The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-18

In urthernnce OF TINS object wen waftaheuo y tue So
stitulion and laws Of the land, and believe that the
honor and best interests Of the country mperousy re-
qaire that they should be fully sustained BY the people,
and by their representatives here"
Again--in the same speech:
"The country has approved the course OF the Exc
cutye, in bis attempts 10 relieve Us from the coupt
and corruptng power and influence Of National Bank
and il will sustain him the experiment now making 70
substitute the State institution for such hsca agent
have the fullest confidence Ia the ULTIMATE ana
COMPLETE success Of the trial. But should Il not
prove satisfactory the country II will then be time
enough 10 resort 10 the conceded powers Of Congress-
or TO ask from the people what until every other expe-
riment be fairly and fully tried they will grant,
the power TO establish National Bank.
Speech Of Silas Wright, in The Senate of he Uaited
STATES on re-eharteriag The U. S. Baak-hiareA
20, 1884.
II having been urged that an u States Bank was
necessary TO carry on successfully The fiscal opera
lions of the Government, Mr. Wright said
az say. that in the absence OF such institution,
the STATE BANKS present TO the Government, the
BEST and most CONVENIENT fiscal agents, Of
which the nature of the case 10 susceptible. had on
former occasion, and repeat, that think them PER.
FECTLY SAFE AGENTS. / have said. and
peat. that ] think them FULLY COMPETENT TO
discharge ALL the dues required by the Government,
in the collection and disbursement Of public revenue,
cessity Of the Treasury"
Again, he says
Stl. sir, repeat, gentlemen should turn their
tenon to the subject II we are 10 have no U. s.
Bank some disposition MUST be made Of the public
deposits say place them in the STATE BANKS
To an allegation made by Mr.. Webster, that the
Safety Fund Banks in The State of New York, were
engaged In politics, Mr.. Wright said
But. Mr.. President, the honorable Senator (Mr
Webster) is mistaken; the Commission (Bsnk) is not
a political commission. The banks in New York are
political banks. do they attempt exert po-
tcal influence The citizens of that State Of what
ever political party do not invest their capital in banks
for political purposes, They understand their interests
too well to do So They make their investments for
the profits to be derived from them and tho banks are
conducted with single view TO this object wish
had the power TO persuade honorable Senators per-
nit their minds to be undeceived this point They
led themselves into many mistakes upon the subject Of
the New York banks by adopting this error and rea.
soning from t. without proper acquaintance with the
law the facts from which opinions would be
formed. The banks Of New York are NOT political in.
sfaufions, Their object is 10 make money and IL
they can do that, and Il the law be such protect
their rights and to facilitate their operations they care
no. who rules, what political party ,rsmphs, or what
politician succeeds"
What higher eulogum could have been passed on
the Deposite System! Was the Senator sincere
then Z IL so, is he equally sincere in denouncing
now what he then lauded In such high terms OF
commendationi Has any thing occurred since these
speeches, calculated to produce any change of opi-
MON in regard to that system7 Certainly not On
the contrary, experience has shown that the system
has worked well, equal TO the highest expectations
OF its projectors The last Message Of General Jack
son bears testimony TO this assertion Since these
speeches, moi cent has been lost to the Government
by It, Nothing, nothing can be urged against it, ex-
cept the Standing stereoiyped remark, "the Banks
have suspended specie payments = an act so far from
deserving censure that il is worthy Of all praise
under the peculiar circumstances OF the country as
| will, before close, show.
What an able and triumphant vindication, is con-
tanned in these two speeches. of the Banks from the
now fashionable calumny, that they engage in poll
tics and Try to influence elections and this calum-
ny, too, propagated from high places Where is the
proof that the Banks are engaged In political strug-
glesl There is none. What the Senator said OF
The e, Banks in New York in 1924, f. ,,ns now,
-, .,.sy sr,.is exert political In.
aneace"
now give you copious extracts from speeches de-
livered by the now oracle of Loco Focoism Let
me urge them upon the candid attention of ALL and
particularly of those who have by the force OF mere
party impusion," permitted themselves to Join the
crusade lately raised against the banking and credit
system of the country:
Mr.. Bcnton's Speech in the Senate u S. June q 1884
on HlS pTOpOSHtOU 70 pfOUtut Dy tuD TOT TIC uEpOStk
The public moneys in Tie STATE Banks.
"Mr Benton said he deprecated the spiri, which
seemed to have broken out against State Banks and
said argued badly for the rights Of tho States The
strongest current Of consolidation which was now OBJ
servable in the Union, was that which in favor Of
the federal bank and against the State Banks, and
threatened to consolidate all moneyed power and with
it all political power favor Of great central nstitu
tion Independent Of the States, and able by its own
avowal crush the State Banks at its pleasure This
spirit against the State Banks mpusion Of mo-
dern origin unknown the fathers Of the Republic,
and to the early history Of the country, and strongest
where the spirit of consolidation the strongest
and where the defence OF STATE Rights the weakest.
At the commencement of this federal government said
Mr. b., there no federal bank, and all tho public
moneys kept in the State Banks, drawn direct
from the hands Of the collectors Gen Hamilton, when
Secretary Of the Treasury, kept the public moneys in
these banks and kept them safely there. When the
Federal Bank proposed in 1871, and the keeping
OF the public moneys was one oil the services attributed
to it, Mr. Jefferson, then member Of President Wash
ngtons cabinet, denied the necessity Of U. s. Bank
for any such purpose, and openly declared himself IN
aror OF the State Banks He said these banks had al
ready done this business for the government and done
It ireH and would doubt enter into arrangements
with the Treasury for doing permanently, and bcf
ter terms than il could be done by the Federal Bank
Mr. Benton read extract from Mr. Jefersons cabinet
opinion in these words The existing banks will with
out doubt enter into arrangements for lending their
agency and the more favorably. there will be
petition among them for it, whereas the bill delivers us
up bound to the National Bank who are free refuse
all arrangement but their terms. The thing
(keeping and disbursng the public money! may be
DONE aud well done, without the assumption OF doubt
full power, &c" Mr.. Benton further said, " that what
Mr.. Jefferson affirmed in l79l afterwards proved
under his administration and that Of Mr. Madison.
During the whole Of their administrations, large por-
ton OF the public moneys kept in the State Banks
and safely kept there, Mr. Gslatin, in answer to
call Of the House Of Representatives some time before
the expiration Of the charter Of the first U. s. Bank
showed that the public money then kept in twenty