Cass County Times, Volume 1, Number 35, Logansport, Cass County, 18 August 1832 — Page 1

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dvod to W3v7s, politics, -tssjli iMPaovsaraarTs, lit2?.a.t-jp.3, iicf. .LiTr & Aii-jcrr,::?. JUSTICE ANnjTRUTH OUR GUIDE TFIF. PUBLIC GOOD OUR AIM WtLLIN'O TO PRAISE. WHET PRAISE IS DUE, BUT NOT AFrTid T(TiSieV VOIi. I. tiOGAXSIOIlT, INDIANA, SATURDAY, AUGUST 18, 1832. yo. ?5.

-TMNTED AND PI IlLISllfcJJ fc 1JK SA I L K UA i U.

J. cou &z . J. an I9i:pvtcr. Market Street, opposite the Seminary. TERMSft 2 00 for; .numbers, 3 OO v munt!.s. Vi, ennt Umnll r. ,. I . , tliP c 1 1 ' i ! iCTibtr must pay thu postage. Papers will I I IU. 11 JV-Ill 1 T UlUMt tX. V. Ct. I I 1 , .;- . n. i , i. -i- " be discontinued at any time, ifall sirrenraot-s are paid. ijgj-

i'ruduco received in p.t).iit'iit.:MiilUs. The pr'?ent value of the

frlT' TLK.MS OF ADViaiTISINO. Tvlvo Tines, or less, insertct tiiri. e tiiues fi $1, each continuance 25 cen is. .'vovertiseu. . - and Jo?J Printing .1.1st e accoiapn i.-u y he cash; if charged, twenty-avo per cent, will oe added. O tz 1 :il" T' s-l ! 4il2 J United 'ini fiETURNING TH-: P.AViv BILL T ) THE SEX ATE ! ow';mvMi

To the Scn'itc: Ifuli market value of the privileges gran-ze!i he in like circumstai ces, he cannot vet, under the provisions of this act, the of our ow.i citizen?, w ho, al lea.ougt The bill "to modify an I continue" the! ted.' Why should not Congress create I by law, pay his debt with those notes, .Slate of Alabama can raise no revenue to be friendly to our Gowmmei t. and act entitled ktAn act "to ir.corporafe the a:id sell twenty-eight millions of stockJbut must sell them at a discount, or jfrom these profitable q eratiors, be- willing to support il in times of diliiculwimscribers to the Lie; k of the United (incorporating thepurchasers with all .send them to Si. Louis lo be cashed, jcause not a share of the stock is held In ty and danger. So abundant is domes Slates,' was presented to me on the 4th j the powers and privileges secured in This boon concede d to the State banks any of her citizens. Mississippi and j tie capital, that competition in subscriJ nlv instant. Having considered it 1 this act, and outti-.g thepremium upon! though not u: put inii?elf, is most o-Ji- ! Missouri are in the same condition in Ibing for the stock of local banks has re-

wiih that solemn regard to the piinci-jthe pies of the constitution w hich the day was calculated to in-pire, and come to

th. conclusion lhat it ought t ot to beI I I i! . ! 1 i C inO a law. 1 nerevllll leieill II 10 : tiie Senate, in winch it oii 'n.ated, w ill: .... . . 1 rnv o; ections. i I) uikof the U .itd States i-,in

nv re?'ccts, conve.iicat for tlieGovein-liourth

m jat, and useful to the people. Eater- ieigners, ar d the residue is held by a few tailing this opinion, and deeply im- jhundred of oil" own citizens, chiefly of fmp.l wit!i th iieli.-l' i hat some of li.ei die richest cl.is. For their benefit

1 , notvers and oriviie-'-es Dossessed lv the

exisU;)(r hank are ir'authoMZcu by tnelican people iiom compeuiion in me co imitation, subversive of '..he rights of purchase of this monopoly , and dispose the Slates a'nd daM-orons to tne liber--of 11 forinanv millions less thun its orth.

. ... I

. . v ;call the attention oi Co .gress 10 tne , practicability uf orga:. izing an instituJ tioii eOLTi'sijiiiig all i. advantages, arch ' cliviatiao- ioee obicelir.: 1 shiecrel regret, t'.iat, in the act !efore me, I ea;

ties of the peoph, I felt it my duty, a! j tins stems We less excusable, liccause an early period of mv adminitrafioi;.sonie of our citizens, not now stockhol-

p reeive none of those modifications cf! H it this proposition, although made such Treasurer a lit of stockholders rethe bank charter which re necessary .! hv men w hose aggregate wealth is be- 'siding m, or citizens of sue h State, with in rnv opinion, to m ike it compatible ; lieved to he equal to all the private the amount of sine k ow ned bv each.7'

with justice, with sound policy, or with the constitution of our country.

T.'ic present corporate body denom-: eminent N proposed to be again bc-jCourt, surrendeis b) its gjlci ce, the j by ths Government, and twenty by the initeJ the President, Directors, and stowed on the few who have been for-' light (f the States to tax the banking; citizen stockholders. From all voice Company of the Bank of thf United ' lunate enough to sccur the stock, and ! institutions create d by tins corporation; in these elections, the foreign stockholStntes, will have exhU'd, at the time i at thi moment wield the power of the j under the nan. e of branches, through-jders arc; excluded by the charter. In tiiis act is intended lo take effect, tw en-j exiting institution. I cannot pciceivejout the Union,itis evidently ii.tci'den-1 proportion, therefore, as the stock is tv years. It cniovs an exclusive nrivi-ithe justice or policy of this course. If (led to be construed a a concession of ' transferred to foreign holder?, the ex-

lege of banking, under the authoi ily of our'Government must sell monopolies.1 their right to tax that portion of the j tent of sufieiage in the choice of d i recti ii: Genera1 Goven ment, a monopoh it would seem o be its duty to take ' stock which ma v be held by their own J tors is curtailed. Already is almost a

At its favour and support, and, as a ne - cessary consequence, almost a monopoIv of the foreign &l domestic exchange.

I ne powers, privileges, and favours bestowed on the subjects ol a ioreign proceed to levy a lax equal 10 mat paid j lepieseioeo in elections, 11 is tunbestowed upon it in the original char I government nor upon a designated and upon the stock of bank incorporated j stantly passing out of the country; and ter. In increa-in-the value cf the stock I favored class of men in our own coun-1 bv themscives. In some Slates that! this act will accelerate its departure.

.:. . c far above its oar value, ooeraicd as a gratuity of many millions to the stocl ... ' l . holders. An apology may be found for the failure lo guard against this result, in the consideration that the effect of the original act of incorporation could not be certainly foreseen at the time of its passage. Tiie act before me proposes another gratuity to the holders of the same stock, and, in many cases, to the same r . 1 .11 . 7 men, ot at least seven millions more, " .

Tats donation finds no apology in anvduce great embarrassment and uisiress.

uncertainty as to the effect of the act. 0 1 all hands it is conceded that its passage will increase, at least twenty or t!urtyper cent more, the market price

of the stock, subject to the payment of; bad. If, therefore, it shall produce (will be worth ten or fifteen per cent,; ponsible to the people, the annuity ot $200,000 per year, se-'distress, the fault will be its own; and j more to foreigners than to citizens of j Is there no danger to our liberty and cured by the act; thus adding, in a mo-jit would furnish a reason against renew-! the United States. To appreciate the j independence in a bank, that, in its .lament, one-fourth to its par "value. It! ing a power which has been so obvious- effects which this state of things williture, lias so little to bind it to our counis notour own citizens only who are to ly abused. But will there ever be a produce, we must take a brief review of try 1 The President of the bank has receive the boantv of our Government time when this reason will belesspow-1 the operations and present condition of j told us that most of the Stale banks ex-

M )re than eight millions of the stock of! erful ? To acknowledge its force, is to . i... ... ...i

this bank are held by foreigners. By admit that the bank ought to be per-i by documents, submitted to ion- uuence oecome concenireo, as um,y tins act, the American Republic propo-'petual; and, as a consequence, the pres- gress at the presentsession, it appears under the operation of such an act as ses virtually to nnk- them a present of ent stockholders, and those inheriting ; that, on 1st of January, l832of the 28,jlhis,in the hands ofa self-elected d.recsomp millions of dollar. For thee their rights as successors, be established millions of private stock in the corpora- tory, will there not be cause 16 tremble gratuities to foreigners, and to some ofa privileged order, clothed both with; tion, 8,405,500 were held by foreign- for the punty of our elections in peace, our own opulent citizens, the act se-: great political power, and enjoying im-jers, mostly of Great Britain. Ihe a-jand for the independence of our councures no equivalent whatever. They imense pecuniary advantes,frorn their.mount of stock held in the nine western; try in war.' 1 he. r power wou Id are the certain gains of the present connexion with the Government. and southwestern States, 18140,200, great uhcreyer tlWy might 'hoc to stockholders under the operation of tVis Tiie modifications of the existing and in the fot,r southern States is Sert it; but if his "J0' act, after making fill illowmre for the 'character, proposed by this act, are not623, 100, and in the middle and eastern jularly renewed every fit ecu or twenn Payment o it consistent States is about .$13,522,000. The years, on terms proposed by themselves, P iv :???:U-:J ,.....J nVthpStateSor the lib- nrofitsofthphankin 1831,asshownii,ithey might seldom in peace put fourth

liciv nioiioooiv. i an pxi lusive rr'vUeges, are granted at the t the pubhc, which ought to - or eq- ivalent. The many Jfich this act proposes to bestow Stockholders of the existing bank, A 1 .1 . 1 .1 Ml

mine direct y or indirect y out ot theioi sru.iu uui", - ...... .... ... camina, nnL Al u ativlv of little value or importance.

due to them, therefore, if their Govern- (All the objectionable principles of the that the debt of the people, iti that sec-l Should the stork of tlm ban' prircimcnt sell monopoly and exclusive pnv-x.st.ng corporation, and most of its o- tion, to the hank, is principally a bebt! Daily pi into the ha: J. of e uhiccts lieges, that they should at least exact ;dious features, are retained without al-, to the eastern foreign stockholders; of a"foreign country, u d vt-houldun-

for them as much as they are worth in ionea market. The value of the monoipoiy in this case may he correctly ascer-j

The twenty-eight millions ofalthough thesame be on the faces there-

stock would pronai.jy he at an advance. , ire ...... I ... . r , r 1 1 : . . r . i , ! I . . I 1 ......... V. ... . ; , - . . . .- ! ei .u il-.i: l iui -in .1 .ii;iiion ui uuii.u s, . - ubicct to tne payment nt tlie pi csent . nof.oiv, thert toir, is seventeen millions

of dollars, and this the ;ct proposes to;or balances due to said corpojation, or last two years, as shown by lis official sell for three millions, payable in fifteen j to such office, of discount and deposite, reports, was about $G,000,000. More annual instalments of '200,000 each, jfrom any Other inroiporated bankMhan half a million of this amount does It is not conceivable how the present) This provision secures to the State not stop in the eastern Slates, but paslockholders can have any claim t the! banks a legal privilege in the bank of ses 0:1 to Europe to pay the dividend? special favour of the "Government . 'the U. Slates, which is withheld from of the foreigh stockholders. In the

T 110 present corporation hag enjoy d iti moaopoU during the period slij-ula-'in

I ted in the original contract. If we must mteu Mates , ana Iia e 1 oics lisu'd hy compensatiori lor tins peipetual tmi'have such a con'oration. whv should not Uhe St. Louis branch, it can nay the 'den :n their industry, and drain ot

1 7 J Hie Guernnieut sell out the whole (slock, and tuus secure lo the peonle the sales into the Tieasurv. j But this act does not pel mit competl-1 jion in the i.-urehe of this monopoly, j i It seems to he predicated on the en oneI...., : I .. il..,! ..... . ' : - 1 , 1 ,1 ous i.ica, uii uic pi eseui Sieu Kiioiuei ; nave a prcsci 1 pu e ngni not oi i to tin.

avo'.i , nut 10 lae uou. i) 01, Uovern-peicii

ma-!me::l. it appeals that more- thnti a j

pari of the stock is held b for-'the

does this act exclude the whole A mer1 t' ,1 .1 I I I

tier, pe;iuoned mat tia; cloor oi ccmpe-jOi

titidi: m'l take .'fci

titles: might be onciiod. ai d ol eied to'!ccklioldeis w t;o are not resident cm-101

irtcron terni much mere fa-; 1 1 jvourable to the Government and irv. 1 slock m the existing bank, has been j !el aside, and the bounty of our (io-;

' nothing less than their full value: ai d citizens and reorients, in this light, 11 (if gratuities must be made once in fif-jthe act becomes a law, it will be under i teen or twentv years, let them not be'slood by the States, who will pro! ably

. . .. .. . . try. It is but justice and good policy, " . . . " r- . 1 as far a. the nature ol the case v 111 admit.to confine our favors to our own fellow citizens, and let each in his turn eniov an opportunity to profit bv our, bounty. In the bearings, of the act be-;

fore me, upon these points, I fmd ample ;and not that employed within them, own hands, by monopolizing Ue rereasonswhy it should not become a ; which would be subject to taxation, 5c jmaining stock. There is danger that law. jas the names offoreign stockholders areja president and directors would then It has been urged as an argument in Inot o be reported to the Treasurer of jbe able to elect themselves from yenr to

favor of recharierihg the present bank, w 1 a I a a I II. ! !i 1 . ...Ml m. inat tnc caning in us loans m piu-j . . ..... The time allowed to close its concerns is amnle: and if it has been well mana-;

ged, its pressure will be light, and beav-jnual y onlv in case its managements has been

m - .

.. .nu. l TUnM ot nn'o.u 4- 4 Pnnfrrt. wprp nhont tncMr slienirm lO liiuueiicu citLuuu) .'I

expei. se,1- . f t i 4et - -ii,:.!!,,,..,-,,,,,,! rmdrcl the a lairs of the nation, liut it

rn.Mvn i 'ol the ngni oi me DiinK. iw tiuiu id w .jo.ija.sao uumi3uh.h.i . .. ,,. f receive a " ' . aa, ..i., c.i. cac mo. '..- nrivatp citizen or nubhc functiona-

millmrK tale, the limitation oi us power io es- ninG western otates, nuuui o i,ww,vio, .. f"". . . millions . "llci l,lv' . r . .. ... r. .. i . . - , . ntnrmisi- tr rurtal now.

nnfhe tablih branches, and the power reserv- in the our southern 3iaies,auouis-',-,l. .. j - . T. OlUhe, lrtUIK1'ulu ' ,.,., . , .. I . . ., .in. i . U nr nrvnt a renewal ot its nrivilpr

mut ed lo Congress to torbid ihe circulation; 507; and in the miuuiu aim easiern i-, i--- - ---- ,muleu .iu fc , ,ronn A- i:i it eannot be doubted that he w ould

r ii .,nns iro rci rici i ri m n: r. ntoc hnT v .4 j.uti. rva iimr i '---i

leviation.

The fourth i ec.ion provides "that nllsofthe said corporation J . I .1 . I the notes or h same ueoii me iaces there- - oi . i"fsi)pr.livf-lv. made navahlo nr nun ; " ' I - " "7 l . v.... ; ar-!place only, shall, nevertheless, be reoi, lespecmcn, maue payaoie at one I 1 v.., 1 C . . . 1 K .. 4 1 r ; .1 . . , r .. 1 : 1 a 1. : . u u r..iu viciiuiii ,u uie d.uim. , or at an oi me unices oi aiscount ; mo-jand deposite thereof , if tendered in liipndatio.i or payment of any balance all private citizens. If a State hark ; Philadelphia owe the Bark of the II:Jcbt with those notes; Nut if a mer- . . ... . . . - chant, mechanic or other private citi-' ous ; because il decs net measure out juai justit e lo the high and the low, ! the rich and the poor. To the extent ,01 us practical eiic ct, 11 is :x nonu 01 un - i.,ti .irx..!... knt . c t o t . I . 1 1 i .1 n t . 1 r mi i:iui;- uiu Lull in ii; csiaiMismiieii ;oi me nauon, erecting 111cm into an in- j '. - .!. . . 1 !. i. . .. :. sepaiaie irem iiiai 01 me people 1 and its 1 ecessarv tendency is to unite bank of the United Slates and the , State banks h any measure which may jbe thoughtconducie to their common j interest.

The ninth seclion cf the act recogni-jmost

3 juihcipics a worse lennency man ;i - jtJ pi'o vision of the present ch!irac-j Iter. 1 j- . ...... . I. .... I it enacts tnattfio cashier oi trie bank shall annually report to the Sccretar) . lit I , r . T -.1 me 1 reasury me nmes 01 an me Zei s of the unii. :l States : and, on the

coun-iapphcation of .he 'i'reasurcr of any

State, shall make out and transmit to Although this provision, taken in con-j nexion with a deci?ioti of the Supreme; . ... tax is now one percent, either on the capital or on the shares, ana mat mav jbe assumed as the amount which all ... . . . I.I. j citizen or resident stockholders would be taxed under the operation of this act As it is only the stock held lnthe States,! the Slates, it is obvious that the stock . . 1 I. I... il 11 1 a, a 4- 4 ry- rv 41m - i ueiu o mem w 111 eAempi uum unt . 1 . I ' . Ml ; ntirden. Iheir annual proms win,; j therefore, be one per cent, more than

the citizen stockholders: and, as thean-jvils

dividends of the bank may be safe - jlj estimated at seven percent, the stock; the Bank of the United States. t-. . i :aa I . i . - i v-,--Istock is held in the west, it is obvious

...v. ... iiuj;! ilil" II, IV 111)1)11 II. l ' carried into the eastern States,and into Europe; and that it is a burden upoi tlieir industry, and drain nf iheir cmtheir industry, and drain of their currency, which no country can bear withJ l - I rnn - rn.:,.i. .. . : m. . v.... , , it im.ll III) lUUMll Cclll 'Jf ill ont inconvenience and occasion j ... . 11 i 1 1 1 LUI I L' li 1 C I ! CC H 1 1 U OCCUSIOnai iress. 1 o meet tins tiu rden, ami equal ize the exchange operations of the bank

. I . I 7 I

the amount of specie drawn from thote

States through its branches, within the prir?-iple of taxation recognized by this net, the western States find no adeduate . : ...... ... their cunrcr. v. i ue branc li bank at 3h. bile made last year 05,140 dollar relation to the branches at Natchez & St. Louis; and such, in a greater or less degree, is the condition of every west-

:ern iaie. j he tendency ot the plan granted 'iy this act, subscriptions for ' nf i 'II .T'ltl-1 4tir nnf nt....A(. .i!'Uil' Kiln,!.....! . rlK.. ..'.I II II

1.. l .1. it . if.. -' I'iAiuiuii mv ii iui9 .11 i i upuses, ui ie 10 inuee me w noic unuea states m me s.irne leiauon 10 loieign ccunirie

which ihe w estern States new bear to

theeastein. When, by a tax on resident stockholders, the stock of this bank imade worth (en or fifteen per cent, mere to foreigners than to residents. of it will ccevitably leave the tiai j. Thtis will this jtica1 eilect depri provisicn, in its pracive the eastern as well 's u.c souineru anu western oiaics 01 the means of raising a revenue from the .-..Al. 1 I oaici siuh oi .jusmess anu great proms inis 1; stiiution. It will make the American reople debtors to aliens, in neatly the whole amount due to this bank, and end across the Atlantic from tw o to five millions specie every year to pay the bank dividends. In another of its bearings this provision is fraught with danger. Of the 2b directors of this bank, five are chosen third of the sioc k in foreign hands, and not represented in elections. It is constantly passing outof the Country ; He not ..i: . 1 . a . . Ii The entire control of the institution w otjfd necessarily fall into the hatidsot a few citizen stockholders; and the ease wiCh which the object would beaccompl'slvd, would be a temptation todesiguing men to secure that conlol in their iyear, and, without responsibility or con- . . " n u, nmun mc n uuit ium.v. 1 u il 1- J .. At . i -a . . - I . t f I r- nr.nrfA 11. w rn.nrne r lllO uan aunng me existence oi us umijter. It is easy to conceive that great eto our country and its institutions might flow from such a cocentration of power in the hands of a few men, irres-'

ist by its forbearance. Should its in-jof

rr,-.,! t o feel its irllucnce ibe made to ieel its iLUutncc

with that country, what woahl be our roitdition? Of the coi're w Inch would ' ... " tU oe nurseed bv . bank :,lm. -!.li owned by the sulijects of a foreign power, and managed by those whose interests, if not affections, V-ouId run in the -ame direction, there can be 10 doubt. All its operations within, would be in aid of the hostile fleets and armies without. Controlling our currci ey. receiving o:ir public monevs, and" hcldinp" I j ............. "i.uiiy ... i i... t... ..i r thousands of our citizens in dependa; cc; it would be more foimidable and dangerous than the naval and military power of the enemy. If wc must Inive a bank willi private stockholders, every coi.s'nhrntion of sound policy, and eer impulse of American feeling, admonishes that it 'houlJ be purf ly American. Is sterk1 ..1.1 . ,1 , .1 1 1 1 . uiueis saouiu ne compose'! xeiu: e y ccntly led almost to riots. To a has k exclusively of American stockholders. possessing the powers and privileges' in u inru.'ii'u iii;nious Ol U 'li ITS COUICl be readily obtained. Instead of sending abroad the stock of the bank in which the Government must depo-ite its funds, and on w hich it must relv to sustain its credit in tin es of emergency, it would rather seem to he expedient to prohibit its sale to ai'cns under penalty of absolute forfeiture. It is maintained by the advocates of the bank that its constitutionality in all its features ought to be considered as settled by precedent, a- d by the decision of the Supreme Coi?rt. To this conclusion 1 cannot assent. M-.-re pi cedent is a dangerous source ofauthoiity, and should not he regarded as deciding questions of constitutional power.exc ept where the acquiescence of the people and the States can be considered as well sctlled. So far from this nei; g the case on this subject an argument against the bank might be based on precedent. One Congress, in 1701, decided in fayour of a bank; another, in 1811, decided against it. One congress in 1GI5, decided against a bank; another, in 1816, decided in its favor. Prior to the present Congress, therefore, the precedents drawn from that source were equal. If we resort to the States, the expressions of legislative, judicial, and executive opinions against the bank, have been, probably,- to those in its favor, as four to one. There is nothing; in precedent, therefore, which, if its authority were admitted, ought to weigh in favor of the act before me. If the opinion of the Supreme Court covered the whole ground of this act, it ought not to control the co-ordinate authorities of this government. The Congress, the Executive, and the Court, must eac h for itself be guided bv its own opinion of the constitution. Each public officer, who takes an oath to support the constitution, swears that he will support it as he understands it, and not as it is understood by others. It is as much the duty of the liouse of Representatives, of the Senate, and of the President,' to decide upon the constitutionality of any bill or resolution which may be presented to theiii for passage or approval, as it is of the Supreme Judges when it may be brought before them for judicial decision, The opinion of the judges has no more authority over Congress, than the opinion of Congess, has over the judges; and, on th.-jt noiiil-, the President is indepenoent both. The authority of the Su oreme Court must not, therefore, be permitted 10 control the Congress or the' Executive when acting in their legisla--livc capacities, but to have only such influence as the force of their reasoning mav deserve. fhit,in tiie case relied upon, the Su. preme Court hve not decided that all the features of this corporation are compatible with the constitution It is true that the court have said that the law incorporating the bank is a constitntional' exercise of power by Con gress. But, taking into view the whole opinion of the court, and the reasoning by which they have come to that conclusion, I understand them to liave decided that, inasmuch as a bara

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