Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-12-27


These are questions which affect the dig.
| Li,y OF the Government and the in,er.,t.
OF the people. lie referred 10 the :one NJ
influential journals. IN the confidence Of
the Bank. 10 show that an alliance With
the Bank would be soon offered One
paper says, I'VE NAV see National Bank
established, by this insensble process.
without the assent Of Congress. The
Baltimore Chronicle. an influential ioor.
nal. IN the confidence Of the Bank. use,
the Following language:
The determination of the Bank % pursue.
hereafter. rS own eouy>~ Of money making.
without reference o. the rr,er-epr,eS az a..
country, Will bc considered ~e presume a. con
hrmaiory of the SuSPlclons That have been for
some time abroad that the Government and h.
Bank will 10 longer - AT war. Tins DoS,t,on
however. results from the change N tho nature
Of the Institution, and Is what was a. have ecr,
expected. The Bank, with the facilities Il NAV
render 10 the Government, may well aspire d,
the post Of the chef of the pvpu>i'c Banks, amt
will, no doubt, IN The course OF a very shof,
time, hv an insenSblc process, become the hscal
agent of the Government The result OF all H..
experiments of the reign Of Jackson and Van
Hur'n val lhus Dc g. substitute n STATE Ias,i,g-
ton, owing - a,i,gianCr To- the General Govern
rlcni, for d" Hlnk which. whist ~ was the era
iurc Of the General Government. was subject ia
itS coD;rcul and supervisory power. The mon,
of the Government Will now D.. IN vaults ms.
which the Government Will have no right TO lc-,.
la the custody OF officers whose conduct tho
Government will have no right TO Scruiinizc--
Instead Of being represented al tbs Board of the
Bank hv Directors Of IT. own appointment, Il
must now submit ID cnirust ITS millions To- tho
control Of a Board which will not allow u To- >av
a word a 20 the a position It shall make Of ~
vast means. ~ ends tho experiment"
An InStItutICu ire snOnSlble To conOrexs
above our reach az a State institution, IT,
vaults and books shut up from all scruiiny
excep, IT the two high contracting par.
ties, will thus be created an institution
which from the nature Of ITS contract,
mus, be- po!,icaI agent. will thus be es-
tablI>hed. Such is the alliance attempt
ed 20 be made. Ia the name Of NV coun-
try. come forward and forbid the bans
] have. besides the inform alton sought
from the Secretary of the Navy in r.la-
ton 20 the L.. :. Bank, another Object
] wish TO show. as I can, that banks have
been employed by the Treasury in a man.
ner which ~as unau,horizt nv law. and
which - exposed To serious objections.
The Secretary gives uS list Of sixteen
Banks, which ould not be employ ed un-
der the depositc law. bat which are EN-.
be found that these were nat specisl de-
PHshones any more than ANY other which
were ever employed under the deposit
act. Mr.. X. also stated that the amount
LEI IN the bands of State Banks, no,w.th-
standing all the homilics preached against
the system, Is too large Tor safety. Twill
!eii you what all this means They want
n connection with but they wish 10 have
them a Executive agents and creatures.
They want Banks II they can have the
entire control OF them. They are 10 en-
P!oy them whenever they please. and
dismiss ihcm when they please. The
money power Is thus To be brought under
the direction and control of the Executive.
Therefore 1t asks liberty TO employ bank.
or not, as II may suit their interest
While they tell Us that they wish not 10
establish system of Banks. regulated
and sanctioned by law, they must have
one OF their ogn. under their own direc-
ton. What Is the use OF the four Re
oeivers General aud yonr multitude Of
SuS-Treasu.ers They are 10 be kept for
show, or for the purpose Of extending
Executive patronage. Both the President
and Secretary recognize the utility and
necessity Of employing Banks as fiscal
agents but they want the exclusive con.
troll OF them. The Secretary acknow-
lodges that Banks are very safe. as 10 the
chance OF ''rsmiuai payment" what do
We want more than such ssfety' What
Is The chance Of erentaai png ment from
yonr Sub Tressurers who have eluded
your grasp, and sheltered themseIVe, in
foreign lands, You NAV seize upon their
gorgeous furniture. unless II has been Sc.
cured 10 some isNorI,e creditor Asweep-
'ng and all powerful control over the mo-
med Institutions OF the country il thus 10
be established, by ihis executive system.
Mr.. Rives dwell upon many other to-
PICS and with Ircai force. IN come xion
with this subject.
Mr.. Wugh, made brief reply and Mr..
R'ves rrloIned with great power.
Mr.. Niles followed in defence OF the
Suh-Treasury system.
MIR. Crit,endrn spoke in support If
Mr. Rives's views. lie wanted the
country 10 know, he said. with what IN
CAUTIOUS haste the government was ready
- post 10 ih,. alliance.
Mr. Cuihberf then addressed the Sc
na'e and the Resolution was adou,ed, and
The senate Adjourned