Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-04-10
E1rdd from he SrEEcn Of Mr.. COL
LIER, of .Nc,p York. March 10.

Or, l wish II In he distinctly understood nn' !
cmcmbc;cd by the House. that | d" not hold
myself responsible for the introduction of the
subject of the party politics of New York. II
Is not a subIrct If winch am particularly proud.
My honurabl, colleagues mus' take the credit,
~ d'>' rcGu. ( eisiug the curtain, aud giving 10
he House a peep behind The scenes; aud, II
"mcrnirg 81 the principles and MACuINrRy of
rmk party" Is cNhb,tcd here, 1t is no fault oi
'u'rc
Standinr Sir MS between the brllig"rcnt par
lies upon n neutral ground, fla,icr myself that
| am M n sl,uat on To iudIe between hem at
least will: inplriii IL. hnd something tn con-
denim upon both sides. For VIII" dissent from
one of the upip onS expressed by my h 'nor,bl'
colleague WI" first address, d ihc House, MIR
Ru"t) | must l." permit cd To say that ] do not
testify or approve of the warmth and violence a.
ne personal attack made upon HIM by our
| thrr hnrorahl, colleagues II may not be i'm
proper under The circumstances, To show to the
House tn, po'rtcal a''r,"dc IN which NV honor
| able cuI!eauu" (Nr R""t) s'a"dS 20 '',he par;v,"
| aud more particularly Ia certain Managers aud
leaders al A bamy, whom the House has ia d
dcsrcna. ed as the Albany Rcg"ncy"-a mat
| tor perfectly u,dcrst' od by all who hav" any
knowcdI" of The pres eli, aSpct Ot atfiirs m NV
York. IL is well Hrown that this honoru biz gen
ilcman has man tested some rcStlcs ne IS and I'M
ma fence under The raRTY DISCIPLINE which is
there rgidly enforced against all and which It
i a.temp'. d To apply to him He stands erect.
like the stubborn OAK, and will not nd with
wowy snpp'cncss, to every wind of doc rinc
which It happens to be the particular inter st of
1.-THE party" To advance. The p. sit,on of that
| honorable gentleman reminds me, Sir of annn
ccdoIc Of an old soldier of the revolution who
being huSiy engaged in loading and firing at the.
enemy, without waiting for orders, was asked to
what rcgm"nt ur company he bcleng"d?- $50
n"n",' answered The soldler,'l am fghti:g on
MY ow> HOOK So my honorable cullea rue
unwilling To subml' to The drilling OF the Re
g"ncy leaders, has taken The field upon ..his own
hook; and tn,s viii serve To explain the com
bined attack made upon him by his able and bet
ter d scirl'n"d colleagues. And, ST., withou, IN
tending TO irpugn the motives of either OF the
honorable gentlemen, will ask them TO ex
anime their own hearts, and see whether. IN
this assault upon that old eran republican,
with The PROPOSED object OF ro;eCtlng the cha
racter of our Legislature, and the State some
otLer motive may not be found lurki,g there !;
and whether they are not tlatt"ring thcms. Ives,
that by attacking and attempting to undermine
the character and Standing of their COLLEAGUE,
they are rendering an acceptable service to their
Regency friends ut Albany. I know that the
gentleman has made himself obnoxious TO THE
party, and that the PhIiSrines are upon him ::
hn' the result may prove that he rs not yet shorn
1T his strength, for he may yet rise IN hi might
and break assundcr the green wirhes BY winch
1.-The party" now seek 10 blnd HIM.
Two OF my colleagues. SIR, have spoken of
the safety fund system in New York, and II ha,
been made u prominent cause of complaint
against the honorable gentleman who first add.
dressed the char, (Mr Root) that he should
have assai'cd this system. will briefly explain
the principles of our safety fund law and show
what influence the mon'ed system of the State
may fairly be supposed to have. BY that law.
every bank incorporation which shall be there
after chartered, or whose charter shall be re-
newed, is required to pay into this fund the
nan OF per cent upon ITS capital, for six years,
amounting in the whole to 3 per cent. This
fund, thus created, Is Invested by the Comptrol-
er, and ffcm the avai!s the salaries Of the three
Bank Commissioners are paid. and the remain
der OF the annual proceeds belongs to the Banks
IN proportion as they shall have contributed to
the nd In case of the failure or solycncy of
Bank com ng within the provisions of the act
tins fund is habie for the redemption Of it's not cs
and tins is all the advantage which the pubhc
derive from The law. Upon the expirofion of
the charter of any Bank. they are entitled TO
receive back from this fund the amount thew
have contributed, unless 1t shall have been cx
hausted by the lntermed date failure of Rank
All the Banks with the provisions of this law are
ent'icd 10 charge SEVEN PER CENT. interest
upon al. leans Tor period exceeding 63 DAVIS
II Will be seer, therefore, that 1t is good bar
gam for Banks to advance 3 per ceut. in tho
whole, for Sue privilege of charging 7 per ccnt.
Tor the entire term of their charter; ard this 9
per cent, to be refunded upon the expiration of
their term; and 1t will be also seen that The
Banks all have Common interest in excluding
the competition OF an institution which is re-
~fncted 10 SIX PER CENT. 1t is the DUTY of
these Bank Commissioners. one of whom is sn-
pointed by The Governor and Senate, and two
by the Banks themselves at ,east once in four
months, and oitcner If required. to visit every
nanking InstItutI0n--to inspect their books-as
certain the amount of their bulls i'm circuIotinn
the extent OF their dIscoUntS--and To look into |
all Their concerns; and, in case OF apDrchended
insolvency " Is made their further duty to ap- |
ply to the Chancellor, who may issue an ininnc
ton, appoint receivers, and wind up the affairs
OF the inso!vcM Bank These Bank Comm1s
s'oners, who tEe this general superintendent
and power ovSke Banks, are, from the avow- |
ed principles 1.-THE dominant party in New
orK, PARTYmEN-ior their political axiom has |
been promulgated by an honorable Senator nj
the other end of this Hall, (Mr Marcy) that
"ro THE VICTOR BELONGS THE SPOiLS"
Upon this same principle, too, when an applica.
ton is made to the Legislature for the iDcnrpo
ration OF new Bank. it is made SINE or.
NON that IN" Commissioners named IN the bill |
Tor The distribution Cf the new Stock, are pnL !
tcalIy ORTHODOX. The question of mere com. !
potency Is not so matcria', but they must be !
good sound th"roughgohs, orthodox 'repubIi- |
cans, whatsoever the test or standard of re- |
pubicarism may chance TO bc--for the time be !
ing. Th"y must be stamped genuine" in n |
particular quarter, which will not stop no y to |
designate. These ''rrpublican" Commissioners
take go"d care, of course, hat The stock Of tho !
new Banks does not get into BAD HANDS and |
m" Farmers and Mechanics Bank of Albany.
winch my honorable colleague, Mr.. RooN has. |
not InapproPrIatey dcDomlnatcd The Mother |
Bank comes IN for good!y share, as n brood