Alabama state intelligencer., 1831-05-04

who medde in it's elections and suck out it's oold and silver, and perform no military duty, and are exempted from paying taxes in proportion to their wealth, for the support ofihe Stae whose laws they .fample upon and whose benefits they usurp 4 IL subjects the State to the dangerous maneuvres and ihtrlsues oi cENTRALIsM, by means of the tenants deotofs bank-officers, and bank-money, which the central Director retain in the State and many em- oody and direct against if in its elections and in its legislative and judicial proceedings D It tends to impalr the property of the citizens, and tn some in sahces that of the States, by destroying the State Danks' Ill which they have invested their money o' IL IS injurious 10 the commerce of the States-J speak of the Western States-by substituting trade Ill nlis oi Exchange for trade in the products of lne country. 7. It fastens vampire on the bosom ol the State, to suck away its gold and silver and to cooperate with the course of rade of federal legs- lation, and Of exchange, in draining the South and W est of all their hard money The Southern States win thelr thirty millions of annual exports in cotton rice aud tobacco, and the Western States with ther twelve millions of provisions and tobacco ex- ported from New-Orleans and five millions consume ed m the South and on the Lower Missssippi-tbat lsto say, with three hs ofhe marketable production o' tne Onon are not able to sustain thirty specie payihs Banks; while the minority of the States Nofth ot the PatOmac, without any of the great sta pies oi export have above four hundred of such Danks. These States, without rice, without cotton without tobacco without sugar, and with less flour and provisions, to export are saturated with gold and silver; While the Southern anl Western States with all their real sources of weah, are in state of the utmost Restitution. For this aIamatous eyersa o the natural order of things the Bank ofthe United states stand forth pre-eminent, cupabe and a statement in the National Inteencer of this morn- ng-a paper which would oversate no fact to the prejudice of the Bank, cites andproclans the fact winch proves this culpability Itdwes and exults on the quantity gold and silyen the vaults of the Udlted States Bank. It declare that Institution to be " "oecr6u'thenedh with gold md silver, and we'll may 1t be so overburhened, sice it has lifted the load entirely from the South anc Vest It calls the metals "a drng" in the hands of he Bank that is say, an article for which purchaser can be found Let this 'drng," like the reasues of the dethron- ed Dey of Algiers, be released fnm the dominion of It's keeper let part go back to te South and West and the Bank will no longer complain of repletion | nor they or depletion.
 6.Exemptlon of the stockhoder from individual lia- blllty on the failure of the Bank-Ths privilege de- rogates from the common law, is contrary to the pnncpe oi partnership, and injurious to the rights oi the community. It IS peciar privilege, grant | ed by law to these corporators iad exempting them from liability except in their corporate capacity and ts the amount of the assets of te corporation. Un- happily there assets ,ssez, that is to say, enough, when occasion comes fir recurring 10 them. W hen Bank fails, its assets ie always less than
 Its debts; so that responsibility fails the instant that
 liability accrues. Let no one ay that the Bank of the United States is too great o fail. One greater l own day, for twenty years at time: the Bank of the United States the pint of failing in 1919. | The same cause, namely, stodljobbng and overtra- ding; carried both to the brnl of destruction the same means saved both, namelt, the name, the cre- dt and the helping band of tho governments which protected them. Yes, the Bank of the United States may fail; and its stockholders i've in splendor upon the princely estates acquired with his notes, while the industrious classes who hold these noes will be unable to receive a shilling for them. This is un- tfIs Nt,a s.xytnn IL.
 Tn banking requrrs each sockholder 10 be liable to the amount of his shares; and subjects him to the summary action of every holder the ailure of the Institution, till he has paid up the amount of his sub scriptlon This IS the true principle. It has pre- vailed in Scotland for the last century and no such thing as broken bank has been known there in all that time.
 9. To have the United States far q partncr-Sir, there IS one consequence, one result of all partner | ships between government and individuals which should of itself, and in mere mercantile point of view, condemn this association on the part of the fe deral government It is the principle which puts the strong partner forward to bear the buthen whenev- CT the concern is in danger. The weaker members stick to the strong partner at the approach of the storm and the necessity of venturing more to save what he has already saked, leaves him no alterna- tive. He becomes the atlas of the rm and bears all upon his own shoulders. This is the principle what is the fact2 Why, that the United States has already been compelled to sustain the Federal Bank to prop with her and its credit in the trials and crisis of its early administration. pass over other instances of the damage suffered by the United States on account of this partnershp,-the immens standing deposits for which we receive no compen- saton; the loan of five millions of our own money for which we have paid million and half in inte- rest the five per cent stock note on which we have paid our partners $4725000 in interest the loss ol ten millions on the three per cent stock and the dculous catastrophe of the miserable bonus, which has been paid to us with fraction of our own mo. ney: pass over all this, and come to this point of direct loss, as partner, Tn the dividends upon the stock itself Upon this naked point of profit and oss to be decided by rule in arithmetic, we have sus- taned a direct and heavy loss. Tine stock held by the United States, as every body knows. was sub | scribed, not paid It was stock note deposited for seven millions of dollars bearing interest of per cent. The inducement to this subscription the seductive conception that by paying five per cent on it's note, the United States would clear four ivs per cent, in getting dividend of eight or ten. This was the nducement now for the realization of this fine conception Let us it. Here it is: an off cal return from the Register ofhe Treasury of nte- | rest paid and of dividends received. The account | stands thus:
 Interest paid by the United States $4,725, ,OO0
 Dividends received by the U. States, 4,629, ,526 Loss to the United States, 95,574 | Disadvantageous as this partnership must be to the United States in monied point of view there is far more grave and serious aspect under which to view it. Its the political aspect, resulting from the union betweenthe Bank and the government This union has been tried in Engand and has been found
 there to be just as disastrous conjunction the un- | ion of church and state. It Is the conjunction of LENDER and BORROWER; and the holy writ has told us which of these catagories will be master of the other. But suppose they agree to drop rivalry, and
 make apuah for political power how great is the ms. chief which they may not ac Omplishi But on this