Alabama state intelligencer., 1831-05-04
CONGRESSIONAL.
BANK OF THE UNITED STdTES.
 MIR. BENToN'S SPEECH.
SENA ATE-WEpNGsDAY, Fed 2
CONCLUDED.

l qulre and this legal power to retain real estate Is It not the creation of new species of p,Ortnan ?- Ana oi a Kind more Odous and dangerdus. than that 1 ni0rfmdin of the church. which it bafled the Eng usn ariiament so many ages to abolish The mort nian Of the church power in an ecclesiastical corporation to hold real estate, independent of the 'aWs ol distribution and descent: the mOrt1nain of the b'hk IS power Tn lay corporation to do the same thing. The evil of the two tenures is ident- cal-the difference between the two corporations is | no more than the difference between persons and money changers the capacity to do mischief incfn
 paraby the greatest the part the lay corporabrs me Church could only operate upon the few who were thinking of the other world; the Bank upon all who are immersed In the business orthe pleasures oi thIs. The means of the Church were nothing but prayers; the means of the Bank, Is MONEY The Church received what 1t could beg from dyng sin | ners: the Bank may extou what it pleases fom the whole liVing generalion-of the just and rhjust.- Such Is the parallel between the mortman ofthe two corporations. They both send in monopoly of es- iates, and perpeutyo of succession and the Bank the greatest monopoliser of the two. Monopolies and perpetual sussession are the bane of Republics Our ancestors took care to provide against hem, by abo
 'ishng entails and prmogenure Even the globes oi the Church, lean and few they were in most of the States fell under the republican principle of limit
 ed tenures. All the States abolished the anti-repub
 ican tenures; but Congress re-esablishes them and m manner more dangerous and offensive than be- fore the revolution. They are now given, not gene rally, but to few not to natives only ut to foreign
 CTS also; for foreigners large owners of this | Bank. And thus, the principles of .le revolution sink before the privileges of an incorporated compa ny. The laws of the States fall beforethe mandates of central directory in Philadelphia. Foreigners become the landlords of free-born Americans; ard the young and hourshing towns of the U States are vergng to the fate of the family bsropghs which be- | long to the great aristocracy of EnglaTd.
 Iatnn fba ,,I c,F.t capacity to amass real estate. The fact is, it has a
 ready done so. know towns yea, cities, and could name them ii It might not seem inydious, from this elevated theatre, to make public reference to their mlsiortunes, in which this Bank already appears as dominant and expressing proprietor l have been Tn places. where the answers to inquiries for the owners of the most valuable tenements, would re- mind you of the answers given by the Egyptians in similar questions from the French officers on their march to Cairo. You recollect, no doubt, Sir, the dialogue to which allude "ho o,cns that paidce?" TIE MAMALUKE,' ''-" aelO his country house7" "THE MAMAagKE,n-'hese II gardens7" THE MA | MALUKE, ,"-"IHat field corered ,rah ricc2" "'THE MAMALUKE." And thus have been answered, in
 the towns and cities referred to, with the single ex- ception of the name of the Bank ofhe United States substituted for that of the military scourge of Egypt II this Is done under the first charter, what may be expected under the second2 Ifthis is done while
 the Bank IS on its best behaviour, what may she moi do, when freed from all restraint, and delivered up to the boundless cupidy and remorseless exactions of Il monied cOrporation2
 | 6. To deal in pawns, merchandise and bills of ex change.-I hope the Senate will not require me tt read dry passages from the charter to prove what T say. I know l speak q thing nearly incredible
 when allege that this Bunk in addition to all it. other attributes, incorporated company pawn brokers The allegation saggers bellef--but re ference to the charter will dispel incredulity The charter, in the first part forbids traffic in merchan dize in the after part, permits it. For truly, thi:
 instrument seems to have heen framed upon the prin ciples of contraries; one principle making lnita tons and the other following after with prorisoS tt undo them. Thus it is with lands as l have jus shewn thus it is with merchandise, as now shew Tho Bank is forbid to deal in merchandise prociso unless in the of goods pledged for money lent | and not redeemed to the day; and, proUis0 again uless for goods which shall be the proceeds of it,
 lands With the help of these two prouisos, it i, clear that the limitation Is undone. It is clear thai the Bank is at liberty to act the pawn-broker and merchant to any extent that 1t pleases. It may say to the merchants who want loans, pledge your stores gentlemen! They must do it, or do worse-and, il any accident prevents redemption on the day, the pawn is forfeited, and the Bank takes possession.- On the other hand it may lay out its rents for goods | 1t may sell its real estate now worth three millions of dollars for goods Thus, the Bank is all ncorpo. rated company of pawn-brokers and merchants, as an incorporation of landlords and land spectators l pied from the old Bank of England charter of 1894 Bills of Exchange also subjected to the tritfic l of this Bank It is a traffic unconnected with the l trade of branking; dangerous for great Bank to hold, and now opening most nJurousy in the South | and West It is the process which drains these quarters of the Union of their gold and silver, and stiles the growth of fair commerce in the products | of the country. The merchants to make remittance buy bills of exchance from the Branch Banks in. stead of buying produce from the farmers. The bills are paid for in gold and silver; and, eventually the gold and silver is sent to the mother Bank to the Branches in the Eastern cities, either to make these bills to repenish their coes, and to furnish vast loans to favorite States or individuals. The Bills sell cheap, say fraction on l per cent they are | therefore, good remittance to the merchant TC the Bank, the operation is douhly good; for, even the half of one per cent on bills of exchange, great profit to the institution which monopolizes tha | business, while the collection and delivery to the branches of all the hard money in the country is still more considerable advantage. Under this sys. tenn, the best the Western Banks,-I do not speak of those which had no foundations, and sunk under the weight of neighborhood opinion,-but those which deserved favor and confidence sunk ten years ago. Under this system, the entire West is now un- dergoing silent general, and invisible drain of its hard money; and, if not quickly arrested, these States will soon be- far the precious metals are concerned, more than the empty skin of an immo- lated victim.
 7To establish branches in the different States with out their consent and in defiance of their resistance. No one can deny the degrading and injurious ten dency of this privilege. It derOgates from the reignty of State, tramples upon her laws injures her revenue and commerce, lays open her Govern ment to the attacks of fcENTRALIsM, impars the pro- pery of her citizens, and fastens vampyre on her bosom to suck out her gold and silver l. It dero- gates from her sovereignty because the central in stitution may impose its intrusive branches upon the State without her consent and in defiance of her re- sistance. This has already been done. The State of Alabama, but four years ago. by resolve of hel