The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-14

o1 TINS vast operation, must be very nearly for all
inc purposes ofgeneral commerce
upon The whole, then, il may be confidently as
serted that no country in the world has circulating
neau Oh greater uniformity than the United States
ana .nal no country of any thing like the geo
graphicai extent has currency at all comparable TO
that Oh the United States the of uniformity
In the Senate, committee, similarly consti-
tuted, said:
- ms seems to present state Of currency APP
Proachng as near TO perfection could be desired
iol mere y currency issued at twentyour different
u .he Union obtaneble by any citizen who has
money or credit When in his possession, il is equi-
saient TO silver in all his dealings with all the 5000
aSehts OF The Government throughout the Union. In
all ms dealings with the interior il better than sill
ver IA all his dealings with the commercial cities
equal TO silver and it, for any purpose he desires the
silver with which he bought IT, il is at his disposal al
mos. universally, without any dminution and never
more than dminution of one-quarter per cent II is
mol easy to imagine is scarcely necessary to desire
any currency better than this !.
Alter escaping 80 recently from the degradation Of
deprecated paper currency, the committee would alb
slan irom every thing which might, however remotely,
~keyIve it." So.
Under these circumstances, they deem IL prudent 10
dosfain from all legislation, 10 abide by The practical
81 rh.eh NE country enjoys and 10 put nothing 10
4 td-drd by doubtful experiments"
And, Mr.. Chairman, how fortunate would il
have been for us, had we been content ito abide
by the practical good which we enjoyed, and
put nothing to hazard by doubtful experiments. Y
The assaults upon the bank Were renewed in
lS30-3l and 49, with the addition in the latter
year, of an opinion that the public money was
unsafe in the bank of the United States, and to
ascertain this, certainly very important point,
during the session of 1928, committee was
appointed to examine into the condition Of the
bank and from the report OF that committee
cite the conclusion
:" II appears from official documents Of unqueston-
able authority that the specie actually in the vaults Of
the Bank of the United States is within one-tenth Of
the amount held by all the other banks in the Union
together, whilst its circulation of paper is but
fourth of the circulation of theirs In other words
the Bank of the United States has now above nine
millions of specie, with circulation of notes to the
amount Of seventeen millions and half whilst the
aggregate of all the other banks with specie in their
vaults of from ten to eleven millions have circua-
ton Of sixty millions of bank paper It. then
the evidence herewith submitted be relied upon,
which is for the House to Judge Of there be
doubt of the entire soundness of the whole bank capt.
tai after meeting all demands upon it, either by its
bill holders or the Governments and such is the OPT
Mon of the committee, who feel great confidence in
the well known character and intelligence Of the di-
rectors whose testimony supports the facts above stat
ed NE4.,
Ending with the following resolution:
Resoiped, That the Government deposites may,
the Bank of the United States"
Which was adopted by a vote OF more than
two TO one, in house having large admins
tration majority
But the fiery energies of the old war-horse were
not to be so easily repressed, and Congress
had hardly adjourned before Gen. Jackson sent
Amos Kendall to the Eastern cities TO open
negotiation with the State banks, in reference to
the removal Of the deposites, ending with the
arbitrary removal Of Mr.. Duane, as Secretary
of the Treasury, and the appointment Of more
plant instrument for the Presidents purposes,
in the person of Mr. fancy, and then followed
the removal of the depostes in violation of the
chartered rights of the bank, and of law, and in
contempt Of Congress- and here, sir, was the
real source Of all our present difficulties.
Soon after Gen Jackson's election, he under
took to make the directors Of the branch bank al
Portsmouth remove its president, against whom
there was no valid objection and appoint po-
ltical friend of Gen. J. This they refused to
do, saying, among other things, that they had
nothing to do with the political controversies of
the day, and did not mean to have. Here open
ed the war, Gen. J. finding that he could not
make the bank his ally, determined to destroy it,
as he has every body and every thing who ever
resisted his WILL and in this he succeeded but
too WE'LL
The final destruction of the bank having been
decreed, the ruling party, in order to fill the va
cum that would necessarily follow, began to
make new banks in every State were they held
power Yes, sir, the gentleman from Pennsyl-
yana (Mr. Wagener) complains that the State
banks had been increased from from $50 to
nearly 90O and ] beg leave to tell him that he
and his friend made them. The Globe was as
rabid then in the great work Of making banks
as il now is in destroying them. In that Jour
nal Of Dec. 81, 1898, il is said
TIL, 90 lition hoyycypr have Iaborel in win
The intelligent People of the West know how to
maintain their rights and independence, and to rcpel
oppression, Although toled in the beginning, every
Western State is about to establish State bank in
stitution They are resolved avail themselves of
their own State credit well the national credit
to maintain currency Independent of foreign control
Mr. Claws presses in Kentucky begin to feel how
vain are all their efforts to resist this determination Of
the People in the West The Louisville kentucky
Herald SAYS From the indication of public opinion
as contained in the papers from the States around u.s.
there is every probability that banks will be chartered
in the States of Ohio, Indiana, and Missouri, and
that efforts will be made to charter in this State Ken
tucky) only State bank, with four or five branch
cs but several Independent banks
And having copied with appreciation this pro-
mise of large crop Of new banks, the Globe
then concludes by saying:
$50 Ohio, Indiana, Illinois, Missouri, and Ken
tucky are resolved take of themselves and no
longer depend on the kind guardianship of Biddle,
Clay, Co
And Ohio did take care of herself by charter
ing al that same session Of her Legislature,
believe eleven new banks, with an aggregate
capital of about four millions the adminstra-
ton party having majority in both branches.
Into the banks, new and old, the deposites
were hurried, and fearing they would not lend
the money fast enough, orders were given them
TO discount, not in peremptory language, but
sufficiently distinction mere suggestion in
those days from Andrew Jackson or his leuten-
ants, was equivalent TO an order. But in this
matter speak from the book sir, and, therefore,
read from Senate documents LIST Sess 23d Cong
Vol Doc g % q the following letter dated