Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-11-03
From tbs New York Courier and Enquirer.
AK RAGS BETTER THIN s;pECiE.

+ BANK RAGS BETTER THAN SPECIE.
/ How often have the uann:c bccn assured by thu
Globe and the Administration prints generally
that the Bank of the United States was tnsovent
and its bills mere worthless rags, which woulC
never be redeemed. General JACKSON went stil
further; and forgctfi.l Of his high station, and
just regard for truth, gravely declared to the wo:t
of his annual messages, that the instite
ton was not only insoivent, but unable To pay thc
Government dePositas; IN other words, that 'tie
Bank had sunk its entire capital OF go, uo0,uo'
and n portion Of the money deposited with 1t by
tho Government and individuals! 10 duly cstl
rnatc the wciledncss and true character ct tins
notoriotslv false charge, It IS only necessary to
bear IN mind that at the very moment 1t was made
the Institution showed balance o. several nit
lions of dollars and above its capital stock
AMI general Indebtedness, and its shares were sci
ling in the market at advance ct twelve per
cent! Wictcdness, folly, ignorance and menda-
charge against any institution; and the Admins
tration press from Maine TO Louisiana, wei! know
ing the charge to be false in every particular did
not hesitate 10 give 1t currency. and call upon
their readers to credit il. Nav. The very Pfesi-
dent and Secretary of the Treasury, who CON
coctcd and published this falsehooa, 80 well knew It
to be false. that while declaring the Bank be IN
so!vcn and its bills and stock worthless, rc.lsc1
to sell at par the seven millions of stock which the
Government held in the Institution, and for which
thew have since received from the Bank nearly
EIGHT MILLIONS Of dollars IN gold and silver! HIS
tory will rive to this transaction its true chaIac-
ter: aud the reracity Of Andrew Jackson will be
very differently estimated by po.teritv from what
ii during the period Of his administration
From the period that the Executive OF this great
country first permitted himself to be thus led as
tray from the path of honor and published 10 the
world such malicious SANDER against the Bank,
it has been the business of the Presses Of his ad
ministration and that of his successor to keep up
the crv OF insolvency against the Bunk st the
same time that they pctitonIng at its co'in-
ter for aid to carry on the Government. "lbank
rags ssworthess trash,'' and similar epithets,
have been constantly applied to the bills OF the
Bank in every number of the Globe. tor the last
six wears; and finally the people have been told,
and partially made TO believe. that all conneH:on
between the Banks and the Government must be
dissolved-that the office holders must be paid IN
gold and silver. while the people must be content
with what the Administration denomnates - Bank
Rags, In short. the Government have made ev
cry effort in their power TO dIscredit Banks ami
Bank paper. in the hope of getting in their hands
the whole revenues of the country, 10 be used by
then, in the purchase of votes. to retain their III
gotten power. They have in truth. seized upon
the public purse. and in defiance of all law and
the plainly expressed will of the people, not only
leave 1t in possession of their minions every
part Of the country. bat has become too aPpa-
rent to the most casual observer, it IN corrupt
inc the very fountain head Of our system. by vio-
lating the sanctity OF the Ballot Boxes
They know rs VOL as 90 the intelligent Of all
classes. that il is utterly impossible for the Gov
eminent to be administered on the nrlnc pies DAT
" avowcd ~ the Administration Party without
bringing ruin upon the country. And thev have
discovered, toe. that with all the Boosted infeper-
ioncc Of Gov orncnf, of the People ard the Banks.
il cannot proceed in its operations without the aid
IF both and thuS,while thrv keep m the serseess
cry Of s'Ban. Race and daily proclaim the su-
cerior efficacy Of Specie, tev not only hum
bic slrolicants Il. the doors Of the United States
Bank for aid bat thev have in fact made that in
stitution the fiscal agent of the Government. on
condition that its would put forth il arm and save
them from the disgrace which their own folly and
wclcdness have rendered inevitable.
BY the following circular from the Office of the
Pavrraster General. It will be perceived that the
bills of the Bank Of the Cnited States declar-
ed to be more conrenieRttlGn specie and that full
authority is given 10 use them in all cases where
It can be done legav-bv the Constitution of the
United States nothing being a legal tender but
gold an;i silver Whata commentary is this upon
the rerGcity Of Ger eral Jackson. What COM
menlarv upon the character OF his annual mes
SaCes and other grave public documents, How
thoroughly characteristic is it of the reckessness
and utter want of principle Of all connected with
the past and present Administrations, But e.
nouch Of reflections which arc calculated to make
everv man of character or feeling blush for the
DEGRADATION which has thus been entailed
upon his country BIZ reckless band Of rowing
advcuturers who were suddenly metamorphosed