Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-26
ia, WEDNESDAY,, DECEMBER &c. Iso7.

permitted 20 remark, that cannot concur with the
honouraoie gentleman, from Mass fMr. GoRHasr|
III MS OPINION, eNpre-ed when this resolution was
introduced few days since that the Stockholders in
Lack OF the United States have right TO EXPECT the
renewal of It's charter. They ike Others may indeed
calculate The probabilities of such event but, in the
mean while, they have precise per iod fixed bv the
charter for s termination and that alone they have
'Ihe TO reckon. For myself If we're 10 speculate
90 the probabilities of the renewal of the present
charter of The United Saies' Bank should confess
say 1t was highly probable it will be renewed /; is
true, i did not vote for the Charter, and personally
should. vote against lis renewal; but, on other
grounds from those which should act the subject
assumes very disren aspect. The old bank was.n.
deed suffered to expire but very few years. public
opinion called decidedly for its renew 81: and if we
may coniecure The future from KNOWN: md renen-
beripg iba past, it appears probable that the same
vews which resulted in he p esent charter will prevail
for IFS renewal. The prominent cousderatio urpe
by gentlemen in its favor, were far as | Iecoect
The effect OF the Bank in eGualiZiog exchanges; in
Keeping up currency at par value; in transferring
With facility, balances from part oc The United
States 10 another. and III furnishing a safe ,epos-
tory for Tie funds OF the government. These reasons
VIII probably DE as Operative in 1886, they were
whnD The Present charter was granted
farther objection 10 the proposition have sub
ined. was the consideration that it would be wrong
=, ii@e!f aad ~ ie eyes OF The american People, ina.
HvreFu'nent s"oad continue its control ever an III
tShG'cn wrir IA HAT case, would be private mcperA
Is. AHd cefa!niJ, we're true that the Bank OF tie
/ n!ad States, as soop tue Government should
sell out 'ts stock tei en, would become erciy p-i
rate properly. there would be mach strength in this
opiec!ion iipi, will il uoi be remembered ,at The
rapec OF this back 10 extent, Instead oil
te p'eysous circulating medium of tue country: That
rs paper dspiace specie, and transfers the vaults
u The ilam2: While this is the case can il tie SAID
that Tie country l&s interest in that bank and
ought 80 have no concern with il2 The whole finds Of
Tue u States there deposited: can il be possible
itat the Government has concern in baUls that
hollis is whole moneycl capal' What il the Gov
taGut IO2S sell stock. has still
rector ont OF twenty five, who manage lis concerns?
ana Ought not 10 have them? 1t has the privilege OF
khoWng and examining the state of the banks affairs
is uot tas just ard right seeing that all its funds are
deposited here? Suppose the bank should from any
pressure o. circumstances be induced to violate its
charter; tie is provided against: but how?
violation to be judged of here, the other branch
OF the Legislature? 10. II is TO be declared By the
Judiciary: II is there that the facts be judged
aud tie dec!a,atton made II is not. then true pro
pos ton. that lie Soye:enent viii retain lis confront
/ ser mere private institution.
These considerations however are I.rged merely ss
collateral! and auxiliary part of the subject. Ms great
Eie" and niia sIgunsni has respect to ;he pecunia-
~ advantage De gained bS the measure propose
hut there are other views OF i. have already SAT-!
On former occasion, that. nay Judgment il is not
proper Rat Government should be stockhodcr in
e bank and at, by the very fact of being So i: is
cAaosoi. 10 ic iis4lopce OF Interested motives Let
E'F icr 'Gouen Illustrate this position. Ey the
crescent charter OF the bank Inc interest receivable
Is the institution as limited 70 6 per cent. Wien
!SoS tu'' IataTity, can suppose t!at- pTupoIiOn
sei De made to Congress to increase this rate Of IN
eresLi aGd ii not well be Imagined that men Of
ho pu!es integrity then, III t's House, NAV, insen-
sihy, and without their kno.iedge be- 10 gres-
ter Or less degree influenced bT calculation or the
receipt Of Ibis interest is suppose another case
and such an as has actually Happened elsewhere
Ii is adaiitted. that paper order constitute
sound currency shonid at ali times be convertible
spece. NoW suppose state great public officially
aud, ~ this emergency The bank steps forward tie
relief OF The G0vepUC might net Guvcr,nneft so
such CASE, be 'ndWced 10y regard 10 lie inter
est, TO pass an aat susrendEg specie payments!
/ During the last there banks in this coun-
try who com?eiied, 10y the pressure OF The times
TO suspend teir own specie payments, and what was
The consequence? Such enormous ani oveIwheln-
ing issue Of paper was poured tue community
that the value OF all kinds OF property was dcraggcd
and consequences Of the distressing aud ,unous
character necessarily ensued. Tie then Secretary of
the Treasury estimated, hiGk, The total aIouot OF
4 the circulating medium one time at the enormous
sum OF hundred and fifteen millions Of dollars, and
this vast was, 10 The Of four years. redu
ced down TO forty five millions; tie contracts and spccu
lafioas Of the former years swcp away by the reti
ring ejb, and thousands and oE thousands were
brought TO inter ruin by the change.
| remarkable instance Of the same hind happened
in England. In the year 1891, Parliament authorised
the Bank OF England 10 suspend specie payments
they were induced TO adopt this measure, because
the Government needed the funds Of t.e Bank TO sub
sid,ze their Continental Allies in the great struggle
which then convuIscd Europe. Eut while the Bank
was Competed 10 pay specie for ais notes, !ti5 could
moi be accomplished. The act then passed But
no sooner the bank eleased from tie necessity OF
paying in gold aud silver than IFS paper suffered de-
probation Of from ; TO 90, and, ! er-n told by
gentleman near me, (aud who vcrsed in these
! matters than pretend TO be- TO So per cent men
ion these tnaties ss having only collateral bearing
on The subect-bUt they tend 10 show the danger OF
placing the Governmeu, under temptation to mea-
sure tins fraught with evil an therefore fixed in
the opinion That the Government ought not 10 con
time to be Stakeholder in this i}anl but think |
have sbcrn that the People wou!d Isyc just reason
10 complain that Gov should notwithstanding,
retain ito present measure Of control tie institution.
II Tins however, is a subordinate consideration My
main argument rests, as before observed, the pc
cuDiary advantage 10 be realized BY the sale Of the
Stock. No member tiis floor calculates I pre-
sumo, to impede the operation OF the Sinking Fund
yet hat fund will throw njo the Stock market sever
millions c money the next yca;, and this will produce
more injury Than thro"in into market the same
I mount Of Bank Stock But, while the redemption OF
ihe debt will throw so large adoat. the sale d
. fitc CAcrf- 1t ,srs