Columbus Democrat., 1840-10-03

NuS 'saIl 70 bieyiy Drevzt,, -
I'o! =. lne enmne-ca. rev.I..,s ,- .,
> o. an' 81. We take h p, 80 :. 70 s-c
are 81 tte>h FL The recollection ol ,,-,.,'e- Ia
be :, Ignoftsy7'TsaFy. ,. t'7T1y pe7aa'
y = o,'-H asserted By many Of 81.
" Wiis'' l"a' a.iho1gh me Goysr6os. p'7rts.
9la'Ss owned one nth uf the ,lor. ~ /. ne l,-.
ltd STATES Bans, yet one cent Lst NJ, zsC.
me ptope oy that lnsliiu,i0uu r, .ssn Or
assertion IL IS only necessarys 10 snt,.. 'y'aFs ,
,uE sA'!ae' 'r1m The exposition oe,I. es g..s
DanS III ieI9' made By Mr.. Cheyes Ia .'Ss aa.
pII " 10 The Office a. Baltimore, Of which
Casi;n, as''dn was President and W. Nc c..
c,r,sI - we're near Three Millions Of go.
Counted or appropriated. wiyhouf an. - eAass !
without the knowledge OF tie bo,rs ~ ulihoflv 4
that the parent bank! ). Srnib l.i " NE Of,
which hrm }. A. Buchanan was % oeuelanss
M'Colloh and George Williams tlbs I.e,aoef' v
of the parent board by the apD9,n,ua.s nsrs,
ment,) had obtained of the parent R."t o. 6oJs-.
in the regular and accustomed msna'I aSeoata
mount of ,95T 700 dollars on a NED ts
shares OF stock Of the Bank. TGesa s>a
the knowledge of either board, and -, Nu0e
resolves and orders Of the parent BsnL u
the office al Baltimore, under the nr.a..A o'A o.,
| ing Il by pledgng the surplus yalno oT I. es;r
already pledged al the parent Bank Il. us Ea
and more, and other like SURPRISES oy.. va.
Bank had no CONTROL the sum of 51n noo '1a 10 Il
this formed part OF the sum before s,,,.g uo'a
been discounted by the President and CT c. ap
Office, without authority. When tbis ,u s,a on
fraud was discovered, attempts were p.eFAas
made to obtain security; and il was ob,,'sa1'uasl
ally at the amount of 900 600 dollars Il n,l ~ "ei-
bly, really worth 100000 dollars. ~ PA
" The losses sustained at the oRs, a, H..
alone the great mass of which grew out Of a.sN
and others closely connected with ii, have bes,..
mated at the immense sum orl76l,a2l dGl,r :.
cents. The aggregate # the losses of the ,,..
ton, growing out Of the operations which ,,...,,
the 9Th of March, 1919, exceeded copsjpr,b,
100000 dollars"
From the extracts given, we fad that lbs h.
United States Bank proved curse o,,o,a.5.
blessing to the country that instead orbens, a,..
regulator" of the State Banks, il wa, irst,o,,.,,I
IN making them over-lssue; and in place Of ks,r,
the peoples money safe, there were over tb,e. u
ions and hall squandered through the proA,,
and corruption of its officers and directors
The sophestry of the whole whig party romr,.
and Webster down to the celebrated Ogle c,,a
conceal the fact that National Bank or anv o,,
whig "machine, cannot prevent periodical ru.
f sions in trade while the present banking systenr.
f lists. The inevitable tendency f'ths system ia,
expansion of the currency, and each expansion nw
: be followed by a corresponding contraction, which
will ever prove detrimental to the best Interests
$ society.
The Democratic party believe that Nsin
: Bank is unconstitutional, inexpedent and danger
Gus to the liberties of the people" The quesond
>, the uncons'itulionaty of bank has been @tt.
quenly discussed and laid before the people in DEN.
e ocratic addresses, that we deem It unneCesarn
90 over the ground at this time that has been Re.
: 1uenty travelled We think il sufficient to sdT
e any ingenious mind on this subject, to be appsi
u oil the fact set forth in the "Madison p1pers" a
recorded in the works Of Jefferson, tia, the prop
Osition had been made in the convention that
!, framed the constitution TO grant powers O'n'
corporation to the Gene.d Government and
u that it was voted down by an overwhenn!
majority; many members Of the constitutes
d assigning as their reasons for voting against st'
81 ment power to create National Bank, The #i'
., pediency of hank we have already illustrated N
the extracts given, setting forth the effects poiUs
" bv the late Uni ed States Bank during the hrS y
% wears Of IFS existence l; is only necessary 70 rex
X to the history OF the country to show how dangep
,e National Bank is to the liberties orthe people 10
We Charter the late United States Bank did not S
tn pre until 1896, yet the subject ofits rechare w
I'D brought ND in 1892, under the impression thai Os
10 Jackson would fear to nure his popularity Pe''u
s' to his second election then coming on by Ve'os
:, !, Bank bill 1t is now matter Of history, that 70 co.
oo its point the bank corrupted the channes OF 't'
or ton bv lending immense sums to members oI ~
gress while the question Of the bank cna'T' '
Mt, pending. The consequence of this po'ey "
er hank was, that bill recharterng the Unl'eu g"
m Bank passed both branches of the National Is'
Ia ture BY small majorities. c.
,'' On entering upon the duties n' MS oih'' :,
nv Jackson had sworn to support the consu'u,o'V !,
- United States. He knew the power as ueN'p
elr , orincorpO
~. general government, to grant powers o' '''''F
,ed tion; that the constitution itself contained ~ =
to to create hank, and that its language Is "a"
- not delegated to the gen raj government " w.
lge stitution is reserved 10 the States or 10 'l' ~
eir With these facts before him he did not neS"a-
'ng pursue The path ofrecutnde and duly o"'
The the power rested in him by the constltn''",'
ioed the bank bill on The ground ofunco0S'''''. =,
tbo tv and inexpediency leaving it wthtne P'"T ~.
ind termine on the correctness of his course -.
un nimity with which the people sustained us MI, sp
uo- ton of the constitution in rejoicing h'"'' !.
,%; remembered, and must impress upon inc ,'1 ;.
rv rejecting whig that vast majority " W ", :
MIN of the Union are opposed to Natnal p'"". !,
hal hal. Let every national bank man ask O,"'s 1S ID
'eSs pn question. are the people capable OF :" .o
ibIe ment and if he determines they as w., ),
orts right in demanding "a great regu'a%k reg;",sks
iced should he think they are, he nas ''''s IN,
,had =, :s.,,. cor ha comedies Inc