Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-22

great anu increasing public interest The duties
of the President and Directors Of tho Bank to pro.
tcct and promote tho interests Of the Stock
naturally make it object of intense and earnest
desire TO them. Independent of all personal and
individual interests of their own, these obligation,
to the company require of them to use all fair and
lawful means to obtain a renewal of tho charter
Were 1t even true that under these circumstances
they should indulge disposition to the utmost
bounds Of hbcraty consistent with Justice and
discretion to moro eminent Editors of pub
lie Journals, but extending only to discounts of
their papers at the regular romunoratng interest
At the rate of six per cent. interest by the year
Is this TO be construed into corruption or convert.
cd into bribcl In every Stale in the Union
there is a large capital of it's citizens invested in
stocks of multiplied State Banks. Most of these
are rivals in business with tho Bank OF tho
United States, and they have all boards of
Directors, and most of them colleagued
with newspapers, all eager for the destruction of
tho Bank of tho United States. An institution
double obnoxious to the system of safety fund
Banks in the State Of New York, inasnuch as
ther discounts, ut tho rate of six per cent q year
curtail one per cent of tho dividends which other
wise, by tho laws of Now York, they would be
enable to levy upon tho community. 1t is, there
lore, not surprising, tat in tho City, and even i'm
the State Of New ork, that luminosity against the
Bank of tho Un ted States of almost all the cal
Banks should have been so great cven to rad
its influence into the Legislature Of the State
These arc not bribes. But the concert OF oppo-
sison from State Banks i'm almost every quarter of
the Union organized with harmonious energy i'm
concert with public journals perhaps as numerous
and constantly operating upon tho public mind un.
f'vorably by means OF tho Press, made it indispon
SADLY necessary for those 10 whom tho welfare of
the Corporation was entrusted to defend them
selves occasionally and from tiino to time in tho
same manner
1t, while hundreds and thousands Of tho conduct
oil the State Banks, impeled by private ond per-
sona interests, arc filling the popular public jour.
nails under Their influence by means of discounts and
cd
tha' suspicion can conceive, or Imagination can
invent, to invoke popular resentment and ndgna-
ton against the Bank of the United States to pre
wont inc renewal OF their charter, tho President
ana directors of the Bank of the United States
are forbidden all of the public press for tho do
renee and vndication Of their irsituti on they
stand indeed IN fearful inequality of condition with
'neir "aversaries before tine tribunal of public OPT
nion.-Ihe local Banks of New York for c,,n,
pie, grant, with lavish hand, bank accommodation.
ana facilities to the editor of daily nowspaper
who fills his columns with all the common places NJ
vtuperatlon against the Bank of the United States
ihey deny all facility and accommodation TO ano
ther cd itor who admits into his papers essay, nv
communications favorable to that Bank. Does Tho
Editorial votary of State Banks and seven pcr cont
interest slackcn in his fervor? his discounts Mt tho
State Banks curtailed Docs he faltcr in b;s
zeal? pressure for money comes upon the State
Banks, and his notes are called in. Does he d,ra
to admit INTO his paper communication favorable to
the mammoth Bank7 he loosos all credit with hi,
m IN rHf
rial article, that, after ALL Bank bound TO discount
at tho rate oil SIX per cent interest may be of some
advantage to borrowers Ill community where tho
established legal rate of interest is seven? he be-
comes at once, In the estimation of the local Bank
Directors, insolvent and blasted in credit; and if he
oilers tor di 'count noto of hundred dollars with
tho best endorser in the city, it is rejected by tho
silent voc of one or two Drec, o-s, because the ed
tors newspaper did formerly oppose. and now Goa
to oppose, the rechartering of the Bank of the
united states. And then if the editor
and crippled in his business by the screws thus put
upon his press, to himself and his establish
ment from ruin, applies to the President and Direct
ors OF the Bank of tho United States for an accom-
mediation loan? No-thcy too must regard him as
insolvent and blasted in credit-they too must
Withhold all banking accommodation and facility
from him, though recommended by the Chief Ma
gistrate of the city of New York himself or thew
will be guilty of the a,rocious offence of subsid-
King the press.
This statement of facts is hero hypotheticdlv put
it is not intended TO charge the presidents and
directors of the New York City banks with any
such motives for granting or for Withholding their
discounts. The subscriber not only approves but
grated, at their refusal to assign their
for declining to discount the notes offered by Mr..
Webb. Had the question been asked them 1rhv
they had discounted the notes of the same person
before, their answer must have been tho same
The acceptance of an offered note is by unanimous
and tacit assent, without gnmcnt OF reasons and
for which the of one director are not ncces
sarily the reasons Of another. They are not pro-
per subjects of inquiry so long the discount is
in violation of no law. And this principle is equal
ly applicable to the President and Directors of tho
Bank of the United States. They are amenable
to authority only for conformity to the law. To
the stockholders they further accountable for
the prudent and discreet employment of their funds.
But, while the result Of that mana cement had boon
for series of years, to yield to the stockholders
half yearly dividends of three and half per cent.
upon their Investments while the tock of the Bank
IS at twenty five per cent. advance upon it's original
cost i'll the market, and whilst the heaviest of all
the complaints against the Bank is the extensive
ness and universally of its credit, the subscriber
believes that the stockholders, and tho most vigil
mt guardians of their interest may wait until an
actual loss shall have happened upon any one loan
discount, before they shall be justified in imput-
ing either thrflcss mprovidcnce sordid corrupt
ion to the President and Directors of the Bunk for
having granted it.
The Constitution of the United States denies to
Congress itscfthe power OF passing any bill of at
talnder, post facto law, law ubridging tho
freedom of the Press. Bat here is new tangled
offence created ex post acto, under the denomina-
ton of substituting the Press, to operate as bill Of
attaindcr upon tho Bank, and rs a dlsfranclisc-
ment TO every Editor of public Journal who may
haPPon 10 DO obnoxious to political party in pow.
er The fact constituting this most extraordinary
crime, is the mere existence of a loan or discount
Of the prescribed Editor at the Bank; u transact.
ion entirely warranted by law but in the consum-
nation of which Committee of one branch of tho
Legislature first assumes the right of sCrutinizinE
and then of passing sentence Of condemnation up
on the motives Of both parties to TITO contract, As
there is no law onsituting The offence, tho degree
OF its malignlly has no rue of proportion but that
of the temper by which it is prosecuicd-it will bo
aggravated by every s;imulant of private piquo, Of
cIasnng interest, of political prejudice, r of NOR
bid susi cion, which can 10 enlisted in The posccu-
ton. Con mttCe m n, being a large stockhold-
or in st ito Bank, t. be deeply benefited by tho
e1tinguishmcnt of the Bank of the United States;