; and well it might be, lor it was not a lawful connec tion, but a vile prostitution of themteltee on the part of the latter for filthy lu ere.' But Irt it be recollected, that the authors of that connection were the same men who are now attempting to consum mate their financial tinkering by fasten ing upon their country thia sub-treasury ayatem. ? But, aay they, it ia not a Bub-treasury it ia an independent treasury we want. An independent treasury! uo genue men expect.to hoodwink ua in thia way Do they expect thia Ethiopian to chang hia akin. by their calling him another name! The obstinacy with which they cling to ibis name, as though they ex pected thereby to hide ita deformities, re minda me of a passage in Paul Clifford, where the cunning Augustua Tomlinson ia represented aa persuading the youth ful Clifford to take to the character of highwayman. I own to you frankly,' said Paul. that aomehow or other I have double whether thieving be really tha ho nestest profession I could follow." Lis ten to me, Psul, answered Augustus: " all crime and all excellence depend up on a good ehoice of words. If yon take money from the public, and aay you have robbed, you have indubitably committed a great crime; but if you do the aame, and aay you hsve been relieving the ne eeuiiet of the poor, you have done an excellent action. If in afterwards divid ing this money with your companions, you aay you haue been aharing booty, yoo have committed an offence against the laws of your country; bnt if you ob serve that you hate been thariag with yourfriendt the gain of your industry, you have been performing one of the no blest actions of humanity. We are never rogues, so long as we call our selves honest fellows; and we never com mit a crime, ao long as we call it a virtue. And ao the advocates of the sub treasury seem to think. Call it a sub-treasury, and ita real character will be exposed a treasurv mder the control of the Presi dent and his Secretsnes. But call it an independent treasury, and it immediate ly becomes " a great measure of deliver ... an w n ance and liberty! judging, However, from the stgue of the tunes," the peo ple of this country do not seem aa likely to be swayed by such logic as waa the plastic mind of young Clifford; for the former teem to understand ita duplicity with aa much facility aa waa the latter eaptiratid by iu An independent tree- earyl I fear, air, that if thia project ceeds. that ia aueeaptiog to auhe the gw veratmeat independent f tha banka, jo will make it indepeadeat of the peeple. a ine arrangement ol a fiscal ayatem. it is tha pewplc'a interest thai requires year -special consideration; whereas tba main object of ihia auh-treasaiy seem a to he, ta) provide lur those who administer tha gtt vcrnmcat. w ny, tne government twee not ao maeb ire u ire yoar foaterieg aid; it is tha nataral tendency of power to lake care of itself; it needs tha earn ra ther than tha apar, and despite all the ta atrietiona thai may ha thrown arovjnd it ta coatinnally grasping lor mora anuotv ty, that it may transfer it from the ma ny to tha few II, thea, it ia the ten dency of government to -take eare of it self, ihera as the greater tteeceaity for aniiing iu destinies with those of tba peo ple, so that, in providing for and pro (Bat ing iu own interests, you aceeuardy omprl it at the same time to take car of the people. And by compelling it ua nse the aame medium of payment M that ntcd by U people, you induce it lis lejad aid and proieeuon to the atate institiitiou; for then it cannot throw discredit upo them, without at the aame lime aJTcctiag; iu own interetu. - I did intend, air, to have attempted to ahow that the object was, and the iaa.fi- uble result or this ay stem, if earned iao operation, would be, a great government bank, under tha management aad coatrol of the Executive, possessing all the ailf and none of the advantages, of n baa da- ly eatablished by law. 1 did alao intend to have elated the reasons which have) brought me to the conclusion, that well regulated Bank of tha United Slates, ie the best remedy which can ha applied for the distempered state of tha times, sni the best agent which tha government eaj employ in tha management of ita fiscsi concerna. But havine treapaaaed ao Use upon the time of tha committee, I wilt hasten to n conclusion, after staling my last though not least objection to ikta new-fangled scheme. It is the project, and a favorite peoleat. of thia administration. Yea. aiariliae and unsound aa the reason may see as ta wrae, I repeat, 1 am opposed to it, he cause it ie another project of tha aamo men who have proven them selves ao aw- terly ignorant of all financial knowledge, ao entirely incapable of conducting tke a . . . a uesiinie oi inis government, ana wae, by iTieTf' corruption and mismanagement. have shown themselvea ao entirely aa worthy the confidence of a free people.. I have for a long time believed, sincere ly and honesdy believed, that the first great duty which every patriot owed to. his eouatry. was to assist in pulling down ' the strong holds of this administration, I y believe it the duty of a statesman to view . every grealtjuestion of national policy, which is presented before him, in all ita bearings not only in relation to. jw iat mediate objects snd direct results, hot la , its mora remote consequences also, and the influence it is likely to have upon af ter times. If J sustain this measure, it -must be with a hope of, and with a iew to, its success. And if it succeed, what, is the consequence!, "Why, I aid in es tablishing this dynaaty in power, and ia perpetuating upon my country thia scene of corruption and misrule, which has ao long prevailed. Sir, I cannot, 1 ttrnnat do iu It ia well known to all. that upo 1 the issue of this question tha administra tion muat etand or fall; and the' peals of victory which hare for several taeniae' been ringing from the moontaina to the Atlantic, and from the Gulf of Mexico to the lakes, give ua good reaton " to hopo that the day of our deliverance ie draw ing near. Even admitting thia meaeura to be harmless, still t believe it better that the country' should bear yet ia little longer the commercial embarrass men I which prevails, than that wa should have entailed upon us this corrupr dynasty, which- haa heretofore, notwithstanding all our manly struggles to.'get rid of it, stuck to as tike the shirt of Nessus. And shall I, who have 'so long denounced their enormities and exclaimed'. igamet their misdeeds, shall come forward and eomribute'm y humble aid to sustain them in power! Never, never, while I recol lect the ruin, the misery, the drgradattoa they have inflicted opoa my country.. ' 1 csnnot forgive them for their eondael during the period of tha proclamation and force bill, ia which they not only preach ed a crudade againel tha interests of tha south, but led on by tha high toned ad- rotates ui consoiiOMton. ttiev inflicted a wound upon tha tights of the a u tea from which they have never yet recovered. 1 1 cannot lorgiva them for their wasteful extravaganca with tha pablie money," appropriating milliona for the. improve ment of remote and unimportant sections merely to purchase political skeugtht and in paying holders of useless office, created solely for the purpose of reward ing faithful partizana. I cannot forgivn From an official report f the Secretary nf the Treasury, it appsars that the xpanCilurve of the governmcitUsacltitivs nf the public debt. ware, for the year 1828, the last year f Mr Adam a adreiuiatration. tltSt.S33 1338. the laat year of Gen. Jack ton" administration, 50 159L164 19S7, the first year of Mr. Tan -Karen's administration, 3,l6l,T4tV
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 21, 1839, edition 1
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