The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-07-24

Il seehs to be predicatsd on tho erfon
ous idea, that the present stockholders
! have aproscriptive rig ht, not only totht
favor bpt to the bount y Of Government
it appears that more than a fourth par
Of the 4ock is held by Foreigners, anc
the reshlue is held by few hundred ol
\ our Owl citizens. chiefly of the. richest
class Pr their benefit does this act ex-
cmde thp whole American people from
co'npetltion in the purchase ofthis mo'
ll6pol an<3Gslispose oft for nsaiy nih
Hons lofg than it is worth. This seems
the lesSexcusable, because some of our
citizenA not now stockholders, petition
ed that{he door Of competition might be
opencd,and offered to take charter on
terms rau.h more favorable to the gov
ernInent and country.
But this proposition, although made
by meu uwhose aggregate wealth 10 be-
lieved 70 be equal to all the private stock
in the existing Bank, has been set aside,
and the bounty Of our Government is
proposed to be again bestowed OIL the
few who have been fortunate enough TO
secure the stock, and, at this moment,
WELD the power Of the existing insttu-
tion. / cannot perceive the justice or
policy Of this course. If our Govern
ment must sell monopolies, it would
seem tdbe its duty to take nothing less
than their full value; and if gratuities
must be made once in fifteen or twenty
years, let them not be bestowed on the
subjects Of a foreign government, nor
upon designated and favored class of
men in our own country. 1t is hut JUS
tice and good policy, as far as the nature
of the case will admit, to confine our ia
vors to our own fellow citizens, and let
each in .his turn enjoy an opportunity to
profit by our bounty. In the bearings
Of the ACT before me upon these points,
/ find ample reasons why it should not
become law.
1t has been urged as an argument in
favor of re-chartering the present Bank,
that the calling in lis loans will produce
great embarrassment and distress. The
tins allowed to close its concerns is am
pie, and ifit,has been well managed, its
pressure ll be light, and heavy only
in nc9se pnngement has haanu uha1u
! IL II s.siist reneWing i I0Vet
which has been SO obviously abused:
But, will there ever be a time when this
reason will be less powerful 7 TO ac-
knowledge its force, is to admit that the
bank ought to be perpetual, and as a
consequence, the present stockholders
and those inheriting their rights as sue
cessors, be established privileged or
der, clothed both with great political
power, and enjoying immense pecuniary
advantages from their connection with
the government.
The notifications Of the existing
charter, proposed by this act are not
such, in my view, as make it consistent
with the rights ofthe States or the lib
critics of the people. The qualification
of the right Of the Bank TO hold real es-
tate, the limitation of its power TO es-
tablish branches, and the power reserv-
ed to Congress to forbid the circulation
of small notes, are restrictions compar-
atively Of little value or importance. All
the Objectionable principles of the ex-
1 listing corporation, and most of its od-
/ ious features are retained without alle-
| Walton.
The fourth section provides ''that tho
notes or bills Of the said corporation, al
though the same be on the. faces there
of; respectively made payable at one
place only, shall, nevertheless, be re-
ceived by the said corporation at the
Bank, or at any Of the Offices ofdiscoun'
and deposit thereof, if rendered in Ii.
quidation or payment Of any balences
duo to said corporation or to such office
Of discount and deposit from any Other
incorporated bank.i This'proyision Sc
cures to the State Banks legal priv
ilege m the Bank Of the U.States, which
is withheld from all private citizens. II
State Bank in Philadelphia owe the
Bank Of the u. States and have notes
issued by the St. Louis Branch, it car
; pay the debt with those notes, but if {
merchant, mechanic, or other private
citizen be in like circumstances, he can
not by law pay his debt with those notes
but must sellthcm at the discount, or sent
them torSt. Louis to be cashed. This
boon conceded to the State Banks
though not unjust in itself, is most cd
ious, because it does not measure on
equal justice to the high and low, thu
rich and the poor. s,
To the extent Of its practical effect
, II is bond of union among the bank
ing establishment of the nation, erect
. ing them into an interest, seperate from
; tha: Ct the people, and its necessary ten
dency to unto the Bank Of the Uniies
, States and the Sthte Banks ia any mea