The present corporate body, denominated the president, directors, and
company of the Bank of the United States, will have existed at the time this
act is intended to take effect twenty years. It enjoys an exclusive privilege
of banking under the authority of the General Government, a monopoly of its
favor and support, and, as a necessary consequence, almost a monopoly of the
foreign and domestic exchange. The powers, privileges, and favors bestowed
upon it in the original charter, by increasing the value of the stock far
above its par value, operated as a gratuity of many millions to the
stockholders...
The act before me proposes another gratuity to the holders of the same
stock, and in many cases to the same men, of at least seven millions
more... It is not our own citizens only who are to receive the bounty of our
Government. More than eight millions of the stock of this bank are held by
foreigners. By this act the American Republic proposes virtually to make them
a present of some millions of dollars.
Every monopoly and all exclusive privileges are granted at the expense of
the public, which ought to receive a fair equivalent. The many millions which
this act proposes to bestow on the stockholders of the existing bank must come
directly or indirectly out of the earnings of the American people...
It appears that more than a fourth part of the stock is held by foreigners
and the residue is held by a few hundred of our own citizens, chiefly of the
richest class.
Is there no danger to our liberty and independence in a bank that in its
nature has so little to bind it to our country? The president of the bank has
told us that most of the State banks exist by its forbearance. Should its
influence become concentered, as it may under the operation of such an act as
this, in the hands of a self-elected directory whose interests are identified
with those of the foreign stockholders, will there not be cause to tremble for
the purity of our elections in peace and for the independence of our country
in war? Their power would be great whenever they might choose to exert it; but
if this monopoly were regularly renewed every fifteen or twenty years on terms
proposed by themselves, they might seldom in peace put forth their strength to
influence elections or control the affairs of the nation. But if any private
citizen or public functionary should interpose to curtail its powers or
prevent a renewal of its privileges, it can not be doubted that he would be
made to feel its influence.
It is to be regretted that the rich and powerful too often bend the acts of
government to their selfish purposes. Distinctions in society will always
exist under every just government. Equality of talents, of education, or of
wealth can not be produced by human institutions. In the full enjoyment of the
gifts of Heaven and the fruits of superior industry, economy, and virtue,
every man is equally entitled to protection by law; but when the laws
undertake to add to these natural and just advantages artificial distinctions,
to grant titles, gratuities, and exclusive privileges, to make the rich richer
and the potent more powerful, the humble members of society the farmers,
mechanics, and laborers who have neither the time nor the means of securing
like favors to themselves, have a right to complain of the injustice of their
Government. There are no necessary evils in government. Its evils exist only
in its abuses. If it would confine itself to equal protection, and, as Heaven
does its rains, shower its favors alike on the high and the low, the rich and
the poor, it would be an unqualified blessing. In the act before me there
seems to be a wide and unnecessary departure from these just principles.
Nor is our Government to be maintained or our Union preserved by invasions
of the rights and powers of the several States. In thus attempting to make our
General Government strong we make it weak. Its true strength consists in
leaving individuals and States as much as possible to themselves in making
itself felt, not in its power, but in its beneficence; not in its control, but
in its protection; not in binding the States more closely to the center, but
leaving each to move unobstructed in its proper orbit.
Experience should teach us wisdom. Most of the difficulties our Government
now encounters and most of the dangers which impend over our Union have sprung
from an abandonment of the legitimate objects of Government by our national
legislation, and the adoption of such principles as are embodied in this act.
Many of our rich men have not been content with equal protection and equal
benefits, but have besought us to make them richer by act of Congress. By
attempting to gratify their desires we have in the results of our legislation
arrayed section against section, interest against interest, and man against
man, in a fearful commotion which threatens to shake the foundations of our
Union. It is time to pause in our career to review our principles, and if
possible revive that devoted patriotism and spirit of compromise which
distinguished the sages of the Revolution and the fathers of our Union. If we
can not at once, in justice to interests vested under improvident legislation,
make our Government what it ought to be, we can at least take a stand against
all new grants of monopolies and exclusive privileges, against any
prostitution of our Government to the advancement of the few at the expense of
the many, and in favor of compromise and gradual reform in our code of laws
and system of political economy...
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