Newspapers / The Weekly Raleigh Register … / March 26, 1838, edition 1 / Page 2
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-i4 'V- if: tat oenawx wu v htt - rAi IHftYe altravs found him, tin jus marines dTtm"?0! andVntiemanly rand 1SPCU.? , poblt mansion which f'ie;, worthy oftbe residence of heChie$M.gi trate "bf Wgreat: peoples a genets and liberal hospitality. An acquaintance. with - him of more than twenty, years; duration has inspired me with a respect for the man, although Tregret to be compelled to., say r 1r-rttjRt the Magistrate. K P.- The eloquent Senator froiia South" Caro lina ha intimated ;ihtHhe coursef my friends and myself, lif opposing this hill was unpatriotic and that wr ought to have his lead: and. in a letter of his, nlli&nce with ws, and i of few motives far quitting it I cannot ad jnit the justice of his reproach. We uni led, if, indeed,-there were any alliance in die case, to restrain the enormous ? expan sion of execotive power; to arrest the pro Eress of corruption ; to rebuke iusurpa- tkm: and to drive Goths and Vandals from the capiOl; to expel Brennus and his horde from Rome, who, when he threw ms sworu into the scale, to auerment the xanspm demanded from the mistress of the ! world bowed his preference for gold ; that" he was a hard-money chieftain. It was by the much more valuable metal of iron that he was driven from her' gates. And how often have. we witnessedthe Senator from South Carolina, with woful countenance, and in doleful strains, pouring forth touch ins and mournful eloquence on the dsgener acyof the times,and the downward tendency ftf'the remihlie I Dav after day; in the Senate, have we seen the displays-of his lofty and impassioned eloquence. Although I have shared largely with the Senator in his apprehensions for the purity of our in stitutions, and-the permanency of civil liberty disposed id ways to look (at the brighter side of human affairs, I was some times inclined to hope that the vivid imagin ation of the JSenator had depicted the dang--crs by which we were encompassed in somewhat stronger colors than they justi fied. The arduous contest in which we were so long engaged was about to tjermin sie in a glorious victory. The very object for which the alliance was formed was a bouttobe accomplished. At this critical moment the Senator left us ; he left us for the very purpose of preventing the siuccess of the common cause: He took his mu ket, knapsack, and shot-pouch, and joined the other party. He went, horse, foot, and dragoon, imd he himself composed the whole corps. He went, as his present most distinguished ally coriimenccd with his ex punging resolution, solitary and clone. The earliest instance recorded in history, within' my recollection, of an ally drawing off his forces from the combined amy, was that of Achilles at the siege of Troy; He withdrew all his troops, and remafraed in the neighborhood, in sullen and dignified Inactivity. But he did not join the Trojan forces, and when, during the progress of the siege, his faithful friend fell in battle, he raised his avenging arm, drove the Trojans back into the gates of Troy, and satiated his vengeance by slayin Priam's hoblest and dearest sont the finest hero in the im mortal Iliad. But Achilles had been wrong ed, or imagined himself Wronged, in the person of the fair and beautiful Briseis. . We did no wrong to the distinguished Sena tor from South Carolina; On the contrary, wereSpjected him, confided in his great and acknowledged ability, his uncommon genius, his extensive' experience, his sup posed patriotism ; above all, we confided in fiis' tern and inflexible fidelity. Neverthe lesss, he left us, and joined our common opponents distrusting and distrusted: He left us, as he tells us in his Edgefield let ter, because the victory which our common arms were about - to achieve- was ! not to enure to him and his party, but exclusively to his allies and their cause. I thought that, actuated by patriotism, (that 'noblest of human, virtues,) jve had been contending .)ass jt as lawfu money. In; the sense in together for our common country, for her Which .the Senator supposes banks to'con nolated rights, her threatened liberties, her. flirt with tlus r.oinintr imWir. fai'io-ri i- -. v-wMwwugii. uut 1 sup- f.'.4f?BP?K.al-r Party conakleratiohsl 'J.t. ...U.. 5 -TVT : A'. A T .emerfd, into tmr views. Whether,; if vie- tory. shall ever again be abOTt to perch upon the standard of the spoils party, (the uenommaiion ; wnicn me senator irom wouth parolina has so often given to his allies,) he will not feel himself constrained, by fhe. principles oa which he 9&: acted, to leave them, because 4t malnot enure to the benefit of himself and his party j I leave to, be adjusted between themselves.i " The speech of the" Senator, from South f Carolina was plausible? ingenious, Abstract, metaphysical, and generalizing. It did not appear to me to be adapted, to the ! bosoms and busin pt human-life. It was aerial, and not very high up in the air, Mr. Presi dent, either, npt quite as high as Mr Clay stW'nraa in V5s ! " 1 l. ! 1 11 toll' was in his last ascension in his tbaltoon. tu ? o . : .,".. :- 1 uc- ocuutor aunguncsa mat mere was a single alternative, aud .no escape from one or theother brancK of it. He stated that vre must take the bill under consideration. or the substitute proposed by the Senator from Virginia.' I do not concur 'in that statement of the case. -There is '.another course embraced in neither branch of the . . . ' VIV 1 0 111 1 1 J I I 1 1 : Senator's -alternative ;" and that'eourse is v ao notnmg ; always the wisest 'are not Certain whatyou ought vlb suppose, that" neither branch native is acceotedrand that nothing What, thenrpwpuld be die consequence here t would be a restoration 1789, withall its cautious occuruiesproviaea oy tne v ancestors which haaTbeen sr 6T e. Ute Mdpresent;adminislioi - ' . r 7- -j-" 1' By that law, eskblishinff the Tfeasurv De partment, the treasure of the Unitetl States is tobeTeceived, kept, and disbursed, .by the. l reasurer, under a bbadwith arqple ; aecurityj under a large penalty fiied by law, and not left, as this bill leaves it, the un- to4KVm. ttfin,r "tlmtlaw tcoold be revived : the Trea-, surer would have the custody,- as he ought to have, of the public money, ana uouDiiess lieo:uIdiriake-pecJal deposites oi juaau instances with safe s and sound State banks, aj$ in some cases ;thc Secretary pi the 1 rea- sury i now obliged to do. 7imsy we snouiu have in. operation that very special depopte system, so much desired by some geiun men, by which the public money wouiu re main separate and unmixed with the money of the banks. There is yet another course, unembraced by feither brancli xf the alfern ativejpiresehted by the Senator from South Carolina ; and that is to- establish a Bank of the United States, constituted according to the old &nd approved nisthod of forming such ah institution,' tested and sanctionedby experience a Bank of the "Ujhited States which should blend public and private in terests, and be subject to. public and private control, united together in '.sfch manner as to present- safe and, salutary checks against alt abuses. The Senator ' mistakes his -own abandon meiit of that institution as ours. I knw that the j)arty in .power has barrica ded itself 'nsainst the cstablisluneftt of swell a Jbaiiks it adopted,' at the just extra ses- sin, the extraordinary and unprecedeuttt; i-esofuthm, that the. people pi the United Slates-shmild not have such h bank raltho' it roisbt he manifest .that there wa a clear majority f theiri " ilemandiwg it. But the day nvaV cnne. anl I trust is not -distant. when the will of the people must prevail in the councils )T their o.wn Government and when it docs arrive--- bank will be es ablisited.' ' : ; Tlie Senator from South Carolina reminds us tiat we denounced the net bank system and so we did, and so we do. But does it therefore follow that bad as that system was, we must be driven into theracceptance of a system infinitely worse ? tie tells us that the bill under consideration takes tiie public funds out. of the hands of the Exe cutive, and places them in the hands of the law. It does no such tiling; They are now without law, it is true in. the custody of the Executive ; and the bill proposes by law to confirm them in that custody, and to convey new and enormous "powers , of control l tlie. Executive over them. Eve ry custody of the public funds provided by the bill is a creature of the Executive, de pendent upon his breath, and subject to the same breath for removal, whenever the Ex ecutive, from caprice, 'from1 tyranny,. or from party motives, shall choose to order it. What safety is there for'the public mo ney, if there were a hundred subordinate executive officers charged with its care, whilst the doctrine of the absolute unity of the whole executive power, promulgated bv the last administration, and persisted in by this, remainsmnrevoked and unrebuked. AVhilst the Senator from South Carolina professes to be the friend of State banks, he has attacked the whole banking system of the United States, lie is iheir friend ; Ue.Amly thinks they arc unconstitutional I Why ? Because the -coining power is pos sesses uv tlie general government, anil that coming power, he argues, was intend ed! to supply a , currency of the precious metals ; but the St:.te banks absorb the precious metals, and withdraw them from circulation, ami, therefore, ;ire in conflict with the coining-power. 'That power, ac cording to my view of it, is nothing-but a naked authority to stamp certain liieces of the'-precious-uielaU, in fixed proportions of anoy and pure metu, prescribed by-law, so that their exact value may be known. x lien tnyi oincc is penotmeO, the power $ functus ojtcio ; the money passes out ol the iHint, and becomes the lawlul properly of thosewho legally acquire it. "I hev may do with u as they please, throw it into the ocean, bury it in the earth, or melt it in ja crucible, without violating any law. When it has once left the vaults of the mint, the law-maker has nothing to do with it, but to Lge or counterfeit, and, subsequently to nrnlprr u :i'r-iirivr I (Ui u lin nfli'innt ti, ilu. otect il, against those I . .-.7 1 f 0 merce, anu especially our commerce with China,. conflict with it much more exclu- sively. That is the reat absorbent of the pi cious . metais, and is, therefore, much more unconstitutional than the State banks. iforeijsi ctmmerce sends them out of tl le couutryj banks retain them within it. The !istinguished Senator is no enemy to the bank ; he merely thinks them injurious to tne inoratsr and industry or the country. He likes litem very well, but he neverthe less believes that they levy a tax of twenty- five millions annually on the industry of the Country ! Let us examine, Mr. Presi- dentr bow this enormous and iniquitous as sessment is made,' according to ihe hi sru- .n Hi .. iJ! . 1 r.. . ! .1 - - f mrui n uic oiumoi; irom snuiii vjaroima. He states that there is a mass ol debt due frohi the commuuitv tn ihi f w whvm it i.i iz ft: ro uuu.uuu, live interesLUpon which. constituting. about that sum of 25,tJ00.000, hums the exceptionable tax. . Now, this sum is -not paid by the whole community, but only by those individuals who obtain C " S " -T' 11 ,n. '"nla discounts I nan the banks. They borrow x per cent, interest, and invest liiuic inivcuiuii-s, or wmervvisft ...I l - - U 1 rv I ,vt t- I I...-. ...... I I 1 I . " I I L l ... wwil .. . , p J , IKJ W1,UIU noi oorrow ii u to V! S.UPP0SC tt)ey could' make pro- ,j i .ill ill r niif am H. 'a... lar transcending that undnr wldrh am Lr vale capitalist opeiates. A iioniber ;f er sons, not housing to lend out their money privately, associate togetheni biio their 4especlivc capitals into a commmf stock, wiiim is enroiieit and manaefl by the cor- , wiieB -you i ."'" piuwnunn isiinai. mey fu'1-", tuu consequeuuv, neutralize ments, is one ot the results and beauties' of to do. Let r -V-8 by U' Instead, theref.re, eacih other. In what do we of the West otir admirable though complex system of of the alter- 7, ' 1 "K ;iny '.yss . ' the operation, receive payment tor the i m mense, quantity 1 Government. The Genefat Government is'HonA ''"r -au acl"al -ga"'. t the, community, ot live stock and other produce'bf our indua- has the. use of the eanibd. nnrt.i., oCthe W-of Q "v;-V. ".""j. "H are oouui west, out mat paper memnm nfjso States. Do thev. therefore, cease tr 9n provrsions' and Thtf E nTS'ESS !L; ain to the States. It is to be borne in mind, yisdonfot owr 1 -r - . : V " " . " 15 very ipna ortnei that althoua-h the tat hdntmoV r.a,w: iramriW -l Jm rf eguiate.i-ageucies, State banks ; but he thinks there isf nllv Ko t i SrlL i ill i 1 1 1 cr ii ii r i n m : : ... . rt it - , - t w uouu uv liik in itr i m i ;ii ii i if lri i v 1 1 1 r '-- - - . m .:. . -W C a m MCV& ' tiafio'U whatever had been ;rfTla.TteiS?hta fl.ta ipttaa ra debt of r. ., j ' i ..ri ifff hnn nnn I lore. OI Ulal VCI T rui lil OK ,;,vwvvvv, . At .a- l . I II IX l ift 111 1 would still exrst, in th difino 1 Ttrivate . Ill onu ' I " , . I- lnan4. ThcSenatof, h-om Snuth varouna mighi aswel I collect the aggregate itmoun of nil -- the mortgages, : b-mds, and notes, which haveheen executed in the United 1 States for Uans, iirrd assert that the inter J est paid upoa hl total suiri ' cbhstituled a j tax levied upiin the ctunoiuniiy. v ' back inio. a slate of nature ?' 1 he tenator In the liquidation of the, debt due to the aks if taxes could be, levied' and .collected banks from the community; 4iirT frotn the ia fobacco, in.cotton, and other com modi banks to the commu hity , there would not.be ties ? Undoubtedly they could, jf the ; ne as much'-dimculty as the Senator ;Veems to cessity existed for such an , inconyement apprehend From.the mass of debts due to imposition. Such a case of necessity did the banks are to Be deducted, first, the amount exist in the colony of Virginia,, and other of subscriptions which constitute the oapi- colonies, prior to the Revolution, and taxes als; secondly, the amount of deposites to were accoi-dinfy levied in tobacco or other the credit of individuals in their custody; commodores, as wolf-scalps, even at this and, thirdly, the amount of their ntrtes in day, compose a part of the revenue of more circulation. How easily wilt these mutual debts neutralize, each other ! The same per son, in numberless instances, will combine in himself the relations both of creditor and debtor. - . The only general operation of banks be yond their discounts and. deposites, which pervades the whole community, is that of furnishing a circulation in redeemable papef beyond the amount of specie to redeem it in their rvau!ls. And can it be. donbled that this additional supply of money furnishes a powerful stimulus to industry and produc tion, fully compensating: any casual incon veniences, which sometimes, though rarely, occur ? Banks reduce the rate of interest, and repress inordinate usury. The saluta Ty influence of banking operations is demon strated in countries and sections of country where they prevail, when contrasted with those in which they are not found. In the former, all is bustle, activity, general pros perty. The country is beautified and adorn ed by the noble works of internal improve ment; the -cities are filled with splendid edi fices, and the wharves covered with the rich productions of our own or of foreign cli mates. In the latter, all is sluggishness, ttlrt V Till nrcc nn1 ilt i trif T t xl .n tK n and modern times, illustrates the great ad van ta- 4 - i . J? ... i ges ot Danks, oi credit, and otrumulaiea m-' dustry. Contrast her with Spain, destitute of all those advantages. In Incient, times, Athene Wnnld nrp.t ,n im,,,. nf f,dl nrt active employment of all the energies of man, carried to the highest point of civihza tion, whilst her neigljjpor, Sparta, with her iron money, anbrds another of the boasted benefits of metallic circulation. The Ser.ator from South Carolina would do the banks no harm ; but.they are deemed by him highly injurious to the planting in terest ! According to him, they inflate pri ces! and the poor planter sells his produc tions for hard money, and has to purchase his supplies at the swoln prices produced by a paper medium. Now, I must dissent altogether from tlie Senator's statement of the case. England, the principal customer of the planter, is quite as much, if not more, a paper country than ours. And the paper money prices of the one country are neutral ized by the paper-money prices of the other country. If the argument were true, that a paper-money country trades disadvantage ous, with a hard-money country, we ought to continue to employ a paper medium, to counterbalance, the paper medium of En gland. And if we were to banish our paper, and substitute altogether a metallic currency, we should be exposed to the very inequali ty which hasfijeen insisted upon. But there is nothing in that view of the matter wliich lis presented by the Senator from South Caro lina. If, as he asserts, prices were always inflated in this country, beyond their stan dard in England, the rate of exchange would be constantly against us. An examination, however, into the actual state of exchange between the two countries, for along series, of years, evinees that it has generally been in our favor. In the direct trade between England and this country, I have no doubt, there is a large annual balance against us ; but that balance is adjusted and liquidated r C a. J 11 ot rmr trtrpnm trfria wl-iir-li muo finillir r-sn- ZtnA ; f V T 1 T J r centrated in England, as the ffreat centre of the commercial world. - Of all tho interests and branches of in- dustry in this country, none has profited more by the use and employment of credit and capital derived Irom banks and other sources, than the planting interest. It liabi- tually, employs credit in all countries where planting agriculture prevails. The States of Alabama. Mississippi, Arkansas, and Lou- isiana, have almost sprung into existence, d& w. v' ov raaS,c' or ;u ieast,.nave oeen yastly improved and extended, under the as.it were, by magic, or, at least,.have been influence of the credit system. Lands, lar provision ; and the very bill under con slaves, utensils, beasts of burden, and other sideration, so wurmly supported by" him, supplies, have been constantly brought, and provides, under certain contingencies,- for still continue ip be purchased, upon credit ; contracts to, be made with State banks, to and bank agency is all essential to give the receive deposites of the public money upon most beneficial operation to these credits, compensation. He obiects to the substi- But the argument of the Senator from South Carolina, which I am combating, Avouldnot be correct, if it were true that we have in flated pneps on this side of .the Atlantic, without a corresponding, inflation of price on the other side ; because the planter gen erally selling at home, and buying at home, .1.. .. A.. - - . .. I .wv . ...... 1 L 1 . I . . I a . I h -iuctous oi .ma saie, wnaiever mey may be, consUtute the means by which he effects uuu. ne contemki-thnii th nivl0..i:.v tWa r r 'v ..I ?ve.rHment Posses to. imposetaxes hA a JLI -LT. . aUU uurcsincceu lerms,: and the Umr- ernment is left at liberty to eolject the taxes Ml -.KXJ 11 41 TulfDT" " TT1 OU 111 ITI MXT f tllll llllf Ulb r llUtU ispubdesmuoh the most eon, wnionf tn -.onlloot .hrfin' in monev. becausci b I 1 1 I I' I I I. I.I I III ll'l L 1. 1 m 111 111 U.A V TV , - - - that renresents. . t- ' . or ining,ne want oi wiutui wwiji u ,j powef f taxation, But suppose therOv was no'moriey in the country, none whatever to be -extorted by the tax.-gatb.ercr irom an impoverished people.? Is the power or uov em men t to cease, and the peopleto be thrown than one State. , , The argument, then, of the Senator J a gainst the right of the Government" to re ceive bank notes in payment of public dnes, a practice coeval with the existence of, the Government, does not seem to me-to be sound. It is not accurate- for another rea son. Bank notes, when convertible at the will of the holder into specie, are so much counted or told specie,like the specie whieh is coupled and put in marked kegs, denoting the quantity of -their contents. I he sena tor tell us that it has been only within a few days that he has discovered that it is il legal to receive bank notea in payment of public dues. Does he tbmk that the usage of the Government, under all its administra liohs, and with e-very party in power, which has prevailed for nigh -fifty vears, ought to be-set aside bv a novel theory of his, just dreamed into existence, even if it possess the merit of ingenuity ? The bill under consideration, which has been eulogized by the beuator as perfect in its structure and details, contains a provision that bank notes shall be received in diminished proportions, during a term of six years. He himself in troduced that identical principle. It is the rnlv Pt of the bdl that is emphatically his. Hnur Ihpn rn hp nnntpun that it is nn rrTi . : " , . "r" , - """ w stitutional to receive bank notes in payment Pubc 1 appeal from himself to himself. The Senator further contends, hat general deposites cannot be made with banks, and be thus confounded with the general mass of the funds on which they transact business. The argument supposes that the money collected for taxes must be preserved in identity ; but that is impossi ble, often, to do. May not a collector give the small change which he has received frm one tax-payer to another tax-payer, to enable him to effect his payment ? May he not change gold for silver, or vice versa, or both, if he be a distant collector, to ob tain an undoubted remittance to the public Treasury ? What, Mr. President, ist the process of making deposites with banks ? The deposite is made, and a credit is enter ed for its amount to the Government. That credit is supposed to be the exact equiva lent of the amount deposited, ready, and forthcoming to the Government whenever it is wanted for the purposes of disburse ment. It is immaterial to the Government whether it receives back again the identical money put in, or other moriey of equal value. All that it wants is What it put in the bank, or its equivalent; and that, in ordinary times, with such prudent banks as alone ought to be selected, it is sure of getting. Again : the Treasury has frequently to make remit tances to foreign conntries,to meet the expen diture necessary there for our naval squad rons, and other purpose.s. They are made to the bankers, to the Barings or the Rothschilds, in the form of bills of exchange, purchased in the market by the -agents of the Government here, with money drawn out of the Treasury. Here is one conver sion of the money received from, the tax gatherer into the Treasury. The iiills are transmitted to the bankers, honored, paid, and the amount credited by them to the United States. Are the bankers bound to- I LKiui ni; uiutccuj Ul 111c U11I5 111 lueiiutv I I . r J Are tnev bound t0 do more than credit the n . r 1 . r , . .ul. " 7 ., r 7 . iiiey sianuresponsiuie wnenever ins wanteur If they sliould happen to use any portion of those very proceeds of bills remitted to them in their "banking operations, would it-be drawing money lrointhe -Treasury, contra- ry to the provisions of the constitution ? - The Senator from South Carolina contends that there is no constitutional power to con- tract with the twenty-five selected banks, as proposed in the substitute ; yet the deposite act of 1836, which obtained the hearty ap- act ot probat; lon ot that senator, contained a simi- tute, that it converts twentv-five State banks into a system of federal institutions ; but the employment of Sta4 institutions by the federal authority-no more makes ibem fede ral i than the employment of federal mstitu tions by tlie State converts them into State institutions. The mutual aid. and this I - - ' 1 - . . ciprocal employment ot the several insiitu tiona of the general and particular Govern- t , : : . , m, .. 4 uinuiuaiicu. i ney continue to oe Accountable to them, and their existence W are, oy eorpo trom and mf.naM m ;nc;r, t not under the controLof the Executive of 'tbletJiflited;& ! greater seciinty for the''publtc"mbney, and more safety to . trie -pu tmuoenyv it nas Tjeen' argued that a separation of the Gov- r .1-1 :1i j:r-:u ernment. irorn. tno .anKs wjn, ujuimiau . mo executive po wer If musrbe mitted that. the custody 01. tne DUDiLC money- n various bahksrsuhjecttb the tbntrof of State author ity, furnishes some check upon the possible abuses of the Executive Government. Bat the argument maintains that the Executive ,has least -power when it has most complete possession of the public Treasury I ;I he Senator from South Carolina contends that ther separation in question being-once ef fected, the relation of the federal Govern ment and the Sjate banks will be antagonis- ticau I belieye so, .Mr. Presidenti" liiat. is the very thing I wish to preyent, Iwant them to live in peace, harmony, u.ud friend ship. ?If they are antagonists, how is it possible that the' State. banks can maintain their, existence against the tremendous in fluence of this Government? Especially, if this: Government should be backed by, such a .vast Treasury bank as I verily be lieve this bill is intended to create ? And what becomes of the argument urged by the Senator from South Carolina, and the aboli tion resolutions offered by him at an early period of the session, asserting that the General Government is bound to protect the domestic, institutions of the several States ? Tlte substitute is not, I think,, what, the welfare of the counlrv . requires. It may serve the purpose of a good half-way Iwuse. Its accommodations appear fair,, and with the feelings of a wearied traveller one may be temptenVtO stop-awhile and refresh him self there. : 1 shall, vote lor it as an amend menl to the b-.ll, because I believe it the least of two evils, if it should, indeed, in flict.anj evil ; or rather, because I feel mv- selfin the position of a patient to whom tne pnysician presents . in one hand a cup ot arpenic, and in the other a cup ol ptisan 1 reject the erst, because ot the instant death with wliich it is charged i I take the latter, as being, at tlie most harmless and depend upon the vis mediialrix naturss.- It wonld have been a great improvement, in my opinion, it the matte of bunging a bout the resumption of specie payments. contained in the substitute, were reversed: that is to say, if, instead of fixing on the 1st of July for resumption, it had provided that the notes of a certain, number ol safe, sound, and unquestionable banks to be se lected, should he forthwith received by the General Government, in payment of all public dues , and that if the selectetl banks did not resume, by a future designated day. their notes should cease to be taken. ... -.' veral immediate effects would follow : 1st. The Government would withdraw from the market as a competitor with the banks for specie, and they would be left undisturbed to strengthen themselves. And, 2dly. con fidence would be restored by taking off the discredit and discountenance thrown upon all banks by the Government. And why should these notes not be so received I They are as good as Treasury notes, if not better. J hey answer alt the purposes! the State Governments and the people. i ney now wouiu tniy as mucn as specie, could have commanded at the period of suspension. I ney coutu De aisourseu by the Government. . And, finally, the. mea- sure wouiu oe temporary. But the true and only efficacious and permanent remedy, I solemnly believe, is to be found in a Bank of the United States, properly organized and constituted. We ire told that such a bank . rs fraught with indescribable danger ; and that the Gov ernment must, in the sequel, get possesaion of the bank, or- the bank of the Government. I oppose to these imaginary . terrors . the practical experience of forty years. I op- pose to them the issue. ot the memorable contest, commenced by the late President of the United States, -against the late Bank of theUpited States. The administration of that bank had been wilhouLserious fault. It had given no just offence tothe Govern ment, towards which it had faithfully per formed every financial duty. Under its able and enlightened president it had ful filled every anticipation which , had been formed by those who created it : President Jackson pronounced the edict that it must lall, and it did fall, against the wishes of au immense majority of the people of the United States , and against the convictions of its utility ehtertained.by a large majority of the-States ; and to the prejudice of the best Interests f the whole coutitify. If an innocent', unofiending,and highly beneficial institution could be thus easily destroyed " by the power of one man, wjiere would be the lifficulty of crushing it, if it had given i any real cause for just animadversion ? Finally, I oppose to these imaginary ter rors the example.deducible. from English history. There a bank has "existed since the year 1694, and neither has the bank got possession of the Government, nor the Government of the bank. They have ex isted iu harmony together, both conducing to tlie prospei ity of that great country j and they have so existed, and so toiitrrbuted, because each haV avoided cherishing to'i wards tlie other that wanton and urineees sary spirit of hostility which was unfortu nately engendered in the b)Som of the late Preside nt of die Uni led Sta tcs. I am admonished, sir, by my exhausted strength, and by, I fear, your- more exhaus ted patience, to hasten to a close. Mr. President, a great novel, and untried meas ure L5? perseveringly urged upon the , ac ceptance of Congress. That' it is preg nant with tremendous consequences, -for good or evil, Is -undeniable, and admitted by all. We firmly believe that; it will 4?e fatal to the best interests .of thi country, and ultimately- subversive of its libertiW.--. You . who liave been greatly7 disappointed in other measui'es ' of equal promise, can only hope, in the' doubtful and uncertain future, that its operations may prove salu tary. Since; it was first propofeeilat tbe extra aessio'nV the whole peppleIiave "not had an opportunity ofpassin'in judgment upon it at the elections. As far ast thev Jy expressed their ed : disapprobation. From Maine H State of Mississippi, ils condemn! uwvii. luuiujy muuucreu lOrm. In intervening election, the administration ft been; defeated, Writs former maiontiPt, 35 trahzed' Blaine ha spoken ; Ndv V ,i reimsyiygma, Maryland, Uhio, Jlhode t I i land, Mississippi, and"Michigan, all ' ' fetatesrm tones and terms not to Hp 'f ' unaezstoou, nave uenonnceathe i The key-stone "State (God-bless' her1' . 1 a? i . I 'I5s iwtuc, muciijiw.icu uei imcciion 01 U at tne ooiis- ana one 2 tnronp-h hp r .v ture.- - ! neods arid toes of the admitK, " tion .have united in condemning it. -j the. Tery moment when I am addressi'vj x - - " ' - ' r e.'O'J.-;. aiarge jueeung 01 uie liiie su:porleri 3 tne aammistratioiir iiGaaed bv tlie rl.. f guisnea genueman who presided in in- Ike Jv- that patriotic State to President Van Burei I are as$emblrpg in Philadelphia, to proitj? solemnly against the passage of this bil r is 11 ngni mat, umier -suci circumstance-! it snouiu De lorcea upon areiuctit but free arid intelligent people ?. Is it right that thi Senate, constituted as it now is should 'lVt its.sanciion to tne measure i 1 gay it m 1iaiOCTa.frnl r fnnnttniv'fijlnca 1 1 1 . i . entitled, according to the latest expressions! of the popular will, and in virtue of mani.l festations of opinion deliberately expressed! gainst the bill ; and I am "ready to enter with any Senator friendly to the admin!;, tratioivinto details to prove the assertion. Will" the Senate, then, bring upon itself the odium of passing this bill ? I implore it to forbear, forbear, forbear I I appeal to the fi instructed Senators. Is this Government! made for us, or- fbrthe people and the I States,, whose agents we are I Are we not bound to administer it so as to advance their welfare, promote their prosperity, and rt'ivo ronoi"it ontisfnotiAn ? Will t li f o. J g 1 1 W C Vl(Ul Ul OUItlUullVll . 1 I 1 ILL blldL OaUlCU trustbe fulfilled, if the known sentiments of large, and respectable communities are despised and condemned bv ' those whom they have sent here? I call upon the honorable- Senator from Alabamar (Mr. King,) with, whom I have so long stood in the public Councils, shoulder to shoulder bearing up the honor and the glory of this great people, to come now to their rescue, I call upon all the Senators ; let us bur; IS deep, and for ever the character of the parti san, rise up patriots and statesmen, breath tire vile ehains of party, throw the fragments to the winds, and feel the proud satisfaction t, that-we have made out a small sacrifice to the paramounfeobligatious which we owe; I our common country. HENRY CLAY. On a previous occaj sion we spoke ol Mr. Clay and his pros pect for the Presidency. We then intima. ted, as we now do that Mr. Clay is the only man who can stand a chance to bat Van Buren. :&Ve also stated that numer ous meetings', field on various occasions aad at various daces, had nomiaatedr:Cljaiji for the Presidency since ihen we)i!te4 seldom picked up a newspaper without see ing in it ah account of some imeeting nomi nating this distinjiuished Statesman for the! Presidency. . 5 Antl, iudgingfrpm the tout of oral opinio&;a1well th tone of pub lic journals within; bur Stale w.e eutertaiu but a yery slight doubt, thatMr, Clay will be the choice of North Carolina. If. Mr, Clay should be our choice candidate, we take this occasion to call upon his friends Iiptp nnrf (lftvhpr(W tt twlt thnmapl vs in I readiness, to defend this, patriot from tlie foul billingsgate which certain Van Bureu presses are ever ready to pour on the head ot innocence. linaininK ;JIr. Clay the choice candidateSof the VVhiirs throusrhoiit ! the Union, aitd Conscious that lis worth and unexceptionable character .stand higlit ajore Mr. Van Buren,; and aware of the 1 popularity whieh his patriotism has gained niin, already., have the. administration or gans made a desperate effort t$ prey upon his private character. And why! Because his public character is too pure and uh1j jectiwiable. Like drowning men, t!u?v catch at straws. They mst seized hint a ; a public man. and cmleavored t nainthnu as an Abolitionist in all the cotors ol hor ror; to alarm the yniuforraed neri aaultk old women and children in the South, they endeavpretl to' represent him a;s a iaw- lieatl and 4oodvibones'T ?but hndins m ode betievett what'Asy did not Uetievs Ltriemselves, aiuf that such a palpable false hood excited in no bosom aught but con- tempt tor tltoe who told it, and bemir at a loss for any thing else calculated to injure Ms. :-Clay's popularity," they 4 fired away at his moral charactec; "For sh;ime ! For shame, gentlemeir f-Carottna Patrio not. .-' JlReminiscmctZ3fa Journals of the Old Congress1 of theUnited States, furnish an instance of the manner in which Ds Itns. cases used to be settled. 1 It appears that, one .Mr. Gunning Bed ford! '.felt himself aggrieved at something said in debate by Mr. Sergeant, the father, believe, of the present Mr; John Sergeaitf of Philadelphia. On the X?th June, 1777, Mr. Sergeant laiofhefore Congress a chal- lenge wh'rch he had received from Mir. Bed ford. On tte. i 5th, a resoltkibn was passed directing Mrl Bedford to be summoned be fore Congress to answerfor his conduct. On - the 1 4th, Mr. Bedfordl appeared and V-as permitted to speajc in ras own justifi cation. The JHouse then immediately pasS ed a resoluttdn.that Mr. Bv ' is expected tt ask pardon of the house and of the mejhiber. Mr B.' was affain called in. and the resolu- trorr being; rad'to-Mm, ' he asked pardo of the house and of the member, and, there fore. wsU df5mfcpd urA thfi matter ended' This wa in: the good old days of the good old fathers, of the Republic. - Such a case naw would require a month to settle, ant prodace, perhaps, three or four duels. -Alexandria Ga?-
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 26, 1838, edition 1
2
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