Wilmington Journal

Mr. Jones' Report.

In publishing the report of the joint select committee on Banks and Banking, submitted a few days since by Mr. Jones, of Columbus, in the Senate, we must, with due deference to the committee, enter our protest against doctrines so demoralizing in their tendency and so completely subversive of our rights. We cannot assent to the proposition that our country has passed under the centralized dominion of a conqueror. The Constitution is still the supreme law of the United States and the States, and with President Johnson, we hold that the Union will be as effectually destroyed by the destruction as by the secession of a State. We are firmly laying the foundation of monarchy, so much desired by some, if the President in the exercise of his sovereign power can, with a conqueror's might, destroy the legal existence of corporations and all the muniments of title throughout the land. It is much to be regretted that such a document should have the sanction of any Southron; it certainly cannot have the approval of any believer of democratic institutions or a constitutional union.

At another time we will show the fallacy of its objectionable propositions, and how illusory are the hopes of gain to the State to be derived from their adoption.