Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-10-09

that the Nuld be put under the contro
Of one Empowered to spend millions
withor -3eripg voucher or specify
Ing IL ct? Can they be considered
safe viii, sevidence before US, that ten
of thou Ids have been spent for highl,
inpropcr x not corrupt purposes, ant
that the same motive may lead TO the ex
penditure Of hundreds Of thousands, an,
even millions more? And can we justif,
ourselves TO the people BY longer lending
to it the money and power ofthe Govern
ment, to be employed for such purposes?
1t has been ,alleged by some as an Oh
lection to the removal of the deposits
that the bank has the power, and in tina
event will have the disposition, to des
troy the State banks employed by The
Government, and bring distress upon tho
country. @
lthas been the fortune of the Presi
dent to encounter dangers which were re
presented as equally alarming. aud be ha;
eeen them vanish before resolution ane
energy. Pictures equally appalling weF,
Paraded belorc him when the Bank came
was the, resnlt?d Has the country beer
ruined, or even distressed? Was il ever
more prosperous than since that aot?--
Thefresident verify believes the bank
hss not the power to produce the caIami-
<ues ITS friends threaten. The funds Of
the Government will not be annihiIated
by being transferred. They will mme-
diately be issued ior the benefit of trade.
and 1t the Bank Of the United States cur
tails Its loans, the State Banks, strength
ened by the public deposites, will extend
ahe,rs. What comes IN through one bank.
will go out through others, and the Auil
,lbrlum will be preserved. Should the
'oank, for the mere purpose of producing
distress, press its debtors more heavily
than some of them can bear, the conse-
quences will recoil upon itself, and in the
attempts to embarrass the country, it will
only bring loss and ruth upon the holders
OF ITS own stock. Bat if the President
believed the Bank possessed all the pow
erwhich has been attributed to it, his de-
Termination would only be rendered the
more intiexible. If, indeed, this coIpo-
ration now holds in its hands the happi
ness and prosperity of the American PEG
pie,i is high time to take the alarm. IL
the despotism be already upon US, and
our only safety is in the mercy of the des-
pot, recent Developments in relation to
his designs and The means he employs,
shows how necessary it is to shake it off.
ne struggle can never come with less
distress TO The people, or under more ia.
Voraole auspices than at the present mo
ment. -.t
All doubt as to the willingness Of the /
state banks to undertake theservice of the
government, to the same extent, and oDl
Inc sameterms, asst is now performed by
the Bank of the United States, is put toE
rest blythe report Of the agent recently
OBSERVATION-DISCLOSURES: and from
that willingness, fheir own safety in the
operation maybe confidently inferred. Il
knowing their own resources better thanE
they can be Known by otheis. il is not tol
be supposed that they would be willing toI
place themselves in a situation Which theyl
cannot occupy without danger Of aanihi-
Iation or embarrassment. The only co9.i
sldcraion applies tolhe safety of the publ
dc funds, if deposited in those institutions.
Add when it is seen that the directors of
many of them are not only willing to
pledge the character and capital of the
corporations in giving success TO this mea-
sure, but also their own property and re
putation, VIC cannot doubt that they, at
least, believe the public deposltes would
be safe in their management. The Pre-
sident thinks that these facts and cireum.
stances afford as strong guarantee as
can he had in human affairs, for the safe
ty OF the public funds, and the practical,
bility Of new system Of collection and
disbursement through the agency of the
State Banks. FL
From all these considerations the Pre-
sident thinks that the State Banks ought
Immediately to be employed in the collec.
ton and disbursement Of the public re
venue, and the funds now in the Bank oil
the United States-drawn out with all con
venient despatch. The safety of the pub
lie monies, ifdepositedn the State Banks
saust be secured beyond all reasonable
doubts; but the extent and nature of the
security, in addition to their capital, III
any be deemed necessary, is subject of
detailto which the Treasury Department
will undoubtedly give It's anxous atten-
ton. The Banks TO be employed must
remit the moneys Of the Government
without charge. as the Bank Of the u
nited States now does; must render all
1he services which that Bank now per.
forms; must keep the Government adyis
ed of their situation by periodical returns;
in fine, in any arrangement with the State