Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-10-06


and Banking to Liberty and the Cause of the Peo
Pie that We have been compelled TO give more
Importance to the clamor than it really deserves
1t Is easily shown that the frs, impulse to Bank
ing has IN every case proceeded from the advocates
OF Freedom, hrs been associated with eno,,s IN
the cause OF Human Rights, and has encounter
ed the jealousy or deadly hostility Of despots and
oppressors In every quarter find the expan-
sion OF Confidence and Credit commensurate
with the establishment OF Liberty AMI Law. and
whitening before the biightIng prospect of ,y
ranny We fnd 1t at London, Ans ,erdap. and
Hainburgh hardly any at St. Petcrsblryh B.r-
I'm, or wanna; none as R,me Con.tan,inople. or
fekin In our own country, too, the intimate
connexion o. the Origin Of Banking with the es-
Enlistment ofour liberties is a striking truth
which is not generally known. The following
snp.e relation of facts, dawn from the most un-
doubted sources, will place this subject in its true
iight before our readers. 1t was compiled by
the Editor of the Havana Republican
Inc Bank OF North America the first in
corporated by an act of Congress, and the man
ner IN which that came into existence we shall
give IN tho language Of an eminent political writ
er, who was perfectly conversant with all the
facts.
1T may be easily rocoected that the present
bank was preceded by, and rose out of a for
mcs one, called tho Pennsylvania bank, which
began a few months before ;the occasion Of which
shall briefly state.
which station resigned at the end of the year,
and accompanied much lamonted friend, the
late col john Laurcns, on an embassy to France
'Fhe spring Of 1850 was marked with an ac-
cumuaion of misf,rtuncs. The reliance placed
on the defence of Charleston failed, and exceed
ingiy lowered or rather depressed tho spirits of
the country. The measures Of government from
the want of money, means and credit, dragged on
like heavy loaded carriage without wheels, and
were nearly got TO what counsryman would
understand by dead pull.
'WlIile assembly was sitting, a letter from
tho commander-in-chief was received by the ex-
ecutive council and transmitted to the house
The doors were Shut and it fell officially to me to
read.
in this letter the naked truth OF things was
unfolded. Among other Information, the gentle
man said, that Notwithstanding his confidence in
the attachment of the army TO the of the
country the distress of it, from the want Of neces-
saries which men could be destitute of, had arisen
to such pitch, that the appearances of mutiny
and discomfort were strongly marked on the
countcnance Of the army, that ne dreaded tho e.
vent of every hour.
when the letter read, observed des-
pairing silence in the house. Nobody spoke for
"A considerable time. At length member, OF
whose fortitude to withstand misfortunes hat! a
high opinion, rose: If said he, 'the account in
that letter is true state ofthings and VIC are in
the situation there apprehended, it appears to me
VAIN to contend the matter any longer We may
as well give up first as last
'Ihe gentleman who spoke next, Ito the
best of my recolection) a member from Bucks
county, who, in a cheerful note endeavored to
dssipa:e the gloom of the house-'Well, WELL
said he don't let the house despair, if things are
not so we'll as we wish. let endeavor make
them BETTER And on motion for adournmen.
the conversation went no further
There was now no time to lose, and something
absolutely necessary to be done which MOI
in the power ofthe house to do; for what the de
probation of tho currency, the slow operation o
the taxes, and tho petitions to be exempted there
from, the treasury was none yiess, and the Gov
ornment creditless.
A subscription Immediately opened BY
the Wings of Philadelphia, which was intended al
donation to be G iven in boun,ies, to promote
the recruiting service. In the mean time, new
of the loss of Charleston arrived, and meeting
of the subscribers was held at the city tavern
SAT this meeting it was resolved to open a Sc
curity subscription, to the amount of three hun
dred thousand pounds, Pennsylvania currency il
real money the subscribers to execute bonds L
tho amount of their subscriptions, and to form
bank thereon for supply the army. This be
ing resolv ed on and carried into execution tn
plan of the first subscriptions discontinue
and this extended one established in its stead.
BY means of this bank the army was supple
through the whole campaign, and being at tn
same time recruited, enabled to MAINTAIN
its ground and on the appointment of Mr. Morri
to be superintendent Of the finances the sprin
following, he arranged the system Of the pre-:
ent bank, styled the bank of North America, an
many of the subscribers of the former bank tran.
ferred their subscriptions into this
Towards the establishment OF this bank Cor
gress passed an ordinance of incorporation Deceu
Der 2lst, IT'S, which the government of Penn
sylvania recognised by sundry matters; ami a
forwards, application from the presider
and directors of the bank, through the medit;
ton Of the executive council, the assembly
greed oand passed the state act of incorpora ito
April LIST, ISL
Thus arose the bank-produced by the distre
ses of the times and the enterprising spirit of pa
riotic individuals. Those individuals furnishe
and risked the money and the aid which the 90,
ernment contributed that Of incorporatin
them. 1t would have been well if the state ha
made all its bargains and it's contracts, with ,
much true policy as it made this for n great,
service for so small considera ton, that only
an act OF Incorporation. has not been obtaine
since the government existed.
The sudden restoration of the public and Of
waite credit, which took place the establis
ment of the bank, is event extraordinary
itself as any domestic occurrence during the pr
gress of the revolution
We ask our readers to note the following fact