North Carolina Newspapers

    : " & AXtEIGH, IJ. C .WEDNESDAY, I.I All OH 14 ' 1838 "i f ' i ' VOL 2X12.' " NO "1
THOMAS JT. LK.'14r
JPITOR
TERMS-
jri,c,irTio. ,t! dollar! per annum -on
-.u,.nn reilii.r ilh.iot the State Tt1-twf
VoHl . P"? ,he oont ol the ycarV
''"suWramWift ' r ' '7' . ' . '
KATES OK ADVRHTISIVO.
For ry Kiiare (" eeeei!in(f 16 linn lt.it
l ie I'pO 'i"-" nrrliBn1 nil dollar; ruth ln!
,.n,irat insertion, tarenty five cents.
rT Ttif advertisement, of LlerSi and Mwrin
will he t-rrl S frr eenl. tiilirr: and a
juclion of 3;i per eent will be made from -he
rriuUr prieet lor nUermeri b llie yrr., -Lclit.-i
to " r' l'"''r-,il be pti-anl.
SPEECH OF MB. t'AI.ItOl'X,
or SneTii Cotrsi, on us
S u b-T reiuurj IS i 1 It
j)divtrtd iif the Senulr aj th L'ntttd Statti,
February 15, 1838.
re;ai'il tliis measurt', uliich lu
been much l-nunceil, a very little
m,ye llian an attnnpt fu cany out (lie
prisioii f t he j.iint rchnluli.in nf
1816. ami the di-).sit act it 18 6.
The furiner provides that nu mite but
tiiise ol )'- ie paying b.n'ks ahull be
r ctivi'il in the due' f the Govern-
i .i ..... . . .I
men , and ne lajier i i;u aiicn uaiik
only shall be ' the d-po-itoi ie of the i
public rrvi-nu.' and fmal ajjrnt of the j
(loveifinedt; but it uintedt n akc .
-..fiainni for the rtmt.r.genry nf
genera! suspension of specie jm vint-i.;v 1
rJctrssrs the present.- It followed, ac-
......llinrtv ii.i lli aiisorllion in Vav
J
l,t. wliiclt tolaliy si-parated the Unv
rrnmenl and the banks, that the reve
nue werethrown in the hands of the
Juecutive, where it lu sime reiii iin
e i under its t'tnie control, with
4t any legal provision for its safe
keeping. The object of thi bill is t
5'plv this omiinn: to take the pub
lic uioner out of the hands of the Kxe-
cutite am) place 'it under lite custody
of tJie laws, and to prevent the renew
al of a connexion which has proved so
fortunate to bo.h the (overninent
ami tlte jj.inkft. Uut it is this mensure,
originating in an ettgency caused by
oirown acts, and iluit seeks to make
tiie must of a change elfoctrd bv ope
ration of law, instead of attempting to
innovate, or to make - another e?peri
ntfiit. an has been erroneously reirv
srnted, which ha been denounced un
der the name of the Sub-treasury with
surh unexampled bitterness. -
In lieu of this bill, an amendment
hu been offered, as a substitute, bv
tue Si tiator from Virginia, lurth.t
(toMllte chair, f Mr. Rives, which he
iitfurms us is the firct choice of him
tvJf and those who agree with him, and
tfwsetonil choice ol those with whom
he is allied on this question. If I may
jude from appearances, which can
liafilly deceive, he might have said
their "first chnirc, under existing cir
sumstunces; and have added, that des
paiiing tf a National Bank, the object
of their prelerenee, they have adopted
his sub-tit.ute, as the only practicul al
tenutiv at present. We liave, then,
the question thus narrowed down to
tins hill an l the proposed substitute.
I i agreed on all suh'S, tlut if or
tlie other must bo selected, and that
tia'lojjt or r.-ji l tiic one, is to reject
nr -adopt the other. , -The vmgl q ue
t'rtn then is, wtiieh sliall w- choose? A
deeply ni niie itous question, . whi h
we are iinw calUul on to deriile in be
hilf of the States of this Uoi.m, and
o i our decision their luiure destiny
niu-d, ini a" g watdggeerjdepgnii: -aoiji
Inng as their Union endures.
In c.njjaring the relative nvrits of
the two measures, prep.iratory to a de
cision. I shall touch very briefly on he
principles ami details of the bill. The
former is well understood bv the Senate
ami llie country at large, and the latter
has been so ably and lucidly explained
by tha Chairman of the Committee in
hi opening speech, as to supercede the
nerewty of further l etnai ks on th m
! this sta!e td the disrussi n. I pro
pose, then, to limit myself to a mere
JCeni-ral hu miliary . accompanied by a
few brief observations.
Tile object of the bill, a I hare al
reJjLSUleJ , is to take the public fund"
uut of the hands of the Executive,
where they have been thrown by oper
ation of nur acts, and to pU' e them
otnlejr the custody of law; and to pro
vide for a gr.uluil and slow, but a per
petual separation between' the Govern
went and, the banks. . It propose to
extend the process of e pe rating to the
year IH45, rereiving during the first
year ot t e series the note of such
bfitiksas may pay specie, anil reducing
tli-,reafier tiie amount reieivablu in
ti'K-s itne-sixtb annually, till the sep
fation shall be finally ronsu nmated
' the period mentioned.
file provision of the bill are the
tni'st simp e and effectual that an able
cmsmttee could devise. Four princi
pal receivers, a few clerks, and a watti
cent number of agent to examine the
taie of th public funds, in order to
e that all is rtght, at an annual charge,
not execediug forty or fifty thousand
dollar at most, constitute the addition
I ffi-er and expenditures required,
to perform all (he function herelofore
'Uiliargetr by the banks, a deMmito
r:'s nfthe public money and fiiscal a
Uofth Treasury. Thi. oimple
PParatai trilt place the publick Treas
ury on an Indepemlent fooling, and
tny ta tha Governnta at all ti.rB.te, a
certain command of it fund to meeti
if" ringaf?me1ittrMdlaTpri-ye Vta
honor and faith inviolate. If it be de
sirable t aeparat from tbe'banka, the
j Government must have tome iudepen
lent Rncjr of iia.n tokffpan.l di
nurse me puouc revennrt nil if it !
iiar suck an agency, nun, in inr i
pinion, ran be Uevie inr aim pi.
more economical, more effectual, anil
safe than that provided br ill bill. It
. . .i.- i.r.t. -
is the neceary rultf ihe separatiun,
anu iu rtjf . . u. wit.iout prpiinx a
ueiier, mi,- uiueeti, a uetjer can V3aAJ4rnrnt' nnnr mev KHall ever
to reject the separation itnelf.
1 turn now to the substitute. It4
1ject in directly the revrrta of that .',
thf-bi U It pioposct to revive llie leaitiie
vf State.btinka, and to renew eurron
nexion with them, and which all ac-
knuwli'ile has cuntribuled so mocb t
corrupt the community, and to create a
spirit l.ir apeculatiott, Ittrelofore tin
iHinpled in our hiatorv.
The Senator in ofluring it, whether
wiiwly or not, has at least acted cnnii.
tently. lie was its adv.xate at first in
185-1,. when the alternative was be-
j twren it and (he rerhaitrr of fhe late
: Hank of the L'nilrd State. IIi ilw n
defended it zealously and manifestly,
against the fi.rce nsxaulls ol his present
allies, as he now dd'emls it. whrti
thine wlmjhrn
twn.loin-d the measure. Wether wise-
y or not, there is sonu-lhin
ii heroic in
lus-adherencev and I commend him
for it; but, I fcr I cannot say as much
for bis wisdom and discretion; lie ae
knowledged. with all others, the dias
tera that have followed the fut xpen
menr, but attributes the failure Jojnau
spicious circutiisianccs. and insists that
the measure has not had a fair trial- 1
grant that a second exneiiment mar I
succeed, after the first has faili d; but
the Senator must coi.ceile, in return,
mat every lanure must neressarilv
weaken c
cioihdence, uoTtl in The eiperr-jwiHiHi
! the esoerim. tiler. lie an
nient ami the espe
not be inure confident in uiakinr th
second trial, than he was in the first;
and, if I doabted the success then, and
preferred the Sub-Treisury to his
lvalue of banks, he must excuse me
for still adhering to my opinion, and
doubting the aur.cesg.ol his second tri
al. Nor ought he to be surprised, that
those who joi ied him in the first should
be rattier Shy or trying the etperimni
again, after having been blown into the
air,, and burnt and scalded by the. ex
plosion. But. if the Siw i-w"
unfortunate irt failing 10 secure the co
operation of those who aided him in the
first trial, he h9 been compensated by
securing the support of those who were
then opposed to him. They are now
his zealous supporters. In contrast
"mat their course then and now, 1 intend
Tinthing personal. I make iio charge
of inconsistency, nor (to 1 intend to
imply it. My object i truth, and not
In wound the feelings of any one, or
any party. I know that to make out
a charge of incitoai'steney, nt only the
question, but all the material circum
stances, must be the same.'A Change
in either, may make a change of vote
necessary; and, with a meterial varia
tion in VircutT"' 'res. .we are often
compelled to v, .nr course, iiuirder
to preserve our principles. In this
case, I conceive, that circumstance as
far as the present allies of the Senator
are concerned, have materially chang
ed. Then the option was between a
echaeterof the late bank, and a league
of State banks; but now the former is
out f the question, and the option is
between such a league and a total
eparation from the baaks. This beinj
the alternative, they may well lake that,
which they rej. rti d in i834. without
ubj-rting themselves to the charge of
inconsistency, or justly exposing them
selves to the iinpulation"'of''''c1iai'i'5e'iir
prim iple, nr opinion. I acquit them,
then, of all such charges. The doubt
less think now, a they formerly did,
of the measure, which they then de
nounced and 1 ejected, but which a
change ol circumstances now compel
them to silppm t. Dut in thu acquit
ling them of the charge of in onsist-n-cy,
'hey must excuse me, if I should
avail myself of lle fact, that their opin
ion remains unchanged, a an argu
ment in favor of the bill sgainM the
substitute. The choice is bet-veen
iIio.ii Tliav ep in the nnnosite Scales.
To take from the one is, in effect, to!
add to the other; and any objection a-!deted state of the currency, the uurtn
gamt the one, i an arKumeiit equally 'en of the responsibility, vou would
strong in favor of Ihe other. I then do i have stood . ready to profit by events,
avail myself f their many powerful I If the Sub-treasury contary lo your
objections in '94 against the measure, 'anticipation, succeeded, as patriots,
which this substitute proposes now to! vou would have cause to rejoice in he
revive
I call to my aid. and p'ess
info my service every
denunciation
they then uttered, and every argument
they then so successfully urged agamst (
it. They, no, we (lur 'l was then, as j
now, irreconciieaoiy opposeii 10 me
measure.) charged against it, -and
nrnvp.l what wp charged, that it placed
. -i 1. . . 1 . .1.
ihe-inirte ami the sword in the sauielymi hsye !-st the only prospect of es-
fiands; that it would be the source r.ri lavishing a JMatmnai linn,
boundless patronage and Cnrruptjon. f Nor ha vour rourse; in my npin.
snd fatn! i.i it comicouertc to the !i''ti been fortonate for the country.
currency of the country; and I now
- . - - . -1. ., .. .
avail myself of these, and all other ob
ieclions. then urzed by u , iu a full
force against thi substitute, a if j
nu
were again to riae in your pbacea and.
repeat them nows and of course, as en
many argunente, in c&tt, in favor of
tlit bill and on their strength I claim
yiiur vt. in It favur, unT," tmle4,
nil atruner t.Jetion can b iMgeJ
again! it. I aav atronger, kvrau
time baa pred th truth vt alt ibat
wa then said agaiatt tha praure now
propusrd to b revived br Ihis soUli
- tuir
hst -i then prodictiwn ta
now tt. Uut WTtitrrer ofijectiniM
nave ueen, or may be rtl against the
bill, however atroiif they mav arncar
. r . . '. .
in argument, reaaui yet to 'be Irateil
Dy tlio in nnj ti nt time and el-
. o realized must b- admitted vvea by
those who may have lite rrratcst con-
fidenct in them, to be at .t-ast ancer
lain; and it is the part of wisdom ami
prudence, where"objection are rqiully
strong against two measure, to prefer
that winch i yet untiled, to that which
has been tried and failed. Against
this conclusion, there is but one cicape.
It may be said,-that we arc some
time ( ompt ll.'d. in the midst of the
many extraordinary circumstances in
whii h we may be placed, to prefer
that, which is of itself the more ob i
jecrn.natHe. to in.it winch i less so;
because- the former may more probably
lead, in the eiid, to some deMrd re4'Pulte l perform certain iluties,
suit, than the latter. To apply the
prinrple to this case. It may be said
lhL!l,e subaiutivjlioughof itselob
-jeclionable, is 40 be pr-ferrtd; because
it would mure prob.ibly lead to the
establishment of a National Dank,
than the bill which you believe to be
the only certain remedy for all .the
disorders that a fleet the currency. 1
admit thyposiWon to be sound in prin
ciple but it is one exceedingly bold
and full of danger in practice, and
ought never to be acted on, but in ex
Ireme cases, and win re there is
a ra
j tional prospect of accomplishiug the
j object ultimately aimed at, t he
! application, in mis 1 ae. 1 must tuns
be rasiines n-cU,, It jnuy
safel v assumed, tha-t the - success
be
ol
either, whichever may be adopted, the
bill, or the substitue, would be fatal
to
the establishment of a Naiionarnrgative, which I hope to place on
Bank. It rati never put down a sue
ce,lul measure to lake its place, and.
of course, that which is most likely to
lad, and re p unge the country into all
the disasters of a disordered currency,
is that which woald most probably
l4l la tUv rMsloruliou uf.a National
Hank; and to prefer the substitute on
that account is, in mi-i- nr..r .
u-.vuoft is the worst of the two. nut
are you certain that another explosion
would be followed by a bank? We
have already had two; and it is far
more probable, that the third would
impress, universally and imlelibly. on
the pu ilic mind, that there wa some
thing radically and incurably wrong
iu the system which would blow up the
whole concern. National Dank and all.
If 1 may be permitted to express an
opinion, I would say, you have pur
sued a course 011 this subject unfor
tunate both for yourselves and coun
try. You are opposed both to the
league bf banks, and the Sub-treasury.
I ou prrier a isjaiioiiai uao, 1 v-
gard it as t e onry safe and certain
regulator of the currency, but ronsid-
er it foe the present, out of the que.
lion, and are "therefore compelled -toltleatiny of this country, Jwtn any of ,
choose between the other two, . By
4..nmo tiiiff ihe substitute, vou will be i
h. 1 1 responsible for all the mischief 1
and disasters that may folluw the re
vival of the net bank system, as it has
Deeii 'called; With lhe alnrogt
ratlf d,' With the '"ahirirfit " certainly
defeat of your first and cherished
choicej and those you uppose will
reap, all the benefits nf the power,
paitinage and influence, which it may
place in their hands, without incur
ring any portion of the responsibility.
Bat that is not all. The success of
tiie substitute would he the defeat of
the bill, which would, in like manner,
olare 011 vou the responsibility of its
defeat, and give those ytuMippise, fell
the advantage id having supported 11
without any of the responsibility, that
would have belonged to it, hail, it been
adopted. Hid a diff rent course been
taken hail you joined in aiding to ex
tend the custody l ihe laws over the
public revenue,! in ihe hands of the
Executive, where you r own acts hive
placed it, and for which-. you, of
rou-se. are responsible, throwing the
blame at the same time on those, to
whom you attribute the present di.or
;unexpeeieu gooo. 11 it ia, y
would have the credit of having anti
riputed the result, and might-then af
'er a double triumph Of sagacity and
foresight, have brought forward your
fa vol ite measure, with a fair prospect
of surer, when eveiy . other had
failed." By 'not faking' thi course,
Iliad it been diff. rent, the currency
I I.i L.. .. - 1. . .u,:.u.l . ,
quesmm wouio na irru uruuru m
the called session; ajul had it been de.
cided , then, the country would thia
day have been in a much bet er con
dition: at least the manufacjairing and
eviantrcial laclion to tha North,
1 -
wBero me derangement ef tha eaerrr
tatett-lhvmnmtnvMwt. 'IkauK
i rwuiparai'vciy aa easy cmmihwo.
icb are the difficulties that stand
Lui SijjfWay of the subititate at the verv
threshhold. rintse beyond are vastly
greaistr, a i shaJI now tiroeeed. to
lio. It, obi i, as I baxo-atated.
ia 10 revi the league of Slate bank.
aoi ie nrt queuoa presented for
cinsMicrauon is,, how is tins to ft
..m bw is the leatfui. to be formed?
.: i . . . . . .
how siKnu aletLinto life when formed i
and hat after it ha Lee il . re! vml
would be ilto true character of the
league f coo.biuatioM? To answer
I ha qucstiuna we must turn to its
provisions.
t fovidei. thrftthe Secretary nfthe
Treasury shall elet. twenty fite sne-
cie paying bulks, atthefi-ral agents
of tue Government, all to be respecta
ble and substantial; and that the selec
tion shall be confirmed by the joint
oteofihe two Houses. It also unt
vides, that t lev shad he made the de -
posit. .rie ot ile puiilic money, and
that their no es shall be receivable iu
the duel .f the (overnment) and that
il lur i, lor these mlvanUL'es. Ihev -.li.ill
anil comply itb various conditions,
me onjeci 01 wnien is- 10 riv to toe
C t .1. . r .
Qgi!!jM-jL.'-'.Mntf,jreasur3r lull fcnoy.
lenge ot tiieir condition and business,
with the view to supervise and control
their act as far a the interest of the
G iverument i cone. rued. In addi-
tiim ttr thee,nt conhinr oThtr afid liW'
portant piuvisions, which I shall not
enumerate, ecaose they do not fall
wilhiu ; the scojhj of the objet tiotis,
ilia! ( propose to urge agVnis't the mei-
Bre
Now I ask what doe all this amount
in.- vv iut but a proposal on the part
of the Governmenl lo enter into a con.
tract, ..r bai gain, "with certain selected
State bank, on the terms and ronib-
nous coniatne'i. iuv we me runt
1 1 make toch a bargain i.t!ie first qu a-
Hon; and to that, t give a decided
ronstilutional grounds, that cannot be
shaken. I intend to discus, it with
other questions growing mil of t eion- ilea tte toprotioan.e grossly tminns'i-
nettiou of llie Government with the tutiooal, whrn appli d to aii iioit.idu.
bivks, aa a new que.tion for the first al. To free u.iivhei IV.um this iwu-
time presented for consideration and sion, I a-k. could this ffovrrnmeo' en
decision, S'rane as it may seem, the stiiulioijally bestow on iodividuals.ir
VwwiW'BUVjJeVWll PropiUed to be b stowed on "the led
presented nor investigated in ref..,e4 biuks, in order lo enable them to
ence to their constitutionality. I low
ihtshas happened, ( shall now pro-
ceel to explain preparatory to the e-
amina iou of the question, which I
proposed.
'The uuion of the government and
the bank wa never tetany aotemniz-
ed." It originated shortly after the
Government went into operation, not
in any legal enactment, but in a short
order of the Treasury Department, of
not much more than a halt a tfnzeu ol
lines, as if it were a mere matter of
course. We tliua glided imperreptibly; whom the act of the Stale cannot c-on-intoa
connexion, which wa never re-fer a particle of constitutional right
cognised bv law till 1 8 16, ft( my mem. I under this constitution, that doe not
oiy serves.; but whi.ch ha ... produced .1
more iinoorlatii alter consequences,
imporlatil alter consequenves, :
and has bad a srreater rbntrol over the
the mighty questions which nave so ol -.meiit..iati4jijte.a.ULv.uLuaL..,ju&inar
tei and deenly agitated the country." who, by the constitution, are express-
To it may be "traced, a ibeir seminal
pi indole, the vast and extraordinary
expansion of our banking system, our
iusluutwnajdUhe
al and pi id use disbursements, the pro-
tective larii1-.-aml its associated system
fur aiMin.f.i.ar atlial U ll.raav inf.. Ilia
I reasury followed in time, by a vast
surplus,, winch the utmost extrava-
nance of the government could not di,
sipate.md finally, by a sort of retiibu-j
tive justice, the explosion of the entire ,
banking system, and the present pi o
irated condition of tha rurrency, now 1
the subject of our delibt ration.
How measure, frau rhi with such
imoortuni riinte loences ahiuiid at firat.'
ami lor so 10112 a tune should nave ea-
.. . 1 111 .1
caped the attn
ention and the investiga-
Hon of ihe public, deserve a passing
notice. It is to be explained by tlte
false conception of the entire' aubject ,
' . ' . .1 . 1
of hanking, win
'hicn at mat carl v periniiii ii'ne otner, mai can peri ctve. ui
revatled in the communi- this' would he to adopt llie old and ex-
. . . it , ,1 . : . , L
iinivpcss.:! v nrevaif
ti.' So erroneous ws it. lhat a bank
note was then identified in the mind of
the public with gold and silver, and a
(leposite in ua n it was rrgarneu, a un
Jap flip .noftt safH bint a:irreil rustfidv.
a ' " a. . . i i .
that could be devised. . The ot iginal
..... n e
impression, iienved irora-the b.ipk ot
Amsterdam, where every note, or cer
liHcate in circulation, was honestly re
presented by an equal and sperific
quantity of gold or silver in b nk,
and where every tdpoite wa keptA,
a a sared trust, to be safely return
ed to the depository,, when demanded,
was extended to hanks or discount,
down to the time of the formation of
iiar government, with but slight modi,
ficstions. With thi impression, it i
not Ht all ext.raordi.nary, that the de
nnsite. of the revenue in bank for safe
keeping, and the receipt of their note
in the public dues, should be consider
d a matter of . conrae, requiring no
higlier authorilj than a Treatury or
der, and hence a connection whh all
the. 'important; question belonging, to
it, and now conaidered of east magni
tuda, rtccived to littlt notice, till pub-
ti.ewti.iit wa dim-ted to nbv it
r..ni rn. . Hi. ....!
j nvai tnc system, in wmch w now Rod
o ir.-lve placed, for the first time, an
Ihoriaea and demands, that we shall in
vestigate freely aod fully, not vol y the
coiueqonce of the con reel ion! but
all. the , question growing" not of it,
more especially those of 1, const nation
I charac-trtf and I jhaft in obedience
to thin demand return to the question
from which this digestion ha carried
me so far. . -i - .. "
Have we then the right ta make the
bargain proposed? Have we the r ghi
to btow the hih privtlege. I miuht
say prcmgalive, 011 them ol being hude
the dejiii"i ies-of llie pu'ilic revenue,
aid id- kwitig their notes received ami
treated a gidd and silver in the 'dues
of the government and in all its fiscal
iransactioiisf Have we the ri't to do
all this in order to bestow confidence
in the banks, with the view to enable
them to resume Suecie nunneniar Wli it
:i the sfate of the case? The banks
are deeply indebted to the rouotry. &
are unable to navsaud we are atked m
give them these "advantage, in order
to enable t hem to i av iliir .lli r.n
we Krant the bo in? In aiiserinr tin
iiiiortant q i aiio i. I begin with he
urt, l Hat our t'lveinment is one or I m
.
iteil power. it vane lerclw ' "f
but what i p-. ih. ally gmnte l; nor
pass any Jaw. but what is n- cesar and
proper 10 carry uch imwjer into effecl.
Tliis small pa iipbleVfhnldinz it upj
' of power are few a id pla n;ad 1 ask
gentlemen lo turu. l it. and point out
the p w.-r ibat autlim iaes ur do what
i proposed 1 1 1 done, or to -how tut,
ta pas thi tuhsiilul-., i iiiM-earv lo
carry an tMtf anted power lint
eil i t. !( neither t an be shown, what
is proposed ca:in be constitutional!
d me; and sat I it ia sio-cifirally pointed
out. I am warranted n btlievini that
11 cantioi oe anoan.----H .
Oar reason is of rn confoumlfd by a
mere name. An act, 111 the minds of
many, may Hrcome of doubtful consti
tutmnal nulhoiitr. when aiu.li .1. In a
bank, which none would, for a moment.
piy tVir detir ts Wt.re who beat
me, who would veuture to say, ye.
even in the cane of the most extensive
merchant or, mercantile concern, such
a some of those in New York, or New
Oi lean, at the late suspension, whose j
emoanaasmeni invoiveu enure sec-
lions in (h rei-f Duf, if not, on what
principle ran aditcrimioation be made
in favor ol the banks? They are local
institu ions, created by the State for
local pu imscs, couiMiseu, line private
association of individual ritiz.nv,ri
belong to the humblest citizen. So far
irotn it. 11 mere ue, a iiiMiorimn. 11 is
irom n. 11 mere ue, a
against llie banks. They are removed
farther ifrom the ntrnl.oltlHgorejtn-
ly subject to the dii-ect action of thi
government in many instances! while
the Sta'e bank, a constituting a pur-
Mates, andresTingTin tnetr mrrven
righ', arc entirely beyonU our con
Ir.ilt SO much SU. Ba not til le the Suh-I
ject of a bankrupt law, although t!ierze each House to establish the rutelof j
authority to pass one is expressly grant-,
ed by the constitution. ;
On what possible ground, then, can trollable authority within Ihe .Inula' if,;
the right in question be placed,' unless, J their respective walls, atid over thosa s
indeed, on me broad principle that yaubjecHo their authority, in their offi- j
these local institutions, nlended.loxLslLlitrartef. .. TA that cxtfut, they
iStste purposes, have been so cxletidcd
and have so connected tliemselve with
the general circulation and business of
.l . - . . ... ...r..- n. :. '..Lm.c
me country, us to aneci ine imeresi pi
the 'whole community- o as Jo make it J
the right and,' dut oT,Congre to reg- J
late them; or, in short, ; on the broad
principle of the general welfare?, 'I here '
' . .1. ' .r. .1 :-..! L"- !
ot mled nrincifile. at all lime dancer-
ou. but pre -eminently to at thi time, i
'when such' In ntejaiid dangeroti con- '
fere with an one of! the domestir.in
stilutions of the Slates, on ihe ground
of promoting the general welfare, it
may 1 wt)h oihrs. ,lf it may bestow
privtlegea to ronlmr them, it may also
appropriate money " for the same pur
pose; and thiis a ihior might be op.-ned
to an interferrnce - with State institu
tions, of which we of a' certain section
ought at thia time to be not a little
jealou. '" ' "; ' n
I he argument might be pushed much
further.' We : hot only ofT r to ennfer
great and important privileges on the
"banka to be selected, but, In lurfi, ask
them to stipulate to eompty witn cer
tain ''conditional' tne object of which I
to bring them under the auperv'tion
anil control f thi government. ' It
might be'aikidwhere1 iHntrrrehr-(o
purchase oruiumeauch urtrvit.ion.
centmnsol the constitution are aoroinl ; 1 nose Oatix .wmr.u i a by lar tne mos. .
tin the land. " If lliw a.a-oment Is (roiul 1 totWei'ful and influetlfisl if alt 'the" ' .
in one eaae.1t.Sa' gowl iu all at nilar ca- j ge.it kof the vf m ;iit," ami tioght
tea."" If. this Government roar infer-1 nit to be el..'C!eir.i out the Concur'
.or control? 1 1 mtkht be rvnea-ed. ih.t
.1. a.'L. s..."..
ted sole t for Staw purposes, and
bi entirely Ui der 8 atf oon'rsd, and
that all uieriioon.nh4mr part it in
elation f the rif( 1 th- States.' It
iingtit be argued that uch supervision
or control, is ralcolated to weaken tha
coutrol of the State over their own in
tiiu(ion,ahd to render them r nubs?
servient to their peculiar and local in.
t'-rest. for the promotion of wlit.dv
they were established; and too subset,
vieut to other, and, perhaps conflicting'
interest, which mght feel but litllv
sympathy with itli .se of the Stately
Uut I for bear. U her, and nut lesars
gfbt -trnjeebim claim 1 my atten4,m.;
I'o dilaie too much on one, would n;
ce-auily sacrifice the laim o other. 1
I next oi'j'ct. tlut whatever may ba
the rigltt to -enter "into-- the- jirop-ed-b
irgain, the mode in which it i pmpo
sed 10 make it i clearly unconsblu
tiotial, if 1 tiahlly roinpcehend it. I
am not certain lhat I do; bat, if I un
s and it iight, the plan is, for -the
Se -retary of the Treasury to to left
Ltwnty five State bank, a de ril td
'hi h sub-Htule, which are t be ub-.
mited to the two il e to be Confinn
ed. or rejected, by their joint resn'u
lion, wuhoui th - approval of the Pre.
a deuif 4JV tha a a me WMde-a -wttold-
ap.M.iot a c'. i laiu,. .or to es'ablrah
joint rule Tor the g tvcriinii Bt of their '
proceedings.
In .irtmg on the jiut resolution, if
mrwwt;,&jr-ivimtfttnr.iti9
w M have thy right, of uci-e. a
str ke IVo.H it the nam - of any banlc
and insert ai.oiker. which would ii
tact v. st in the two II 'Uses the uncon
'o'la'ile rtht of niakiug theseleci'ion. ,
XHow, if t ob ihe mudet. pioposed, aa
I infer Ir ou the Silence of the nniver, -
t i a plain and palpable violation f ;
til constitution. Thobviou iotenr,
lio i i, lo evade the veto jmwrr of fhtT:
Ex -c u 1 1 .a, w uVli cintMt. Je. without ,
a 1 infca-Jioofaarxprra provision, of t
the Coiistiiutioo. drawn up with ike
utmost care, anil intended to prevent
the "possibility i f?fibti Ir i con''
Mined jiLjhe. 1 t ' atticleV ? th aectjoir,
a i l the last cl m, wliich I ak ibe ,
Sjtre a y ta read ; -, n ' -',i
j L"Every oriler ,rentiiiion, or vide,,
l Wtfith the coiiciiirfiii of ihe S n .
attsAj4yc-e-'Pn.n a qu. tion of
adj luriimentaliali. be? ure.-ntei l ihe.i
President the VJuiieu States, an'ibCs,
fore the same shall lake effect, shaH ba
appr aved by Jiim, or,be.ing disappi o i
e l by him. shall be repassed by two ,
thi' ils of the Senate audjluune ol Rep. ,
reseiitatives, accufding tajhe rulas it!
liinitaiion p escribed n tit case. tif at
wni . ; -. .
Nothing can. be tmore etp'icit, ar
full. It is no more possible X arad
th Rxecuiivc eto,oit any, -jojnt; vote,, ,
than in the paage,flf a, bji, .The, ve ,
t't wa vetted in him tint pnty lo pro. i
tect hia own iiower. but, an addi,
tional guanl,(.i t!te ronstiiution. J ana t
nat fhe advocate , of executivtt power.
wIucIl I have been often com tie I led to ,
resist of late, wht-n. extended beyond
it proper limits, a . I .shall ever; ba ,
preparetl jo do when t i.-tior am I .
the udvocala of legislative or judicial. .
t stanttMSly 1b--irbTCt-ll,;withiii::;
ine sj.nere assignen oy tneconsiuutMin,
ami to resist.them beyonjl., lojaa
explicit and comprvheiiaive-jjtfovlsiim n
of the '.Constitution, in nriTtection of Omi ,
jetj-..tfieJx.i..liui.ArM
.'j ....... . , r . 'it'
-reNaHrng," by nercasary implication,
irom anotniT porion 01 ipe insira ,
nient, not less explicit, wnica autnori
us proceeding, tltuier thUpnif laioB
the two House lave full and Bnron. j
.JX - i!, - liil,l',,ki and reidutioni,pJ
without the approval of the Executives.
but beyond Uia'.Vithoui it, 'tlief aiU. '
'
powrnes.. t
There is in lots ca
cae' antciaT rr aaittia t
why his approval aSouW not b evaded. J
The President ia at ;t:e head of Ijhf ri
administrative depirttnrnt the covV '
1. t 1 . .,1 : ...-t .It- ....a.. U,"
n amtm, jn.-i . is rsjuna.y .rynr.T a
fnHt'4 goinl inansgeinent. In, order tt
i:- 1.1 tr. :Li e. ' u I. "
hold Mm responsible, Tie ought to haft
due, power in fhe selection nfitf ag- ntf
and ropet Pmlrol over their fcbnd act, (
relie nfthe exec
lute e'loiild t ad ipfe.l.'andj th prO
viiiii in question be' 'rezartfed auch,' -
ui't' e If this liilntp ,
ns ItonaiJer It, there can be nodotittt
what musi be Hi- fa'c .'nf Ihe measure.'
I he executive will beiund to V"
tect. bV the inrerveirtion o(,it constf-
tutlortal righf, the 'mrtion bf jmwer
clearly "allotted to fiat !ilepartinenrbj'',s
that 'inarra'ment.'whU-h'woulirniak 'if;'''
inipisib!e for St to become a law. vilth1
he exfti n 5 division ia ihe1 two Uooa-' '
h A W.iJVW
I have'not" yet ViSaastrd jtiiy Vuftati. S
tntiorial bbjectiona.-s l 'rie to'Kfgfier
and to broader,' tpplvlng dir'ecfly'trt f
iii svij essence 1. 1 una inmix'r, ,
deny 'your fight tb"tnake a j'neral da
poai'te of th pubHc''fetenue a batk;.
Mori thaft"hlf fahf errora of4Ue wy.
1 be traced to fallatiea eriji Dating ia a
w
.1 1
1 1
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fl
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