Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-25

So fiat the extraordinary increase oil accommo.
,latjons. of when 50 much has been attempted
tu be made. turns nut TO be no more than what
wa, the natural and legitimate fHect OF the aug
men,ed cssh capital in the vaults Of the BANK
But there is one view OF this case cannot
omit prosecuting 10 the House. we all know
that the year 1891 was a,ear OF unprecedea'ea.'y
large imporlatoRs; so much SO, that the n,he
had not been known 10 fifteen years De ore. me
conseauenc was, an uDprecedentedly large com,
mercia debt: and all unprecedented reeor" OF
Rank recommendations And this period, Sc.
lected AZ that of attack. is precisely the period
in which the conduct of the Bank will be found
worthy Of all commentator. The Bank look.
ed at the condition Of the country; il husband
I'd all its resources, and, with a wise and pa
trio,ic policy, extended its accommodations
And bot, sir, for this course on the part OF mat
Institution, the consequence must inevitably
! have been universal bankruptcy. Sir, well
recoIlect the gloomy and lusubrious anhcIpa.
lions of a gentleman from New York at that
time, (Mr Csmbreieng.) lie told US that inc
Bank, By it's pr"fuse accommodations. bad IN.
duced, had seduced. rather, the merchants OF
our country into making excessive lmPorta'ions'
That ruin was inevitable; nothing could save the
country Well, sir, and what took place! W as
the country ruinedl No sir; the Bank saved
il from ruin Though the importatlons were so
large. and the consequent debt so enormous, yet
the country passed through the threatening pc
Rod, without even a struggle ny the wise
management of the Bank, II vas eased down,
and all went smoothly. SIR, the merchants
would not tail, notwithstanding the gentleman
had prophesied it And the failure Of his pro,
phecies should teach US 10 give credit TO The Bank
Tor having accomplished what our wisest political
economists had deemed TO be impossible.
We'll, sir. here is one OF the proofs 10 shew that
, the Bank interfered with President Jackson S
election. The Secretary asks "can any reason
be assigned for this departure from the course
"wh lch the interests Of moneyed corporation,
"as well as those OF the country. obviously -e-
ouire: am not aware that any sufficient jus.
4" tificaion has been offered. And this extraor.
" binary increase Of its loans. made IN so short a
space of time, at such period OF its charter,
I" and upon the eve Of a severely contested cleo
- ticn Of President, in which the Bank took an
open and direct interest, de aonstrates that It
-" va. using its money fnr the purpose OF ob'aln-
"ing hold upon the People Of this country, in
order to operate upon their fears, and TO induce
them, by the apprehension Of ruin. to vote
:. against the candidate whom it desired to de.
- feat
Here, SIR, is the Secretary # the Treasury set.
ting himself up to Judge what the interests of a
great moneyed institution require OF 1t, when 1t
is notorious that the Bank, alter dong all this,
and making all this uDheardof departure from
the principles of banking, is at this moment the
most sound and solvent institution OF the kind in
the whole world. 1t has not failed, as il shou d
have done; and now il IS brought up in judy
ment, aud denounced for its imprudence, when
th facts have proved that it passed through the
supposed crisis with all ease and safety, and at
the same time saved the country from embarrass'
ment and ruin.
This, sir, is the main proof adduced by the
President and his Secretary IN support ct their
charge against the Bank They cannot conceive
any other motive for such course on the part OF
the Bank, unless il must have been to interfere
with the election of General Jackson to the Pre-.
sidency! UutortunateIy, however, a great part
OF this conduct Of the Bank, took place long be
fore. General Jackson was elected in the win.
ter of 1882; but this course commenced in June,
1881. and reached IFS eliminating point in May
1852 This was before il was known what course
he would take IN relation to the Bank. before his
veto had made its appearance. Sir. all shall
say farthe. on this point, is, that the intellect
must be horribly perverted. which can see in this
noble policy nothing but an interference in the
Presidents election.
| have now gone through all those charges
against the Bank, which are worthy OF cOns'dera
tiun; and row call the House to the urgent
ConsIder drons which Impel u to act on a subject
so important. med not tell this House OF the
alarm. the embarrassment. the utter roin, which
i, impending over the comm nifty. | need rot
refer TO the accOunts which are coming IN upon
US b, every mil You can LOOK neither on the
rgn, h.nd the ielt but ynu sc the pubic
distress and dimay SIR, shall we do nothing tn
arrest thi, de,olatins torrent? Shal! we not in.
terpose our constitutional power, aud save the
country from the effects OF Executive usurpaton?
Surely We are called upon BY the most solemn
considerations connected with liberty and the
Constitution The Executive power has So. Led
upon the public treasure; where is it?-where
has it fed: No man here can tell. BY what
authority has il been taken out OF the BankF-
Let any man answer me that Sir, let US Sindi.
cate the power Of tins House, now set at nousht.
Let US show this President that II he attempts to
compel the tree judgment Of this body by foresta-
ling US, he shall not accomplish his purpose
Sir. why did not he wait till Congress met?
will tell you why He feared that, if he did. he