Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-27

1.ss. ho hursos = i - * css ihsi lny ;rai.~u.
ii'uuou e,ct D., rr,s,J rii a rcgGls',s N; y,
rsse''y. Tint tah >ii .y's, ii - ps.-rrl c,rdi.
"" may 80 C.l c,;s,rco Ifi i.s j. he i;-t ocva.
-i"n GA vhrh have ever kL,vn tho Sorsi"r % 10
guilty Of u,,cfairiully abandoning old friend tho
hour &c ca.miiy. Bcare 4 take my seat / shah ,r.
dcavcr 10 identify 'ia gentleman aul rs r0riy 9Th
Ibis institution. "'Iirv were lovely IA life oIl u,
death ;hcy shall no. 10 divided"
II l. said that ihe Bank of the United States IS
hat mere State Institution. Iu is - character
rlanscl by changing the whence 1t derives 10
charter l. II not sll ihc same in.'ut'vn ilai ),
has been. with the same capital. The dircC,ors.
the stockholders aud. until very Recently. hs.
to, been governed by the oonirolln. with Has
been cSlltingly proclaimed by 's former fresi-
dent, that ii has nu,h hector charter FRI IN Penn
sylvania than that which /; had received from Com
grcss' This Is stri,y The truth; for such charter
that under which il noN exists was never before grant
cd TO any banking corporation, either IN England or
th.s country The United Safes 10 il true. ceased ~
be stakeholder, hu It c,nycd ih; privilege uf SELL
ING their seyen millions oi seek. s whch d, ccuh
have procured, and doubtless did procure, large a6
vance
From the vary nature of things. Ibis vast monopoly,
with capital Of S)5OO0O00 could not have become
State institution. single State, with more than
sufficient number 90 STATE harks already in existence.
oOG.d not have furnished employment f,r it,
, capital II would have starved within such narrow
limits
Did it, in point Il fact confnc IT. operations ia Penn.
] II
~ and exchange of the whole Union. This the
high political duty TO the performance Of which il
proclaimed itself destined To ell me Thar this hank
all a, once changed - character aud became mere
State institution, simply because 10 had received a
charter from the Legislature cr Pcunsy lyania j. dc
NY the evidence OF our senses. Was not The
rCncy issued under Ile charter. ~ yy,u as that
under the cd. declared IN 1885 To- be The best cur
rcnCy which the World had ever scci Did not the
new notes command Inc same premium all the
.gfl, gftfI fltff
continue 80 command llc premium II II had
idllen--!acn from its high estate =
WIZ, sir, IL be, anne. IA 'ac c Bank of the u
nieJ States after 1t r,cciycd Iis PcnnsyiNan char
ter than had been fcinrc. IL bought up Slate
banks and converted hern branches in louisiana
and in Georgia; and slIo, in branch agencies
over tlc Whole Union. Ia New York Il has csisb-
iislJcd branch hlnh under their free banking law.
Since its new charter content with the whO'c
United Sntcsas the iCatrc OF It's operations u has
rabshed agcury ~ Erylnud, aud lied 40 heard
the lsoS ia his Gcu. hir To become hc rival of Ito
Bank Of England ia London itself. II scorIsd 10
fine itself 10 banking 49,, rationS alone; hui has inNa-
de-. q province oi Ihc lInni and ~ a'icui
TO mpuopnzc ALL r~cuia:c the Whole trade be-
tween Europe AID this country. And vet his bank
- Now said - =" m r. pcrus, l,ania institution,
Now. SIR. how has t.uccest,d an the task which Il
n' oScd upon i'sciri regulating the bank issUcsnid
the foreign and domestic Challenges Of the Un.Cni la
ite more ihan enc year alcr rs charter from Con-
gresS lad expired, whist; all respects, under
the sam: government, and continued 20 pUrsuc tho
very of policy Tia, had done before, it
became Insoly,n'. nud.sispcnde ispCc.c IN with
less Than one million and hall of gold and silver IN
iis vaults, or les an dollar Tor twenty three Of
is capital To meet al! 1t, mucusc liabilities. Their
ain uui : il'c tine DO rcculle,t p5 1 Tor
have the IN an of asccrtainis II IA my possess GA.
Now. SIR, would ask the Senator Is there The least
reason io believe that, u Has haHk had inued 10
the depository of the public until May 1881
is fate wOuld haze been avcrted W that We sho,ld
not Then have had general SUSPENSION nf specie pnv-
mehs' N'hv. sir The public d-posiies would oaiy
have added fuel L. the n1rno. mai would have tenn
cd The bank 10 engage Ia still wilder speculation
9 The O'eraaIkIng aud overriding Of 1886 which
were conducted under ia auspices would have bt.
+ come still srcaIcr-ihe expansion would have Lccn
siilI more eXjravagani--he E.aiCd credit S,sctn
5 which enabled Ia that year import foreign mer-
o'ndise &" the value of nearly hundred and nine
, = millions oi dollar, might have raised our imports
6 up 10 TWO hundred aud iiy millions, and the catas
u ir'phc which followed vsuld have bceu s,ill more
:. dreadful
II In order 10 rcpars fallen fortrncs rrue 70 The
law 81 ITS nhtre. iE hank has proceeded r-.r
O. one cNaVugance 20 another until At y now almost
IL heaP OF rims. Instead Of coui1oag nud regulating
2 The oher banks HflhC c,niry il has no,o iousl Loo
: me che nay -n"si The only OF the existing
IS suspension o! specie payments The glory of " hieh ia
e iIeIts now beast J. r IL las LecI able 10 borrow
a ioOOOOu sterling. of cyuvagani rate or interest
from private bankers "a England, save il r. M i'm.
) mighty fnllen
l. And At Is by the creation Of another such institution
ia' Va" Senator seeks 10 regulate the currency and
: u. 'oi 'h' M sues Of the cOuIir Why. this $
II l.h against fact; Speculation against cSperenc.-
J. ih'S would be TO adopt grand regulator an IN
S'itu'lJn precisely similar tO thai which has beeu Tho
y Si'al author OF onr vast hank EXPANSIONS and our
'"'u cr~ii system and Hlc,i h,s fallen under The
Ne'Sh' OF MS own extravaganza. With all tho cxneri-
= eHce whichi!le People of the United Sates hov, LoJ
i ~ lto l,f.g
r 'o'e iheyrelurn to Bank Of The United States
n"'i p'""seu TO prove that. even II a Bank Of The
my" H"'''s Dad The ds1neiioH 10 restrain the loans
" sS"eS oi slate tanks, hNOud Iosess The low
u suppose case inr tie sake Of or .,rucnt which
can scarcely ever cAis. becausc as reg,l,i,r r no
q currency u would Lave duty 60 perform drcc,l n,
s war with The interest of lis s;ocLboiLers
nc only mode by which las been fhougI,t that
I'S o'gc' could be accomplished was for The Bank
" ''e hiicd StneS. cunning its own business ,ybi-
safe and proper limits, receive the no,cs oC Inc So,
na"As on dcposie and in payment. and to call upo,
mem at short periods 10 Pay the balance in specie
nu, ~ he nature ~ things 1t woald lie impossible q,
such bank 20 receive the notes and r,..-,;,, ii
over issues Of more tan very few of the e;obt r.
hren banks which ore scattered over This CONS,
ty. Each Of these banks has its own limited r,N
o. crcuia'rn aud they compelled To reecivl
Tie !aPer Of each other In pni.t al C,c, tl,;s q; -
generally done; nor could any Bank Of the United
STATES 1c required 10 receive all the notes which fle
tBH hundred paper rabuiaclorcS are coustautv ,o,
,''s OUT ufon ne Public. Prom the law which, rsy
'"es currency that which is the worst has aIwnvs m
mos extensive circulation Individuals will oi,s.y
hod last by The gold and silver aud pass away NJ
g'hA notes and ofihesc notes they will my out hc
uouolal' and preserve those which are above susna
cIon No Bank the United States however IA.
US capital a'1 extended its Towcrs. could ever r,a,A
ne evil u could never transact business with orS
Der ' ''lii
b"iH Is IN v,n to speculate upon Ibis subject Er
pcHcnco Is the best teacher one frct is worth On
hurdrcd ars Hncn's Independently Of the ndyefe a.,
'ensncc vt our cwn country. the experiment ta I.r,
t'ra ~ iho Bunk q England undor the D., 81 ouspi.
. '''s circumstances. and y hss utterly failed
H01dris1 a. ogr ncril
GrT Va BrErS.--Ihc editor q Tie 'Frrro TI.y,s