, 1840-04-11

oSi iOith O"' - pay p'NS' 40 'o"N N -
long as you can, against banks. and they will
then, is it the duty ola wise practical FEEDER
al statesman to do? Since he finds a state
of things which is unalterable, to which he
must submit, however convinced he may
be of the utility of a change, his duty is TO
accommodate his measures to this lmmutable
state of public affairs. And if he cannot
trust the eight or nine hundred local banks
which are dispersed throughout the country.
create a federal bank, ameanable TO the
general government, subject to its inspection.
and authority, and capable Of supplying a
general currency worthy Of its confidence /;
make in short, the government Of the whole
partake of the genius and con!o,m 10 the
fixed character Of the parts.
Mr.. President. ! never have believed that
the local banks were competent TO supply
such a general currency, of uniform value.
as this people wants. or TO perform those
financial offices which are necessary TO a
successful administration of this government.
] pronounced them incompetent at the peri
cd of the removal of the deposites and we
foretold the unfortunate state Of things that
now exists. But the party in power, which
now denounces them, proclaimed their entire
ability not only TO supply as good but a bet
tercurrency than that which was furnished
by the bank of the United States. and to
perform all the financial duties which that
institution fulfilled. After that party had
succeeded in putting down the bank of the
United States, and got their system Of state
banks into full operation, it continued. year
after year, TO announce 10 the public that
oil .t, -ra So LII -At Iaoa G,tl,, r.-1
lied.
A bank of the United States established
by this government whould not only furnish
tia currency in which it might safely con-
fide. in all receipts and payments, and exc
cute every financial office, but ii would
serve as n sentinel, Il cement. and n regulator
to the state banks. The senator fom Penn
sylvania has urged that the present bank OF
the United States Of Pennsylvania has 4
charter more extensive than that Of the late
bank of the United States : that il is in fact
the old bank with a II new charter. and that.
with all its vast resources and means. 1t has!
been not only unable 10 act as Il regulator of
the local banks, but was recently the frs:
to set pernicious example of 4 suspension
of specie payments.
Mr.. President, can the distinguished Sem
ator be serious in his description Of these
attributes OF the Pennsylvania bank Sure
ly he must have intended that part of his
speech for some other theatre. In the first
place Pennsylvania. besides sundry other
onerous conditions of loans and subscriptions
TO objects of internal improvements, levied
upon the present bank, in the form Of bonus,
some four or five million Of dollars. Then,
the general government has withdrawn from
it the seven millions of stock which it held
in the old bank-a circumstance which j
have no doubt has tended to cripple its ope.
rations. And it is wholly without the depos,
ties Of the government, which the former
bank possessed. Instead of being an ally,
the general government has been in the re-
lotion of an enemy to it. And it has had
to encounter all the enmity of a powerful
party within the bosom Of the common
wealth. So far from assuming TO office of
n regulator of the local banks, its late dis
tinguished president, upon whose authority
the senator relies for proof Of the extent and
iiberality OF its new charter, expressly de-
clared that it had ceased to be a general
agent, and retired within the circle Of its
state duties. So far from having derived any
strength from its connexion with the late
bank of the United States. there cannot be
a doubt that connection rendered it far less
efficient than it would have been. ifithad gone
into operation with all unencumbred capital,
subscribed, of thirty-fve millions Of
dollars.
To guard against all misconception or mis-
representation, | repeat, what ] said on a for.
ner occasion, that, although am convinced, :
thoroughly convinced, that this country cam
not get along well without a bank of the
United States, ! have no wish TO see it pro- !
posed by any other, until it is demanded by !
4 clear and undisputed majority Of the peo- :
pie of the United States.
Seeing that a bank Of the United States
could not be established, two years ago ]
my willingness to make an expe-
with the state banks, rather than re-
to this perilous measure. And now, ,
'uch are my leep convictions of the fatal
tendency of this project ofsub-treasGry, that
would greatly prefer the employment Of
he agency Of state banks. But whilst ]
entertain hopes of their success.
that should not be without strong ap-
- d