Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-10-11
wPORT r.. 1. THURSDAY MORNING, OCTOBER II, 1882.

passed on any idea that they had right
to a renewed charter. although the mes
sage argues against such right, as if it
had been somewhere set up and asserted.
No such right has been asserted by any
body.
| Congress passed n bill, not as bounty (,
or favor to the present Stockholders,
nor to comply with any demand of right
on their rart; but TO promotc great pub
lie interests, for great public ubircts.-
Every bank must have some stockhold- 4
ers, unless it be such Il bank as the Pre-
sidcnt has recommended, and in regard
To which he seems not likely to find much
concurrence Of other mems opinions; and
if the stockholders, whoever they may
be, conduct the affairs Of the Bank pru-,
dcn,ly. the expectation is always, of
course, that they will make il profitable!
to themselves, as well as useful to the
: public. fla bank charter is not TO be.
granted, because it may be profitable,
either in small or great degree, to the
stockholders, no charter can be granted.
The objection lies against all banks.-I
Sir, the object aimed at by such insttu-'
tons is to connect the public safety and
\ convenience with private interests. II
has been found by experience, that banks
are safest under private management, and
1 that government banks are among the
most dangerous of all inventions. Now,
sir, the whole drift Of the message is to
revert the settled judgment of all the civ
} ilized world, and to set up gorernmcnt
banks, independent of private interest, of
l al ,h,,
message labors even beyond the measure
+. of all its other labors, to create jealousies
and preiudices, on the ground Of the al
, legged benefit which individuals will de-
t rive from the renewal Of this charter
: Much less effort is made to show that
J., government, or the public, will be injur-
C ed by the bill, than that individuals will
/, profit by it. Following up the impulses
$ of the same spirit, the message goes or
t, gravcly to allcge that the act, as passed
% by Congress, proposes to make presem
u of some millions OF dollars to foreigners
r because portion of the stock is holden
is by foreigners. Sir, how would this sort
T.; of argument apply to other cases? The
e President has shown himself not only
: willing, but anxious, to pay off the three
c per cent stocks of the United States al
par, notwithstanding that it is notorious that
4 foreigners are owners Of the greater par
$, tt it. Why should he not call that do.
to nation to foreigners of many millions?
H. will not dwell particularly on this
r" part of the message. Its tone and its ar
ie guments are all in the same strain. !
d, speaks of the certain gain of the Presen
)" stockholders, of the value OF the monop
IS oily; it says that all monopoGes are grant
> ed at the expense Of the public; that th
p many millions which this bill bcstows o
lr, the stockholders, come out OF the earn
Oh ings of the people; that if Governmel
re sells monopolies, it ought to sell them
ls open market; that it is an erroneous idea
5h that the present stockholders have pre-
tn scriptive right either to the favor or tn
he bounty of Government; that the stock
"a in the hands of few, and that the Who'll
ne American people arc excluded from con
IS petition in the purchase of the monopol..
d. To all this say again, that much OF 1t
Is assumption without proof, much OF 1t IS a
IN argument against that which nobody hi
nd maintained or asserted, and the rest OF
las would be equally strong against an
hes charter, at any time. These objection
IN existed in their full strength, whatev'
er- that was, against the first Bank. The
'us existed, in like manner, against the pr'
ept sent Bank at its creation, and will alway
zee exist against all Banks. Indeed as
ng the bill now before us, all the fault loun
,as with that is, that it proposes to contlnu
he the Bank substantially us it now exists
he "All the Objectionable principles OF III
n existing corporation," says the message
al "and most of its odious features are rt
to- tanned without alleviation;" SO that IN
nj, measure is aimed against the Bank, us
nj, has existed from the first, and against an
"a and all others resembling it in Its gener'
all features. Allow me now, SIR, to tar
out notice of an argument, founded on tt
my nract;cal operatlon Of the Bank. Th
The nrgumcnt is this. Little of the stock
US the Bank is held in the West, belr
on chiefly owned by citizens ofthe Sou'he
re. and Eastern States, and by Foreigner
ar But tho Western and Southwestern stat
ck- owe to the Bank heavy debt, SO hea'
icy that the interest amounts 10 million
tf- hundred thousand year. This intere
me is carried to the Eastern States, or to ~
or rope annually, and lis payment IS burd'
ig- on the people Of tte Vest, and dram
he their currency, ,ohich no country can ,,, os'
as ,pithom inconvenience and distress. IL
not true character and the whole value
on this argument, are manifest by the v me
'ey statement Of il. The people oi the we
ent are, from their situation, necessarily 'aft