Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-10-19

1t is fact we'll worthy of consideration
by the people, that at the time when the
United States Bank was most zealously en-
gagged in its unholy war upon the democra-
CIV, and was most loud in its denunciations
of the veteran Jackson, its officers were
most actively engaged in the very schemes
of plumber, which have finally enriched
them and beggared the stockholders. Mich
oas Bidde who was then held up by his
whig allies, as the very paragon of an hon.
est man, as we'll as an able financier, was
directing the extravagant schemes Of spe-
culation and the lavish expenditure of mo-
MES, which now prove him both disho-
nest man and sorry financier. How cor
rectly, have the declarations of the vete-
ran Jackson been realized, and how plain
does the patriotism of his whole motives
now appear. He saw plainly that the real
capital Of the Bank, the money of the 60
vernment and individual stockholders, was
being invested in schemes of speculation,
in direct violation of the charter Of the
Bank, which, should they result favorably
would only benefit the few who controlled
he.affairs, and the loss Of which would fall
equally upon all. He saw this and knew,
if the Government would save itself, then
or never was the time to do it. Whilst
other stockholders bewail the loss Of their
all, how plainly wise does this step appear
on the part of the President. The country
owes much TO the man, who dared thus to
face the whole subsidized power of that in
stitulion and trust the wisdom which he
knew sooner or later experience would
bring, for justification Of his motives.
An assignment Of the whole assets Of
the "United States Bank Of Pennsylvania
have recently been made for the benefit Of
its creditors. This institution came into
existence under the control Of the officers
Of the old United States Bank, and it as
sumed its whole business. 1t was in fact,
the same institution with equal powers.-
This assignment, making bare as it does,
the whole affairs Of this institution, exhibits
a most lamentable state Of morality in our
high circles and shows more powerfully,
than volumes Of argument, the evil tenden-
cy Of such an institution. After the veto
of Jackson, every avenue by which the
mass Of mind could be approached and the
suffrages Of the people influenced, was
sought to be corrupted. The books of the
Bank show immense sums Of money loaned
upon mere nominal security, to the con-
ductors Of the public press, 10 our legisa-
tors, to public men and active politicians,
throughout the union, in short, used in ev-
cry possible way, to enable the Bank to
triumph in its war upon the people. But
the end has come, the integrity of the peo-
pie has trumphed, and these monstrous
schemes Of fraud are laid bare to view, to
serve as powerful warning in future
The widow and the orphan, the aged, and
the young, the poor and the wealthy, have
alike been robbed-robbed, not so much
from the depravity Of men, as from the
natural tendency of depraved system
"a system, which the opponents of demo-
cracy are seeking to give renewed life and
power, by the charter Of another institution
similar in Its nature.