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TEXAS STATE LIBRARY
s~tem of credit; on the contrary he proves most conclusively that when confined to their legitimate sphere-that of affording temporary credit to commercial and business men, banks would furnish as safe and convenient circulation in the range of commerce and busi- ness within which they are placed, and thus become in a great measure exempted from those fluctuations and convulsions, to which they are now so much exposed, and on the stability & soundness of which the safety and prosperity of the community so much depend- After a most graphical deleniation of the evils which have resulted from the union of the monied and political powers, the Message procedes in a very able manner to treat of the nature of our Government, as based upon the '' diffusion and equalization of its benefits and burdens", and by consequence, all combinations of seperate and privileged orders must be more or less destructive of this fundamental principle of our free institutions- On this inter- esting & all-important subject the massage .is frank decisive and bold- I most cordially congratulate you in not having to contend with conflicting interests in establishing free and direct trade with all nations. The Southern portions of this union are making some feeble attempts to arrive at this desirable end; but from want of unity of feeling, I fear years will yet roll round ere this (to the South all im- portant event is consumated) and that the pressure produced, by the our issues of the Banks, stimulated to excess, by the credit and fund of the Government, will extract from the People, that which their Republican principles never would voluntari"ly conceicb-a Re-charter of a National Bank, which by its concentration of capital at the North will seriously retard, if not forever prevent the South from ever releasing herself from pecuniary vassalage to the Noth A combination of circumstances brought about, by the Veto of the late President-'' the removal of the deposits,'' and the ''specie circulor" the latter measures, conceived by some, to be of doubtful policy, if not an abuse of Executive power, have resulted in a total disconnexion, of the Goverment from corporations as its fiscal agents, thus rendering the question of Bank or no Bank, a '' res integra", -& as most elegantly expre,sed by the South Carolina Senator "leaving tlie Goverment disentangled from the past & freer to choose its future course, than it ever has been since its eommencement"----1 have the pleasure of sending you the able speech from which the extract is made-I hope yet to see this distinguished son of Carolina at the head of this Nation - His bold stand for princ~plei alone, and his supporting the leading measure of the present incumbent of the Exe.cu- tive chair simply because it is essentially Republican, and in its tendency calculated to bring the Goverment back to the good old days of "98 & 9 ', are fast re-inst,{J)ting him in the affections of the People, which he would never have lost, ha[d] he not been so unfor- tunate, as to incur the displeasure of [the] late President, whos~ popularity was even to great for siafe [ty] for had not his love, of Country, been as strong, as his nam[e] was influential, he could have
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