Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-09-06
NO. ii.


l,rs add the Government deposits, saw from
twenty I" thirty millions, making from 70
to SO millions. sum sufficient 10 cnabIo
this institution to exercise q supervisory
control over every Bank in the U. States.
They must expand, contract, suspend, or
q" onv other act nj The bidding of this Bank.
and their existence would depend oil their
compliance. Now Sir, think that I can
satisfy the most incrcdulous nund by dem
onstrations as clear as tha, two and Two
make four, that this Bank will have the
power To control prices. and dc(raud honest
labor Of much of its earnings. 1t can at
pleasure, throw into circulation such n rc-
dundan' currency, as to raise the price of
property nj least two hundred per ..ent above
its standard. or accustomed value, and with
equal facility, when It suits its interests,
can reduce its loans and call in its circuIa-
'I"n and produce panic, and consequently
bring down prizes as far below their usual
standard, as its EXPANSION had preyionsJvS
raised them. Thus by repeated expansions
and con'ractions. always buying property
when at Tho lowest prices, and selling il
whrn al the highest. over all of which it has
absolute control. this institution can tcCraud
the community to very great extent and
accumulate much of the peoples wealth.
IL then have shown (as | think I havcl
that The Bank can uninslv acquire much of
the Peoples properly, is it no, equally clear
N c.In III
"nd sweep away the liberties of the Pcoplc1
Union between the Governmcn, and tho
bnn! will he natural consequence, found
ed on mutual dependence and their rccipro-
cal attraction will hr as uncrrins rs Tho
laws oisravitatinn. For instance The Gov
"rn'ncn' grants charter. Incorporating n
Bank with capital of fifty millions of dol
lars, and authorizes il to issue and circulate
one hundred and fifty millions of papcr cur
rency' and cnacts that this currency shall
be received in all dues TO the Government.
Here then by al act Of The Government
one hundred millions of Fl, titious capital, or
rather no capital whatever is made as a.
valuable as gold and silver, and the gain
to The Bank at 6 per cent ITO say nothing of
advance PaymenlS) would be six millions
annually, making in four years twenty four
millions, Il sum more than sufficient TO dc.
fray the entire expenses Of the Government
ior one year. Add to tins the Government
deposits, and the Bank profits would bo
Increased nj least twenty, or twenty-five
per cent This enormous sum is by an act
OF the Government cxtorlcd froEI the labor
ing community and given to the Stock
holders of This Bank, three fourths of whom
may he foreigners. Can any man pos
scsscd of cOniuun sense, for n moment
doubt, that the influence Of this mammoth
irslIluion will he cxcrtcd in favor of tho
man wlo administers this Go crnment! and
particularly while the funeral notes of tho
late United States Bank are sounding in the
ears. Again, this Bank would be located
some where at the North perhaps in New
York. and with it would be concentrated
the nonicd capital "f the country. The
produce of the South would take tie same
course, and thence be shipped To Eurnpc in
Northern vessels, aud the return cargo pass
through Northern Ports. and the duties col
lcctcd in Nnrthern paper and high Tax
paid for ms Northern agency OF selling our
produce and buying our goods. T,us wo
would g ON every year addins another
fleece to this great hcccins machine until
we should nave moth 10 add. In vain
ma. our mere: :;anls assemble in Convention
and devise ways and mcars for CARRYING
on n direct tra,lo with Europe. This can
ncver be effected to any considerable cx,cr,