Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-30


5, loans, and on the LIST of MAY, 1882. viii,
Its petition for the renewal of ito cbare
was yet pending before Congress. tbe} a
d mounted to S70,428,O7o 70, being a, in
: crease OF S7,4oi,6l9 70, in the four pre-
cedlng months, aud making altopetter ar
+ addition OF S28,025.766 as, in tho shor
y space OF sixteen months, and beipo an OK
+ tension OF more than sc Der cent ON il
S previous loans. Such an increase at sucl
Y period of its charter, is without exampl,
10 the hlsto' y Of banking institutions. Or
i the DIST OF Dec. 1880, when its loans a.
-f '1s as above stated to only .42.4O9,
oo4 "a, the corporation had been in ev
jiSlehce forteen years. The sudden anf
lgfeat increase was made when the char
Ter was drawing to close. and when i
had but little more than four wears 10 run
II cannot be supposed that these i,nmepsf
loans were made, from "A confident expect
alton that the charter would be renewed
On the contrary it is now an historical e,c
that the bank itself deemed the chances
OF renewal SO doubtful, that If, the session
otCongress beginning in December. 831
/ tPetltioned for re-charter, and the rea
son generally assigned for pressing for :,
decision, at that time, was the great ex.
tent OF Its business; and the necessity Of
]PreParlhgto bring it to ii close if the char.
ter was not to be renewed. Thus. with
out little more than four years TO run,
with doubtful chances of renewal. and
ware OF the necessity of beginning to ar
range Its vast transactions, it increases its
loans IN sixteen months more than twenty
eight millions of dollars. Was this i'm
prudence only? 1t cannot be believed that
those who managed its concerns. could
have committed such an oversight, Ca,,
any proper reason be assigned for this de-
fparture from the course which the inter
ests OF monied corporation, as we'll as
that OF the country. obviously required
am not aware that any sufficient justif
cation has been offered. And this extra
ordlnary increase of its loans, made in 50
short Il space of time, at such period Of
us CHARTER, and upon the eve of "A severely
contested election of President, in which
the bank took an open and direct interest,
demonstrates that it was using its money
tor the Puapnse of obtaining hold upon
the people of this country, in order to op-
crate upon their fears. aud to induce them
by the apprehension of ruin, to vote a.
galnst the candidate whom it desired to
defeat. In other words, this great monied
corporation determined to enter the pollt-
zeal arena, and to influence the measures
of the government by causing its weight
to be felt i'll the election of its officers.
But 1t the circumstances above stated
we've not, of themselves, sufficient to prove
that the bank had sought, by its money, to
obtain political power, and TO exercise by
that means a controlling Influence OH the
measures Of the government, recent de
velopements have furnished such proof as
to leave no room for doubt. | have the
honor to transmit herewith an official
statement (marke b. signed by four of
the public directors in the bank, showing
at the same time the unlawful manner in
which its business is conducted and the
unwarrantable imposes to which its mo-
ney has been and still IS applied. 1t will
be seen by the proceedings therein sta
ted, that the whole capital Of the bank is
in effect placed at the disposition OF the
President of that institution. He is au-
thorized to expend what he pleases in
causing ito be prepared and circulated,
such ecuments and papers as may COM
municate to the people information in re.
gard to the nature aud operations Of the
bank" And he may, erefore, under
the very indefinite terms the resolutions.
employ as many persons as he pleases, at
such salaries as he thinks proper, either
to prepare daily paragraphs for newspa.
pers ia favor of the bank, or to write pam
pblets and essays to influence the public
Judgment. And he may even provide for
INC publications, by salaries to printers,
or by purchasing presses and types, and
placing them in the hands of agents en-
ployed and paid by the bank. There Is
no limitation, short of the capital Of the
bank, as to the sum of money he may thus
expend IN different parts of the U, States.
From the description of articles which ap
pear to have been paid for under this rcso
luton, it seems that the President of the
institution has supposed that publication.
containing attacks upon officers of the 60
vernment who are supposed to stand il
the way of the renewal of the charter, il
one Of the modes of communicating t.
the people information in regard to the
nature and operations of the bank" Thi