Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-09-21
INCREASE OF BANKING CAPITAL,
AND BY WHOM.

BY the following statement Of FACTS
and "facts are stubborn things"-it will
be seen what the effect was Of breaking
down the United States Bank, as re-
CARDS the incl ease Of "bank rags" which
the tories make such hue and cry a.
bout. 1t will be seen that the party took
immediate advantage of the absence Of
this regulator, and created banks by
scores. Van Buren legislatures every
one! Having committed the evil, they
cry "stop thier'! to deceive tho people,
but it will not DO. .'
The Legislature of Maine, which elected
81, Messrs Shepley and Ruggles, Jackson Van
Buren, men, to the U S. Senate, increased
the banking capital Of that State from 81, ,05O.
600 TO $3,549. $50.
The Legislature of New Hampshire, at the
same time, increased the banking capital of
that State from 81, ,79l, $50 to So 655, ,OOS.
The Legislature of Connecticut, which E.
lected Mr.. Niles to the U. g. Senate, increas-
ed the banking capital oe that State from S4,-
4S5,l77 to $780, ,766.
The Legislature of New. York increased
the banning capital from So, ,35l AGO to $37,-
3O1, AGO.
The Legislature Of Alabama, which elect
ed VIM. K. King to the Senate, increased the
banking capital Of that State from $643 5O3
to 81, ,lO7 ,G23.
The Legislature Of Louisiana, which elect
cd A. c. Nicholas to the u. s. Senate, also
increased the banking capital of that State
from S. .665.980 to $27, Jas, and last wear
$47,OOO,OOO!!!
The Legislature of Mississippi, which SUBJ
stituted Walker for Poindexter in the u. S.
Senate, enlarged the banking capital Of that
State from $95O.0OO $780, 1862.
The Legislature Of Tennessee, enlarged
the banking capital from $737 8l7, to 81, $780,
3Sl.
The Legislature of Missouri, which sus-
tains Thomas II. Benton in the Senate, has
created a new State Bank with capital of
$5,OOO,OOO.
The Legislature of Ohio, which elected
Thomas Morris to the Senate, added about
$5,O00,O0O to its banking capital.
Here, at once, we have the naked truth
that Nessrs. Jackson and Van Buren,, under
the mask, the plea of furnishing Gold and
!Siiuer as a circulating medium, have, on the
contrary, and in ten States, which, unhappily,
they controlled, augmented the PAPER
CAPITAL, to the enormous amount Of near.
iy EIGHTY-TWO MILLIONS Of Dollars
illegally seized upon the peoples money,
deposited in the United States Bank, and
placed it in these new Banks, where the most
part of it is irrccoverably lost, and the whole
of these institutions, Of their own make, have
been bankrupted.
Thus we see that in ten States, while un-
der the control Of the supporters of Jackson
and Van Buren, the banking capital was IN
creased, in a very short period, 81 l,GD'243
dollars. To accommodate these "democrat-
ic" institutions, the depositos were taken
from the United States Bank and deposited
for safe keeping in their vaults. The result
has been just what almost every body pre-
dicted-the prostrauon of credit, the destruc-
ton Of the currency Of the country, the re-
storation Of shin plasters, and wide individu-
al and national bankruptcy. How grateful
ought we to feel to the Shin Plaster Party
for all the benefits Of their Legislation!
There was a tremendous hurricane ut APP
slachicols on the Ist inst which destroyed