The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-01
WHOLE NO. lsl.

without labor and deranged the social state by tempt
ing all trades and professions into the vortex Of
speculation on remote contingencies"
Pres Biddle.-"I Il was manifest too that the ca
amity had outgrown the capacity Of mere politicians
that the country must take OF ITSELF and rely
upon itself; and as, in times Of peril the voice OF
me humblest citizen may sometimes be heard above
The tumu my own personal position seemed to Justify
The assumption of instant and deep responsibility
Accordingly, at the very moment when the national
misfortune occurred, immediate measures were adopt
cd 10 mitigate and repair It,"
Fres Van Buren.-"Il Is thus that concentrated
money power is tempted to become an active agent
IN political AFFAIRS and all past experience has shown
on which side that influence will be arrayed. We
deceive ourselves If we suppose that il will eper be
round asserting and supporting the rights of the
the few
f'res Biddle.-"These measures were essentially
OF temporary nature-they were measures Of
emergency adopted in the midst of public calamity
anu 70 DC discontinued with the necessity which
caused them. As soon, therefore, as the capital and
INDUSTRY OF The country had time subsde into their
accustomed channels these operations were relin-
au,sned, and now they have totally and finally
Pres Pan Buren," II is no more than INST to the
nanks 70 say, that, in the late emergency most of
mem nrniy resisted the strongest temptations TO ex-
.eha their paper issues when apparently sustained
n suspension Of specie payments by public opin-
;, P7eS Btddle-" In such a crisis il was evident
lhat II resort was had TO rigid curlaiIments the
ability 70 pay would be proportionably diminished
vile me only true system was, to keep the country
as much at ease consisted with its safety SO as 10
enable the debtors TO collect their resources for the
discharge Of their debts" ''.'a'"
!, res pan Bnrcn,-"It is gratifying to find that
ae genera business Of the community, deeply af
vigor, chastened by the lessons Of The past and ami
mated BY the hopes of the future"
Pres. Biddi.-" All these are done, and the iron.
bes Of the country have happily ceased" -
Pres. Yan Buren," Like other State es,,h,;sh
ments, the banks may be used or not in CONDUCTING
the affairs OF the government, as public policy and
the general interests of the Union may seem to re-
quire"
Pres. Biddle.-" In the month of July the govern
ment agreed TO receive an anticipated payment Of
the bonds OF the bank 10 the amount Of between four
and fire millions of dollars credit to the treasurer
on ne books Of The bank, and arrangements were made
Tor the more distant public disbursements in the notes
Of The bank"
Pres. Van Buren," When the government can
accomplish financial operation better Nth the aid
Of Me banks than aeithoa, it should be at liberty to
seek that aid" "@
Pres Biddle.-" These arrangements, as honorable
TO me erecnfire officers they beneficial TO the
public service, brought the GOVERNMENT into efficient
eooperafioa f0r the ESTABLISHMENT Of the currency,
and opened the way TO resumption of specie pay
mentS." ~. ~. ~
Pres. Yam Duran" By the honorable application
Of ALL aratlabie means to the fufment OF obliga-
tions, confidence has been restored both at home
and abroad, and and facility secured to all the
operations OF trade"
l. Pres. Biddle-" The consequence is that the gen.
era credit Of the country never stood higher than
this moment-for 1t has now earned distinction
tirely exclusive and characterisic-uat arhif the
government of the United States is the only gorern-
snt on earth that has erer paid to the last cent its ma
tional Debt the people of the United States haye dis
charged their pirate engagements with an unexam-
Piled fdety-A CIVIL GLORY THIS, WORTH THOUSAND
VICTORIES" +.
Pres. Van Buren," II is not in the nature of
things that hostility to Banks spring from this
source Qhe presiden) any opposition to their
course OF business, except when they themselves de-
part from The objects Of heir CREATION and attempt to
usurp pore- not conferred upon them"
Pres Riddle" OF the future it is difficult TO
speak but in that future the Bank of the United
States will no longer occupy its past position
81 In the midst Of troubles the character of our in
stitutions was threatened by combination of poll
ticians IN Pennsylvania, who endeavored to estab-
sh the basis of American legislation, that char
Ter or other engagements made by any state legisla
ure 1cdS liable TO be annuied by any subsequent gts-
lature-and still more effectualy By any political
meeting called conUenhon-which is only another
form OF extraordinary legislation-and an attempt
announced to carry that dogma into effect at a
contention then approaching. The assertion OF such
right by the state government to annul all its en-
gagements to foreigners, put forth at moment when
the country was laboring under temporary ,naoil-
idence in the integrity Of our American institutions,
and therefore said in my letter THIS must not
ben
Pres Van Buren," Though always opposed to
their creation in the form of erclsire privileges
and as state magistrate, aiming by appropriate le
giSation to secure the community against the conse
quences of their occasional mismanagement, hare
get erer trted to see them protected IN the exercise Of
rights conferred by lar"
Pres. Bidde-" When the convention met, one
of its most decided acts was the following resolu-
ton, passed on the 2lst November, 1887.
Resolved, That it is the sense of this convention
that charter duly granted under an act of assem-
bly, to bank, or other private corporation is, when
accepted, contract with the parties 10 whom the
grant is made; and if such charter be unduly grant
ed, or subsequently msused, 1t may be avoided by
the judgment of court OF Justice in the due course
Of law, and not otherwise, unless in pursuance OF
power expressly reserved in the charter"
: President Van Buren," The limited influence Of a
national bank in averng arrangement in the exchang
Of the country, in compelling the resumption Of
specie payments less apparent than its tendency
nordinafc speculation by sudden expansions
and conraeons; its disposition to create PANIC and
embarrassment for the promotion Of ITS oirn designs
its interference ,cih politics and its far greater power
for than for GOOD, either in regard to the local in
situations for the operations Of government ITSELF What
in these respects but apprehension or opinion when
NATIONAL BANK first established stands con-
frmed by humilating experience. The scenes through
which have passed concusuey prove how little our
commerce. agriculture manufactures, or finances re-
guirc such an institution and what dangers atten
dant its power-a power, trust, never to be con-
ferred by the American people upon their government
and still less upon individuals not responsible to them
for its unavoidable abuses"
Pres. Biddie--" The Bank Of The Umied STATES had
ceased to be national institution in 1885, and pre-
pairing to occupy its new place as state bank, when
the troubles of 1887 forced it in degree back into
its old position and it then devoted all its power to
assist carrying the country unhurt through its recent
troubles. Having done this, its extraordinary duties
ceased For the future, it abdicates this involuntary
power It has longer any responsibility to the Union.
IL has no longer any controversy ,oth the gopcrnmem"
Of Union. 1t now desires only repose and 1t WIN
take its rank hereafter, simple state institution
Pres. Van Bwen.--" The BANKS have but TO con
tnue in the safe and be content ~ 'neir
appropriate sphere to avoid all interference rom 'ne