Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-11-09

The Thee Stages eta National Bank
MIR. John G. Speace-, The present
Wing Secretary Of War, aud late one Of
tho most prominent leaders Of that party
in the State Of New York. gives in his
recen, letter a sketch Of tho principal sta
ces Of The United Stntcs Bank. which it
will be wellsfor alt 10 contemplate as .
warming Tor the filure.
The frst step was from" 1876 to 1870
before Mr.. Biddle war President. or
this stage Mr.. Spencer gives the follow
ing picture:
Within four years ofits existence, she
las, Bank Of tho United States became
little better than a den Of robbers. Its
maragers, with few exceptions, pursued
a systematic scheme Of plumber aud fraud
which was arrested 10y tho Investigations
Of a Committee Of Congress"
The second Stage vas while it was still
n national Institution. but had passed I'm
der tho management of Mr. BiddIe. This
stage is portrayed by Mr.. Spencer III these
lines !:
Clcmcncy (now believed &c have
been mistakenly towards Innocent stock
holders, and Il hope that The example
which had been made Of the offenders
would deter others from similar pracii-
ccs, saved The bank rom dissolution. I,
was allowed 10 proceed under new res.
lrict;ous, designed TO prevent the recur.
renee OF similar frauds. In a few years,
it vas found AT open var with the Gov
ernmea, Of ric couniry-sceSins the re-
ncwal OF is charter, sub>ldIlins preSse:
aud editors. s~Guandering its treasures il
partisan ciec'inns. and oponiy purchasing
The support Of the venal ia all directions
The moral corruption which thus iiooied
| The whole country wa Itself, an evil ul
The most fearful magnitude. IL struck
deep al the roofs OF public faith aud pn'
vare honor, and prepared The way for thai
reckless and unl,uundcd extravaganza
hici. Tho bank itscll stimulated by the
p~rofuse Distribution Of money. and The
consequences of which n bankrupt law
affords but slight rclief,) aud in The de-
graduation Of the character of our country
By The fraudulent lnsolvcncies of nnr pub.
lie corporations. aud by the shameless re.
,usal of sovereign States TO fulfil their
obligS'ons."
The third ard last stage. was when
tue Bark had receive! M act OF ircorpo'
ration from. the representative. of Il minori'
~ Of The people nj Pcnnsyivania. This
stage is thu, desc ribcd by Mr.. Spencer:
The final extinction ofliic sa'nc insIilu'
lion under - Stale charter, buI managed by
The same individuals, aud the consequent
inevitable exposition Of It's affairs. have
| dicloscd sccucs tho dcpravi'y and fraud
| ut which the " hDlc country stands aShas'.
Who can lock back at The immense
our of public funds which have been
inrrusted 10 the fidelity OF The same men,
without a feeling Of horror at the abyss
which we have escaped.
Aud who would again venture the tfca
sure OF III. nation upon The integrity OF
anv body of individuals in an associate Gu
%poci,y, when ~ nave before Us sucn rci'-
Grated examples Of the fcrblencss OF The
mos, ~unsaoted public and private charac,
,ers, 10 resist tho temptations which attend
I'M. control Of erornou. wealth and inordi-
nate power! How can my Government
Justify itself in thus transferring 10 corpo-
,,,c Individuals The functions with which
!, !. instructed for the welfare OF The pc'.
n,,l Tho collection, the preservation, and
Tho disbursement Of rhc public 'cvenuc. is
,bc business of INC Government itself,
through its own agencies, with oil the re-