Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-04-10

the same scale as other human transac-
tons, and given to them that credit, which
during the period of their existence, the
accompanying prosperity or adversely OF
the government creating them, would
seem to justify. For instance, during
the late war with Great Britain, large
portion OF the very stock, which has been
subsequently subscribed, and become a
component part, of the capital of this
bank, was sold at nearly loss of one
fin of its nominal amount; that is, the
government themselves gave this stock
in exchange at that rate, at that time, for
the moneys it had received on loans, of
individuals and banks, and in notes of
banks that had even then suspended
specie payments. If then these secnri-
ties suffered SO great depreciation, un-
der war, the result of which has been
termed glorious, and when during its
course there were no serious reasons en-
tertaned of dissolution of our federal
system, and was certainly marked in its
progress by many signal triumphs, both
by sea and land, what, let US ask, would
be the situation of these stocks, in COM
parison with those Of corporations COM
posed entirely of individuals, supposing
an actual dissolution to have taken place,
no matter whether by conquest of the
country, by foreign power, or by iutes-
tine connections In the case of corpo-
rations composed of individuals, created
by the different states, the collection of
the debts due by them, might be enforced
by law, to the amount of the capital sub
scribed, for =" bich they are always liable;
and even supposing power to enforce
a collection OF the debts due by the
United States Bank, in the happening OF
such an event, of what value would %
millions of its capital be, when it con-
sisted merely of the evidences of debt
due By government, which had ceased
to exist. What let us ask, would the
creativepowers Of bullionists do Could
they resuscitatc the government, or pro-
vide ior the payment of these funds, or
by what talismanic powers could they be
transmitted into gold or silver? The
famous wand of Midas, we apprehend,
would be exerted in vain, and the sands
OF the Pactolus, con,d, we fear, afford |
them no relief. The truth cannot and
ought not to be disguised, the United
States Bank orig mated With a band of
public creditors, who during the late
war had become the holders Of these |
public securities, at great discounts, and |
who as soon as peace was concluded,
saw that large sums might be gained, by
its creation, on the plan upon which it
has in fact, been formed.
The old United States Bank, orisina-
led with the late, ever to be lamented, |
Gen. Hamilton, for far different, more
useful and the most honorable purposes. |
And it is to be re retted, that these men |
had an opportunity of awaiting them
selves, of the efforts of his expansive |!
mind, in the use of plan to promote
mere mercenary views. We have how
ever depressed from our object, which
was 10 shew, that as security the notes
IF the Bank of the United States, was
less preferable, in certain events, than
hose of many other banking institutions
Of the different states and we will mere
ly here add, that it is well understood,
hat the Bank of the United States, had !
it not been in the continued receipt of the
public deposits, to an immense amount,
would long since have ceased to pay
specie: indeed many of her best mana
ged branches, have more than once tot
tered. And let it also be remembered |
that the government have, for the last
two years been obliged, to resort to loans,
to pay the interest, on this very funded |