Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-11-15
POLITICAL.
Ertnact from the speech Of The Hon. f. H.


incline to that tremendous engine of party.
power and oppression, U. States Bank,
10 deliberate long; before they yiold h a |
support. OF all the schemes ever in. cut
cd, to forge fetcrs for free people. i, is
the most insidlous; and of all the means
by which the South has been cheated, op-
pressed, and enslavcd, ithus been the mos.
efficient. Its advocates and friends, with
few and honorable exceptions in public
life, are the supporters Of Tariffs, Internal
Improvements. aud all the Federal here
sizes which lend to consolidation, or go 10
arm the general Government with despotic
powers. beg your attention, while
trace some of its operations.
No Bank can now he chartered, which
will no, DC party Bank. Itis the 'Whig'
measure, and is Intended to put them into
power, will, all their latitutlinarian and
dangerous principles; aud will he so framed
1f.they succeed. as To aid in keeping them
there. No bank can be made strong c.
nough to do any good. that will not he
strong enough TO do infinite mischief. If|
powerful enough 10 regulate the currrcmcy,-
anu The State Banks, i, will be powerful
ononsh TO destroy ,heml at will. 1t will1
he aSreat institution, capable Of rendering
the sovereign action of the States null. foi
lift can destroy State Banks. il is useless
TO say that it is a,sovcrciSn power which
creates them. Over This institution you
will have no power. il will be irrespon
slblc. The history cfil!c old Bank will be
long remembered. It's track was literally
ovor broken State Banks, and was watcrcd
ny the widow and orphan Stockholders,
who were runn'l and Eankrup, bv its Sc
verify. The State E",,ks were crushed
to make room for il, and give cInnlnvment
n re .rio tnl II 4
which the suilcrin. country yroaucd, while
tho United States Bank was con,lurtinn
the currencvto what il called a sound state.
was too terrible to be again endured. Who
amongst us, would renew such scenes of
ruin and SnSOw! But. above ALL whu
would violate the constitution, to infiict this
sconrSc again upon the country! We
have seen, that there is NJ, cypress power
granted in the constitution, TO make a Bank
nay. that it was asked for, and refused.
10 authorize its creation. its advocates re-
sort 10 construction and i,npiicarion-a
mode of obtaining power, opposed bv-s,he
old Republicans OF so aud '9S, and rnu,f
dangerous 10 he admitted now. OraIl pco-
pic, we, of the Snuth-thc weakest, ana
destined always to b" the weakest section
should be most inlcXihlv opposed to con
structive powers. 70 them. we owe ,-br
n,
internal improvements, With all their ru-
1n"ns tram OF corrupton,a cxlravagance.
ana oppression; ant, hy them VIC are threat 4
cncd with Abolilionis,il, and it's horrors. ~
ihere IS no one power, fnna which tlsd
implication IL pretended 10 be- derived: To
which 1t. is n"tSSas,Iy superior in in,pcr
sfance aud effects. There is nothing SD
dangerous TO the South, us admitting the
L'""''''' The same rule will touch ou.
aEe ioilye ,dG n5'f fn,c, if w.. we ""y "ourn our
stric,c>, adherence TO ""rr, ii" ii ,In .. ,e
our oniv safety, in This Ininn The Re-
puhsisans of 1850, were wi.r men, and AS
thcn, let us Insist OH strict construction.
One elect of The old Eank. WIS to cen
traliZc trade in iiir Nnrih Loo .ilcd there.
II was, with aii its branches, NGrrh and
Son'f. East ard West, under the cn,ir"
control OF Directors. who were Northern
men. living and having their interests and
friends, at the nor.h. In cuu,uciium lis af
fairs, it was nalural,i,c would rive a pre-
ference To their own section: and r:o,t
especially so. whcn, by it, they would en-
hancc their profits. by a;d 6r,hc dcpos
lies, and accommodations to their n,cr-
chants, torciGn imports were brought there
ana tho internal trade sought their markets.
New ork. especially. became the centre
OF coI'mcrf"; all sections Of the country
hecaInc her customers ann exchanges OF
course were turned TO her, linu all ,ircc-
tons. Every exchange operation hal It's
prohf, and the more complicated and muj
1Iplicd, the more profit 10 those who could
monopolize them. With branches ever,
where: and by mems Of the revenue de-
posltrs, aud the universal circulation and
credit given To her nOics, bv the Govern
incnt, tho Bank seized on the EXCHANGES,
MS her Own. m"nopoizinS the business. |
ana Ms immense rrc'i,s. In this business
IT tolerated no rivals, and woo to the S;,u,c
Bank which dared to claim from the Lion.
81 share of the spoilsrssA have one re.
'nhrkhhlc instance. Uffise Gsc made oI,hcsc
lmmens' powers. in 1872 AMI quote il. "a
illustrating the powerful influence of sec
non, III the management Of rIia, institution. |
MIR. Biddlc, i'll letter to the committee
OF investigation dated 9Th April, 1882. in
speaking q! The alarm in The country :t |
The state of the foreign trade. from Tie cx
cessivc Importation, oI the wear bcGore |
srff-': ----
The point where these imporiaIscns 4
occurred, End where fhe revenue was paw
nblc,was 1T New York. The whole force
of the institution was, therefore. direct In
strengthen that place. and the distant
branches were directed to avoid inconmo-
ding it, aud lbc At!luiic branches near to
IT, 10y drafts upon them, but to paw their
balances to them with as little dclay os
me convenience OF their respective local.
lies would permit. This is the whole poli-
cy oi the bank. for the last six months -
lt will he seen therefore that, without u
ammunition. there is an actual increase of
business IN New York. an.! "a LARGE u-
crease OF the dOincsli' bills of The b,auci,es: