Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-02-26

the Delegates; tHdt tllcy hau AioI H"'o W iCPiC
cent the Bank or promote its interests, but to
Law before him the condition and wishes OF Cltl-
zens of Philadelphia, uncOnnected with that IN
stitution. and engaged in the various depart
ments of commerce and industry Such ex-
plantations, however, produced no visible ehect
on the tenor of the Presidents discourse, nor
did he allow an opportunity to make those STATE
ments as to the condition Of this community
with which the delegates were especially charg-
ed. ,
In reference to his declarations that he would
continue the present system OF collecting the
revenue thro ugh the State Banks, until the ex-
pertinent had been fairly tried, one OF the Dele-
gates inquired whether he had detefmed upon
any plan by which the country nigh be rellev-
ed. in case the experiment failed? His answer
was, that he was disposed to be candid, ana
would explain his views on that point
That in order to restore the currency to the
condition intended by the Constitution, and place
the moneyed concerns OF the country where the
sages Of the Constitution found and left them,
he proposed to put out OF circulation all hoies
of five dollars and under, by placing the public
money in such State Banks would issue no
notes below ten dollars-and by forbidding the
receipt in payment OF the revenue, OF the notes
of all Banks which should issue notes under ter
dollars. That the same process would next De
pursued in reference to all notes under twenty
dollars, and thus a metallic currency be ensured
for all the common purposes OF lie, Whlle the
use of Bank notes would be confined TO those
engaged in commerce.
The same Delegate having inquired when ne
proposed to put this plan in execution, the an
swer was not acknowledgement until the eXpl-
ration of the charter Of the Bank of the United
States Go home, gentlemen (sald he,) ana
tell the Bank of the United States to re-
leve the country by increasing its business. Let
the United States Bank make no run upon the
State Banks and will take care that the State
Banks make no run upon her. Let the war De-
tween the Banks cease, and all will be well in
forty eight hours. The Bank Of the U. States is
irving to crush the State Banks. Tell the State
Banks that will protect them, and that the pow
er ofthe United States Bank is nearly gone and
that it will be compelled to cease its present
course Here one Of the Delegates observed to
the President-We are many OF US, sir, connec-
ted with State Banks and yet we know OF no
such warfare between them and the Bank OF the
United States, as we speak Of 1t does not eX-
list in the city of Philadelphia. There is, on the
contrary, the utmost good Will, ana harmony
between the u. States Bank and the other Banks
of our city, and nearly all the latter are in favor
of re-charter. To which the President quick
ly replied, [ know all about it, sir; | know that
some of your Banks have combined in favor Of
the Bank of the United States. have eXamin-
ed the whole subject, and understand 1t better
than any of you. have looked impartaly at
both sides otthe question: and have the best lnfor-
nation on the subject, from Maine to New Or
leans, from the most undoubted sources. Ilearn
this morning (Feb ~ from New York, that
stocks are rising, and that money is becoming
abundant. Let the Directors of the Bank pur
sue their business on principles ofChristian be-
nevolence, and all will be well! Let them wind
up the business Of the Bank, without attempting
to beak down the Government, or force a re-char-
ter and il will die with the blessings of Thousands;
otherwise, it will have the curses of millions. |
have read the Scriptures, gentlemen; and find
that, when Moses assembled the mountain, the
children Of Israel rebelled, and made a golden
calf, and worshippedit, ard it brought curse up
on them. This Bank will be a greater curse. |
have no hostility to the Bank; | am willing it
should expire in peace; but if it does persist in
its war with the Government, have measure
in contemplation which will destroy it at once,
and which am resolved to apply, be the conse-
quenCes to individuals what they may. The
Bank has in circulation ten millions Of checks,
which have no doubt are illegal, and which
will direct the State Banks to refuse IN payment
of the public revenue. These checks must then
be returned upon the Bank, and will drain her
of the specie she is boarding. This measure
will apply, unless the Bank desists from its couse.
Here the Chairman remarked, that the Bank
was perfectly aware of the design OF the EXecu-
tive in reference to the checks, and gave it as
reason for not extending its discounts, and for
retaining so large an amount OF specie on mana;
that daily and hourly applications for reefwere
m ade by our citizens to the Bank, without effect;
that the Directors Of that institution felt bound
to husband their resources, and stand on the de-
fensive, while so serious weapon is IN the hands
of the Executive Well, sir, replied the Presi-
dent let them do right, and | will not injure
them; but, if they persist in measures which
deem oppressive and unjust, they must expect to
feel my power.
In the course Of these remarks Of which
plain and certainly not an exaggerated sketch
has been attempted by your delegates, the Pre-
sident very frequently used the expression that
HE was determined to place and to leave HIS
Government, where the sages who framed the
Constitution found and left it, and also to place
the currency and revenue fthe country where
the sages found and left it. 1t occurred to seve-
raj Of the delegates to ask for an explanation Of
phrases which conveyed no distinct or tangible
meaning to their minds. Their historical read
ing had taught them, that the trainers Of the
Constitution found the Government in anarchy
and left it in order; that they found the curren-
cy and revenue nruins, and left both in state
of exalted prosperity; and that one of the instru-
ments by which this change had been effected,