Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1836-12-22
Q. STATES BANK AND THE CUR>
RENCY.
Letter from Mr. Biddle to Er. President
11dams.
FROM THE PHILADELPHIA PAPERS.

Noh TIE PHILADELPHIA PAPERS
a., Philadelphia, Nou. 10, 1896.
My DEAR SIR: | promised at parting TO
resume The subject Of our conyersation-ihe
condition OF the currency Of the u. States,
and The Bank question in PENNSYLVANIA. /
snail now perform my engagement-beri n-
ni"s WIN an explanation OF the controversy
about The Bank in PENNSYLVANIA.
The Bank of the United State, chartered
oy Congress, but fixed in PENNSYLVANIA. was
always an object OF State pride and St,.e
F"Iicy' had been proposed by Pennsyl-
'an'an, had always been governed Nv Penn
syivania, and when the Slate LOST. in The
course OF nature, It's commercial ascendency
.ne nahK stu maintained its superiority as
The financial Centre OF the Union. Accord.
ing'y, When the charter was abou, TO eynire
fennsy iyania made grea, efforts to renew il
| nus In The year 1881, a resolution passeJ
'he Rouse OF Representatives of PennsylyA
MA IN The following form:
feofuary "a, lS3l-"A motion was mad.
oy Ut lnSersoll re. j. aud read as follows:
~ lsesosrea, as The SenSe Of the Senate and
house 81 Representatives, That the Cons,i,
tuition OF The United States authorizes and
near half ccntury's experience sanctions
Danh Of tie United States as necessary oo,1
PFoper 10 Regulate the uaIuc Of money and
ciGfed UaLLe.'' '''" "tI''e'
This was modified as follows, in the Sc.
na'e' and hnaily passed, by vote alpos, NJ
unanimous, both branches of the Lerislat,,re
on the I'd of April, 1881:
nat whereas The Bank OF the q. States
n"s teAdsd IN great degree to maintain n
soun' ana UNIFORM currency, TO facilitate the
u'anciai concerns of the Government In
t,esu'ate iorcign and domestic exchange, and
a' zen conducive TO commercial prospect i
w me Legislature IF Pennsylrnnin recon, .
mend rsne,oaL Of It's charter. under sch
regulations and restrictions. as 70 the 800.
o! me several States, as Congress NAV .le,m
right and proper" ''''
ne subject was resumed the newt veo-
oh me "a February, 1882, the iullowing re-.
'Viu,ioh passed. the Senate unanimously and
II tot: =! 'o'e oi
g, Resoiced, That The Senators from III :s
STATE IN The Congress Of the United STATES he
instructed, and the Representatives reonest,
Gu =" use their eXertiOns to obtain II rcne,roj
q me chdrter IF the Bank of The u Syoiss
"uI,ns me present session OF Congress win,
such alterations Git any he necessary as
may secure The rights of the States"
p 90 'eGiued was the feeling in Iegard,io the
Bank, that, at the same session whiIe tb.
I Nil"i 'Ci tNe Bank W under
celebration in Congress, the following reso.
luton was passed unanimously bY b.u
g RcsOlUed, That, connected a. Ike ,,os.
pority "i agriculture and commerce is with
The successful financial operations and sonn%
currency Of The country ,ve Uie,o The rc sJ''
| teT'ng 9 TIE Bank Of he q. States rs 0cri
'at In, ;npg " 10 the public ,ceijare' .
ne Representatives in Congress shs,,d
.neSe opinions OF their State; Tor gu, Of tlei,
Ih'fty votes, only solitary member ,",eI
I against Tic recbatter Of The Bank.
al ihese proceedings Of Penns1lyania
were wholly voluntary, the slockhoIders o
'hg Bank taking no part whatever in Them
he oil passed BY Congress recborieri,o
NE VI 1ahk being vetoed hy ibe President Tho
BANK began to make preparation for closinc
us concerns and distributing the cauiiai n.
,nong The Stockholders. The division .gouId
nave been as follows:
here were, in all, 8 AZ Stockholders. n
Wn"m there were Pennsylvunians $50. otber
citizens OF The United States ,. 267, Iopeign.
ers 9oo. 10 these the funds would be an.
rFopria'ed as follows.
10 The New England States. 93.1Il 0O0
NeW foFk and New jersey, 1850 600