The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1841-03-18

HOWeVeFs tHat ne BILL CiuuS " P'sHU
prejudices 10 such degree that even the
dismemberment of his Cabinet was no
obstacle in his way to their qualification.
He had already shown how far he was
governed by political prejudices in the
recall of Gen. Harrison as Minister at
Colombia--this was but the beginning of
his proscriptive course. Hundreds were
removed for opinion sake, to make room
for mere partizan adherents. When those
friends-who had supported him in the
expectation that he would administer the
government on the true basis of democra-
cy. and with impartiality to all--saw that
he had deviatel, and was not answering
their expectations, they demonstrated; but
in vain. Many of them forsook him.
Who will dare say they did it from any
other motive than patriotic principle?-
What! to forsake man under such cir
cumstances, in the very zenith of his
power and his glory! Il is prepos,erous
to suppose that any other motive could
have actuated them.
The monstrous statements that had been
propagaied in relation to the corruption
ard danger Of the United States Bank
had in great measure influenced por-
ton of the people to look upon it as a
political engine fraught with most calam-
iious evils to the nation. The strictest
scrutiny did not, as we ever heard, prove
tito be so--but its overthrow was doomed.
While the currency of the country was
healthy in every part--while all could
travel and trade with the paper of that
bank all over the country, without expert
encing any inconvenience--st still nothing
but its imaginary potency was exhibited
to the people, and that too in most glar.
ing light; and for fear it might use that
potency in an undesirable way-its ruin
must be accomplished. The Government
had never lost cent by depositing its
funds in that institution--the then Secre-
tary OF the Treasury, Mr. Duane, could
not be prevailed upon to say that these
funds were unsafe, and he could not,
though urged to do so by the President,
conscientiously or cons,iutionalIy remove
them. He was ruled out of his office in
consequence of his integrity, and one,
more supple to the Presidents interests
put in. The deposits were then removed
by fancy, at the bidding of Gen. Jack
son. Impartial history will proclaim this
to have been one of the grossest unconsti-
tutlonal acts ever performed, and wonder
at the tameness of the people in submit.
ting to such glaripg usurpaion. The re-
charter of the Bank was refused, and the
"Monster' was at last crushed.
The much lauded ''Pet Bank system
was then in the ascendant. The Govern.
ment finding that the U. S. Bank could
not be moulded so as TO answer the wishes
OF The President, favorite State Institutions
were selected in which to place the Gov
eminent funds. Instead ofone imaginary
political monied engine, the government,
absolutely created monied engineery, DIFF
fused and scattered all over the land,
which was almost infinitely more mis-
chieyous. Three grand evils were soon
seen to grow out Of this system. One
was the creation of three or four hundred
new Banks, many of which were estab.
lIshed with the expectation of obtaining
share of the deposi,es;-another was that
these Institutions proved to be unsafe de-
posltories-the government losing con-
siderable by them;-and the third was
felt all over the country by the derange-
ment of the currency, which had hitherto
been uniform. More than this:-the gov
eminent absolutely encouraged the banks
to make over lssues--money appeared to
be plenty--men were thus enficed 10 en-.
ter into wild speculation-a falls. estimate
was placed on almost every thing-the
experiment totally failed and thousands
were ruined.
The apologists of the government de-
clare to this day that all this ruin fell up.
on the people by over-trading. over-bank-
ing and speculation. and here they stop.
1t they were candid they would 90 back
Of all this, and acknowledge that it was
the Governments hostility to the United
States Bank that brought the country to
such condition.
The mex! experiment was that of the
ub-Treasury. This gives immense pow.
er TO the President and is the last act in
the Currency experimental Drama. This
gives, indirectly at least. tho proe;,,o,+