Some of the Atlantic States
may feel its consequences, perhaps, as sensibly as those of the West,
though not for the same reasons. The concern manifested by Pennsylvania
for the renewal of the charter shows her sense of the importance of the
bank to her own interest, and that of the nation. That great and
enterprising State has entered into an extensive system of internal
improvements, which necessarily makes heavy demands on her credit and
her resources; and by the sound and acceptable currency which the bank
affords, by the stability which it gives to private credit, and by
occasional advances, made in anticipation of her revenues, and in aid of
her great objects, she has found herself benefited, doubtless, in no
inconsiderable degree. Her legislature has instructed her Senators here
to advocate the renewal of the charter, at this session. They have
obeyed her voice, and yet they have the misfortune to find that, in the
judgment of the President, _the measure is unconstitutional,
unnecessary, dangerous to liberty, and is, moreover, ill-timed_.
But, Mr. President, it is not the local interest of the West, nor the
particular interest of Pennsylvania, or any other State, which has
influenced Congress in passing this bill. It has been governed by a wise
foresight, and by a desire to avoid embarrassment in the pecuniary
concerns of the country, to secure the safe collection and convenient
transmission of public moneys, to maintain the circulation of the
country, sound and safe as it now happily is, against the possible
effects of a wild spirit of speculation.
Pages:
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932