The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-05-05

LITE STATE Rights party, became his aatterers
Friumphal arches were erected to honor him; and
ON them was inscribed ''tte doctrine Of the Pro
cLAMATioN is the doctrine If .Nstc Engtdnd'!"
Indeed, it was not enough, that this man-wor-
ship was carried so far that the only competition
was viii h of the two great parties should 60
flrthest to degrade themselves ~ exalting him
The sacred halls Of literature were invaded, ant
worse than the ruthless barbarian, who commit
ted to the flames the accumulated labor of centu-
ries, her highest honors were Prostituted' to era
tify his morbid appetite. This accomplished, he
called around him his secret advisers. Mr.Van Blu
rem and Mr.. Poinsett, having no official relation
TO him, or to the question, had been invited TO
meet him in conclave in Boston, and before the
ink was yet dry on the parchment, endorsing his
construction of the powers of the Executive, un-
der the Constitution, it was resolved, IN that Sc
cretconclave, to seize upon the public money. The
order to remove the deposites was issued from
Boston; and the whole monied power of the gov
eminent thrown into the hands of these dishonest,
fraudulent spectators. The consequence was
as every intelligent banker or fnancier forsaw,
struggle on the part of the Bank of the United
States for its existence, and sudden expansion
Of the other banks into which the public depo
;ites, increased by the payment of the national
debt, were transferred.
Mr.. Kendall declared that the Bank Of the
United States could not survive the Executive
I;spIeasure-that it could not live but by Execu-
i've forbearance; and the local banks were mo-
only encouraged, but required, to extend thei'
discounts, so to relieve the pecuniary pressure
which was the necessary consequence Of the con-
traction of its loans and discounts, by the Bank
of the United States, in its altered relations TO
The government.
1t will be remembered with how much bitter
ness the government and the pensioned press
throughout the country, denounced the panic OF
1888, and that the local banks were instructed
hat Gas the Bank Of the United States, cur
tailed its loans they should ertend THEIRS" ant
hat at tcouId be expected Of them TO facilitate
the domestic exchanges, and grant all reGsonq-
III. facilities to the payers Qf'tbe reuen,Le."
Instructions were given to the deposite banks il
these words:
"The deposites Of the public money tcal enable
you to qford increased facilities to commerce,
and to ertend your accommodations to tndiuid-
uats; and az the duties sohich are payable to go
oe77snsent arise from the business and ente,prist
Qfthe merchants engaged in foreign trade, i. il
but reasonable that they should be preferred"
Who could have believed that the party, who
lauded the President for making the removal Of
the public money to the local banks, and who
through them gave such stimulus TO specul4
ion, should now be sustained as the enemies o;
interchangeable enemies Of commerce-the enc
mics of credit!
We have extended our remarks, but, as the
only merit Of the present party is their assumed
hostility to Banks and Banking, we must be OK
;used for adding one other extract In his annu
al message, the President, speaking of the loca
banks, says:
"Thess Institutions have already shown them
sslve, competent to purchase and furnish domes
lie exchanges, for the convenience Of trade
reasonable rates; and not doubt is entertaine.
that in short time, all the wants Of tbs country
in bank accommodations and exchanges, will b..
supplied as promptly and as chsaply as they have
heretofore been by the Bank Of the Unitsc
States"
1t was not until the system had been driven 50
far, that suspension was the inevitable conse-
luence, that Mr.. Van Buren, and his partizans
changed their policy in relation to banks an6
banking. They felt that they were responsible
fo- the condi ton into which they had plunge
The country, and then, like the rogue who hops
20 escape by uniting in the cry of "stop thief,
hey became most clsmorols in denoulcing tn
banks which they had Seducei into their pre-
sent condition. And shall we, who refused to
bow before Gen. jackson in the zenith of his gio
ry,-who, when others shouted hurras, stimu a
ting him to ruin his country, unite now in laud
ing and sustaining the men and their measures
which we then condemned, because these mea'
sures have fulfilled our predictions, and tho c
men arr. so humbled as to entreat our sympathy
A W ord upon this hereafter We have much
to say.
From the Nep York Courier and Enquirer.
TT iere are two Loco loco papers in New YORK, VIZ