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EOITEO BY THOMAS ISAYNF.S. ESQ.
VOL. 118. NO. 35.
*.> v >tanbfltb of
33'Y J?» J'.. .8.0 B C Ki’S OICJ,
Publisher (By Authority,) of the Lairs
of the L'liiletl Stales:
OBce on Orccnc Street, nearly oppo
site the Market.
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POSTAGE.
It is a standing rule with this office, as well i
as all others, that the postage cd’ all leters and
communications to the Editor or Pioprietor
must be paid. We repeat it again,—and re
quest all persons having occasion to atdress us j
upon business connected in any way with the I
establishment, to bear it in mind. Persons I
wishing to become subscribers to the Standard i
of Union, are particularly requested tog’vetheir ;
attention to this; or they will not have the pa- I
per forwarded tv them.
From the Extra Globe.
MR. VAN BEREA’S OPIAIOXS.
CORRESPONDENCE.
Washington City, April “th, 1536.
Hon. Martin Van Buren Vice Presi
dent :
( Concluded.)
You next ask whether I{w ill sign and
approve (if it becomes necessary to secure
and save from depreciation, the revenue
and finances of the nation, and to ai'ord a
sound uniform currency to the people of the
United Slates,) a bill (with proper modifi
cations and restrictions) chartering a Bank
of the United States.
In the published letter of Mr. Butler to
Mr Garland, which has already been re
ferred to, he thus states my opinions upon
rhe subject of the Bank: “Mr. Van Bu
ren’s opinions in regard to the Bank of the
United States, were expressed in the Senate |
of the United States in 1828; repeated in ,
his letter to the Shocco-Spriugs committee, ,
whilst a candidate for the Vice Presidency, ,
and have been so freely uttered by him, that t
there cannot, 1 think, be occasion to say <
much upon that subject. But to close the <
door to cavil, I state, Ist. That he holds
that Congress does not possess the power to >
establish a national bank in anv of the ,
States of the Union, nor to establish, in anv i
such States, the branch of any bank loca- .
te<l in the District of Columbia; and 2d. |
That he is, therefore, decidedly oppose! ’
to the establishment of’ a national bank in i
any of the States; and is also opposed to J
the establishment of any such hank in the J
District of Columbia, as unnecessary and
inexpedient, and as liable to a great pro
portion of the abuses which have, in bis
opinion, been practised by the existing ■
bank.”
This declaration, with other uniform, re
pealed, and published avowals of inv sen- |
timents, in regard to a United States Bank, i
would, 1 had supposed, be sufficient to save i
me from further interrogation on that sub- j
Jecl; but as you have thought proper to |
push the inquiry further, and to that end, '
■to place the matter before me in a form :
studiously adapted to present the question I
in its most favourable contingent aspect, i
you will, | am sure, be neither surprised I
nor dissatisfied, if I deem it due to myself j
as we'd as to the subject, to give it more par- ■
ticular and enlarged consideration than 1
have heretofore felt it necessary or proper'
to do.
I am induced to embrace for this pur- j
pose the opportunity you have presented |
to me the more readily, from a deep con- |
viction of the incalculable importance to |
the people of the United States, that this ■
Jong agitated and distracting subject should '
be finally settled, and from a hope that:
what 1 have to say upon it may, from the j
situation in which the partiality of my fcl- !
low citizens has placed me, contribute in .
some degree to so desirable a result.
1 greatly fear, that whilst there is in any ;
quarter reason to hope that a charter for a I
new bank can in any condition of the coun
try be obtained from the Federal Gov
ernment, there will be neither order nor sta
bility in the pecuniary operations of the
Country. If it can be ascertained that a
discredited currency and pecuniary embar- ;
fassmertts will bring a charter, what secu
rity have v,(> that such a state of things will :
not be produced? Js it doing violence to;
truth and justice, to attribute to expectations '
ol this character, the crusade which we have ,
witnessed for the last two yours against the '
Deposite Banks, against the efforts of the ;
administration to restore a specie currency, I
and against all the fiscal arrangements of!
jhe 1 reasury? Will any candid and well
informed man pretend that such things would !
have been, if it had been considered asset
de<! that the Bank of the United States is
«tot to be revived? f think not. The set
tlement of the dt posite question, by the bill
of the last session, will, doubtless, cause a
suspension o f t j ( j g disimctive carter—but
I* not reason to apprehend that it will
POSTAGE.
( Concluded.)
The Standard of Union.
I re-comnu nee with the first appearance of
anything like a reasonable chance for the
n -establishment of a National Bank? Ev
eryllimg, therefore, which may serve to ar
rest or prevent the agitation of this subject,
|if only lor a season, is of great value. In
i the published opinions to which 1 have alrea-
■ <ly referred, my opposition to the Establish
| ment of a United States Bank, in any of the
I States, is placed on the want ot constitution-
: al power in Congress to establish one.—!
i Those who concur in denying this power,
j iieverthelessdiifer among themselves in re-!
j gat'd to the particular views bv which their!
i respective opinions are sustained. Some!
admit that Congress has a l ight to create !
; such an institution, whenever its establish- I
I ment becomes necessary to the collection, !
| disbursement, and preservation of the rev- ,
enue; but insist that no such necessity ex
isted when the charter of the old bank ex- 1 '
■ pired, or has arisen since. With this class,
the considerations to which you allude
would be essential, and might have a con
trolling effect—tor such persons make the
power to establish a bank dependant upon
them. My objection, on the contrary, is
that the constitution does not give Congress
power to erect corporations iriihin the Stales.
Phis was the main point of Mr. Jefferson’s
<•> lebrate. jopinion,against the establishment
ot the first National Bank. It is an objec-
’ t on which nothing short of ar amendment
of the constitution can remove. We know
it to be an historical fact, that the conven
tion refused to confer that power on Con-I
i gress, and 1 am opposed to its assumption
iby it upon any pretence whatever. Ifits
possession shall at any time become neces-
! s ry, the only just way to obtain it is to ask
it at the hands of the people, in the form
I prescribed by the constitution. Holding'
this opinion, and sworn to support that in- i
strument as it is, 1 could not find in the I
circumstances to which you refer, either !
warrant or excuse for the exercise of the j
authority in question; and 1 am not only 1
willing, but desirous that the people of the I
United States should be fully informed of I
the precise ground I occupy upon this sub- !
ject. I desire more especially that they !
should know it now, when an o| portunity, |
the best our form of government affords, w ill '
soon be presented, to express their opinion j
ot its propriety. Il they arc in favor of a ;
national bank as a permanent branch of
their institutions, or if they desire a chief!
magistrate who will consider it his duty to i
watch the course of events, and give or |
w ithhold his assent to such an institution
according to the degree of necessity for it
that may in his opinion arise from the eon- .
sideralions to which your question refers,
they will see that my co-operation in the ;<
promotion ot either of these views cannot ■
be expected. It’, on the other hand, with <
this seasonable, explicit, and published a- 1 :
vowal before them, a majority of the peo- I
pie of the United States shall nevertheless |
bestow upon me their stiffi ages for the of- t
fice of President, scepticism itself must t
cease to doubt, and admit their will to be, I
that there shall not be any Bank of the U- i
nited States, until the people, in the exer
cise ot their sovereign authority, see fit to I
give to Congress the right to establish one. |
It is because I cannot doubt that the ex
pression ot the popular will, made under 1
such circumstances, must have a tendency <
to arrest further agitation of this disturbing [ I
subject, tor lour years at least, and most]
probably, from the great moral influence ! i
which the often expressed opinion of the!
majority ot the people in a republican gov- ,
ernment is entitled to, for a much longer i
period, tnat I am thus full and explicit up- ’
on the point to which yon have called my
i attention. However much we may differ
, upon the abstract question involved in this
| controversy, no reflecting man can doubt
the healthful and invigoi aling effects which
any thing that looks like a settlement of
I this question must have upon all the busi
| ness, as well as political relations of the
: country. The public mind has been long
I ant ' painfully Agitated by it, and needs re
; pose. The fruits of this agitation have
i been bitter and abundant. Men of busi
{ ness require to be put in a situation that
, they may adapt their afiairs to a situation .
i that they may adapt their affairs to a state ’
;of things which primuses permanency.!
j I hat character is alone necessary to give ;
j success to the present system. No ration-.
al plan for the regulation of the fiscal as-
I fairs of the country, can fail to succeed, if!
, the mass of our industrious and enterpri- i
zing population, without regard to local,!
j sectional or political distinctii ns, are only i
i sincerely desirous for its success. Once '
| satisfy them that things are in this respect '
| to remain stable, and it is not, in the nature I
of things, possible that they can refuse their 1
I aid and support lotbat which concerns them I
so nearly, and upon which their prosperi- ’
I ty, private as well as public, is so essential
jly dependant. If ourcorrespomlence shall
, have the eflect to contribute in any degr e
I t(> bi ing about a state of things in which ;
I we all have so deep an interest," and which !
should be dt sired by all, 1 will rejoice tiialit
has taken place.
But whilst I so confidently entertain and '
so readily promulgate these sentiments in
regard to the want of power to establish in
atty of the States a National Bank, I am,
j at the same lime equally deiirous that it!
; should be fully understood that I am deci- 1
’dedly opposed to the creation of anv such
institution in the Di-tiict of Columbia. I j
!do not believe that any National Bank, '
. there, or elsewhere, is necessary to secure j
| either of the advantages to w hich your ques-1
, tioii has reference.—'fhe principal grounds :
j relied upon by the advocates for a bank, to!
establish its utility ami necessity, as 1 under
stand them, are,
Ist. I hat such an institution is necessa
ry for the transmission and safe keeping of I
the public mom vs.
2d. Io securea safe, cheap, and con
venient system of domestic exchange ; and
i I o make and preserve a sound cur-
I rency.
.va a3a ih i’] flMa ayv ■i. e, g’XfraK* aa, r/r BiisaM v moiining, is, isso.
The limits of this letter will not autnit
ot’ a tiill discussion of these points, hut 1
cannot retrain from referring to a few of
the facts which belong to them. 1 say
fads, for after the many speculations and
anticipations in regard to the currency, the
public revenue and the public prosperity,
with which the country has been surfeited
tortile last two years, to which thousands
have trusted, and byjwhich thousands have
been deceived, I may say, 1 think, without
> offence, that it would be the surest, because
the only sate course, to regulate our opin
i ions in future, somewhat more than here
tofore, by ascertained facts. How, then,
I do the lads staitd upon the first point, vizi
i the necessity of the bank, as a place of safe
keeping for the public moneys, and as an
j agent for their transmission, to answer the
’ wants of the Government.'
{ Tiie official reports of the Secretary of
the Treasury show first, that lue average
amount of money annually transferred by
the Bank of the United States, from 1820
to 1823, was from ten to fifteen millions ot
dollars ; and the amount transferred bv the
deposite banks, from June 1835 to April
1836, or about ten months, over seventeen
millions ci dollars. In both cases tile ope
ration has been without loss, failure, or ex
pense. And it further appears, from tiie
same souice, that at no previous period has
the safely of the public moneys been
more can fully or sec urely provided for.
An exan illation of the official documents
i will, lam well satisfied, fully sustain these
positions What foundation,then, was there
lor the assumptions, upon this part of the
subject, winch were put forth witii so
much solemnity, and insisted upon with so
much eartestness, in the early discussions
! upon the subject of the bank? if so much
I Ims been done in this respect, whilst the
! substituted agency has had to contend with
! the most powe fat opposition that was ever
j made tipui any branch of the public ser
| vice, what may we not expect from it now,
j when it Ins received the legislative sanction
; —and it there be not gross dereliction ot
! faith and duty—when it must also receive!
I the support ot’ ail parties ?
in regird to domestic exchanges, the j
1 follow ing facts are also established by the j
| same authentic source, viz: that the amount,
| of domestic exchanges performed at tiie last j
returns by the deposite banks, exceeded I
! thirty-five millions of dollars, and at no re-
I turn tor many months has it been less than
twenty-fiie millions—which, at an average
i of thirty miiliousat each return, would be
; in a year une hundred and eighty millions,
j if each bi 1 of exchange run on an average
I sixty days On the contrary, the amount
; of domestic exchanges periormed by the
United Stiles Bank, did not for many years
equal twenty millions at any one return, |
and seldom exceeded it; being quite one
third Jess than what is now done by the de
posite banks. It further appears, that these
exchanges have in many cases been effec
ted at lower rules by the deposite banks than
by the United States Bank. Indeed, can
it be doubted, that even if there was not a I
jingle bank, state or national, in the conn-1
try, it would nevertheless be quite easy to
place its domestic exchanges upon au ad
vantageous and safe footing, so long as
there is a sufficiency ot solicapital to be
employed in the business? From the na
tureol the thing itself, and from the expe
'lienee of Europe, we may be assured tiiat
! the profits and necessities of trade would
i invite and obtain ample facilities for the
I business of exchange from other sources
I so long as the commercial community with
| one accord desire to see it successfully car
ried on, and assist in good faith in effect
ing *'■
Eastly, the currency. Tiie proportion
of our whole circulating medium that was
composed of the notes of the Bank of tin
United States, during the existence of
that institution, was much smaller than
was generally supposed. The circulation
of the Untied States Bank, as I in
formed, ranged, for some years before
it expired, at about twenty “millions, of
ten below that amount, which was not ovei i
one fourth of the paper circulation of the
i United States. Some think it has been
I less than one fifth. The great mass of the
! business of the country was, therefore even
j then carried on. so far as money was em
j ployed in it, by means of the notes of State
, banks and specie. The beneficial effects
j that were claimed to he rendered by that
[ institution in respect to the currency cou-
I sisted—
' Ist. 11l supplying hills that were current
' throughout the Union, and
2d. The salutary effects of its stipcrvis
| ion over the Stale banks, in preventing
i over issues and compelling them to keep
On hand larger supplies of specie for the
redemption of their notes.
The transactions in which it became ne
cessary, or was usual to carry bank notes
! from one State to another, were very litni
' ted in their amounts; large sums being
j then, as they are now, and ever will be,
I transmitted through the medium of hills of
I exchange. It will noteven now, I think, I
be seriously denied, that she increase of the
| gold coinage, and the facilities of getting
that species of coin, together with the
■ large denomination of notes issued liy the
leaning State banks, are abundantly suf-
| ficient lor those purposes, and that they
j can be quite as conveniently employed in
As to the benefits alleged to have been
; rendered by the Bank of the United States,!
in checking excessive issues by the State
’) banks and in compelling them to maintain
■ j an adequate supply of specie, whilst by no
means di posed to undervalue them, I yet
think the same objects can be accomplished
I not only without the agency of anv such
mstitutton, but to a inm-.h greater and more
- j us(ful extent without than with it; provi-
I fled a | roper policy be pursued by the Fe-
- deral and State Governments ; —by the for-
I mer, through the mint and the treasury
f/ttr Smarty.
I Departtnciit; by tbelatter, by suppressing ;
small bills, by tiiscoiraging tiie extension
j of tiie paper system, fnd by subjecting ex
isting banks to wholcinne restraints and to
' a rigid supervision.
Tnat gold and silwr should constitute a '
i much greater propor’ioh of the circulating !
1 medium ot’ the countiy than they now do, is !
j a position which few ire disposed to deny.
| How great the increaie, and how rapidly
jit ought to be effected—jue questions in re
gard to which a differmce of opinion may ;
from lime to time ariseamongstmen having ■
the same general object in view. No ben
eficial reform in the affairs of the world was i
ever accomplished, in which similar diver- |
sitieties ot opinion W’eie not found among'
its advocates. But it is a consolation to i
know that embarrassments arising from
tnat source have been overcome, and may ;
be again. To protect the working classes,
(who, generally speaking, have no control
over a paper currency, ami derive no profit
from bank stock) against loses arising from
depreciation, by securing a netalic curren
cy sufficient at least tor all minor dealings
—including the payment of labor, the most
important as well as the moit pressing use
there is for money to furnish a more sub
stantial specie basis for tiiat part ot' thecur
rency which consists of paper, and thereby
save tiie whole community from loss in con
sequence of any sudden withdrawal of con- !
tidence—should be our first object, as it is !
our imperative duty. Other countries are !
wiser than we are in this respect. England I
prohibits the circulatiosi ot all bank notes !
under x 5, equal to about s*.s; and France, !
all under 50U francs, equal to about S9O; !
and there is scarcely a viihge, or even au J
inn, in England, in whitii you cannot, :
without the slightest inconv-nience, change I
a live or ten pound note, anl even those of
a higher denomination, intc gold and sil- j
ver ; and in France there an like facilities. |
Our situation lias for a long time past
been widely different; a sac easily to be
accounted for, when we refect upon the
past course ot' the Federal Government.
The constitution gave to Jongrcss ex
press power “ to coin money uid regulate
tiie value thereof and of foreign coin,”
and it as expressly prohibits tie exercise of
a similar power oy the Slates. It was to ,
the Federal Government therefore, and to !
that only, that the framers of the constitu- I
lion looked for whatever of a domestic !
metallic currency the interests of the !
people of the Uii.ied States, and the seen- i
rity of properly within the same, should be i
found to require; audits they tdso refused!
to Congress the power to create corpora- !
lions, and expri s ly prohibited the States ;
from emitting bills of credit, and from ma- i
king any tiling but gold and silver coin a i
tender in payment of debts, it is equally I
obvious mat they intended as a general :
rule that thecurreucy ot' the country should |
be a metallic and not a paper currency. :
Whether they also designed to divest tiie
Slates of the.r antecedent right to incorpo
rate banks, it would now be more curious
than useful to inquire. That matter, so
far as it relates to tiie mere question of|
power, must be regarded as settled in favor |
of the continued authority of the Slates.
Assuming that this was conleiriplated bv
tue framers of me federal constitution, it is
then most evident that their hopes of a sound
currency must hat e been based upon their
expectation that the respective govern
ments would tuiihl.Jiv discharge their pe
culiar duties, and as laitiifully cotifme them
selves to their respective sphere : that the !
Federal G<>veruuunl would exert all it;, ;
constitutional powers, not only by creating !
and diifusing a metallic currency, but by i
protecting n agaii s. a paper circulation of!
the same nominal value, w hilst the States I
supplied such emissions of paper as might!
be actua>ly demanded by the necessities ot i
commerce, and not at variance either in
denomination or amount with the existence !
of au adequate specie currency. Had !
such a policy been pursued, there is the '
best reason lor believing that a just proper- ■
lion between paper and specie might have '
been preserved, and a sound currency uni- ■
lormiy maintain -d. But instead ot' pur- !
suing this course, the Federal Government
at an early period authorised the issuing of
paper money, and w ith the intermission of
a \ery few years, continued toso do until the ;
expiration of the charter of the late United i
Slates Bank, and as if anxious to conlri- I
bate their share to this inroad upon the poll- I
cy of the federal constitution, the State Go
vernments have not only created swarms
of banking institutions, but, until recently,
most of those institutions were authorized
to issue notes of as low a denomination as a
single dollar. The consequences of this
departure from the wise policy of the fra
mers of the constitution, audfrom theappi o
priale functions ot the lederai and State Go
vernments, have been extensively injurious.
tVe have seen them in the almost total ex
clusion of gold, and to a great extent of
silveraiso, from the circulation of the coun
try ; in the enormous issues ot' paper which
have been made whenever business was in
viting and public confidence strong; the
c mtractions which have followed an adverse
state of things, and the mischiefs which
these fluctuations have occasioned, in the
fr. quent depreciation, and in numerous in
stances, the utter worthlessness of bank pa
per; in the temptations held out to the
crime of forgery and the general preva
lence of that crime; in the injurious colli
sions which have occurred between tiie
State banks and the bank established by
I federal authority; and above ail, in the dar
ing attempt ot tiie latter, first to control the
public will through the medium of elections,
and alter this effort had been rebuked by
the intelligence and virtue of the people,
! to extort a reversal of that decision by a
reckless warfare on the business of the
: country.
it is lime, high time, that we should re
turn to the constitutional policy ; and the
! first step in the way of reform, is that the
Federal Government coniine itself to the
creation ot’ coin, and that the States uffird
it a lair chance for circulation. Can :uy '
one assign even a plausible reason why tie i
United States cannot maintain as sable a '
currency as either France or Great Bit- 1
ian ? None, I amagine, other than tha it p
has not been the policy of the Governmmt! I
that it should be so. In all material e- 1
spects, so far as 1 can judge, we are in an '
equally favorable, it not a superior coidi
tion. Whilst both those countries must e- i
ly on importations from abroad for gold or I
their nmits, we derive three-fourths o’ a '
million annually from our mines, and ire |
besides nearer the great supplies of itin I
South America. Nothing, therefore, hit 11
a faithful prosecution by lli<> General Go- !'
vernmeiit and the Slates, of the policy efi'
the present administration in regard to a J
specie circulation, is necessary to place us
on a footing of equality iu this respect !
with other nations. Such a result onceac-l
complished, it will require no labored argu- I
ment to prove that more will have been !
done for the permanent interests and im
provement of the currency, than was ever
accomplished by the Bank of the United
States, or than ever could, in the nature of
things, be accomplished by such an institu
tion. We may find in what has already
been done, the greatest encouragement to a !
vigorous prosecution of this policy.
In the years 1826, 1827, and 1823, the
gold coinage amounted to only $154,655
annually. Since that period, it hasbeen as
follows: in 1329, $295,717; in 1830,
$643,105; in 1831, s7l-1,270; in 1332,
$798,435; in 1833, $978,550; in 1834,
•83,954,270; in 1835, $2,186,175; and
lor the first six months of 1836, $1,006,575;
and in the remaining six months ot the pre
sent year, it is expected to be much larger,
there having been coined in the month of
June alone over one million of dollars.
The next year our means to coin will be
greatly increased, by the completion ofthree
new branch mints. And under wliat cir
cumstances has this extraordinary and re
gular increase of the gold coinage been ac
complished ? In tiie midst of an incessant
and unprecedently violent straggle on the
part of the Bank of the United States for
a recharter ; that institution and its advo
cates correctly regarding the free circula
tion of every piece of gold coin as an ar- j
guineiil against the alleged necessity of a
national bank.
1 do not now allude to what has been I
done with any view to crimination ; but the i
argument requires us to deal with facts as I
we find them. At is well known that in ad- i
dilion to the difficulties that arose from the I
immense means of the Bank to obstruct the j
circulation of the gold coin by collecting!
and hoarding it, the question whether wr
should have a gold currency or not became
involved in the tierce political coutectiins
of the day, and ail the efforts of a well ur
banized and poweri'il party were appliecto
enforce the negative of the question.
If, under adverse circumstances Ike
these, so much has been done, what nay
we not accomplish in the new state of thugs
now opening to the country? When ill
hopes of the establishment of a Natioial
Bank are given up, the principal obstruc
tions to the circulation of the gold cons ,
will cease to operate —the leading metre,
lor di-crediliug tins species ot currency will
have been done away—politicians will io
longer find an inducement to engage in
such efforts ; nor will the people allow a
m ittcr in which their Welfare is so vitaly ‘
concerned to lib any longer mingled up |
with party Strife. The slightest rcffectim ;
must coiiviffce them that they have no n
terest in the party conflicts of the d:y,
which c'-rn justify so suicidal a course. Tne
passage of the deposite bill will also be -e
--garded by the people as a pledge from all
parties to give to the existing system, which
excludes the idea of a National Bank, a
t'air trial. The country moreover desiies
repose, and we may reasonably hope tint :
the whole community will be disposed to!
encourage rath r than to discourage a spe- !
cie currency. This object will also, as be- ;
fore observed, be greatly promoted bv die j
new stimulus which it will receive from he ■
recent legislation of Congress. Three sd- i
ditional mints have been established, and I
the President is authorized by the deposite j
hill to keep them amply supplied witii Lui-1
lion, and the Secretary of the Treasury is |
empowered to require an increase of specie ,
in any deposite bank, apd is restricted from j
employing as an agent for the Government i
any State bank which issues bills under the
denomination of $5. By another general
law the notes of such banks arc prohibited
from being received for debts due to the
United States of any description; and it
has also been provided by law that no note
shall hereafter be offered in payment bv the
United States or Post Office Department
of a less denomination than ten dollars, and
after the third day of March next of a less
denomination than twenty dollars, nor any
note, of any denomination, which is not
payable and paid on demand in gold and
silver at the place where issued, and which '
should not be equivalent to specie at the I
place where offered, and convertible upon :
the spot into gold or silver, at tin- will of the |
bolder, and without loss or delay to him.
Nor have the States lagged behind in their
efforts to improve the currency by infusing
into it a greater proportion of the precious
metals. Already are the issuing of hills
under the denomination of five dollars
! prohibited by tha States of Pennsylvania,
Maryland, Virginia, Georgia, Tennessee,
I Louisiana, North Carol’m t, Indiana, Ken
i lucky, Maine, New York, New Jersey, and
Alabama—and of one and two dollars by
Connecticut. That this policy will be
come general and gradually extended, can
not fie doubted. To wdiat precise extent
it may be carried with advantage to the
country, will, be decided by time, experi
ence and judicious observation. Evasions
of it may for a season take place, and some
slight inconveniences arise from the change,
1 but they will both be temporary. The U-
nion committee of the ciry <>i New York, I
confessedly combining some of the best
business talents of our great commercial
emporium, regarded it as an improvement'
of the currency of great importance to ail;
classes of the people : legislative bodies I
have shown great unanimity in its favor: it
is approved by the people, and must pre
vail.
The banks can neitherbe so blind to their !
interest or disloyal to their duty, as to seek i
to defeat directly or indirectly a policy, by j
the success of which their own security and !
permanent interests will be promoted, and !
the failure of which, through their fault, |
would certainly excite, deeply, the preju- )
dice of the community jagainst them. But i
even if it were otherwise, the legislatures I
have the power to compel them to do their ■
duty, and will: the possession of the power !
wili be also the obligation to exercise it J
The single consideration that it is the de- ;,
nomination of money in respect to amount |,
in which the labor of the country is paid :
for, and most of the laborer’s dealing trans- ;
acted will b: sufficient of itself to con>e- |
crate what Ins been done to exempt that |
portionof th? currency from the possibility !
of depreciation. Tiie administration of!,
the General Government, confiding in the!
! stability of a measure so extensively ad- j
opted by the Slates, and with such unanim- !
ity in the respective legislatures, has based I
its own nieasurts in relation to the curren- I
cy on its suppos-d continuance. The Gen- j
end Governmeu will not assuredly be aban- i
doned by those States in the prosecution ofj
a wise policy, iht adoption of which they |
have themselves invi'ed. It is not to be j
apprehended that a course of legislation so
vacillating and innecessary, will become
the reproach of aiy of thorn.
That the resdt of all these measures
must be a large md healthful infusion ot'
gold and silver ino the circulating medium
of the country, ioing more good to the
currency than waidone by the old, or than
can be expected from a new bank, no one
can doubt. Independent of all this, the
Treasury has it ii its power to exert a salu
tary influence, fir-t over the deposite banks, !
which will ulwtys be selected from the i
principal banks n the States, and through I
them over the “esidtie. Whatever check !
i was exercised by the United States Batik i
on the issues of the Stale banks, was done i
! either by refusing to take their notes in de- !
I posite, or if taken, by returning them
I quickly for spicie, if it believed their issues
Ito be excessive. The deposite banks have
; a right to do the same thing, and are in the
i habit of exercising it, when in their opin
| 'ous an occasion for its exercise exists,
i Over the deposite banks themselves, the
Secretary of the Treasury Iras liberal su
pervisory powers. He may in bis discre
i >n direct, as before remarked, an increase
of their specie, when it appears by the re
turns w!.'i< h they are obliged to make to
him at short intervals that their issues are ■
large and disproportionate to their specie
cm hand; and a constant and great check is
exercised over them by the actual public
knowledge of their condition obtained
through their reports and the regular pub
lication of them.
I am for exercising this supervision in a !
just bttt|at|tlie same li .'e in an inflexlblespirit. |
If the superv isinn of the Treasury prove in- I
adequate to their due restraint, 1 have an j
abiding reliance on the intelligence and ;
virtue of the people. Temporary incon- I
vienence may result from the tolly or fraud I
of these institutions, but the remedy wilt |
soon be applied. A people like those of)
the States composing this confederacy will j
not long stand by and see the currency of'!
their respective States corrupted, the val- ;
tie of property unsettled, and all their inter- !
ests deranged by the imprudence j
iiy of these incorporations, without finding !
and enforcing an effectual, and-nt the same I
time a constitutional remedy. These ob- j
servations do not proceed from a desire to !
I deal harshly with the State banks.* Al- !
! though I have always been opposed to the '
, increase of banks, I would nevertheless ’
' pursue towards the existing institutions a
! just a-.id liberal course—protecting them in
* Few public men occupy a position in re
j gard to them less likely to be a temptation to
| a course of conduct savoring either of undue
j partiality on the one hand, or unjustifiable se
’ verity on tlx? other, in the course of my eight
! years service in the Senate of this State, a very
! large proportion of its banking capital was in- j
j corporated, and the journals of that body will
show that I took an active part in all the ques
tions which arose upon the subject. Most of
the applications for banks that were rejected,
will be found to have been so disposed of on my
motion ; and every application, save one, will
be found to have my vote recorded against it.
Theexception was that of a bank f siablished at
Buffalo al the close of the war. It was estab
lished with the avowed design of enabling the
inhabitants the more speedily to rebuild the
town after it had been burnt by the enemy.
That my vote in that particular case would be
governed by that consideration, and should not
be construed into a departure from the course
| which 1 prescribed to myself, was stateo iu my
I place. The motive proved in that instance as delu-
I sive as usual. Finding it impossible to prevent the
I undue increase of banks, I introduced a position
! io repeal the restraining law, and regulate pri
vate banking : undid co-operation with Mr. Van
: Vechten, a disti’.iguixhcd citizen of this State
! and others succeeded in getting it through the
l Senate, but was lost in the H.mce. Believing
’ the system of incorporated banking to have ac
quired too deep a hold upon the public mind
! and to be too extensively entwined witl; the bu
; siness affairs of the State, to be overthrown, I
I availed myself of a brief administration of the
i Government of this State, to invite the attention
j of the Legislature to a cons'deration of the pro
per means of securing the (onimunity against
the frauds and failures of those institutions.
, Our present safety hind system is the result ot
; the wise labors of that and succeeding logisla
, i lures. For myself, I am not now, nor have I
| been forneailv twentv years, the owner ot any
j any stock in any bank o* within my recollection
’ j in any incorporated company whatever though
' , often invited to become so under circumstances
> which promised and ultimately yielded great
• i profits.
PERLSSIiER 14% I». E. iLCIHAM.A
WHOLE NO. 138.
j the rightful enjoyment of the privileges
; which have been granted to them and ex
| tending to them the good will of ti e cotn
-1 munity so long as they discliatge with fideli
:ty tiie delicate and important public trusts
! with which they have been invested. But
I all experience having shown that there is
| to delegated power more liable to abuse
i Ilian that which consists in chartered privi-
■ eges ot this description, I would be acute,
I in watching the course of the banks and vi
' giliant and prompt in arrestim; the slightest
; aspiration on their part to follow a bad ex-
I ample by seeking to become the
i w hen they were designed to be the servants
j of the people.
I Sincerely believing, for the reasonswhicb
| have just been slated that the public funds
j may be as stdely and conviently transmit
< ted from one portion of the Union to anotb
| er, that domestic exchange can be as suc
! cessfuly and as cheaply affected ; and the
; currency be rendered at least as sound un
j der the existing system, as those objects
i could, be accomplished by means of a na
i lional bank, 1 would not seek a remedy for
: the evils to which you allude, should they
unfortunately occur, through such a medium
even if the constitution objection were not
I in the way,
! But sir, there are, in my opinion objec
, tions to the re-establishment of a national
! bank of a character not inferior to any that
j 1 have stated. The supremacy of the pop
! ular will is the foundation of our Govern
: ment. If we allow it to be prostrated
' either by corruption or fraud, the republican
■ principle, which gives life and character
to our system, will be broken down, it is
only by rigidly and manfully upholding that
supremacy on all occasions, that we can
hope to resist perpetual efforts of a spirit
which is inherent in all societies; which
has never ceased to maintain a powerful
foothold in these States, and, which is ever
at work to subvert those features of our
system which place the political rights of
the people upon an equal footing. 1 hold
it to be sufficiently certain that vast majori
ty *o the people of tiie United Slates were
opposed n> the late bank and are equally
■ opposed to a new one. They have had
fearful proofs by overtacts of the correct
ness ot .Mr Jefferson’s opinion, that “ this
. institution is one ot the most deadly liosnli
! ty existing against the principles,, and form
•of our constitution and oftiie reasonable
ness of his apprehensions, that “ peuetr.it
ing by its branches every part of the Union
acting by command, and phalanx, it might
in a critical moment, upset the Govern
ment.” To suppose that the people of this
country can ever again consent to place so
great a power as that recently yielded by
the Bank of the United States a power which
could agitate at pleasure the elements of so
ciety, and carry terror -and embarrassment
to every corner of the land—in the bands
; <>l any body of men is to suppose them alike
indifferent to the lessons of experience, the
calls oi interest, and p’mciples of freedom
to have neither the capacity to understand
their duty nor the firmness to carry out
heir own determinations.
The re-establishment of the United States
Bank would therefore, under whatever
i plausible pretences effected, be an infrac
! tion of the well understood will of the peo
| pie, and a latal blow to the cause ofself-
I government. So strong are my convic-
■ lions upon this subject, and so imperative
|my sense of duty in regard to it, that 1
I cannot conceal from you my surprise, as
. well as regret, that the idea of accoinplish
i ing that object is still, as would seem from
■! your letter, kept on foot in any quarter.
lour last question seeks to know “my
; opinion as to the constitutional power of
! the Senate or House of Representatives to
I expunge or obliterate from the journals the
I -ecords or proceedings of a previous ses
j sion.”
I You will, lam sure, be satisfied upon
! further consideration, that there are but
! lew questions ot a political character 'less
' connected with the duties of the office of
President of the United Slates, or that
might not with equal propriety be put by
an elector to a candidate for that station,
than this. With the journals of neither
house ot Congress can he properly have
any thing to do. But, as your question
’ lias dotibless been induced by the penden
cy ot Col. Benton’s resolutions to expunge
■ from the journals of the Senate certain otli-
I er resolutions, touching the official conduct
ot President Jackson, 1 prefer to sav, that
I regard the passage of Col. Benton’s pre
amble and resolutions to be an act of jus
tice to a faithful and greatly injured public
servant, not only constitutional in itself, but
• imperiously demanded by a proper respect
! for the well known will of the people.
I his reply to your numerous questions
has unavoidably extended to a muchgreatr
• length than I could have wished. I have
i given you, without reserve, my “opinions
and views” upon the various subjects
you ha\e presented to my consideration
. but you can hardly intend, as vour ques
. lions would seem to imply, that 1 sltould!
i enter into any engagaments with you,
- as to what particular bills relating to those.
1 subjects 1 would or would not approve in,
l> the event of my election to the Presidency.,
In thecasewhere 1 haveavowydconstitution
’ ai bjections to the measures alluded to, any
j thing further would be superfluous; nor
. can 1 ti ink it consistent with the respect
I due from me to the people of the United
e States, and especially to that portion of
n them who have made me a candidate for
- | the chief magistracy, to tender to you
!t |on the present occasion any other pledge
'• than stu bas is necessarily implied in the
foregoing avowal of my sentiments, and as
j you may find in the history of my public
x life.
” I am, sir, your obedient, humble sens
II vant.
s
t M. VAN BURE&,
