Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-05-04
NEW.YoRK POLITICS

,,
March ID on e-charteriRg the u. S. Bank,
Sir, wish il to be distinctly understood
and remembered by the house, that do not
hold myself responsible for the introduction
of the subject ofthe party politics of New
York. 1t is not subject OF which / am
particularly proud Ny honorable colleagues
must take the credit, or discredit, of raising
the curtain, and giving 10 the house peep
behind the scenes ; and, if something of the
principles and MACHINERY of THE
party is exhibited here, il is no fault of
mine.
Standing, sir, as between the bellgerent
parties upon neutral ground, | fatter my
self that am in situation to Judge between
them at least with impartiality. | find
something TO condemn upon both sides. For
while L dissent from one Of the opinions
expressed by my honorable colleague who
first addressed the house (DIr. Root.) |
must be permitted to say that do not Justify
or approve of the warmth and violence ofthe
personal attack made upon him by other
honorable colleagues. 1t may not be i'm
proper, under the circumstances, to show 10
the house the political attitude in which my
honorable colleague (NIr. RooO stands 10
''the party" and more particularly 10 Ger
tain managers and leaders at Albany, whom
the house has heard designated as the
"Albany regcncy"-a matter perfectly I'M
derStood by all who have any knowledge of
the present aspect of affairs in New York.
1t is well known that this honorable gentle
man has manifested some restIesneSs and
Impotence under the PARTY DISCIPLINE
which IS there rigidly enforced against all i,
and which it is attempted to apply TO him.
lie stands erect like the stubborn oak, and
will not bend, with willow suppleness, TO
every wind of doctrine which it happens to
be the particular interest of ''the party 10
advance. The position Of that honorable
gentleman reminds me, sir, Of an anccdote
OF an old soldier of the revolution, who, be-
ing busily engaged in loading ard firing at
the enemy, without waiting for orders, was
asked 10 what regiment or company he be-
longed? "To none," answered the soldier,
VI am lighting ON MY owNHooK." Sony
honorable colleague, unwilling 10 submit 10
the drilling of the regency leaders, has taken
the field upon 'his own hook - and this will
serve to explain the combined attack made
upon him by his able and better disciplined
colleagues. And, sir, without intending to
impugn the motives of either of the honora-
ble gentlemen, will ask them to examine
their own hearts, and see whether, in this
assault upon that old veteran republican,
with the PROGRESSED object of protecting
the character of our legislature, and the
state, some other motive NAV not be found
lurking there; and whether they are not
fiattering themselves, that by attacking and
attempting 10 undermine the character and
standing of their colleague, they are rem
derlng an acceptable service TO their recen-
cy friends at Albany know that the gen
tleman has made himself obnoxious TO THE
party, and that the Philistines are upon him :;
but the result may prove that he is not vet
shorn OF his strength, fol he may vet rise in
his might, and break asunder the green
wlthe by which "the party now seek TO
bind him.
Two OF my colleagues, sir, have spoken of
the safety fund system in New York, and it
has been made prominent cause of COM
plant against the honorable gentleman who
first addressed the chair (Mr Root), that
he should have assailed this system. / will
briefly explain the principles of our safety
fund law, and show what influence the moni-
ed system of the state may fairly be suppos-
ed TO have. By that law, every bank incor-
poration which shall be thereafter chartered,
or whose charter shall be renewed is requir-
ed TO pay into this fund the half of i per
cent. upon its capital, for six years, amount
ing in the whole TO 8 per cent. This fund,
thus created, is invested by the comptroller,
and from the avals the salaries of the three
bank commissioners are paid, and the re-
mainder of the annual proceeds belongs TO
the bank, in proportion as they shall have
contributed TO the fund. In case of the fail
ure or insolvency ola bank coming within
the provisions of the act, this fund is liable
for the redemption of its notes, and this is all
The advantage which the public derive from
the law. Upon the expiration Of the charter
OF any Eank, they are entitled TO receive
back from this fund the amount they have
contributed, unless it shall have been eX-
hausted by the intermediate failure of
bank. Allthe banks within the provisions of
this law are entitled TO charge seven per cent.
interest, upon all loans for period exceed
ing 63 days. 1t will be seen therefore, that
II IS good bargain for banks TO advance 3
per cent. IN the whole, for the privilege of
charging Z per cent, for the entire term Of
their Charter and this three per cent 10 be
refunded upon the expiration of their term +:
and il will be also seen that the banks ali
have a common interest in excluding fbe
competition of an institution which IS re-
stricted 10 six per cent It is the duty of
these bank commissioners, one Of whom is
appointed by the governor and senate, and
two by the banks themselves, at least once
in four months, and oflener if required, 10
visit every banking institution-to inspect
their books-ascertain the amount Of their
! bills in Circulation-the extent of their dis
counts-and TO look into all their concerns ;
| and, in case Of apprehended insolvency 1t is
made their further duty TO apply TO the chan
cellor, who may issue an injunction, appoint
receivers, and wind up the affairs of the in
solvent bank These bank commissioners,