Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-10-08
lrrom the Boston Daily Advertiser.
The Elank E'arty.

|
designation of the Bank party. Ifby
this appellation is meant party in Ia
vor of regulating the banks instead oi
destroying them, and in favor Of Ju-
diciously regulated system OF banking
in preference to banks without resula-
ton, and without capital, il is not misap-
Piled. But if it is intended to imply
that the Wings as a party have been IN
strumental in promoting the extravagant
increase of Bank capital, and Bank cir
culation in the country, it is grossly mis-
applied. They were for the most part
in favor Of the continuance Of the Bank
of the United States, chiefly on the
ground that it operated as check upon
the extravagant, and the excessive Is
sues of the local banks, and consequent
ly as a check upon the multiplication OF
banks, in places where the actual wants
of business did not demand them, and
where the legitimate business Of bank
ing would not support them. That bank
was destroyed by Gen. Jackson and his
followers, not on the ground of general
hostility TO banks, but from disposition
to favor and promote the increase of
local banks, and the special desi ign of
establishing the Pet Bank system. The
consequences has been, as was ioreseen,
the enormous increase Of local banks.
The pct bank system soon exploded, to
the dismny Of its authors, but its mis-
chiefs in part still exist. That such has
been the result is not matter Of opinion
and con lecture, but fact. ii is the Jack
son and Van Buren, Administrations aud
their supporters who have been the au-
thors Of the excessive increase of banks
in the country, and who ought theI ctorc
to be called the Bank party. In proof
Of this wa refer the reader TO an elabo-
rate and uAdeniablo statement recently
published in the Newark On. j. Daily
Advertiser, in three distinct tables, of
which tho following are the general out
lines and substance.
\ Table No. I exhibits in the first column
the number Of Banks and authorized capital
in the States, Territories, SC. on the first Of
January, 1890. The second column shows
the number os Banks and authorized capital
Oh the first of January, 1890. Thus demon.
s,raiing the gradual and cautions increase of
Bank capital from 1920 10 1880, and its
boundIcss aud visionary expansion, during
The seven successive years.
The facts here disclosed must be astound.
ing to every one who has not minutcly cx-
amlned the subject. They show that from
\ 1890 to 1850, the increase Of banks through
out the country was only % nnd tho increase
of capital $7,DSi .557 while from 1880 to
1897, there were 3i3 new banks chartered
with S2tS. l2S 300 capital.
\ Th, second table, No. 2, exhibits the
pre- d. dominant party IN the various State Leg
isla,ures, Territories, SC. during the period
from 1890 io 1897, when the 3IS new banks
were created, as referred to in the first table.
The Legislatures Of the Territories being
subject to the control of the National Ad.
mnIstration, in the regulation oi its policy,
\ (the Governor OF each Territory being mp
pointed by the President, SCI and Congress
being the local Legislature of the District
Of Columbia, they are properly classed with
the party IN power.
! BY an enumeration Of the Legislatures of
the various States it will be found, that liz
were jackson and Van Buren,, 3 Calhoun,
and 30 anli.Jackson or Wing.
II is proper to observe that although the
! Legislatures Of some Of the States were anti
Jackson during the period from 1880 to 1887,
,lill 1t was not unnatural that they should
have been influenced by the per,uding poll
cy Of the General government of creating
state banks, 10 supply the vacuum occasioned
| by the Veto of the United States Bank, thus
alding in the formation of that lcagu" of De-
poslle or Pet Banks, which President Jack
son proposed To substitute for the y. States
| Bank and its Branches These anti.Jackson
Legislatures, although their domgs slightly
affected the general result merely adapted
themselves to the policy prescribed by our
rulers, and should be regarded in The same
ligIi as the opponents OF the Administration
of Messrs. Monroe and J. q. Adams neither
being accountable when the reIs ot Govern
mcnt aud the moulding OF measures were not
IN the hands Of their political friends. II is
worthy ct cspccia! remark, that in N. Jersey,
from 1890 10 1857, the Wings were in power
but one year, VIZ: the Legislature which was
elected in 1882 and held its principal session
in January and February 1888. No bank
was chartered by the Wing Legislature; The
whole number oi banks beng ., and the IN
creased capital amounting to SO, 400 600. were
authorized by Jackson aud Van Buren Lcgis-
II laturCs.
The third table, No. 4, is n condensation
Of the statistics furnished by the first two,
cxnbi'ing IN addition The precise number Of
banks chartered and capital authorized by
each Of the political parties through the
Legislature, IN which they respectively had
The nscendancy.
i IL thus appears that by the Jackson and
Van Buren, party pa banks were chartered,
With an authorized capital Of 0o65O6l5,
while their opponents created I24 banks,
with q capital OF only 62,47s.2e5 dollars, or
less than one third. The banks Of the latter
being institutions of moderate capital. de.
| signed for local convenience where the Veto
Of the United States Bank had deprived the
1 people oi the facilities for their commercial
operations, which they hud previously ell.
IIjoyed.