The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-09
From the Philadelphia Ledger,
THE UNITED STATES BANK.

Every stranger who visits Philadelphia stops to adj
mlre the architectural beauty OF the United States
Bank built upon the model of the celebrated Parthe-
non, or ancient Temple of Mnerva, in Athens. 1t
certainly OF the greatest ornaments OF our beau
nu city But who behold this magnificent edl
hce without some indignant reflections upon the trans
actions which have occurred within Its walls, and
which have spread such wide devastation without
them2 II now stands monument of folly, in
quity and misery; Of folly in the Federal and State
legislatures which gave it charters Of nquity in its
managers, and OF misery in those who trusted these
managers with their properly. II also stands as a
monument Of the criminal apathy, the stupid indifer
.nce to wickedness, with which the duped and plum
dered creditors bear their wrongs When Congress
first created this institution, it created power that
could control all the business OF the country and set
both State and Federal governments at defiance; and
Of this power events proved the exercise Was this
wisdom folly in Congress- Let the question be
answered by reference to the mschets hich thecou
try has long suffered through -fnancieriag.
When our State Legislature renewed the charter
Of this insulation, it turned all the OF the
State into brokers' shop, consigned all its polca
actsn to The direction OF dishonest spectators and
stock jobbers, and plunged it in bankruptcy and dis
| grace. Was this wisdom or folly in our legislature
LIE, the question be answered by reference to the
enormous waste Of the public money, and the enor'
nous official corruption which have gnalized the adj
ministratlon of State Governments for the last five
OF six years. When the trustees Of the Glrard fund
invested portion of it in this bank and when widows
L
vested their property in lis stock did they act wisely
or fooshly Let them answer the question by Iefe-
to the total loss of every thing which they trust
ed there. So much for those who created and those
who trusted it. When its managers, whoever they
were destroyed forty millions OF property belonging
to the people, did they act honestly dishonesty +
Every who has been officer Of that Institution
since it's foundation, has had the reputation of at least
average intelligence in managing his private affairs
and some of them well known for high intelectu
al
we suppose that such men will become idiots soor
they entrusted with the property of other peo
rle And ifnot, what other explanation OF this des
liucon be admitted than their want ofintegrty
We know not and shall rejoice in being enIight
ened.
But in the midst of our inquiries about the causes
of this enormous destruction we cannot refrain from
wonder at the apathy of the stockholders and note
holders. Why do they look on thus calmly Why
| do they not demand thorough investigation i
this shall prove that they have been deirauded ans
also show in what hands their property is now con
cealed, tie law will furnish them with ample RENE
dies. The who have been plundered shoul'
| do this for their sake and the cake of the wo
men and children who have been reduced from af1n
ence want by this stupendous fraud or stuPendou
folly. Some Of the stockholders should remembe
that they Phiadephians, and therefore bound Il
maintain the good name OF our own city. DO the,
know how the character Of Philadelphia now suffer
under these extraordinary transactions DO the,
know that in other communities Philadelphia imam
| cier" and " swinder" have become almost synonymou
terms, and that the character of Phi ladelpha mer
chants is affected by the relation borne between tn
business of the merchant and the fnancier.
Once our merchants were regarded in Europ
among the highest in the world for integrity ant
punclualily. Well did they earn that reputation, ant
trust that the majority Of them deserve it still :
But we plainly tell them that their own character a
body is implicated in the financial transactions whic
have cast moral stigma upon this city and there
fore if they would not a body suffer IN characte
through such transactions, they should rise and de
fend themselves. What is now the credit of Penn
sylyania Comparatively worthless. What is tn
reputation of our city Stained by the reputation o
gross fri uds its banks and its iducary trusts. Ca
any Philadelphia merchant hold up his head in Eu
rope, and refrain from bushng with shame whe
tainted with such things Ii he should say that
had no concern in them he is at once assalled will
the question, why then do you not insist upon tho
rough investigation of such frauds or foles and tn
punishment OF the guilty ~ Let the merchants clea
their own skirts by exposing the guilty, or they will
rest a body under the imputation which the stu
pendous swinders of some OF our banks calculated
TO create against them.
But why should the merchants bear this who'll
burden when all men equally interested IN the re
puiaton Of the city The reply is because the mer
chants are more directly connected with the bank
than any other class of men, and therefore should
the most active in seeking light. But we have wor
TO the LAWYERS Several who called the most emf
nent have been concerned in the management OF GU
broken banks and fthey were broken by fraud, sue
lawyers ought 10 have known something OF such cases
IL eminent lawyers have been concerned in dIscredit
able transactions, stigma is cast upon the whole bar
and therefore the innocent bound to show their IN
nocence for the sake Of themselves and their proes
sion We therefore advise all the lawyers of our ba
who have not been concerned in the management 0
our broken banks to take some steps for procurin
thorough investgation Aner the whole truth !
brought TO light the courts will be bound TO expel iron
the bar all lawyers who have participated in hnancis
frauds and all the innocent lawyers will be bound !
exclude The guilty from all professional association
A CAN MRS lRONSlDE is preparing I