The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-05-07
From the Missouri Reporter.
NATIONAL BANK.

Mr. Clay Is followers begin TO speak out, in favor oil
a National Bank. The New Era has, several late
occasions raised its voice for another Bddle Bank.
The Kentucky Commonwealth joins in the cry. II
says.
"We had rather have nothing than take any of the
fiscal projects before Congress We had rather suffer
suffer all the evils we now endure and more, than
sanction the idea that under any circumstances what
ever the will of Congress is To be set aside for that OF
the President Better endure all the ills we have
than sacrifice the spirit of institutions, and the
ultimate liberty of the people by yielding the Nation
al will to that of the Executive Let US wait the ex-
pir alton of Mr.. TyeIs term, when we can establish
effective measures, such as the pope want They
icant Bank, a, d they rant nothing else.
The people would like to learn from Mr.. Clay, or
his followers what sort Of Bank they desire. How
much capital it should have, how il should be sub
scrbed and paid in what port on of the stock shodld
belong TO the Government, how the Government
should pay its stock, how many Government directors
should be appointed, how many branches the Bank
should establish &c. A senscess cry for Bank,
without indicating what sort of an institution is con
templated, can make favorable impression on the
public mind at this late day. We have proof enough
that the first Bank of the United States would have
proved insolyent had it been compelled to wind up in
two three years. and no sensible man now believes
the Biddle Bank was solvent. In the outset its
stock not paid in according to the requ-itions of
the charter, and ii was not on that account, sound
immense loans lis insolvent stockholders, the
quent irretevable embarrassment of the Bank in
lSl9-'20-'2l-22 - 23-'24- and its inefec ual eli,
forts, by Withholding dividends, to regain what it had
lost Eventually it took the field against the Demo-
cracy resorted to oppression bribery and corruption
and when no longer sustained by the "odor of nation
atty it finally exploded and prosecutions have been
commenced against its leading officers for conspiracy,
and swindling, and bribery What is left of the fame
of the Great Financier7 Who would now have
NJ ~ 4 n. Il. a.
desire new Bank on the old model but the business
men of the country do not The people want no
ank--merchants want none, unless they can feel
well assured that il would be more sound and solvent
than the late Bank of the United States-and, in the
present state of the country, no such assurance can
be given.
Had the Bank bill presented by Mr. Clay at the
extra session been passed into law, no solvent man
in the Union would have subscribed for any consld-
cradle amount of the stock The stockholders of the
corporation would have been composed OF needy and
adventurous men, Who would have calculated on Dor
rowing more than they paid inf financial gamblers,
who would have taken stock only to enable them to
raise the wind, and keep their heads above water a
few months longer having eye TO the relief promised
by the Bankrupt law.
With full knowledge of the facts, that the stock
holders of the first National Bank had to wait thirty
years for the return of their money without inte
rest, and that the stock in the late Bank Of the " s.
was total loss, It is by no means probable that sane
men, having money to loan, would have thought Of
investing it in stock of new Bank of the United
States, established the model of either Of the old
ones.
II is probable however, that those who now cla-
morous for National Bank--who declare that moth
ing else is needed give relief to the countryare
ready te compound Panacea, the like Of which has
never Decn seen or hcuiu n sie we Gun
fol sight Of their hands. This will be readily
understood by Mr. Clay He has called too many
men out in his time, to misunderstood US, when we
call out the present advocates Off Bank Of the United
States.