Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1831-04-11
and established 20 be improved in is eoaditio"by

The Bank OF the United States has. by the |
skill and diligence of its President and directors
done more in this behalf, than could have been
effected by any other and different establishment.
In 1898, that bank, and It's various branches, !
transmitted, in bills of exchange. bank and trea-
sury drafts. nearly S64,C00,nc This was
done at cost to its customers and to the aatlon,
very little exceeding 825O.000.
When We look back 10 the chaos OF currency
over the whole country, erceptui NeV England.
during the war, and until this bank was esta-
blished. all mercantile men must, with lndgna-
tion regard the attempt made to overthrow this
institution. 1t cannot suspend specie payments
without paying taelve per cent on all Ills, hot 50
paid on demand. No loan by this bank 10
Srate can exceed fifty thousand, nor any one TO
the United States 60 over five hundred thousand
dollars, unless admitted by law, to make them
larger If at any time hereafter, the pressure OF
war might call iur heavier loans under such laws
and this bank like the Bank of Eng LAND, during
the great struggle OF that country with nearly
all Europe should be pressed by demands, until
authorized bv Congress to suspend specie pay
ments, still bills of this bank would be uniform
but deprecated currency. The revenue OF the
United States paid in those bills, would be UNI
formy paid in all parts of the country; nor could
the inequality, not to say injustice OF former
times be renewed, when such payments were
made in currency at par with specie, In New
England, and in one at discount OF twenty-five
per cent. at Washington.
This political war of the State Department
against this Bank has not been declared, because
it does not fully meet the purposes OF Its estao-
lishment; bat because this cannot be, and dl!fer-
ent institutions might be matte subscr'lcnt 10 me
politlca! purposes of the secretary. lie would
displace this and establish another at w ashlng-
ton 1t must be there, aud without branches, or
the constitutional objection could not be avoided.
1t Is TO be established, no; on capital, but on the
recenue and credit of the government. Does
not the government disburse all the annual reve-
nue. for the annual expenditure? They have
done SO, and more also, during the last two years;
they have drawn upwards of two millions OF dol
lars from the amount of savings laid up by the
economy of the last administrations Can those.
who have no revenue hevond their expenditure,
and not quite enough for that purpose, have sui
6cient credit on which to establish Bank? A
Bank cannot operate any more than ship, or
mandatory, or farm, without capital. With
capital a prudent man may obtain some eXten-
sion of that capital by credit; but none but all
venturers ever undertake to establish any branch
of business without capital, s. upon mere credit.
If thi. Treasury bank be bank without capt.
tai, it will not be likely TO be sustained by depo-
sits. 1t is to be an Institution for transmitting
the funds of government, to have few officers,
who may sell bills Of exchange 10 private indi-
piduals at moderate preniuin. Does not this
disclose the great secret of the establishments
Who will be these pricate nthrid1taiS to be &C
comnodated at small premiums? Doubtless the
same description OF men, some ot whom, have
been accom- nodated with small Offices. That
species of patronage has been all worked up
All these offices are discounted; God only knows
at what premium; and unless some office can be
established to discount money, or bills of ex-
change, the great trading mystery Of buying and
selling, must be at stand. Why, gentlemen,
let this bank but once be opened, and customers,
who have left every other department of the 60
vernment, without REORGANIZATION, will again be
seen in crowds, pressing towards Washington.
Place this great carcase of pccunary patronage
out in the sunshine, and from all the different re-
gions uf our country, birds of every wing, and
every beak, will snuff the prey; and rush on to
''mad carnavaI.' filling and darkcning the air,
with their clamor and their flight.
Not only the revenue, but the credit, of the
nation is to be placed in the hands of "a few Of
fcers;" and these men, directed by the same spi
rit, which has distributed all the offices in
the gift of government, will soon purchase, for
tleit chpiOJei, az udt poi ''oi VI ou oeitiV "
all that mass of power; which either revenue. or
credit can purchase. The people would, in a
few years, find themselves blessed with an emp
ty treasury, a new debt, and he in the control of
a man, soverncd by no more principle, than he
has ever displayed patriotism.
Man can endure many things, from rulers en-
dowed with great purposes, and lofty conceptions
of national advancement Napoleon was less
odious to the French people, though no less il ty-
rant than the subtle, crafty, low minded Ele-
venth Louis. The imperial Chief, even in the
midst of his despo,ism, planned and executed
many great aud enduring works of improvement,
for the common benefit of all France. The man,
under whose advice our government is now adj
minis;ered, has mind for intrigue, and Is proud
of this character; but can have no conception Of
the great projects of great minds for national be-
neit. He has accordingly, advised the Presi-
dent to reject our whole system of internal i'm
provement, and place his Veto on every lesisla-
tive provision proposed to him for that purpose.
No country on earth, is 50 capable as ours, of
an extended internal improvement; nor could any
thing more increase our commerce with foreign
nations, than cheapening transportation, and en-