Alabama state intelligencer., 1831-04-27
CONGRESSIONAL.
BANK OF THE UNITED STATES. MIR. BENTON'S SPEECH.
 NATE-WEDNEsDAY, Feb. 2.
CONTINUED.

restoration of Capet Bourbons were keptup by oan and subsidies created out of the Bank paper Ih' people of England had no interest In these wars which cost them about 9600,0OO,00O of debt, II twenty-five years in addition to the supplies raised within the year The Kings she put back upon the French throne notable to sit on it. Twice sht put tthem on; twice they embed of into the mud ant all that now remains of much sacrifice oi life anC money is the debt which is eternal, the whcl ntolerable the pensions and titles Of some war riors and the keeping of the Capet Bourbons, whc returned upon their hands.
 ,. It tends to aggravate the inequality ofiotunes- to make the rich, richer, and the poor, poorer-t0 multiply nabobs and paupers and to deepen and WI den the gulf which separates DivEs X LAZARUS. A great moned power is favorable to capitasts for il is the principle of money to favor money It IS una- vorabe to small capitalists fer 1t IS the plnclple of money to eschew the needy and unfortunate. It IS injurious to the laborng classes; because they re- ceve no favors and have the price of the property they wish to acquire, raised to the paper maximum while wages remain at the silver minimum
 6. It tends to make, and to break fnrtunes, by the Aux and refux ofpaper. Proiuse issues, and sudden constructions, perform this operation, which can be repeated, like planetary and presidential yistations, in every cycle ofso many years; at every periodical return, transferring millions from the actual possess ors of property to the Neptunes who preside over the Aux and re1ux of paper. The last operation of this kind performed by the Bank of England, about five years ago, described by Mr Alexander Bar ring in the House of Commons, in terms which are entitled to the knowledge and remembrance of A. merican citizens l will read his description, which is briefbut impressive After describing the profuse issues of 1923, '24 he painted the reaction in the following terms:
 They, therefore, all at once gave sudden jerk to the horse on whose neck they had before suffered the reins to hang oose They contracted their issues 10 a considerable extent. The change was at once felt throughout the country. A few days before that, no one knew what to do with his money now no one knew where to get it.
 ...., The London bankers found it necessary to follow the same course towards their country corres- pondents, and these, again towards their customers and each individual towards his debtor. The con sequences was obvious in the late panic. Every one desirOus to obtain what was due to him, to his banker or to aay other whom he had a clalm and even those who really had no immediate use for their money took back, and let it lie unemployed m their pockets thinking 1t unsafe in other hands, The effect ofths alarm was, that houses which were weak went immediately Then went second rate houses and lastly, houses which were solvent, went because their securities were unavailable The dai- y call to which each individual was subject, put it out of hs power to assist his neighbor. Men were known to seek for assistance, and that too, without dnding it; who, examination ofther affairs, were proved to be worth 200 0U0 pounds,-men, too, who held themselves secure, that if asked six months before, whether they could contemplate such an event. they would have said would be impossible, unless the sky should fall other event equal ly improbable should occur" This is what was done in England five years ago, | il IS what may be done here in every five years to come, the Bank charter is renewed. Sole dspen- ser of money it cannot omit the oldest and most ob vious means of amassing wealth by the hux and re- tux of paper The game will be in it's own hands | and the only answer to be given Is that to which have alluded The Sultan is too just and mercifH 10 abuse his po,ccr III. I object to the renewal of the charter Mir President, onaccount ofhe exclusive privileges and tl, stockholders. It gives, and that by an act of Con- gress to company of individuals, the exclusive legal privileges: l. To carry on the trade of banking upon the re- venue and credit, and in the name of the United States of America. }. To pay the revenues of the Union in their own promissory notes. 3. To hold the moneys of the United States in de- poste, without making compensation for the un- drawn balances 4. To dscredit and disparage the notes of other Banks by excluding them from the collection of the federal revenue
 5. To hold real estate, receive rents and retain body of tenantry.
 6. To deal in pawns, merchandise and bills of ex change.
 z To establish branches in the States without their consent.
 g. To be exempt from liability on the failure ofthe Bank.
 . 9. To have the United States for a partner.
 10. To have foreigners for partners
 II. To be exempt from the regular administration of justice for the violations of their charter
 12. To have all these exclusive privileges secure to them as monopoly in pledge of the public faith not to grant inc like privileges any other company
 These are the privileges, and this the monopoly of the Bank. Now. let us examine them and ascer- tain their effect and bearing. Let us contemplate the magnitude fthe power which they create: and ascertain the compatibility of ths power with the safety ol this republican government, and the rights and interests of its free and equal constituents
 l. The name, the credit and the revenues of the United States, are given up to the use fths compa- ny and constitute in themselves, an immense capi- tai to bank upon.-The namc of the United States, like that oi the King, IS tower of strength and thls strong tower Is now an outwork 10 defend the citidel ofa monied corporation. The credit of the Union is incalcuable; and, of this credit as going with the name, and being in partnership with the United States, the corporation now has posses sion. The rerenues of the Union are twenty six millions of dollars including the Post Office; and all this is much capital in the hands of the Bank be- cause the revenue is received by it. and is payable i'll its promissory notes.
 2. To pay the revenues of the United States in their notes, until Congress- by law shall other wise drect.-This is part of the charter incredible and extraordinary as il may appear. The promisso " notes of the Bank to be received in navmen, ofevery thing The United States may have to sell in discharge of every debt due to her unt;l Co, gross, by law, shall otherwise decree so that if th;s Bank like its prototype in England should ston payment, Its promissory notes would still be receiva ble at every custom house, land office post office andby every collectoroi public Union, until Congress shall meet pass A reneaI;ng law, and promugate the repeal-Other Banks de. pend upon their credit for the receyabity of their notes but lhis favored institution has law on its side