Mobile daily commercial register and patriot., 1841-08-20
FAcrs vs. THEoRY.-From q speech by MT. Benton on the Fiscal Bank

FAcrs vs. THEoRY.-From speech by MT. Benton the Fiscal Bank.
 Mir. Benton reiterated that the greatest curse that the power of man could naicI upon the South and West was the creation of National Bank-iis chief seal and direction to be located north of the Poto mac He referred t0 several instances to show the disastrous working of such Bank upon those re- gions, and among the rest 10 a late report of the South Carolina legislature, founded upon the testi- mony of late President of the United States branch Bank in the city ot Charleston. The testimony of the President, Mr Elliott, showed the runous drafts for specie made his branch which inc had to col lect from tbe State bank and the people, the paray zing and destructive effects of these drains upon the business and property of his State, the ruin to im- ports, the decline of prosperity, and the withering and blas.ing effect of the whole operations of that Hank upon the domestic and foreign trade of the State.
 MT E. read the following extract from the report
 From l6l9 to 1925 the drain of specie from the banks of the South by the United States bank was so great as to paralyze the whole energies of the Southern country. It is admitted by the President of the latter Bank himself, that in fourteen years he drew from the banks in that quarter twentytwo mill ions and half for the mother bank and the branch at New York, while. during the same period, he sent back less than million. At single operation, in order o assist New York alone, hve millions of spe cie her aid, and, in the language of Mir
 
 immediate operation of the measures of the U. s. bank has been to cause the banks in this cy( Charles tOn) to suspend all businsss. From the Bank of the State alone the sum of one million and half wrung in the course of few years, and the import trade of this State, which in the year l765 with population of but l3O 900, was about sne million six hundred thousand dollars, was reduced in 1899 near one milton, although the population of tue Sta, and the value of its exports had increased more than four.fofd Before the action of the United States Bank had commenced, the imports into Charleston were as high as five millions, whe at the same pc. riud, the imports into New York were only twenty millions. change immediately ensued after the adoption of the policy by the Bank in lSl9 and when its charter expired the exports into Charles ton had dwinded to less than two millions while those in New York had increased beyond eighy egh millions"
 Mir. B. said that this extract was brief, but pow erfui. It presented picture which armed states- men with irresistible arguments, and before which the empty headed, clapper tongued, brawling dema. gogue, with his cuckoo notes and parrot song of the !" best currency in the world," " regulating the o- cal Banks, ," equalizng exchange" " furnishing capital to the South and Vest" dwindes into a pigmy, and sinks into the nsignfcance which igno- rance or knavery must forever encounter in the pres ence of truth and justice, armed with facts and sons. The picture is irresistible; and what is said of Charleston applies with less truth 10 eve " city South of the Potomac and West of the Alleg hany mountains. From Richmond to Savannah the same, and if in the West the injury is r. it is not because they not stripped of their spece but be- cause, like the East ladies, under British oppres- sion the exuberant fertility of the West enables it to survive the exhaustion to which it is subjected.