The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-11-09

The Globe Of Monday last contained an
article Of two columns, laudatory OF General
Jackson's foresight, in relation 10 the late
Bank Of the United States, in which il was
| attempted to be shown that the Bank was a
swindling institution, and had added to its
knavery since It became State concern
We were not the advocate Of U. s. Bank,
nor of the present U. s. Bank Of Pennsylva-
mia. After that institution became identified
with the present administration, and submitted
to the connection without even the color Of
law, we were done with it. But we ask the
Globe how the Loco-foco party could, in the
face Of all the charges set forth against this
great moneyed institution, and all the facts
which the sagacity OF Gen. Jackson smelt
out for the benefit Of posterity, WOO il TO its
embraced II only shows that il one half Of
what is affirmed in the Globe be true, that the
President and his Cabinet should be i'm
peached Tor wantonly connecting the govern
ment with a bank ,ohich they knsg to Be rotten.
We have admitted communication in reply
to the Globe as mere act Of justice to the
Bank.
FOR TIE MApisoNIAN
THE PENNSYLVANIA BANK OF THE
UNITED STATES.
The attack upon the Pennsylvania Institution,
occupying more than two columns of the Globe, on
Monday evening, calls for consideration, and for
animadvcrsion, for reasons of import TO the com
muniy and TO the individuals interested IN the stock
and extensive transactions Of the largest moneyed
institution in the United States For another rea-
son the article in question ought 10 be answered,
and its faacies exposed becaused they are pu, forth
somewhat more authoritatively than the ordinary
declarations which dignity the official organ of the
anticredit party Though the article is not desig-
mated by the sign manual Of the honorable Senator,
yet every man in the least acquainted with Colonel
Benton's style, is we'll satisfied of its authorship,
as II the Col. certified 1t as his own before notary
public. Upon this ground, even at the hazard Of
giving more violence to the bite from the rabd cha
racter Of the dog, the article will be analysed
emanation from the Imagination Of the Senator
from Missouri. The Colonel says, in conclusion
ITO those who ask why recur to this old transac-
ton of seven years ago 10 relation to the Three Per
Cents that do it for two purposes trsf,
to show that the Bank mercantilely insovept,
years sgo and secondly, that there at least
one in the United States who had the ssgacity TO
see IL, and the courage to proclaim IT,
The burden of the document seems to be to laud
the sagacty OF General Jackson, for discovering
sever years ago, that the Bank was insolvenl, and
TO prove the fact by its transaction at the time in
relation TO the three per cent Stocks and its demon@
straton as true, by its present suspension.
II would be difficult to find terms Of sufficient as
peri,y to characterize the mind that to find
malignant satisfaction in prowling over what he
deems the loss Of irtyfrc millions of capital stock
in the Bank, involving, as It must, the consequent
misery and unhappiness Of some thousands of his
fellow citizens and others Of the human family.
But when II shall be proceed that this charge is foul
ealunny now revived, TO goze the character of
General Jackson, and thereby purchase popularity
for himself-proh pndor. The transaction OF the
Bank in the three per cent stocks, is well recoec
ed by the writer, and equally we'll the malignant aid
that the after Mough of party malevolence made Of
the transaction, some time after it transpred. The
true and unvarnished history of that affair may be
thus stated General Jackson by some chance be-
came remarkably enamored OF the fame Of getting
the country out OF debt II struck business men and
hnanciers at the time, as notion that did not great
ly rebound to the sagacy Of the President, that he
should manifest an eagerness pay off at par
the debt for which the nation was paying an interest
OF three per cent when the merchants Of the States
and many Of the States themselves were even So
licitous to borrow, at six per cent. Mr.. Bidde
The condition of the country, and like faithful
agent of the stockholders Of the Bank over which
he presided, and DESTROYS to extend the accommoda-
ton of the Bank to its borrowers, came to Wash
ington to negotiate for deferring the payment OF this
stock. General Jackson treated him courteously,
and saw no objection to its being deferred provided
the interest be stopped to the United States, was
paid by the Bank. As the arrangement was of i'm
portance to the Bank and to its customers General
Cadwallader was sent to England, to conclude the
matter with the owners of stock, who resided prin-
cipally abroad; he found difficulty IN doing so,
but it was convenient to employ agency in Lon
don to collect the certificates Of stock and settle for
it. to the satisfaction Of its propretors. Gen. Cad
wallader feeling the perfect ability Of the Bank to
perform its engagements, and not dreaming that any
exception would he taken by the President or Con-
gress, at the certificates being retained Till finally
taken up al the end Of the year. they were so left
with the Earrings, and SO remaining they afforded
the additional security of the Government 10 that OF
the Bank. The courng of the Executive, before
any quarrel or jealousy had been provoked, would
freely have granted the privilege taken. Now, as
far as recoected, at this distance of time, was any
thing complained OF, as to the manner Of General
Cadwalladers concluding the negotiation, TILL as an
after thought il was brought forward by the Colonel,
or some cogging demagogues, that furnished Gen.
Jackson, when hard pushed, with~feasons to. induce
Mr. Duane TO participate in perpetra,ing the outrage
IF remortng The deposics This and all other at
temps by calnmny and detracion, failed then to
convince Mr. Duane, as it did every other sensible
man in the community, of any insecurity or obioui
~ in the Bank will fail to do now, when upon