Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-07-09

doubtful
sedueng enterprises That the inIp0Ian; question.
Now, fellow citzens. take upon self that tie
people far less blame General Gov
ernmeni and tha Whatever OF error hey committed, was
he natural and inevitable consequence Of Inc poll!
cy their rulers To the action OF Government
" to be ascrbei the disorders embarrassment ani distress
which all have much deploTe And, be
We, specific, think they be fairly athp;ed IL
Executive branch of Federal Gov
Three events all happening about the time
clear aud satisfactory solution OF all the qeeuntay evils
which now unhappily affiei this country
The FIRST the of the reehater of the Bank OF
L. Sates. The the removal al the depoItes
of the United States from tina, Bank TO local banks And
third the refusal of the President OF the United
arbitrary stretch of sanction the
sage OF the Land Bill These all occurred quick
succession in o32-33 and each Of them deserve particular
consideration.
When the Bank Of the United States had fully
cred eary and at the
period when proposed charter il. - furnished
the hes, Currency that ever existed possessing merely
bounded United States, bot throughout
the whole commercial world. No institution was more
popular and the utility of Bank of tire United
acknowledged by President Jackson II his eto
which he expressly stated that he could nave
gested Congress tho plan OF unexceptonable charter
II appcat on had been made TO HIM And state as a
iac'' what MANY am sure "" here rene'nnn' aa' sn
tain that the then going for the Presidency
many of mis- friends This State assurances, tha IA
the event of his reelection Bank OF the United States
would be established.
Ii held GU, by people, that cTrency should
be supplied, and safe and faithful execution OF the
fiscal da,ies towards the Government would be performed
bv l,ra Inv Bank al n
What was the immediate cse.t OF the overthrow of that
in.ti,f,io,a The establishment, of innunerable local
Banks. which sprung up every where, with radty to
which look back ithout amazemeat. respec
table document which now hold my hand, believe
correctly states that 1880 aggregate banking capital
Of the Mon was cli5l9026S Within wears after
tho remov, of rho tho ha mo caital had vol-
lie, 10 ar and IN 1877 il reached : TO-
Whilst ,he nited STATES Rack va, in exstence the local
banks NOT a.ririny - be eo raon Of the currency were
cIrereI ~ -, li t1 occasion and ha,i,'s. re-
CURED After 1888. they chartered without necessity
were no les. ina, 700 St,e hanks Nearly four antrci
banks run- M nDon the RUNS Of the Unitcd States Bank
nnd 80 060 900 of rap,aI was Incorporaed supply
tho ee. 6,e a-cha red ~ the c35 900 900 raplta OF
the Baak OF The United States The impulse given
trayarance nd speculation by this enormous
banking capital was quickencd by circulars Of the
Treasury Deoartnent t6 these pet State
vast proportion of these new banks. more believe
than ,offhs were chartered by Legislatures which the
democratic n,r,y had the nn disputed ascenIency. well
that, OF that party made
crave r,arge aoons, me Of being inmical to
-hmen. here of State Banks ana opposod their
es,,bsbpe,t until All prosp-c, vanished getting Bank
Of tho I1,i,ea St,tes
ne effect upon the country OF TINS sudden increase 10
amount, OF the banking capital OF the
county. could fail 10 be great if dasoGs-
IL threw OUT IN the utmost potnson Bank Accommodations
in all ae variety forms, ordinary Bank post notes,
checks, drafts bills, &c The rency thIs put FORTH the
people had been assured better than tha supplied by
the Bank of the United States and, after the removal OF
the deposes, the local Banks were urged and stimulated
by the secretary OF the treasury Freely to 'scount ana a1
commodate the basis OF those deposIes Flooded as
me country was, by these means ana III niS way Win an
species of Bank money and facilities, Is 1t surprising that
they should have rushed INTO speculation aud freely a'en-
tured the most desperate enterprises, Ii ~ohd have
oeen better to nave avoided lhem II "oud nave Dee pet
ter that the people should have been wiser ah more pTu
dent than Government; put VINO Il most 10 baine ey VINO
yielded 70 temptation thrown before then-they who
yielded confidence theiI rulersthey who could
when this nordnae issue OF money was to cease or to
become vtiaed or Government, that tempted, seducei
and betrayed them!
And now fellow citizens, do let Us ~ calmn"s ana can
dor, revert for moment 10 some OF the means winch were
employed to break down the BANK G" Inc tnitel STATES ana
to Inct upon the country all the sad consequence which
ensued shall not stop 10 expose the motives OF the as
saut upon that ns;ltuhon and to snow that twas because
II refused to make l,se basely and servey instrumental
to The promotion OF political news ana opecls'
ne Bank was denounced n monster, aiming as was
declared % rob the people OF their liberties and to ubvert
the Government OF the country The Bank to subvert the
Government! ny how could the Bank continue TO exist
liter the overthrow OF that Government 10 "aeh II was i