Alabama state intelligencer., 1831-05-04

attack and the instruments and inictors of the fatal and finl blow. But let do justice to these minis ters. Though wrong in the beginning, they were right the end though monarchists they behaved like roublicans They were not Polignacs. They yiedel to the intelligence of the age; they yielded to the nirit which pIoscrbes nonopolies and prvl- leges, md in their correspondence with the Bank DrectTs spoke truth and reason, and asserted llDe- ral principles, with point and power, which quick ly put Ill end to dangerous and obsolete pretensons
 They bld the Bank the mortiying truths that lis systemwas UNsoLiD AND DELUsvE,-that it's prlvi-
 leges and monopoly WERE OUT OF FAsHIoN,-thai they cold not be prolonged for FIVE YEARS EvEN,-
 nor suffered to exist in LONDON ALONE and, what
 was stil more cutting, that the BANKS OF SCOTLAND
 had no monopoly, no privilege, connexion with
 the Government, which paid interest on deposes and whose stockholders were responsible to the Il
 amountof their shares,-were the SOLID AND SUB
 srANrrL BANKS, which alone the public interest
 could hereafter recognize. They did their business
 when they undertook it, like true men; and, in the single plrase OUT OF FASHION achieved the
 most powerful combination of solid argument and contempuOus scarcasm, that ever was compressed
 into two words. It is phrase of electric power over the senses and passions It throws back the mind to the reiens of the TupoRs and STUARrs- the termgant Elizabeth and the pedagogue James and uuses within us all the shame and rage vt have been accustomed to feel at the view othe scanda
 lous saes of private privileges and nd1uonopohes whcl were, he disgrace and oppression of those wretchet times Ont offashion Yes; even in fngland tht land of iheir early birth, and late protection. Ane shall they remain in fashion here! Shall repnbli canism continue to wear in America, the antique costume which the doughty champions of antiGrateo fa-iion have been compelled 10 dotf in insiand Shall English lords and ladies continue tu md, in the Bank of the United States, tie just ald odI- privileges sehich they can no longer f,d 'n the Bunk of Engiandi Shall the copy survive iere, ai- ter the original has been destroyed there? Sal the young whelp triumph in America, after the1ld lion has been hroted and straneled in FnganH No i! never The thing is impossible The Buk oitl,e United States dies, as the Bank of Eneani dies, Tn all it's odious points, upon the limitation of is charter; and the only circumstance of regret is, afthe gene- deverance to take effect two year earlier in the British monorchy than m the American reprb- lie.
 One word. Mir President, upon an incidental topic It is shewn that the stock ofthe Bank the United States has fallen five per cent in conseGence of tle opinions disclosed in the Presidents nessage; and thereupon, complaint is preferred against the Pre- sident for deprecatng the property oi innocent and unotfending people. l made q remak upon this compliant in the beg ginning ofmy speech. and now have word more to bestow upon it. l wish to con trast this conduct of American stockholders, with that of the Bank of England stockholders, in simi- lar, and to them, much more disastrous, case. The Bank ofEnsand stockholders also, lave had de- cline in the price of stock; not of s, but of f5, in the share. Bank of England stocl, ill consequence of Earl Liverp0oPs communication, and of the de- bates in Parliament has fallen iron 2S to 203 equal to loss of $l65 in every share. This is something more than $5. Yet have never heard that Earl Liverpool, any member of Parliament has been called to account for producing ths depreciation IL would that the liberty oispeech, and the rights of discussion in Great Britain, extended to the af fairs of England; and that Ministers, and Legisla- tors, were safe in handling it like any other subje
 ". object, Mr President, to the renewal of the Bank charter, because this Bank is institution too costly and expensive for the American people to keep lp.
 Let no one cavil at this head of objection under he belief that the Bank of the United States sup ports itself like the ibernal bear by sucking its lwn paws or that 1t derives, its revenues, as spl der spins it's web from the of its own abdo- men. Such belief would be essentially erroneous, md highly unbecoming the intelligence of the Nine eenth Century. The fact IS, tbat the Bank lives upon the people that all its expenses made out of the people all its profits derived from them; and all it's losses reimbursed by them This is the ma ked truth; by consequence every shilling held, or used by the Bank, and above the capital stock is a TAX upon the PEOPLE; and, as such shall look into the amount of the LEVY, and prove it to be too great for the people to bear any longer
 In the first place, we have the direct expenses of the Bank, the actual cost Tits annual administration These expenses are returned at S312.O00 for the year 1S30; and assuming that sum for an average the total cost ofthe administration for 20 years, will be abont seven and hall millions of dollars. The Of this must strike every mind; but to judge it accurately let compare it to the expenses of some known establishment. Let us take the civil list of the federal government in the first term of President Washin rton administration. Resorting to this standard find the expenditure of this branch of the government 10 be: For l792, $3e1 .000; for '93 :}5S 00O: for '94, S441 0O0; for '95, Sl 000;
 
 but trine over the Bank expenditure for 1e30.- Now. what were the heads of expenditure included in the civil list at the period referred tol They were the salaries of the President and Vice Presl dent the salaries of all the Secretaries, their clerks and messengers. and the purchase of the parapherna lia of all their offices compensation to both Houses of Congress, and the discharge of every attendant expense; salaries to all the federal judges, their marshals and district attorneys and the cost of the court rooms the expense of missions abroad and Of governments at home. These were tie items of the civil list comprehending the whole ex- pendture of the administration for all objects. ex- cept the army there being at that time no navy The administration of the Bank, therefore, actually involves expenditure. rvalling that of the federal government in '92, '93, '94 and 95; emitting this single item ofthe army, which was then on war es- tablishnient. The next item of Bank tax, is that fhe profits in the shape of annual dividends These profits seven per cent but have been less 1; and at one time owing to an explosion produced by stock jobbing, were nothing. Assuming six per cent for the average of twenty years and the aggregate will be 42 D00 000. In the third place, the contn- gent fund.- reserved to cover losses, is near $oO00, 900. Fourthly, the real estate, including bank ing houses, is above $4 100000. Fiftby Jonus re- imbursed to the Bank is $l ,500,000. Sixthy, the interests on the public depostes, which the Bank was receiving from the United States or individuals while the United States paying interest on the same amount to the Bank or to others was six mil
 lions ofdolIars on the standing deposlte of about five millions. The aggregate is sixty six millions of dol lars; to say nothing of the profits on the stock stse