Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-28
LETTER FROM MIR. BIDDLE TO THE
HON. j. @. ADAMS.

Ny DEAR SIR: | promised at par.
ting to resume the subject of u con.
versation-the condition ofthe curren.
cy of the United States, and the Bank
question in Pennsylvania. Ishall now
perform my engagement-beginning
with an explanation Of the controver-
sy about the Bank in Pennsylvania.
The Bank of the United States char
tered by Congress, but fixed in Penn
~sylvania, was always an object OF
State pride and State policy. 1t had
been proposed by a Pennsylvanlan.
had always been governed by Pennsyl-
yania, and when the State lost, in the
course of nature, its commercial ascen-
deney the bank still maintained its SUI
periority as the financial centre of the
Union. Accordingly when the char
ter was about to expire, Pennsylvania
made great efforts to renew It,.
Thus, in the year 1881, a resolution
passed the House ofRepreseniatlyes of
Pennsylyania, in the following form:
FEBuARY 81, I631.-A motion was
made BY MFR. Ingersoll re-. J and read
as follows:
sResolred as the sense Of the Senate
and House Of Representatives., That
the Constitution of the United States
authorises, and near half a century's
experience sanctions A Bank Of the
u. States as necessary and proper to
regulate the rdlue of money, and pre-
rent a paper currency.@ unequal ana
depreciated udfue.
This was modified as follows, in the
Senate, and finally passed by a vote
almost UNANIMOUS, both branches OF
the Legislature on the second of April,
1881.
"That whereas the Bank of the Uni
ted States has tended liz u great degree
to maintain a sound and uniform cur
rency, to facilitate the financial con-
Germs of the Government, to regulate
foreign and domestic exchanges, and
has been conducive 10 commercial
prosperity, the Legislature Of Penn
s~uluania recommend a rcneacal OF its
charter, under such regulations and
restrictions, as to the power ofthe Sew
cral States, as Congress may deem
right and proper
The subject was resumed the next
wear. On the ID FEBRUARY, 1882, the
following resolution passed the Senate
unanimously, and the House oil Repre-
sentatives by d vote Oft to T..
Resolved, That the Senator'S from
this State in the Congress OF the Uni
ted States, be instructed aud the Rep
resentatives requested, to use theire1-
ertions to obtain a renewak Of the char
ter ofths Bank ofthe United States du-
rmr the present Session of Congress
with such alterations (if any be neces-
sary) as may secure the rights OF the
States"
So decided was the feeling in re-
gard to the Bank, that at the same SEES
sion, while the question Of rechartering
the Bank was under dellberation IN
Congress, the following resolution was
passed unanimously by both branches:
ssResolred, That, connected as the
prosperity ofagriculture and commerce
is, with the successful financial opera
tons and sound currency Of the coun-
try, we view the rechartering Of the
Bank ofhe United States as Of rital
importance to the public weyare.
The representatives in Congress
shared these opinions Of their State;
for out of their thirty votes, only a
solitary member voted against the re
charter Of the Bank.
All these proceedings ~ofPennsylvo-
MIA were wholly voluntary; Stockhold-
ers ofthe Bank taking no part whatev~
er in them.
The bill passed by Congress rechar-
terlng the Bank being vetoed by the
President, the Bank began to make
preparation for closing its
and distributing the capital among the
.,ockboIders. The division would have
been as follows
To the N. England States S3,lll,OO0
New York and New Jersey 4,569,o00
Delaware, Maryland, and the
District of Columbia, 2,02I,oOo
Virginia and N. Carolina, S94,oOo
S. Carolina and Georgia, 3,o3l,ooo
Other States, o9'ooo
Foreigners, 9'loo'ooo
Tho Government of the U.
States $685. 900
Pennsylvania, o'%l''voo
From this, you will perceive, tina
Pennsylvania, owning little o than
five millions, had the use and manage
ment of thirty five millions Of capital,
and those who governed Pennsylvania
very naturally reasoned thus:-
Pennsylvania has embarked ina gree'
system of Improvement, which had al
ready cost more than twenty millions
of dollars. She will want more. Blu
,tbe c,rrencv ia derapged, she will