The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-02

Connecticut and with similar result pc
lieve that in every one Of the States, where ms
policy is adhered TO, the banks are now IN s'a.u
Of snsnension. Thus has ended the small Dill
experiment. With this solitary exception,
which has nroyed an entire failure, am not
a,vare thai any currency reform has been ac-
comnlished or attempted in State Legislation by
he friends of the Administration. II any friend
~ The Administration on this floor can refer to
any, will now give way for him do IT,
One evil, very Justly complained OF, is the I'M
nroyident increase of banking capital in the
States. A word or two on this subject VIII
show when and by whom this increase was ere
ated From official documents, communicated
4 10 Congress by the Secretary OF the Treasury IN
1895 il appears that on the Isl of January, 1890,
the whole number of banks in the United STATES
including the Bank Of the United States, was
three hundred and eight, and the whole amount
of banking capital S137.2l0,6l1. On the Isl
Of January. 1890, the whole number OF banks
was three hundred and thirty, and The whole
amount Of capital $li5, ,26S. On the lst OF
January, 1884, the whole number OF banks was
| five hundred and seven, and their capital SZoo,-
l23 7se. On the lst of January, 1887, the
whole number of banks was six hundred and
thirty four, and their capital S29O,77209l; ~
thus appears that while the increase OF banking
capital in the United States, from 1920 to 1880,
a period of ten wears, was less than eight NH
! lions. the increase from 1890 TO 1887 was Sl45,-
! $40, 1923 From 1880 to 1897 Maine incorpo-
rated thrty-seven banks New Hampshire nine,
| New York sixty-one, and Pennsylvania seven
teen all these States being during that whole
/ period in the hands OF the friends OF the Adml-
ulstration The increase OF authorized banking
capital, from the LIST of December, 1886, 10 Isl
of December, 1887, being the year Immediately
| succeeding Mr.. Van Buren's election, was SOL
774,5is A large proportion of this increase was
| in the States where the Administration was IN
power, as the official documents before me VIII
show Mississippi alone Incorporated eighteen
millions in that single year.
! Surely the administration, when Il complains
OF the multiplication of banks is scodng at Its
own children. Holding the power, il has gone
on in one State after another, not only incorpo-
rating worthless banks, but sustaining them after
they have violated their faith and forfeited their
charters
And now, Mr.. Chairman, what IS our cond-
ton, and what are our hopes for the future? In
the way we are going on, is there any prospect
of improvement, or is this bill the last turn of
the screw that will extlnguish the life and hope
Of the country? The American people, sir
have great courage, energy, and elasticity OF
character, but they cannot always struggle
against such overwhelming difficulties. You
have gone on in course of wild agitation aud
reckless experiment, until you have ruined the
commerce OF the country, and with 1t the reve-
nue. Of the Government--until the Government
itself has been compelled to falsity its own doc
trines, and to make use of the very credit 1t is
denouncing. You have gone. on until every
branch of industry is crushed--untll the farmer
is robbed Of the reward of his labor, and the me
chanic turned out of his employment. You have
gone on until not only the banks but the busl
ness of the country is in state of suspension.
While such is the condition Of the people on
the one hand the powers of the Government, on
the other, have been constantly changing
While we have reduction in every thing else
reduction in the appropriations TO objects OF ma
tlonal utility, TO our harbors and works OF inter
nal improvement-reductlon in the value of pro-
perry and the wages of lahor-whle we have
reduction in althese. the number of Government
ofIice-holders and their salaries and perqusites
have been from year to year increasing. The
public expenditures have risen, within the last
ten years, from twelve to nearly forty millions
4 year. So rapid. sir, has been the growth OF fe-
deral power and patronage in this country, that
the General Government with all Its vast ma
chincry of men and money, can now bring an
almost irresistible influence TO bear on every
| point throughout the Union.
In addition to all this, ii is now further pro-
posed to divide the United States into military
districts. and to organize national guard of two
hundred thousand men, 9 to be subject to such
regulations as the President may think proper
to adopt" II the Representatives of the people
should hesitate to sanction this monstrous pro-
lect, the President can gather from the Govern
ments of Europe the arguments for its adoption.
II is still further proposed by this bill TO sur
render up the last remaining power-the money
power When these measures are consummat
ed what monarch on his throne could desire to
be more absolute than our republican President?
OF what value will then be the forms of the
constitution /? Or Of what avail the tenure Of
. ,l,pp havp Uv n M
influence enough to control the popular voice
The election Of President will not then be
what it was in the better days OF the republic,
and what, | trust in God il will yet be again.
Lit will not then be the generous and spontaneous
expression of the gratitude and affection of the
people for great and patriotic services rendered
10 the country, but it will be the mere formal re-
suit Of the artificial workings Of Government
machinery.
What was it that gave TO the late Bank of the
United States its great power-a power DANCE
rous, as was alleged to the liberties of the peo-
pie II was not its great capital for it has the
same capital now that it had then. 1t was the
custody and disbursement of the public reven-
ues. These were the locks of Samson. When
these were shorn off its strength departed. The
object of General Jackson was to break up and
difuse this great concentrated money power
II was on this distinct principle that he put
down the bank. 1t was not because the bank
had failed TO perform its duties to the Govern
ment Or to the people, but because this great
concentrated money power growing out of the
custody and disbursement of the public revenue,
was dangerous to the freedom of the people
He wished, therefore, to take this power from
the national bank and divide it among the diff
ferent State Institutions How have these views
of Gen Jackson been carried out by his success
sor? Why, sir, in the very first year of his Ad-
minstraton and in the first message he ever
sent TO Congress, he proposed to grasp and APP