Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-21


Bank violated the charter creating 1t. And alter thus
acting, MIR. Bidde gravely tells Us that 1t twas not
obliged to resume until the Administration came
into power. lie maintains that the people OF phadei
pha and Of Pcnnsy lvana, ought to have been told by
the Bank to wait and what the Administration
"intends TO do for the country, what relief it 10
afford, and then "concmrring with its measures, the
Bank ought to have resumed. In plain terms he as,
serts that the Bank under obligation 10 resume
until and unless the Federal Government TO the
rescue Now Sir, what think you of the honesty and
morality of such advice State Bank of Pennsyl.
violates its charter by suspendlng specie pay
ments and after committing this breach OF faith and
law all ExPresident of that same Bank comes before
the public and declares that the Bank ought not TO do
its duty until Cong affords means OF relief.
You cannot have forgotten, that when Mr. B:cc!e &C
cepted the office of President of the Pennsylvania Bank
OF the u S. he congratulated the stockholders That the
connection between the Federal Government and the
National Bank had terminated. He then said, at was
an original misfortune in the structure OF the Bank,
" that it was in any 1cdy connected nh persons an Office
The instincts Of all political power make that assoca-
" ton dangerous-usefu to neither party-,nJutouS 10
" 1oM This was his language in 1880, and We now
"no nun recommending renewal OF connection,
winch he has condemned and reprobaed. When Mr.
Van Buren, was President, Mr. Bddle did not want the
use OF the public oneys-he grapes sour, and ne
would not touch them with par of tongs but SO soon
as the new Wing Administration comes into power, he
signs Tor The very pes and thinks the Bank Is
posites to be made in that institution
had no conception, until saw Mr. Bddles letters
that he powerful in Pennsy lvania and withal
extremely modest in all matters relating 10 himself
Hear hun, 1.-The Legislature had declared of all the
Banks, that if they did not resume on a given day,
their charters liable forfeiture but that did
affect the Bank Of the United States. When the
charter of that Institution passed through The Lee
gslatare, the provision, common 10 all other Banks
authorizing the Legislature 10 alter repeal plea
lus Cd Ruf \ dSclar
II such teruS and unless that provision
stricken out The Till need 20 no further .7ccordtng
IN il was stricken out Docs not this iorcibly remind
YOU of Cgsars aconic letter to his friend-Fen ridi
riei-"l came, saw, | conquered: then declared
that would not receive it such terms, and in
stead of being punished and rebuked for such
gance impudence and interference, MIR. BIddle says
his mandate was obeyed accordingly II we take
his word for IT, his power in Pennsylvania has been as
great any Bank man could desire. In procaImng
his power he has proclaimed the subserviency OF the
Legislature Of his State. Thank Heaven, his in
luence has been annihilated, and the ipSs dirt Of
Nicholas Biddle has deprecated about as rapidly as The
stock Of the Pennsy lvana Bank.
"The Legislature, says Mr.. B.dde, "had fixed on
g the 10Th January day of resumption. But that
day had been fixed, because they in session,
:" and had wants which the Banks alone could relieve,
So that The legislature much more in the Poner 81
The Banks Nan The Banks ieerr in the polcer 81 e L.
ostaurc. How easy 1t for the Banks To say 10
!
the State breaks the first February, unless you
/" can borrow it-you can borrow it only from us-and
" if we lend 10 you and resume specie payments: We
" inevitably break ourselves. Let agree that neither
shal! break Authorize suspension beyond the 10Th
" Of January and we will protect you on the lst of Fe
/" bruary. This ,rouid hare been eiSe and easy"
wish that every white in the Y. s. could sse and
read these lines, which amply sufficient TO provoke
the indignant disgust Of every intelligent mind. They
show what Tx President Bidde would have done, had
lie been in ofce-1hey show the power which banks
possess the Government in undertaking to pre-.
scribe terms "Authorize suspension, and "we tthe |
banks) will j. protect you, the Government! Pro-
tector Cromwell never used more lordly tcrns than
the pseudo Protector Bidde, who has in the foregoing
lines given fiat contradiction to IL those of his nu-
merous and distinguished Wing allies, who have again
and again denied that banks exercised any undue in
huencc upon Government
Suppose Sir, that Congress should establish a Ma I!
ona Bank, that Mr. Blddle other equally anbi
tous should be lis President, and the Government
need money to pay its debts, prosecute war, &c,
would such language the foregoing, be probably
used by the Bank The Bank might violate its charter
BY interfering in elections, &C., and would coolly say,
relieve US, and We will 'protsct" you.
Again, we have the authority and admission of Sir
Bddle that the charter prohibited the Bank from buy
ing cotton and other produce Very we'll But IN /
1897 Mr. B. thought the cotton of the South must lie
bought up and the Bank could not buy, he says he
Z" urged the mercantile portion Of the Directors 10 en-.
" gage in that operston-bnt finding none of them dis
" posed TO large operations, determined that as It
=" mus, be done, / eouid do ii myself Does he in
form you aud the public how much money vas adj
yanced by the Bank for this purpose: Nota word but
by referring 10 the report OF the Investigating Com
mttee, we find that Mr.. Biddles cotton speculations
during 81, IS and 30, amounted to eight millions,
nine hundred and sxty-nin thousand, four hundred
and fifty dollars and 10 cents! The Bank could not
deal in cotton at ALL Yet remember the significant
language of Mr.. Bddle, 81 determined that, as it
must be done, rould do it myself" That which was
wrong for the Bank TO do, with It's funds, was
thought be right and proper for the President of the
Bank to do, ,ciM the funds Of The institution. Wha.
think you of such special peading-such miserable in
direction, supported by pompous declarations Of burn
ng desire aid the cotton planters, by sustaining the
price Of their cotton All OF this thing - represented
by Mr.. b. marvellousiy dsineresed, honorable and
patriotic. How much money he made by these cotton
he does not say. Upon the second ship
ment of cotton, the Investigating Committee say, II
appeared "a profit Of eight hundred thousand dollars oas
made" "How and among whom, It was distributed,
the Committee state, "that they have not been inform
ed" but they obviously alluded to Mr.. B of the
principal persons benefited and this view is fully sus
ained by the other remarks, in the paragraph,
from which have quoted. Mr. Bddle does not tell
US Of his gains those Of his young son. whose con.
,iderate father prevailed upon him to unite with Hum
phreys, 90 to Liverpool receive Mr.. BddIes cotton
and sell the same. The cotton sold by that house
sufficient 10 have yielded large amount to Humphreys
l. Biddle; and question, whether any young man IN
The IT, s made money as fast as young Bddle DID,
during his brief sojourn in the commercial city Of Il
yerpool. dare say Sir, that MIR. Nicholas Bddle IS
yery apctiona,e father and he doubtless thinks that
he who will not provide for his own family sis worse
than an infdel.'
Not content with regulating the cotton market, Mr.
Biddle seems have entertained the opinion, that in
ernal Improvements could not have been successfully
prosecuted without his powerful cooperation. Hear
what he says in his fifth epstle ain my zeal pro-
. mote objects of improvement, | determined, some
. years ago, with two philosophical gentlemen,
that there should be made Railroad from Phitadel-
. shia 10 Baltimore. A large portion of the funds was
I. borrowed from the Bank; and, with view to ensure
its completion, became personally the guarantee TO
the Bank for the safety of about 100000 dollars Of
!. the loan" The road is now finished, and Mr.. B.
would have believe, that, but for his genius and
pecuniary resources, would scarcely have been IN
iertaken Why, Sir suspect this great man thinks,
he monument be erected over his remains, at some
future day, will eclipse either of the Pyramids OF Egypt
in dimensions, durability and grandeur.
In his second letter to you, MIR. Bddle states that
he resigned the Office Of President Of the Bank in