Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-02-23
From The National IatelEigeneer.

/ PcCttHg us HSCut arrangements tCttH tHc
| Bank of the United Statcs-Delirered
on the Goth December, 1888.
Nh. RIvEs, rose and said: The reso-
lutions just read, Mr.. President, carry.
in a great measure, their purpose and
intention on their face. Still it NAV be
expected of me to state somewhat more
in detail the particular views with which
! they are offered, and the scope of the
Information they are designed to elicit.
| The first resolution, it will be perceived,
relates to the negotiations and transac-
| tlons which have recently taken place
between the Treasury Department and
the Bank of the United States, and is in
tended to ascertain the precise relation
which at present exists between the
Government and that institution. For
several months past, rumors of an ex-
| traordinary character have prevailed,
that, Notwithstanding the Commissions
thro' which the country has passed, 10
put an end to the fiscal connexion for
merly existing between this institution
and the Government, the Treasury De-
partment had recently entered into ar
rangements with it, which, to a great
extent. renewed that connexion. Ru-
mors of this sort could not fail to awaken
high degree of anxiety, as we'll as sur
prise, in the public mind. When the
| E.seven years war" which had been prose-
cuted by the party in power to put down,
and keep down, this institution, was re-
collected; when the constant and loud
denuncia.ions directed against 1t by the
| Administration and its friends were still
ringing in the ears Of the People, they
were slow to believe that so sudden and
extraordinary a change of position could
have taken place on the part of the Gov
ernment.
1t was true that the Bank of the Uni
ted States now held its charter under the
authority of the State of Pennsylvania,
and not of the United States. But this
circumstance, according to the declared
opinions of the Administration and all its
present prominent supporters, had not
changed the essential character of the
! institution, or lessened its dangers to the
country The head of the Administra-
ton himself took an early occasion, after
the recharter of the bank by the State
of Pennsylvania, in letter addressed &c
an assemblage of his fellow-citizens, cal
/ led together to celebrate ''the emanclpa
ton Of the country from the thraldom oil
the bank, - to declare that this institution
; under its State charter, "tcGS still the sans
power, fighting under the same Danoply
and onIg ua,.ging the manner Of its dP
proach.'' The Senator from Pennsylva
MIA, (Mr Buchanan,) need not say, one
: of the most distinguished champions o
: the Administration, had also addressed {
letter to his felIow-citizens, IN which he
eloauently and forcibly denounced 'thC
Bank of the United States as recharter
ed bv his own State" He pronounced
it TO be ''the very same monopoly which
had heretofore convulsed the country
with the same capital of S35,OOO,OOO
; owned by the same stockholders, (excep
the United States,) and guided by the
same controlling will the same mOnStei
bank. recalled into existence by the LIE
gislature of Pennsylvania, but with pow
ers and privileges greater and more
dangerous than those which hac
been Inferred on it by Congress" Thu
Senator from South Carolina, (Mr. Cal
houn,) now leading supporter of thu
financial policy, at least, of the Admins
tration, had also signalised his zeal II
the same cause. We all recollect thu
alarm he manifested both during the ex
ira session and the late annual session
of Congress, lest this dreaded institution
). should re-possess itself Of the Govern
ment deposites; and that he declared h
should consider such an event as one o
: the deepest disgraces, as well as dlrec
lcalamities. which could fall upon tn
country. 1t was but the other day w
saw published letter of the Senate
from Missouri, (Mr. Benton,) in which
speaking of the present Bank OF tn
United States, he declares, in his empha
tic phraseology, 1'we know it is NOR
wicked. and we have the authority of IT
president that it is more powerful tina
ever"
With these accumulated maledictIon
of the administration and all Its leadIn
i supporters on the present as we'll as fol
uer Bank of the United States, after tn
: solemn and constantly repeated declare
tons of uncompromising hostility to /
: il was hard TO believe, without the mo:
!. unequivocal proofs, that the Administrs
ton could have entered into any comes
ion with so denounced and dreaded inst
tuition. Notwithstanding, therefore, tn
development which, from time to tins
. gave an increasing probability to th
! rumors of this connexions, the publ
; mind was still incredulous, and awalte
= with anxiety the further disclosure
= facts. In this state of things, Congre'
4 assembled and every body looked wit
:, ! confidence to the annual report OF tn
: Secretary of the Treasury to clear u
all mystery on subject which had a
tracted so much of the public attention
and which deeply concerned the chara
ter of the Government as well as II
interest of the People. But, instead
=, information, there seemed to De studie
+ reserve and ambiguity, and almost tot
= silence in the Secretary's report on II
: whole suBFct--Although he had bee
.. charged by an act of Congress with
special trust, to sell the bonds OF ii
= bank held by the United States, al
II nothing seemed, therefore. both mo-
natural and proper than that he sliou
render to Congress an explicit account