The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-16
communications.
- ,,xT,LK ON POLITICAL MATTERS ,
,rrn noWN ny PETER pIouGnaoy.


Tge Har irih The Bank
c,n,,. have thought Of what you said yesier-
a fcnnt See how YOU charge the present
r...n 4 he country on the Government Ii
i AZ clear enough that il is all owing to the
ar;na system. The United States Bank began the
l, o,,emptinr 10 Interfere with and control the
r...a,,,,ent Nick Bidde thought he was a greater
1,, General Jackson and with the money pow
Il. hands could compel the President and the
,,hoie administration 70 bow and knuckle TO him.
pn no found himself mistaken The bank comnenc-
al,ho wor ii whichii fell five had never had any
hsnt oooopAes. the country would have been well
enough Of
81 R,ehand You are in error in saying that the
,.,l her,n the war 80 far from il the President
commenced il in his first annual message in 1920
On, lie attempt on TIM part Of Isaac HILL Mr.. Wood
tury and others 10 compel the bank to remove Mr.,
Mean rrom the Presidency Of the branch at Ports
mouth, N H., and to have some man appointed IN
his place whose politics agreed with theirs, was the
~, movement in this war The bank refused TO re-
move or appoint any on account OF his politics
AMI therefore resisted this interference in its affairs
and in this il was right hut had the bank complied IN
This and other things with the acquisitions OF these
,,l;,;.;,ns the war never would have been wagcd
against it.
Canas But YOU approved of the removal OF the
deposites; al least never heard YOU condemn that
measure
Col II. neither condemned approved IT,
was never the friend of the bank, and thought at the
time that it might lie Just we'll for the country that
the dcposes should be kept in the State banks,
though did not think the President had a right to
remove them But look upon that act now as the
primary cause of many Of the evils under which we
suffering
mia sort ef currency nf had bsttre he deposites
rare rsmored
Capas don't agree with you at ALL Col Rich
land ,hnk that was one fthe best acts that Jack
son ever did
Col r Tho best way to judge of the wisdom of
public measure, Mr.. capias is by its result and
time has shown, think, whether that act was one of
wisdom or folly In order TO test this, look at the
currency we then had and that which we now have
hsa our currency was not surpassed by any in the
world five had bank note and wanted to get spc-
Gle for i we could step TO the bank and ret it or il
neighbour had the specie he would readily give it
for the note, Ii we wished to 80 to any part of the
country, no matter how distant, we found the U S.
Bank notes just al good and current gold or
silver 50 they We're in London Paris, almost any
part Of Esrdpe, and even in China If our merchants
or manufacturers had money owing to them in any
part ofthe country it could be transmitted to them by
draft the IT, S. Bank or one OF its branches, for
* S,r;u i A tc
dollar, with the utmost expedition and without the
least risk But how has it been since the depostes
We're removed need not tell you, for you know,
ever since them have been going wrong, until the
country has got into most miserable condition
Capias. But the banks have brought us into this
condition by discounting largely Ifthey had not let
out their money freely people would not have been
tempted into wild speculations and extravaganza m
living, which have been the ruin of us
Who induced the banks to discount. freely.
Col AS the charge that the banks discounted free
u and thus encouraged speculation, admit that
so But, my fiiend you forget that the deposite banks
were required by the Government to erttnd their ac-
commodafions, and thus to make money more plenty.
Capias have recollection of any thing Of the
kind Think you must be mistaken.
Col R Not at all mistaken, friend Capias. Gen
Jackson himself said after the deposites removed
that the U $ Bank curtails its loans, Tin
quencc the remova) the State banks strengthened
BY the deposites will extend theirs Mr. fancy in
his circular to deposo bank (thc Grard) said, as
the duties which arc payable to Government arise
from the business and enterprise of the merchants
raged in foreign trade it but reasonable that they
4b.,. m Il.