The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-08-24

Who knows the inevitable consequences that are to
follow from il q These gentlemen alone. =
They are men of business they are In degree,
perhaps, Of wealth; they bank directors, at
all events and help themselves and each other to
the same facilities they empowered to grant 10
| others.
| viii not every one Of them then, necessarily see
that, by using either their capital or credit where
these results about follow from their action, they
can deal with community who are in the dark, while
they have the light TO themselves THAT they can go
send and buy sell stocks any thing else at pre-
sent prices, they knowing that they to change and
how they are to change, and the persons they deal
| with knowing nothing about it And who are they
thus rusted.wth secret that turns whatever they
touch to gold Are they angels, for whom gold gli-
| tiers not : They men-men Of like passions with
ourselves. Could we hope Of poor human nature that
would overcome the temptations Of such situatoni
lfin some heroic it could could il be expected in
ALT And if the virtue to refuse to enter into such
dealings with the knowledge of such secret could be
found in any, in all yet these directors, or some OF
| them at least would be men of business Would they
stop their business because they had this advantage OF
knowing what to come, in carrying il on, through
scorn Of using such advantage would they con-
tinue their ordinary pursuits In continuing them
in their dealings with Others would they tell others Of
what was done, so that they might deal with equa
knowledge and on equal termsl No, that would be
a Bank secret not to be disclosed Would they then
keep the secret and deal without using il give
than was asked, sell for less than they offered
and thus make their knowledge Of what was to hap
| pen, benefit their neghbors at their cost Alas !
when virtue like this becomes common, shall need
neither Banks nor laws
Nor is this the whole process. When this resolu
ton is entered in the book then despatched the
letters to the branches.
They are received in great city by its prominent
men of business and money the directors offs branch
Of the great national institution, 1t is read in
cave TO the nine the twelve favored individuals
who to carry out these orders.
They 60 with this secret They know what
money now is, and what it is about to be--what ii
will buy, and what it will buy the next week the
next daythey 20 to the exchanges the brokers' halls,
and the mars Of comnerce--and thus sharp-sighed
as to what is TO come, they deal and traffic with the
blind
/ Is such system desrable--is it even tolerable2
We have only exhibited view of the ordinary and
necessary operations of such machine National
Bank for loans and discounts. Such an one as has
now been prevented from going into operation by the
virtue and frmness ofone man. eIeled under circum-
stances as appalling as ever tried patriot
We may complete the picture by illustrating
it with some of the many well known instances o.
events and incidents that have been brought to light
in the transactions of these institutions, and give
description of the breaking up Of such concern,
10 show how its deprecated and worthless paper is
then found in the hands Of the innocent and unsuspi
cious and bought up by those in the secret by those
who have brought about the catastrophe to discharge
debts for which they received full value but our hour
is out, y and we mus, conclude.
We say them if in the hurried close Of this session
any National Bank scheme is to Ibe adopted, let it
he that shall be well guarded and strictly limited
that no power of loan or discount be allowed in it's
operations any faculty which by any art,
sumo that power, under any form disguise. Or il
any such power faculty must be adopted let be by
the unqualified of the States first had and OBJ
tanned.
We certainly believe that there is no time, OPP
portunity necessity, TO attempt any thing further
in this way now. We believe the State institutions
can be safely used by the Treasury in its operations,
till the next session of Congress-a and that the whole
subject may be well left TO be discussed and considered
by the Pcople-and that whatever may be necessary
may be then matured under far favorable cireum-
stances.