Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-09-26
IFrom ,he wn,hinrlon GIoho ]

FIRST BANK OF THE UNITED STATES-BORN
IN CORRUPTION--FRAUD- OPPRESSION
HISTORICAL RECOLLECTIONS
From Mr.. JeGe,sOn's Wo,hs, Uok A. pages 446 T. g. 8.
81 returned from that mission THE Frenrh] in The first
year OF the new Government and Proceeded N. York
March 80 10 enter The Office OF Secretary OF State
iere certainly, found state of things which. OF all |
had ever contemplated, the least expected >"
Politics were The chie topic; and preference oi king
over republican Government, evidently the fAvoi,e
sentiment. IIamiItou's financial system, I.,
then passed IL had two objects: L. as q puzzle TO
exclude popular understanding and inquiry 2. As a una
chine for the corruption OF the legislature" alt
Is well known, during Tie MAR, The greatest difficulty
encountered was The want OF money TO pay
our soldiers who fought, iirners, manufactu-
rers and merchants who lurnishe the necessary sup
plies of food aud clothing Tor thsm. Alter the ex-
pedieni OF paper money hal exhausted ITSELF certificates
oil debt were given TO the indy iua creditors with
surances OF payment soon the United States should
be able. But the disresses OF the People often Obliged
them TO part wfih these for the hall, the fifth, even
ZENITH OF their value; and Spectators had made trade
of cozenng them from the holders by the most fraudulent
practices, and persuasion that they would he paid
(Hamlton determined TO TfRd these certificates; that is
TO say ito convert them into stock payable by The Federal
Government at future day. and bearing inerest) In
the bill for funding them Hamilton male no difference
between the original holders, and the fraudulent purcha
sers OF This paper When the trial OF strength Oh
these several efforts had indicated tie tenn in cI The
bill would finally pass this being known within door. (o
Congres sooner than Without. and 10 The distant parts
the Union, THE BASE SCRAMBLE BEGANi (,ou
Tiers and relay horses by land and stUf-sang piiot
boats by sea, flying in all directions Active part
Ders and agents, associated and employed every
was bought up low fire shngs. aud ftco still
pgs the pound before the holder knew thai Congress
bad already provided Tor its redemption par"
(NoTE.-rwo millions OF these certificates were re a.
ceyed at and interest 10 psymsn, Of stock the fret
United States Blnk and lhus The members OF Congress
and their xions no had got The certificates out of
the hands OF the People Tor five shings or twoand six
pence in the pound, voted themselves twenty shings in
the pound and the interest average OF eight nine
year,, making ten shillngs 9nd then created the
Bsuk Of the United States, ard subscribed two millions Of
STOCK when bfong'i Tor twenty years UpDatds Of per
cent, and thea left large surplus divide Thus ? and
spence converted into 30 shillings 10y legislation drew
IL per cent interest every 30 sbllngs! Quare How
much per cent hsi on the slilings or Q shings
scualy paid? This was called he Funding Act)
g This game Ohc funding scheme) over, and ano.
her on The carpet al the moment of arrival
was ignoranly aud inuocenty made 10 hold die cstdo
ms ga, 'cal m'"@.Vfo wen know" n.y. ho name Of the
This produced the most bitter and sngry contests
known In Congress before since the union OF the
states arrived in the midst OF ij but stranger 10 the
ground and 10 the actors 10 IT, and yet Of is
object took IN g."
(hir. Jefferson then relates how tho bill for tho sssup.
ton after being lost IN the House OF Representatives 6y
one vote, was hnay passed by xiug the Of Govern.
mcnt the Potomac and therebH getting two Potomac
members TO change their votes on the assumption bill.
BY this bill twenty millions Of new debt was assumed be
the Federal Governments aud tie game though not
Mr.. Jefferson says:
Aud 50 The assumption was passed.; twenty millions
OF stock divided among tho favored Siics, and throw Inv
as pobulum TO the stock -jobbiDg he'd"
" know very well, and DO understood, that no
thing Ike majority Ia Congress had yielded 10 This cor.
ruPtou Far rom IT, But division, DOT very unequal
had already aken place iu the honest part Of ibis body be-
tween the parties styled republican and federal
Still the machine not complete The effect Of The
Funding System and Of the resumption would be tenn.
porary; u would DO lost With the loss Of the individual
members which II had enfi' he'd, and ENGINE OF
influence more PERMANENT, must be CONrRIVED
while these myfninn' yet 10 plsce 10 carry i,
through all superstition THIS ENGINE WAS THE
BANK OF THE UNITED STATES"
1.-THE history Of This is Soown,' p. 40.
(Ar J. here ,lludes to what was universally known In
his time, that the Bank bill by corrupt stock.
joobng. founded upon le great stock bills; the funding
act, the assumption ACT, sud the Bank act)
"Whilsl the Government remained At PHILADELPHIA. a
selection Of members Of both Houses we're constantly
kepsas directors, Who every question interesting 70 The