Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-11-18
4 NATION Nal ANk.


tie conanHcc Of Ways and Meaas. declaring
Il iEcrpcdicnt 10 charter Il National Bank--ae-
Hrercd IN tic House Of Representative, Sept.
l6ti, 1887.
For forty years Of its existence this Govern
nient had national banA-l mean n bank that
was the fiscal agent of the nation. In the same
period. that since the adoption OF the constitu-
ton, You have been for six or seven Years only
without Il national bank, a:ld this at two different
periods Now. sir. 1t Ii could be found upon the
records OF the history oi the country, that such
disorders exist at present. have never occur
rcd during the period when You had national
bank. though the period extended through the
space o. forty years. and that each time when
national bank ceased to exist. these disorders be-
gan and continued, as they De. Is il reason
able and natural to infer. that this co-ensience
there is a connection OF cause and effect? be-
llcve ii rs much rs L believe any trnth whatever,
which have been taught been able 10 disoov
Sir. ii Is the business OF n statesman. from
every event. good or tad. to endeavor to draw IN
structon. His pressing and immediate duty is To
get through eNIgencies existing. with as little in
jury possible; but his next duty is. ont OF the
eyigcncy itself. 10 extract lessons, which may lie
applicable in future times. and pre-. ent recur-
renee of similar disasters. Now invite the at
tent OF the House to three points III our history:
for short history is, 1t furnishes three pert
ois upon the subject IN question. and Ii Is really
astonishing when You come 10 look al taoi what
in contradiction TO this resolution.
Sir. the first bank established within the
limits Of the United States was national bank
We all familiar with the state o; things which
Immediately follow ed the last emission of paper
money commonly called continental money, by
the old Congress. The amount Of that emission
think. two hundred millions of dollars. 1t
rapidly deprecated, arriving no doubt in its de-
scent. at the rate mentioned in the message. OF
five hundred to one; and finally was cried down,
as 1t termed. being OF no value Whatever.
This u dark and appalling moment. Our
troops without paw. without clothing and without
provisions: the Treasury WIS without money,
and Congress was without credit. Prior to that
time no bank had existed in these provinces. or
colonies States. after they became states
The provinces. while provinces, had all been iii
the habit of issuing bills OF credit. and the Con-
ercss of the United States caused to be emitted
that paper. always since known by the name of
continental money! and which living.
If he has any recollection of it, desires ever to
see restored again, nor any thing in its likeness
When things in this condition. and that
great and good man who was at the head of the
armies Of the United States Was pressing, in
cry way. the indispensable necessity Of raising
means, few patriotic citizens OF the city OF
Philadelphia got together, united their funds. and
with them established the Bank Of North Amer
lea. This was the first dawn of light. The
means, the money, and the credit afforded bv this
establishment gave some aid and relief. tn the iroy
eminent In the following year, that Is say. in
i1sl, Congress found it necessary to have
regular system OF finance; to appoint supcrin-
tendent; and that superintendent recommended I
to them the incorporation OF this national bank.
the Bank of North America. the only then
existing. And you will find, whoever viii bc
At the trouble of searching the Iournas of that
Congress will find. in that year, in dark mo-
ncnt of the revolution, when, however, patriot
SIN aboundcd well as difficulty and danger, {
he resort of those who to bear the brnnt
If the contest was to national bank: and the
national bank under God, among the great ,
means that enabled them 10 accomplish their VIC
orics, and finally to achieve the independence of
he United States. Such the first national I
first bank, indeed, had Its {
oundaton was laid BY the hand Of patriotism.
The next period. sir. is the establishment Oh g
he Government of the United States under the d
resent constitution. in 1883. at which there c
we're four banks. think, in the United States. ?
'tate banks all OF them. At this time, owing to II
oubts being entertained of the power of Con o
rces. under the articles of confederation, to es Il
absh national bank, or whatever it was owing
D, it 50 happened that the Bank of North Amer r
"a. located IN the city of Philadelphia, had ac- il
opted charter from the State of ylvania, n
nd became State bank Banks were by that h
me also established in Massachusetts, in New q
ork, and in one other State. There werefour y
tate banks. p
When the Government became organized d.
err the constitution 4 national bank was estaD- d
shed in 1871, with charter for twenty years. II
IT, twenty years Of active commerce, twenty oil
ears of occasional commercial revuisIon. twenty oil
mrs of speculation. occasional; and at times. Sc
cry active if YOU please, for never was there W
eriod in the history Of this country, perhaps. n;
lring which there speculation IN trade, "
ore speculation III land-not public land-but W
nd of all sorts. About the wears 1875. 1896, W
nd 1897. perhaps little earlicr every who Ell
collects that period, well knows that failures sc
not less frequent. and not less gigantic than tn
ev have been since. They were, besides the W
binary fuctuations. the Gibbs and flows Of busi- b;
ess Bat the bank kept on for the twenty years; to
ID. during the whole of that period of twenty
ears. your currency was maintained throughout pc
G United States, and you never had exhibited de
e scene you now have Of suspension of spe- L
c payments. XII
Well. sir, that bank expired in 1911; the year de
,1i specie payments were suspended, and con- as
nued up TO 1877. In 1916 the Congress OF the oF
nited States again resored to this e1Pedeht o. ca
a national bank. And here, sur al au
W TO say and TO say il matter Oh history. L
,out which il is impossible there can be any ba
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