Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-07-27

the last the federal deposit
80 cents This extension OF branches, and increase OF
debt at the approaching termination OF the charter, was
evidence oil the determination OF the Bank TO be re'ehar
tered at all hazards it done to create an interest TO
carry her through in spite OF the will OF the peoplcnu
mcrous promises Tor branches is another trick of the
same kind. Thirty branches are said be
temptations and 800 villages have been each
to believe that itself the favored spot of location but,
always upon the condition, well understood that Jackson
should not be reelected, and that they should elect
preventative 10 vote for the rc-charcr.
Mr. F.having shewn when, and why, this western debt
was created examined next into the alleged necessity for
Its prompt and rigorous col lection the charter moi
ncwed he denied the existence OF such necessity
point of law. lie affirmed, that the Bank could take
much time she pleased 10 collect her debts and could
be just as gentle with her debtors she chose All that
She had to do TO few of the directors into
trustees, the old Bank OF the United States had done the
affairs of which wound up gently, that the
try did not know when euded. Mr. Il. appealed what
would be admitted to be Bank authority on this point: it
was the opinion OF the Senator from Kentucky, (AIr
Clay) not in his speech against ewing the Bank char
ter in 1871 but in his report OF that year against allowing
1t time to wind up its affairs. The Bank then asked time
WIND up its affairs; cry was raised that the country
would be ruined time allowed; but the Senator
from Kentucky then answered that cry by referring the
Dan" IT'S ooianon law ghtto constitute trustees TO wind
up It's affairs. The Congress acted upon the suggestion
by refusing the times the Bank acted upon the suggestion
ny appointing trustees; the debtors hushed their cries and
the public never heard of the subject afterwards. The
pretext OF am unrenewed charter is necessary s
mulac the Bank O the pressure Of western debtors
Look at Cincinnati! what but determination TO make its
power felt and feared. occasoned the pressure at that
place! And will that disposition be wanting to such
/
The Senator from Kentucky has changed his opinion
about the consi,utonaity of the Bank; he chang
cd it about the legality OF the IL he has not lac
must surrender his alarms for the ruin of the West if he
has, the law se is unchanged. The Bank may I'M
der III ana she does not tits because she ,DH not; and
because she chooses punish the West for refusing
support her candidate for the Presidency What then
comes OF all ibis cry about ruined fortunes, fallen prices
and the loss OF growing crops All Imagination, or cruel
tyranny The Bank debt of the West 30 millions. She
has six years TO pay n and at all events he that
pay in six years, hardly oita Ten millions arc in
thpN a
payable at maturity in 80 l20 days; if real bills
out disguised loans dTG'cing interest debt and
void and may be rGcdted ia any upright court.
But the great point for the West its attention upon
the fact that in every ten years the capital of this
debt is paid in annual interest; and that after paying
capital many times in interest the principal will have
10 he paid at last The then the principal is paid
| and interest stopped, the better for the country
Mr. Clay aud Mr.. Webster had dia,ed largely upon the
withdrawal Of Bank capital from the West. Mr.. b.
showed, from the Bank documents that they had sent but
600 dollars of capital there that the operation was the
other way, rulnous drain of capital and that in hard mo
ney, from the West. He went over the tables which
Showed the annual of these drains and demon
Straed its runous nature upon the South and West He
showed the tendency OF all branch bank paper to flow TO
the Northeast the necessity 10 redeem il annually with
gold and silver, and bills OF exchange, the inevitable
result that the West would eventually be LEFT without
either hard money, or branch bank paper.
Mr.. Clay had attributed all the disasters of the late war;
especially the surrender of Detroit and the Badenbura
rout, 10 the want of this Bank. Mr. b. asked if bank
ced or bank advances could have inspired courage
the bosom OF the unhappy old who had been the cause
OF the surrender OF Detro' or, could have made those fight
who could be inspired by the view of their tic
presence Of their President, ear ofhe
families and ire-Sdcs? Andrew Jackon conoIIered at
New Orleans, without money without arm ,v;,h
out credt--ayc, without Bank.-He got even his
tntS from the pirates HI secuted the IDEA of brave
men being produced by the Bank. If it had existed il
would have been burhcn upon the hands of the Govern
ment 1t now this hour burthcn pon the hands
OF the Government aud obstacle TO the payment of the
public debt 1t had procured apayment six millions of
the pbhc uebt to be delayed, from July October un-
der the preteXt THAT the merchants could not nav tbeir
bonds, when these bonds paid, aud IL millions
oil doaIstwlce the amount intended 10 have been paid
lies IN the vaults OF the Bank be used by her i'm
ing down the veto message, the author of the message
and all who share his opinions The Bank was not only
burhen upon the hands OF the Government now but had
been burthcn upon it in three years after it started
when ii would have stopped payment as ali Americ,
knows, in pril 1919 had not been the use of millions
o public dcposites and the seasonabe arrival Of WAGONS
loaded with specie from Kentucky and Ohio.
Mr.. ID. defended the old Banks in Kentucky Ohio and
tennessee from The aspersions which had cast upon
them. They had aided the government when the North
crn Bankers who scoif at them, refused to advance
dollar They had advanced the money which enabled the
warriors of the west 90 forth battle They had Grip
pied themse Ives TO aid their government After the war
hey resumed specie payments, which had been suspend
ed with the consent OF the Legislatures enable them to
extend all their means in aid of the national struggle.
This resumption made practicable bv the Treasury
to give capital TO the branches of the GREAT MONOPOLY
when first extended to the West These branches then
produced again the draining of the local Banks which
they had voluntarily suffered Tor the sake of government
during the war They had sacrificed their interests aud
credit TO sustain the credit of the national Treasry-and
the Treasury surrendered thcm sacrc the nation
al Bank They stopped payment under the pressure and
eXortion OF the establishments, introduced against
the consent OF the people and Legislatures OF the western
States. The paper OF the western Banks deprecated-
the stock OF the States and OF individual stockholders was
sacrhced-the country filled with a spurious curren
cy, by the course OF an institution which, il was
was established TO prevent such calamity The Bank of
the United States thus established on the ruins of be
bank aud foreigners and attened on
their spos They stripped of their specie 10 nam
per the imperial Bank. They fell victims to their patriot
ism, aud TO the establishment of the United States Bank
and unjust and unkind Teproach them with fate
which their pdoism and the establishment of the federal
Bank brought upon them.
Mr.. Clay and Mr. Webster had rebuked the President
for his aluOn 10 the manner in which the Bank charter
had been pushed through Congress, pending an unfinished
investigation reluctantly conceded. Mr.. b. demanded if
that was not true? lie asked if il wrong TO push
the charter through in that manner and if the President
had not done right TO stop it, TO baulk this hurried
and TO give the people time for consideration and enable
them to actf lie had only brought the subject the no.
cc OF The Congress and the people had not recon-
mended Immediate legislation before the subject had been
canva'sed before the nation. IT gross pcrveson of
his messages to quote them in favor Immediate decision
without previous investigation. lie not evadinp fine
question. The veto message proved that. H. sought
time for the people, for HIMSELF and in that he concid
ed with sentiment lately expressed 10y the Senator him
sell Crom Kentucky al Cincinnati he was coincitnp
with the example Of the British Parliament which
h9d not yet decided the question of rc-charterng the
Bank OF England and which had Just raised an cx.
nine the Bank through all her departments and what
was much more material, he had conceded with the
sp OF our constitution, and the rights of the pcople i'm pre
venting an expiring minority in Congress from tsurnur