Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-03-28

This enquiry will be pursued in subsequent
communication CALDWELL.
Extract from of General Roots speeches
IN the House OF Representatives,, at Washington
on the Bank question.
1.-The Legislature of New York had instructed
her Represcntatives-no had instructed her Sena-
tors, and requested her representatives. to oppose
The renewal Of charter of the Bank of the U. |
States. Ii was, perhaps, fair presumption that
TINS vote expressed the views of the people of that
State. Gentlemen who belong to distant quarters
of the Union, who did not know the mana GENE MT
and machinery, which was brought to bear upon
that qucstion--who were ignorant of that stupen.
dous power IN a combination of banks connected
together under Il spccIous but deusivc pretext of
n SGtcty:tu fund, all moved by the same impulse and
directed TO the same object by great central pow
err might infer that the people Of that State tcsi.
rcd the destruction of the United States Bank
The Stockholders, the directors of these Banks
thus connected, have deep interest in its prostra
tion All the banks in this connection are autho-
rized by the law creating the safety fund, and as
an inducement tor them to come into the scheme,
are authorized to take per cent. all discounts
for more than sixty days. Taken at ninety days,
which is the usual practice, it amounts, 10 about
~ per cent. per annum Most of the country
banks under this law, transact their business with
what may be considered a sort of u mother bank
the Mechanics and Farmers Bank al ALBANY If
tho Bank of the United States is DESTROYED what
are the consequences? The immense revenue
collected tn New York, amounting to about
Ia
ton, must be paid into tho State Banks
They would be relieved from the operation of the
branches of the United States Bank at New York
Utica, and Buffalo. Uuder their regulations only
per cent interest can be taken. The State banks
admonished TO do the same or the branch ba nkS
would get all the good paper, and the State banks
only the doubtful. 1t would be highly important to
their interests to get these branch banks out of the
way. Then usury shops would multiply through
out the State under the safety fund, directed by
Commissioners appointed by the Banks themselves
to mouse out their faults. In the absence of the
Bank ofthe United States, these institutions must
be the depositarcs and disbursors of the public re-
venue. For these objects they must become in
effect National Banks. To all practical purposes
they are necessarily made so by the governments
These are then National Banks-ncorpora,ed by
the State authorities-governcd by managers be-
yond the control of the the Treasury Department
and OF Congratulations "not subject to the
law-neithcr indeed can be-" These institutions,
Government will be under the necessity of employ
ing IN ITS financial concerns. The consequence will
be in New York-wthout the mighty engine
proposed by a Mr.. Tibbetts-thc combination of
Banks under the control Of the Commissioners of
the Safety Fund, would be placed beyond the
reach OF examination of the proper department
of the Government. They will manage your
money as theymay think expedicnt. The CITY
of New York would become the money mar
ket of the nation-it will not be as i'm by rome
days. when Boston was the focus of capital-no
the sceptre has departed from Judah. 1t was an
i'll gotten sceptre-establshcd at the time of Free
trade and teamster's rights'--when the goods i'm
ported into the neutral port of Boston were trans
ported by land to every section of the countrv-
when the difference of exchange between Boston
and this place was more than 30 per cent Sir the
general place of deposit fthc revenues of govern
ment, must become the head quarters ofthe money
market. Ihn s'undnoss 't the currency any point
is calculated by comparison of the EXCHANGE with
That place: The large commercial places in the
neighbonrhood will maintain currency nearly
equal how Will 1t be with North Carolina or the
far West! In South Carolina. the great CONNER
cial transactions of Charleston would serve to keep
exchange more nearly equal-but Cape Fear and
Fayetteville would be FAR in arrear. What is the
difference at this time? Not long since, the diffe
renee OF exchange between New York and North
Carolina was from two TO three per cent How
much would 1T be in the absence of n national
Bankl In Georgia this difference is generally
something more, ard in Louisiana still greater
Are gentlemen belonging to different and distant
quarters of the Union willing to become the fiscal
tributaries to the city of New York? Willing to
promote the object which induced the legislature
OF that State TO instruct her Senators and advise
her representatives, to vote against the rechar,er
OF the Bank of the United States ?'