Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1834-02-27
were d..,ioe,Iy assumed by IN, Pre.idep,:I


l.. Tha, application for relief must be
made to the Bsak OF the Uni,od States. and
mot q" him, that, whlicyer distress existed
IN the community, land lac believed there was
some distress. had been caused by the Bank,
which Vas boarding Its specie, and eurtailins
ats discounts, m order To crush tbc State
Banks, and compel the Cove nuent to aban-
don ia policy. That the. Executive had no
power TO relieve the disuesses of the com
n,uuity. bot that the stockhoider - of the bank
might effect that object BY electing directors
who would conduct ns affairs asassiiy, and on
principles Of Christian bcuevolencc.
?. That the present Directors OF the Bank
had violated its charter, by giving TO the Pre-
s'dent the whole power OF the Bank pow
er TO use its funds without voucher or r-ce ipt.
Tha; such apower in the hands Of one nvan
was dangerous 10 the liberties Of the country,
and had been used TO destroy the elective
franchise. That the President of the Bank,
II sn honest man, would not have accepted a
trust 80 unlawful. That for these reasons.
he regarded the Bank as a monster of cor
ruPtlon, which he was determined 20 put
down. That . Bank using it, powers,
ought, (as he repeatedly expressed II, 10 be
obbsd or those powers.
j. That The law ere atin- the Bank OF the
United States, Was in has opinion unconstitu-
tionai. That no power TO create n National
Bank was conferred, or intended To be con-
ferred, by the Constit,Itior-That the provis-
ion BY which Congress was authorized to reg
uistc the currency. had reference only To do
nestle and foreign coin, and not To paper Of
any description.
4. That having made up his mind irrcvoca-
bly, upon ali the points. fndrstr Jackson ney-
or would restore the deposites To- the bank
.fndrs1 Jackson would never re-chsrter that
monster OF corruption-Thatn ne ither Dc --ua-
sion nor coercion, nor the opinions OF the
people nor the voice Of the cgislature. could
shake his fixed determination-That sooner
than consent To restore the dcposiies or re-
charter the Bank, he would undergo the tor
ture Of ten Spanish inqursiilons; that sooner
than live ia country where such power
prevailed, no would seeL an asylum in the
wilds Of Arabia.
s. u was announced by tho President that
he meant TO continue tho present system Of
coiIeetIngthe revenue by the State Banks.
until the experiment had been fully tried, aud
ut all events until the expiration Of the char
Ter OF the United States Bank That he had
no donot OF the success Of the experiment.,
nor that The State Banks would ans- er all
The purposes Of the country: That nc would
Iurni,h,the country with as good, my a better
and more solvent currency than that Of the
National Bank. That he had eariy fore.eenI
and provided against the inclination Of the
Bank OF the United States To crush the State
Banks, aud that has interposition alone had
saved them from ruin. That he would con-
tinue TO protect the State Banks by all the
means in his power.
b. The President admitted that considera-
Ole distress had followed the action Of Gov
eminent IN relation 10 the deposites lie had
never doubted that Brokers and Stock Spteu-
Lai0Ts, and all vho Wsre doing business upon
6o'To,esd capital, would suffer severely under
the effects of the easure, and that all such
people ought 10 break.
The foregoing paragraphs are believed
10 contain all the important ideas expre,..
ed by the President. in the frat part Of.
has discourse to the Delegates. In some
emphatic expressions his language is aecu
rsteIy preserved. while his numerous rem
etitions o: the same idea in different words.
which served unnecessarily TO prolong the
interview. have been avoided Once o,
twIee the Chairman took occasion TO ex-
plain that he seemed TO misappre hend the
position OF the Delegates; that thew had
not come to represent the Bank or promote
us interests. but 10 lay before him the con.
dItion and wishes OF Citizens OF Philadel.
phia. unconnected with that in Institution
and engaged in the various departments
OF commerce and industry Such expla-
nations, however, produced no visible ef
feet on the tenor Of the President's di,
course, nor did he allow On opportunity TO
make tbose statements as to the condition
OF this community with which the dele
gates were especially charged.
In reference 20 his declaration, that he !
would continue the present system Of col |
Letting the revenue through the State
Bank. until the experiment had been fair
~ tried. one OF the Delegates inquired.
u neither he had determined upon any pIsn
by which the country might be relieved, IN |
case the experiment failed His answer
was. that he was disposed 10 be candid. |
and would explain bis views on that point. |
That. ~ order TO restore the currency 10 !
the condition intended BY the Constitution. |
and place the moneyed concerns OF the 4
country where the sages Of the Constitu.
iInn found and left them, he proposed 10
put out Of circulation al notes Of five dol.
lars and under. by placing the public no !
ney IN such State Banks as would issue no
notes below ten dOllars-andb y forbtddlnr
The receipt. 90 payment Of the revenue. of
ihe notes Of all Banks which should ,,.ue
notes under ten dollars That the same
process woulh next be pursued ~ refer
rnce 10 all notes under twenty dollars. and
Ihus metallic currency be ensured Tor all
The common purposes ui life. while the usc
Df Bank notes would be coniIned to those
engaged IN commerce
The same Delegate having ihuuired
when he proposed 20 put this plan IN exc.
-uiion, the aBsWeT WAS. not Immediately.
rot until the expiration Of the charter oil
he Bank 1.-THE United States. Go hone.
genilrmen. (ssid be } and tell the Bank 81
he Cnhsd States 10 1eitevo the county,
BY Increasing Its business Let The I'M
ed states Bank make no run upon the
State Banks. sBd Will take care that the
state Banks make no run upon her Let
he United States Bank make no run UPON
hem. let the war betwssn the Bank.
'ehss, and ~ Hill bs seli IN forty sishil
'ours. The Bank of The Unifed States d.
ryIng n crush the state Banks Tell the
state Bsnks that ! viii protect them, and
bet the p0wsS Of tbe United states Baak