New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-07-01
WHO'LL NO. asa.

Vnit.d States Bank and $3.50. 900 zoe Of cspita
vas Incorporated. to supply the uses formerly dis
charged by the SIS 900 900 capital ut the Bank
of Ia. United States. The impulse given 10 eX-
trayarancc and SPECULATION by this enormous m
crease ct bansin. capital quickened by the
cir-ul.rs Of tie Treasury Department to these pet
State banks that we're made the cusiodlets oi the
National Revenue.
\ vast proportion at these new banks, mere
believe than four.ftIhs were chartered BY Les'sia'
turn, in y ich the Democratic party had the un-
disputed ascendancy. | well remember 'hat' IN
,.i, STATE. the pres.e. Of tina. party made grave
charge against no Of being inlmics To the csiao-
li.sulert mere OF State BANKS and | wa' opposed
"a their establishment. ua,ll al prospect vanished
Il Getting Bsnh OF the Lnlted States
The eAec, upon the country Of this s4dien IN
crease. 10 such an immense amount OF the banA-
in. CAPITAL of ~ eoaniry. could not ia ~ be yer.
great II not disastrous IL threw out IN the utmost
,rofusion Rark accommodations in all the variety
OF forms, ordinary Bank notes, post notes, cheeks
drafts. bills. SC The currency thus pui forth the
people had seen assured WAS better than that sup
piled By the Bank OF the United States and, after
the rcmoyul of the depo,,e-, the Local Banks
were urged auA stimulated, by the Secretary ot
the Treasury, freely TO discount and accommodate
upon the basis oi those deposltes. Hooded rs the
country was, by these means and IN TINS way! Win
all ,pecics of bank money and facilities, Is II sur
Yri.ins that they should have rushed into specuIn
lion and freely ady-ntured in the most desperate
enterpri..., II would have been better 10 have
avoid,d them; il would have been better thatth
people should have been wiser and more prudent than
The Government; but who i. most to biarne, they
who Welded to temptation thrown before them
they who Welded confidence to their rulers-ihey
who could not see when this inordnate issue oil
money wa. TO csa.c or TO become vitiatcd or Go-
yernncn,. that tempted, seduccd and betrayed
them
And now follow citizens, De let u.s. in camness
and candor revert for moment TO some OF the
means which were employed to break down the
Rank of the United States and to int'ict upon the
country all the SAD consequences which ensued
shall not stop 10 expose the motives at the asssuh
upon that institution. and to show that II was be-
cause it refused to make itself basely and servely
Instrumental to tho promotion Of roli,ica! views
and objects.
The Bank was denounced as monster, aiming,
q. va. declared, To rob the people ct their Hber-
tie. and 10 subvert the government of the country
The Bank To subycrt the Government Why,
how could the Bank continue exist after the
overthrow of that Government to which it was in
debtcd for its existence and in virtue OF whose au-
thority it could alone successfully operate Con-
y1.ions revolutions civil wars, are not the social
conditions most favorable TO Bank prosperity tut
they flourish most when order, law, regularity,
punctuslity and successful business prevail
Rob the people OF their liberties And pray
| hat rosd it 40 with them after the robbery was
perpetratsd 1t could not put thsm in its vaults,
or make interest or profit upon them the leading,
If no, sole obJcc, OF Bank. And how could II
DESTROY the liberties Of the people, without, At the
same time, desrfoying the liberties Of all persons
| interested or concerned in the Bank What 10
Bark 1t is a corporation, the Aggregate OF whose
cari,aii is contributed BY Individual shareholders,
and employed in pecvniary operations, nader the
management Of President. Directors, Cashier, lei
ler and Clerks. Now, all these persons are Iisi-
ally citizens of the Uated States, Just as much IN
tercs,cd in the preservation OF the liberties OF the
country, a. any ether citizens. What earthly mo
tive could prompt them to seek the destruction OF
the liberty of their fellow citizens, and with 1t their
| owEl
The fate of the Bank of the United States clear
" demonstrated where the real danger to the pub
lie liberty OK sts Ii was not In the bank. Its
popularity had bcsn great and the conviction OF its
utility strong and gonsrsl up to the period OF the
Bank Veto Unboanded rs MAS the influence OF
President Jackson and undi,gused as his hostility
was to the Bank, he could not prevent the passage
through Congress of bill re-charer il. la such
favor and esteem was it held thai the Legislature
Of Pennsylvania in which his friends had uncon-
troed sway, almos, unanimously recommended the
rs-charter. But his Veto came; he blew his
whi.t. for its destruction it was necessary to
sustain his party, which could only be done by sus-
tanning him, ssd Instantly, and every where, down
with the Bank and huzzah Tor the Veto, became the
waichwords and the rallying cry Of his Partisans.
I ~ \ g. ilxsau nftxy m
equal unanimity, approved the destruction OF an
institution which they had believed t. be so indi'-
pensabe to the public prosperity, and delnded Peo-
pie felt IT they had fortunately escaped great
National calamity.
The Veto notwithstanding, the House OF Repre-
sentatve., by large majority, resolved that the
public deposites were safe in the custody OF the
Bask ofthe United States, where they were placed,
under the sanction and by the command OF the law
and il was well known a, Washington, that this
resolution was passed in anticipation and pre-
vent the possibility Of their removal In tho lace
and in contempt II this decision Of the Represent.
arives Of the people and in violation Of positive
law. the removal was ordered by the President
few months after, the Secretary OF the Treasury
having been previously himself removed TO accom-
pli,h the object. And this brings me to consider
the effect producted upon the business and inter
cs,s OF the country, BY the
Cd event to which have alluded. IL is well
/ known TO be the usage Of Banks, to act upon the
standing average amount Of their depo'ies as
upon a permasent fund. Tn. Bank Of the United
States hsd 50 regulated its transactions upon the
! dep.,i,e. Of the United States, aad had granted
accommodations and extended facilities as tar n'
could be safely done on that basis ne deposite:
were removed and dispersed among various local
] urvqd by AUTHORITY not
likely to be di.rcgarded, especially when second
ing. a. il did, their own pecsniary interests, to
| discount and accommodate freely on them. They
] IL IL .h... .Lnse Ienn.,ax nerinrIned dOu-