The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1841-03-20

ner, and Tor which both him and his admin
islration have become most ingloriously i'm
mortal, 10 charter the +" United States Ban,
of Pennsylvania" with capital of 35 mil!
lions of dollars. More considerably Than
half the banking capital of the State at this
time. The democracy of the county pre-.
dicted the result Of the incorporation OF this
institution. That veteran statesman and
soldier, who now enjoys in private retire
ment, the rich harvest in the gratitude and
prayers OF grateful people--foretold with
prophetic truth the consequences which
must follow from the association of SO much
| incorporated wealth. But the admontions
OF the wise and the predictions of expert
ence were alike disregarded. And as if i'm.
PEELED by spirit of blind infatua,ion, the
federal party when in power, considerably
more than doubled the banking capital OF
this state already sufficiently large 10 accom-
modate the sswants of the people. What
have been the consequences Large in
vestmenls have been made in stocks. More
emmissons sent out than prudence could
possibly dlctate--.he representation Of mon-
ey merely, became an article Of compara-
| lively small value. Heavy debts contracted
abroad. The banks ceased to confne them
selves TO their legitimate duties and become
spectators in foreign stocks and traders in
commerce. In this manner of conducting
thlngs-tae bubble burst. How could il
be otherwise :? The demands were protest.
ed for want Of payment--and most of the
banks in the commonwealth refused two
years ago to meet their liabilities in gold
and silver coin. BY this system of mis-
management in the banking operations of
the state all business has felt the shock
not merely the man of wealth and fortune,
but the price Of honest labor, and the gener-
al prosperity Of the country has been impe-
ded. In fact, SO misguided has been the
public mind on the subject of banking, that
the ordinary course of other business has
been neglected, and the summit of ambi
ton seemed to have been the Presidency or
Dictatorship of one of these Institutions. -
Services of plate at the round!prce of $685.
600 has been i'll some cases the reward of
HONEST MERIT-and perhaps too al the cost
of the widows mite and orphans inheritance.
II is matter of proud distinction TO the de-
mocratic party of Pennsylvania that they at
least had TO hand in this wild policy. This
experiment which has reduced thousands
from competency to abject want and power
ty-and which has thrown letters round the
people, from which years of endurance can
only release them.
The currency of the country too, seems
TO have shared portion Of the common
catastrophe and instead of a circulation
which may be redeemed and which is true
representation of value-the merest trash
Cropo hand toh hand n honrorl.,
Of " better days behind u.s." And while
it may be the duty of an intelligent people
to refrain from general opposition 10 all
the banks in the state, yet it seems TO your
delegates assembled in convention, that
there should be such checks provided by
Legislation as TO prevent in all future time a
like occurrence with the present, and that
the banking capital Of the state is much
more than is necessary for the general good
and that we caunot solemnly avoid the
expression Of the opinion, that the present
deranged state Of the currency and the gen.
eral prostration of business may be almost
altogether attributable to the incorporation of
the United States Bank of Pennsy ylvania,and
which institution having by the laws of the
land forfeited her charter. the persons in
tSiSotCh III ucI StuCh arc UOuuu III SoUu ldltl
towards the community, to make al assign
ment of what effects she may have for the
use of her creditors.
Were this the case,we believe confidence
would be restored, and that restraint Oil the
general prosperity of the country moved
Pennsylvania then, with less than half the
banking capital she now has, might again
regard herself on the high road Of prosperi-
ty. TO the legislature of Pennsylvania
the people now look for some redress of
the grievances they have sustained by this
system, and to prevent future occurrences,
ample remedies should be provided by law
and with severity too if necessary.
1t is source of great satisfaction fellow
citizens, that in convention composed OF
delegates from every county in the state,
the democratic candidate put in nomination
should have received unanimous vote. /;
speaks in language not 10 be misunderstood
and with an honest cause, and with vigor-
Gus and unanimous action the result cannot
but be favorable. In Pennsylvania demo.
cracy may slumber but the vital spark is
there, and when her yeomanrv are aroused
their march to victory is as certain as the
approach of the second Tuesday of October.
Truth, equal rights and plain republican