The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-08-22


gress orpnsed Ia the Bank OF the United States up
the distinct ground OF a want of power to estab-
sh it.
The iateros, which foreigners hold in the exist
ing Rank OF tie Unred States is dwell upon in
The Message as a SERIOUS objection to the re-char-
ter. But IhS interest is the result of the asigna
bic nature Of the stock, and If the objection be
well founded. 1t applies 10 Government stock, to
;he stock in local banks. in canal and other COM
panies created for internal improvements, and ey-
ery sne cies of moneyor moyeables in which foreign
crs may acquire an interest. The assignable char
acteT of the stock is a quality conferred, not for
the benefit of foreigners, but Tor that at our own
citiEeus. And the fact Of lis being transferred 10
them is The effect of the balance OF trade beng
against us-an evil, If II be one, which the Ameri-
can system will correct. All Governments want
ing capital resort TO foreign nations possessing 1t
in superabundanc-, To obtain II. Some times the
resort is even made by one TO another beiligeren,
nation. during our revolutionary war we obtained
foreign capital Dutch and French,) to aid US
During the late war American stock was sent TO
Europe To sell and, II | anu not mlsntormed, 10
Liverpool. The question does not depend upon
the place whence the capital is obtained, but the
advantageous use OF i. The confidence OF Tor
eigners in our stocks Is a proof OF the soldry OF
our credit Foreigners have no voice IN the ad-
ministraton of this bank and It they buy It's stock,
they obliged TO submit To citizens oi the United
States to manage it. The Senator from Tcnnas-
mir. Whitel asks what would have been the
COnullinn oil tnlS country, IL uuEIir inc i%'S
this bank had existed with such an interest IN It
as foreigners now hold | will tell him. We
should have avoided many of the disasters OF mat
war perhaps those of Detroit and at this place Inc
Government would have possessed ample means
for its vigorous prosecution and the interest OF
fureicners-Briish subjects espcsi hy-would have
operated upon them not upon us VIII 1t not be
a serious evil to be obliged to remit IN specie 10
foreigners the eight millions which they now nave
in this bank, instead of retaining that caphal with
a. .1afa &C. nLn cfr Tr-
prise
The President assigns in his Message cOnspc-
nous place TO the alleged injurious operation OF the
Bank on the interests of the Western people
They ought to be much obliged TO him for his kind
nessmaniiested towards them, although, think they
have much reason to deprecste 1t. The people OF
all the West owe to this bank about thirty millions,
which have been borrowed from it and the Presi-
dent thinks that the payments for the interest and
other facilities which they derive from the opera
ton of this bank, SO onerous as to produce =
drain of their currency, which no country can bear
without Inconvenience and occasional distress "
His remedy is to compel them To pay the whole o.
the debt. which thev have contracted IN period
short of four Years Now, Mr.. President, 1t they
cannot pay the interest without distress, how are
they to pay the principal If they cannot pay a
part, how are they to pay the whole q Wnetner
the payment Of the interest be OF be not burthen
to them is a question for themselves to decide, re-
speeding which they might be disposed to dispense
with the kindness of the President. IT, instead Of
borrowing thirty millions from the bank, they had
borrowed ike sum from GiraTd, john jacob
Astor. or any other banker, what would they think
OF one who should come to them and say" Zen
temen Of the West, it will ruin you to pay the in
terest on thai debt and therefore | will o5ge YOU
to pay the whole of the principal in less than four
years" Would they not reply" W kAO" VIVA.
are about mind your own business; we are
satisfied that in ours we can make not only the
interest What loan. but far profit besides !"
A great mistake exists about the western opera
ton Of the bank. 1t is not the bank, but the
business the commerce of the West. and the OPP
eTations OF Government, that occasions the trans
fer, annually, of money from the West TO the At
lantic States What is the actual Of things
The business and commerce of the West
red on with New Orleans with the Southern and
South estern States, and with the Atlantic cities.
We transport dead inanimate produce to
New Orleans and receive IN return checks OF drafts
Of the baak of the United States, a premium OF
half per cent. We send, by droyers. our live
stock to the South and South West, and receive
similar checks IN return. With these drafts or
checks our merchants proceed tn the Atdrtc cities
and purchase domestic OF foreign goods for West
era consumption. The lead and fur trade of Mis-
sour and illinois is also carried on Principally
through the agency of The bank of the JniteIl
States. The Government also transfers to places
where it is wanted, through that bank the
cuinulIed at the different land Offices Tor pur-
chases of the public lands.
Now-all these varied operations must 90 on
all these remiitances must be made, bank uf the
United States or no bank. The bank does not
create. but facilitates them. The bank is a ME re
yehicie Just as much as the steamboat is the
vehicle winch Transports our produce to tie grea
mart Of New Orleans, and not the grower of that
produce. 1t is To coniound cause and effect, tc
attribute To the bank the transfer Of money from
the West to the East. Annihilaie the bank to
morrow. and similar transfers of capital. the same
description OF pecuniary operations, must be cor
tlnued not so well. it is true. but pernrmed the,
must be, III or well under any state Of ciTcum
stances.
The true questions are, how are they now per
formed, how were they conducted prior to the eI
IsteEce Of the bank. how would they be after il
ceased | tell you what was our condition
before the bank established; and. as | rea
son from past 10 future experience, under anaIo
I gous circumstances, can venture to predict wha
J It will probably be without the bank
Before the establishment of the bank of the
United States, the exchange business of the Wes
was carried on by premium, which was generally
PAID on all remttances To the East Of two aud
nall per cent. The aggregate amount of all re-
mlttances, throughout the whole circle of the
year, was very great, and instead of the sum then
paid, we now pay half per cent. nothing, if notes
OF the bank Ui the United States be used. Prior
To the bank, we we're without the capital of the
thirty millions which that institution now supplies
stimulating our industry and nvigorating our en-.
terprise In kentucky We have no specie paving
bank, scarcely any currency other than that OF pa
per of the bank Of the United States and Its
branches
How is the West to pay this enormous debt Of
thirty millions of dollars II is impossible 1t can.
not be done. General distress CERTAIN wide spread
inevitable ruin must be the consequences Of an AT.
tempt to enforce the payment. Depression in the
value OF all property sheuii's sales aud sacrifice,
bankruptcy must nece ssarily ensue ami will
them relief laws, paper money a prosraton of tie
courts OF justice, evils from which we have ius
emerged, must again. with all their train Of aifiic
uoBs, revisit the country. But it Is argued by the
gentleman from Tennessee, tMr. Whlte) that slm.
liar predictions were made, without being realized
!tota the downfall Of the old bank Of the United
States. 1t Is however to be recOeeted that the
old baRk DID not POSSESS third OF the capital 81
the present that mad but one Office west of the
inonntIius whilst the present has nine; and that
II 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 0i
the old bank. aud the suspension Of yments which
soon followed the war, prevented the injury appre-
hehded from the dseontiBuance ofthe old bank
The same gentleman further argues, that the day
OF payment must come aud he asks, when better
than now Is 1t TO he indefinitely postponed ?-is
The charter Of the present bank to be perpetual ?
Why, Mr.. President, all things--governmen re-
publics, empires, laws, hufDaH lite-doubtless are
10 have their end but therefore shall We accelerate
their termination The West il now young wants
capital, aud It's vast resources needing
are daily developing. BY and by 1t will accumu.
late wealth from its industry and enterprise, and
possess its surplus capital The charter Is not
made perpetual because il is wrong to bnd poster
iiy perpetuay. At the end Of the term limited
for It's renewal, posterity will have the power of