Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-23

State Ranks from Maine to Louisana-a-p perfect
undrrs,,nJpp will prevail throughout the whole.
They will all be ,actuated by one spirit, and they
will be in the. hand Of one man. fhey Will all
in tho s,rictest sense OF the term, be Govern
mani Ranks You will then have mt only the
twenty millions of Government Deposites' out'
IN addition 10 this, YOU will have more than a
bnndred millions of Bank capital, all welded
aginst the public liberty. Sir, there De spec
,acle which. more than another, IS De cohtem'
Mated by a patriot with fear and HORROR Is
the concentration Of such power as MS
While on this branch OF thi. subject, | VIII
remark. thai there could not have been selected
period for the exercise Of this power more uh =
fortunate for the country. The grounos a'iegea
for the sse are the necessity OF gradual pre-
marathon for the change which must accompany
The eynirat,on of the charter, and the distresses
h,ouob, un,n the commercial community by the
Rank Of the United State. during the PERIOD
from August to October. Now. sir, all are
in the least acquainted with the practical oper'
alton of that Bank, must know, that the remov
al of the depusites. at this time, VIII heitner 10
crease nor diminish the pressure experiences d
the winding up Of It's concerns IL IS aomn'eu -, WI
alhhands. that the Bank is managed oy ihte'''
gent men, well acquainted with banking con.
Germs, and perfectly awake to their own interests
Suppose the Bank should proceed win Tie pun,
lie deposites IN vaults. will ITS Directors not
view these deposites as a part OF its debt TO the
public? And will they not, OF course, make inc
same provision tor the payment OF this portion
nj the publjc debt as they do With the other por-
tions Of ts So that, whether the deposites are
removed now or at future time. can have M
effect upon the settlement of its affairs. why,
| then remove them nowl uness II be gratious'
| ~ to add at this time, scene OF unexampieu
distress 10 all that which must unavoidably take
place at the expiration Of the Bank charter
But the Secretary has told Us that this as ne
cessary in order To enable the Treasury Depart.
ment to prepare for the country new currency
Now, sir, does any man here suppose that cur
rency can be supplied to the exigencies OF this
community by the Secretary and his State Banks,
equal to that which exists at this time! 81 long
as the Bank of the United States exists, the bills
of the State Banks will be in good credit. we
wish no better Can the Secretary add any thing
10 their credit? Ii is obvious he cannot; and
what then does he mean, when he talks to US about
his providing for the country substitute tor that
currency which he seeks to destroy! Not that
he will provide the country with local bills in
good credit, bu, currency for the whule Union.
This, and this alone, can be substitute. But
have we any such promise? No, Sir, nothing
like it. What is it which the State Banks stpu.
late' II is this, that they will receive IN pay
ment of the debts to Government the very same
local bills which are now in good credit. Do
thew 20 any furtherP Do the deposite Banks OF
Maine s,ipulate TO receive the bills Of the dePo
site Banks of Louisiana? Not word OF il. sir.
Do YOU believe that. if shall go to the dePoslte
Bank in Richmond, for example. with one OF the
bills of the selected Bank IN this District. that the
Richmond Bank wilt take II and give me the mo
ney for its No, sir. they will take these bills
from the government, because that they have ST.
puated to do so; but they Will not take them iron
any body else. And what then becomes OF the
currency? Where is the substitute? Ii Is vain
to talk Of giving the State banks any greater ere.
dit than they now have. On the contrary, the
moment YOU destroy the Bank of the U States
and trembIe when look forward to the pros
pect-you will again return to the scenes OF 1917.
You will again have scale Of depreciation -
The market will be full of the bills of broken
Banks. until you may again be compelled to pay
a discount of ten per cent for Bill OF Exchange
on a distant part Of the Union. To withdraw
the depos,tes from the Bank of the United States,
and to place them in the State Banks, leaves
those Banks not where they were, but IN stua-
ton the most critical that can be conceived. In
deed, sir, there has been rumor, how well found
ed. do not pretend to say, that some OF these Sc
Iected Banks have already applied TO the Secre.
tary OF the Treasury to have the Government De-
posites taken from their possession, and restore ell
to the Bank of the United States; and il Is my
most sincere belief that such step w"n!d BIZ the
best thing which, for the credit OF those Banks,
could possibly happen do know from the We.
nv best authority that there has not, tor the last
ten wears, been so great pressure on the State
Banks or so I,,te capital to meet 1t. And 1t The
Bank of the United States should do what II has
the perfect right to do, and what IN all justice 1t
might do. call in its paper in proportion to the
existing alarm IN the community, the distress, |
great ns il Is would become unspeskably greater !
On this branch Of the subject. have but one
more remark to make The Secretary, in the
boundless immensely of his financial knowledge, |
has informed US that one object he had IN view,
in the removal of the deposltes, was, to save the
country from the embarrassment and distress
which must inevitably be produced by the depre
citation OF the bills of The United States Bank. as