Mobile daily commercial register and patriot., 1841-10-29

der the uence of fhe erampie of the Bank of the U States, tbat the currency thus bloated up; the prices of property enormously increased; speculation and oyertrading eDgendered in all branches of business, domestic and foreign; debts and credits accumulated indefinitely at home and abroadI and the fatal seeds of all the ruin and embarrassment with which the country has been afflicted since the year 1887, sown broadcast throughout the land! And during the ohole of this period pf artificial excitement andptoxicaton, this bank not under the direction of a president and board of directors Iauded by politicians, from the biggest to the lowest, in Congress and out of Congress-; by the newspaper press and partisan leaders from end of the country to the other, aording by helbrgh example of their course ecpsing evidences of the highest order of wisdom, moral virtue and patriotism Sir the stubborn truths exhibited in the tables to which have referred, and called up by the reeolections of al who bear me, swer these painful inferrogatories, And be it re- membered too, that the stock of this bank, winch, during the period of artificial excitement engendered by its operations, commanded regularly, at the hoard of stock -brokers from 125 l30 cents on tie dollar, is pow drug upon the market at from to 10 cents the dollar; and that its notes, which en- oyed such high credit and sold at such heavy prem iums for remttances from south to north, at discount Of from thirty to forty per cent. below N. York currency, He will not prove a false prophet whe predicts the total loss the stockholders of the whole capital (amountins to thirty-6ye millions of dolars) inyested in the stock of this bank, and loss to the holders of its notes of at least 40 per ct upon their nominal value, whenever the day arrives for the liquidation and final settlement of it's affairs. But, sir, to return the bill under consideration
 What IS the proporton of the whole paper currency
 of the whole aggregate amount of bank mote circula ton, which this bank, when in successful operation, will be capable of furn7hing the country with safy to itself! From the data furnished in the table c, find that the average amount of the circulation of the late bank during the first ten years of it's existence but fraction above 5,500 900 per annun; and infer from the data to be fouud iD another table, co ) well other sources, that this sum con stituted about the one-toeh part of the whole bank note circulation of the country. During the latter ten years of its operations under its charter by Congress-
 including :s disastrous expansions through the series of years from 1882 i836, both inclusive, have tmated, from the data to be found in these tables, and other sources, the proportion of the whole crcula, ton furnished by the hank at double the amount
 furnished by it during the first ten years. at sixth part of the whole. The annual average of the circulation of the bank during this period was $15, ,969, which, at the rate estimated, would yield an average aggregate circulation per for the whole country. during the same period, of $94, ,7S7,si4. The results of these estimates brought together, are an average annual circu-
 lation from 1877 to 1926, both inclu-
 sive, of $66,OOO,OOO l The proportion furnished by the U. s.
 1 Bank being one-twelfth of the whole
 amount o,5oo,0Oo I Average annual circulation from 1916 to
 lsaS, the latter included s4,7s7,sl4 Proportion furnished by the U, States
 Bank, being one-sxth of the whole
 amount t5, ,797 ,969
 From the fate which has bsfallen it, it is plain that the late bank oyerreacbsd itself in endeavorlne to
 furnish so great proportion the aggregate crcula tion as it did in the latter stages ofts exstence and it is equally plain that the bank proposed to be established by the bill which passed this House on yesterday will be still less able furnish an equal amount.
 In the first place, its capital isIless by five millions.
 In the second, the competition which it must meet with from the State banks will be nearly treble that which the late bank had to contend with from the same source. By reference to the tabias already alluded to, it will be that, both in respect to number and capital, the State banks are weInigh three times greater or more powerful than the prosperous period of the existence of the late bank and it will be natural and unavoidable consequence that they will share in corresponding degree the business of bank loans, discounts, and issuss.
 And last, though not least, the bank now about to be established is confessedly party machine-an executive bank It springs into existence from spirit of party vindctveness -lt forced through this House by degree of party violence of disregard to parliamentary usage, and all the time -honored forms of legislation, winch, venture to say was never before witnessed in the deliberations of an American Congress. Yes, sir, it is the offspring of party exultation.-he trophy of miserably achieved party victory'-the monument of pride and power on one side, and defeat and prescription on the other In its organization it presents extraordinary and shameless union between the money and political power. The Government IS to own third and in
 certain contingency than one.half ofits capital
 It is to be governed by nine directors onc.third of whom are to be appointed by the Executive, These directors to be salaried officers residing in the corrupt political atmosphere oft city of separated from the business and commerce of the country, in habits daily association with the Execu- tive, heads of departments officers of Government. members of Congress, and hungry, selsh and corrupt politicians. Splendid pubic edifces are to be the objects of their daily admiration the groves of the Capitol their places of daily resort. In word, sir these banks directors are to he poticians--party politicians; and who fail foresee that, in their subservency te powers that be" they will poison the sources ofegsaton suborn politicians, prostitute the press, and demoralize the countryl And it is nconlrovertby true, that, to the extent that it is sub jected to the blasting influence ofparty, will it's ability be diminished to furnish to the country "a sound circulating medium.
 In view, then, of these three important considera- tions, to wit: diminished capta the greater com petition arising from the increased numbers and cap-
 al of the State Banks and the necessary appropria- ton of portion ofts means the support of corps of party adherentsit is plan beyond the shadow of doubt that this bank can never furnish, with safety to itself the country large proportion of the currency of the country the late bank did even in it's best days. But, sir for the sake of argument let suppose that, with the aid and countenance of the