Alabama state intelligencer., 1831-04-27

= ly amount ohese secondary deposes as find then l on the Bank returns and to il appeal for the We r rifcation ofwhat allege.
 0 1895. 1926 193O 9 January, $1 ,543,619 %1 ,393,905 SS55,69l . February, l.SSS,764 l,434,SD0 ,562.c4l March, 2,lS5,930 2,259,1l3 1,551.bS April, 1,499,934 163S 146 1652, ,34l , May, 1,42S,025 1,637,519 13236bl , June, 1,532259 2,301 ,7S7 1,3462De July, 1,2S4.75S 1678,274 11299oJ l, August, l,575492 2,032,6S4 S75459 September 1,5S5, ,401 2,593,606 7,33o,2OG October, 2,042,345 1753,621 1,34,OSl November, BESSIE 1,5S3,7l7 l,l94,6o2 December, 1,576,997 2112,097 1,6l6,65G | Ihave not ascertaned the average ofthese depo- sites since 1877, bui presume ltmay equ the amount of that bonus of $1500,000 for which we sold the Charter and which the Finance Committee of the Senate compliments the Bank for pa,ing in three,
 instead of seventeen, annual instalmerts and shews how much interest they by doing p. Certainly this was disadvantage to the Bank. IL would have been better torit to have dribed out us S1O000O,
 instead of 800 000 of our own money at a time but there are considerations which should prevent her from complaining: first. that it was the bargain 10 pay in three years secondly, that furnished the money: Mirdiy, that we kept up tie amount on hand Finally, these monthly returns show that the overdrawins, for permitting which inc Bank has | been so much lauded, were overdraMngs in name, not in fact; the amount of money berg only transfer red to another deposite and the mony itself freman | ing in the hands of the Bank
 Mir President, 1t does seem to ne that there Is something omincus to the Bank in his contest for | compensation on the undrawn balances. It Is the very way in which the struggle began in the British Parliament, which has ended in the overthrow the Bank of England. It is the way inwhich the strug- gle is beginning here. My resolutions of two and three years ago. are the causes of he speech which you now hear and as have reason to believe some nf -afy Enn oh at the proper time. The question of compensation for balances is now mixing tsefup here, as in Eng land, with the question of renewing the charter and tte two, acting together, will fal with combined weight upon the public mind, and certainly eventu ate here they did there.
 4. To discredit and disparage the notes of all other banks by excluding them from the collection of the federal revenue. This results from the collection mo- not tie collection, but the receipt of the revenue having been committed to the Bank, and along with il he virtual execution ofthe joint resolution of1616 to regulate the collection of the Federal revenue.- The execution of that resolution was intended to
 vested in the Secretary of the Treasury, disin- crested arbiter between rival Banks; but 1t may be considered as virtually devolved upon the Bank Of tie United States, and powerfully increases the picty of that institution to destroy, sublugae, all otler Banks. The notes of the State Banks excud- edtrom revenue payments, are discredlted and dis pangcd, and fall into the hands of brokers at all | ceas9 to nsuate at all the points to which the excu- sion extends. am informed that the notes of the Banks South of the Potomac and Ohio, even those of the Lower Mississippi are generally refused at the United States Branch Bank in St. Louis, and in consequence, expelled from circulation in Mis- sour and Illinois, and the neighboring districts This exclusion ofthe Southern notes from the North | West quarter the Union, is injurious to both par ties as cur travellers and emigrants chiefly come from t!e South and the whole of our trade goes there to find a cash market The exclusion, as am told (f0r l have not looked into the matter my self Is general, and extends to the Banks in Virginia the two Carolinas, Georgia, Alabama, Mississippi and Louisiana. If this be the fact, the Joint RcsO- lutlon of 1Sl6 is violated; for, under the terms o that Resolution there are several Banks in each o the States mentioned, whose notes are receivable in the collection of federal revenue; that is 10 say, spe cie-paylng Banks, whose notes payable and paid in specie, on demand. Yet, in consequence of ex clusion from the United States Branch Bank, they excluded from all the land offices, eleven in mum Der, which deposite in that Branch; and being ex cluded from the land offices, they to be current among the people. If traveller, or emgrant. hsings these notes to the country or receives them Tn re mtance, if Il trader accepts them in exchange fol produce they ''Shdred" out of lheir bands, anc sent out of the country This is pecuniary injur, done to the North West; il may be more; it ma, be political injury also for if contributes to breaE the communication between the two quarters of the Union, and encourages the idea that nothing goot can come from the South,-NoT EVEN MONEY! Ihis power to disparage the notes of all ether Banks, is powerto injure them and, added to all other privi Ieges ftbe Bank of the United States, IS PowEr | TO DESTROY THEM Ifany one doubts this assertion let him read the answers of the President of tho Bank, to the questions put to him by the Chairman of the Finance Committee. These answers are ap pended to the COmmittees report, ofthe last session
 in favor of the Bank, and expressly declares the pacity of the Federal Bank to destroy the State Banks. The worthy Chairman, (Gen Smih. o Maryland,) puts this question: '' Illus the Bank q any time oppressed 0ny cf he state Banksi" The President (Mr Bddle) answers, as the whole worlc would answer to question of oppression, that il ne ger had; and this response much as the inter rogatory required. But it did not content the Pre- sident of the Bank; he chose to go further, and do honor to the institution over which he presided by showing that it was just and generous it was rich and powerful. He, therefore, adds the follow ing words, for which, a-seeker after evidence tc show the alarming and dangerous character of the Bank, return him my uneigned and pardonable thanks.
 There rery fsw Banks 1hich might mol har, been destroyed Jy e1eTtnn o the p0,rer g the Bunk
 This is enough proof enough not for me alone but for all who are unwilling to see monied domi nation set up--a moned 'oliearchy in this land and the entire Union sub ected to it's sovereign will The po,cer to destroy all other Banks is admitted and declared: the inclination to do so is known tt all rational beings to reside with the power Policy may restrain the destroying faculties for the present but they exist; and will come forth when inleres prompts and policy permits. They hare been exer csed; and tue general prostration of the Souiherr and Western Banks attest the fact. They tM b exercised, (the Charter being renewed ) and the re maining State Banks will be swept with the bcson of destruction. Not that all will have their sign
 knocked down, and their doors closedup Far worse than that to many of them. Subjugation, in prefer fo twill ha fha fate nf