Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-08-10


10 decide, respecting which they might be
disposed TO dispense with the kindness ofthe
PRESIDENT. If instead Of borrowing thirty
millions from the Bank, they had borrowed
like sum from Girrard, John Jacob AS
TOR, or any other banker, what would they
think OF one who should come TO them and
say" Gentlemen Of the West it will ruin
you 10 pay the interest on that debt, and
therefore will oblige you TO pay the whole
OF the principal in less than four years"
Would they not reply-"We know what we
are about mind your own business we are
satlshed that IN ours, we can make not only
the interest on what we loan, but a fair prof
ii besides'
A great mistake exists about the Western
operations of the Bank. 1t is not the Bank
but the business, the commerce of the West
and the operations of Government. that oc-
casion the transfer, annually of money from
the West 10 the Atlantic States. What is
the actual course of things? The business
and commerce of the West are carried on
with New Orleans, with the Southern and
Southwestern States, and with the Atlantic
cities. We transport our dead or inanimate
produce to New Orleans and receive in re-
turn checks or drafts of the Bank of the u
nlled States at premium of half per cent.
we send, by our drovers, our live stock TO
The South and Southwest, and receive SIM
liar checks in return. With these drafts or
checks our merchants proceed to the Allan
tic cities and purchase domestic or foreign
goods Tor w estern consumption. The lead
ana FUR trade OF Missouri and Illinois is also
carried on principally through the agency of
the Bank OF the United States. The Gov
eminent also transfers to places where if is
wanted tlrpnmh fIat Al
mulated at the different land Offices fer bur
chases of the public Lands
Now all these varied operations must po
on-all these remittances must be made
Bank the United States or no Bank. The
Bank does not create but il facilitates them
The Bank is mere vehicle which trans
ports our produce to The great mart of New
Orleans, and not the grower of that pro-
duce 1t is 10 confound cause and effect TO
attribute TO the Bank the transfer of money
from the West TO the East AnnihiIate the
Bank tomorrow, and similar transfers of
capital, the same description of pecuniary
operations, must he continued not so well
1t is true, but performed they must be, i'll
or well, under any state of circumstances.
The true questions are, how are they now
performed, how were they conducted prior
TO the existence of the Bank, how would
they be, after it ceased | can tell YOU what
was our condition before the Bank was es
tabllshed and, as | reason from past to flu
ture experience, under analogous circum-
stances, L can venture 10 predictWhat il will
probably be without the Bank
Before the establishment of the Bank of
the United States, Jthe exchange business of
The West was carried on by a premium.
which was generally paid on all remittances
to the East off l2 percent The aggregate
amount Of all remitances, throughout the
whole circle of the year was very great. and
instead ofthe sum then paid we now paw half
per cent or nothing, if notes of the Bank of
the United States be used Prior TO the
Bank, we were without the capital of the
thirty millions which that institution now
supplies stimulating our industry and invig-
Grating our enterprise. In Kentucky we
have no specie paying Bank, scarcely anv
currency other than that of paper of the
Bank OF the United States and its Branch
es.
How is the West 10 pay this enormous
debt of thirty millions of dollars' II is i'm
possible. 1t cannot be done. General dis
tress, certain wide spread, inevitable ruin.
must be the consequences of an ATTEMPT TO
enforce the payment. Depression in the val
ces-bankruptcy, must necessarily ensue
and, with them, relief laws, paper money. n
prostration OF The courts of Justice, evils from
which we have just emerged, must apain
with all their train of Affections, revisit our
country. But it is argued by the gentle.
man from Tennessee Mr.. White) that sim
liar predictions were made, without beinp
realized, from the downfall OF the old Bank Of
The United States. 1t is, however, TO be re-
collected, that The old Bank did not possess
one-third of the capital of the present il had
but one Office west of the mountains, whilst
the present has nine and that il had little or
no debt due TO it in that quarter, whilst the
present Bank has thirty millions. The war
too, which shortly followed the downfall Of
the old Bank, and the suspension of specie
payments which soon followed the war. pre-
vented the injury apprehended from the dis
continuance of the old Bank.
The same gentleman further argues that
the day of payment must come and he asks
when, better than now? Is it TO be indef
nitely postponed is tlie charter Of the present
Bank TO be perpetual Why, Mr.. Presi
dent, all things-governmen republics
empires, laws, human life, doubtless are 10
have an end but shall we therefore occele-
rate their termination? The West is now
young, wants capital, and its vast resources
needing nourishment, arc daily developing
BY and by, it will accumulate wealth. from
IFS industry and enterprise, and possess its
surplus capital. The charter is not made
perpetual, because it is wrong to bind pos
terity perpetually. At the end oftbe term
limited for IFS renewal, posterity will have
the power Of determining for itself whether
the Back shall then be wound up, or prolong-
ed another term. And that question may be