Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-07-07

great II no, disastrous Il threw out, la the utnnos
proiuSion, Bank accommodations in all the variety
Of forms, ordinary Bank nO;es, post notes. cheeks
traits, bills, &c. The currency thus put totth I'll
people had been assured, was better than that sup
piled by the Bank OF the United States; and, ai,e
he removal of the deposiies, the Local Banks wer
urged and stimulated. 10y the Secretary OF the Urea
suty, freely to discount and accommodate upon ia
basis OF those deposites. Flooded rs the eouatt
was, by these means and IN TIN, way. with al
species Of Bank money and facilities, - Hsn'pis
ING that they should have rushed mo speculation
and freely Sdventured IN the mos, desperate en'et
ptises1 IL ~oid have been better to have aVo'oe'
them; it would have been better that me peop'
should have been wiser and more prndent man 10
vernment; but who is most TO oame, 'hey Wh'
yielded to temptation so thrown before them-the>
who welded confidence 20 ,heic rulers-ihcy wh'
could not see when tn inord,na,e issue OF money
was TO ccasr, or TO become viuated; or 1vernmon
that tempted. seduced and betrayed theml
And now fellow-citiz.ns. 10 le, US, in e,mne''
and candor, revtr, for a moment TO some OF the
means which were employed TO break down the
/ Bank OF the United States, and TO lnhiet upon the
| county ali the sad consequences which enSued.
shall not sop 10 expose the motives at the assault
upon that institution, and 10 ,how that II was be
cause il refused TO make itself basey aud serviely
instrumental to the promotion Of political views
and objects.
| The Bank was denounced as a monster, aiming,
was declared to rob the people OF their liberties,
and 10 snb,sd the Government Of the country.
/ The Bank to subver: the Government Why how
could the Bank continue to exist AFTER the overthrow
OF that Government TO which It was indebted for its
existence, and in virtue Of whose authority IL ecu
alone successfully opeIa,e7 Convulsons, tcvoiu
tons, civil wars, not the SIC al conditions most
favorable TO Bank property; but they flourish
most whon o'de', law, regularity aud successful
business prevail.
Rob the people Of their liberties! And pray what
would il do with them after the robbery perps-
traiedl Ii could rot put them in IT'S vaults, or
make interest profit Them the leading, II not
sole object Of Bank. And how could destroy the
liberties of the people, without at the same time de-
stroyins the liberties of persons interested
cerned in The Blnk7 What is Bank1 Iii cor
poratlon the aggregate of whose capital is conrlbu.
ted by individual shareholders and employed in pc
cuniary operations, under the management Of OH
cial agents, called President Directors, Cashier,
Tellcrs and Clerks. Now all these persons are
usually citizens Of the United States, just as much
interested IN the preservation Of the liberties OF the
county, any other citizen. What earthly mo
tive could prompt them 10 seek the destruction Of
the liberty Of Their feow>citlzens and with it their
own1
The fate of the Bank of the United States clearly
demonstrated where the real danger to the pSbc
liberty exists. IL was not in the Bank. Its popu-
larity had been great and the convictions Of its ut
~ strong and general, up to the period OF the Bank
Veto. Unbounded the influence Of Presi-
dent Jackson, and undisguised as his hostility was
to the Bank, he could not prevent the passage
"a
favor and esteem WAS held, that the Legislature
of Pennsylvania, in which his friends had uncon.
trolled sway, almost unanimously recommended the
re charter. But his Veto came he blew his whist e
for Its destruction; It was necessary to sustain his
party which could only bc done by sustaining him,
and instantly, and every where, down with the
Bank and hurZA for the Veto, became the watch
words and the rallying cry OF his partizsns. That
same Legislature OF PennSyl vania, now, with cqual
unanmity, approved the siruciion OF an institution
fhey had hell II i,n id.
tie public prosperity, and the deluded people fell
as It they had fortunately escaped great National
calamity
The veto, notwithstanding the House Of Repre-
sentatves, by large mpiorty, resolved that the
public deposltes were safe in the custody OF the Bank
OF the U. States, where they were placed under the
sanction, and by the command ofthe law; ana 1t was
well knownat Washington, that this resolution was
passed IN anticipation, and 10 prevent the possbli
~ OF their removal. In the face, and in contempt
Of this decision Of the Representatives 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 previous
ly himself removed to accomplish the object. And
TINS brings me 30 eo"s'SsS aha elect produced upon
the business and interests of the country, 10y the
ID event to which | have alluded. |, is well
known 10 be the usage OF the B,nks act upon the
standing average amount of their deposi'es as upon
permanent fund. The Bunk Of the United States
had so regulated IT'S transactions upon the depostes
VI tnt Otlltcu Skite*, anu ma granted accommO1a
tons and extended facilities far as cOnli b. SAFELY
done on the tasls. The ceposi,es were removed
and dispersed among various loca banks which
were urged by an authority no, likely to be disre.
garded, especially when s,condins, as, it DID, their
own pecunaTy interests TO discount and sccommo.
date freely on them. They did so; and thus these
dePosites performed double Office, by beng the
basis OF Bank facilities, first IN the hands Of the Bank
Of United Safes and ferw rds in the possession OF
the local banks. a YES a@d ton to the circulation
OF the country ensued, adding that already so co
plous!y put forth and putting forth by the multitude
OF rev Banks which we're sprinsns up like mush
rooms. That speculation end overlooking should
have followed, were 10 nave been naturally expect.
ed. IL IS surprising that there not more. Prices
rose enormously as smother con eluence; and thou.
sands were tempted. as is always the csse 10 an sd-
vancing marker, TO hold or 10 make purchases
under the hope OF prices rising stl. higher. A rush
OF spectators was made upon the public lands and
the money invested in their purchase, coming back
to the deposite banks, was sgain and again loaned
out to the same or other spectators 10 make oth~.
and other purchases.
who wos to bnms cor this artificial and inflated
state Of ,ninss7 Who for the speculation which
was It's natural offspring The policy Of Govern
meut, which produced j., or the people, The g.
Queer, or the sednced1 The people, who only used
The mems 50 abundantIy supplied in virtue OF the
pubic auhory or our rulers, whose unwise policy
tempted them into ruioous speculation
There was measure, the passage OF which
would have greatly mtsatej this unnatural s,ote of
things. IL not ficult 70 foresec infer the Veto
or the Bank, some Of the con,equcnces that would
follow. The multiplication Of Banks, asu9erabln.
dnnt currency, rash and noriinlie regulations and
probable ultimate suspension Of specie payments
And the public domain was too brilliant nrd tempt
ing prize, not to lie among the fret objects that
would aitract speculation. In March, 1893, a bin
passed boh Houses Of Congress, 10 distribute
among the States the proceeds Of The sales of the
public lands. IL was measure Of strict justice 10
the States, and one or sound policy IL respects ths
revenue Of the United States; but the vlcw which
now propose to take Of il, applies altogether 10 the
influence which it would have CT sried uron crcu
latlon ard speculation. Il was the constitutional
duty Of the President 10 have returned The Din 20
Congress with his bsictions, he was opposed 10
1t, or with his sanction, If he approved H. bu, Tn.
bill fell by his arbitrary Withholding II from Con-
gress.
lie, Us here pause and consider what would hnve
been the operation Of thot most timely and talu,ary
measure y had no: been arrested. The bin passed
IN 1888, and IN short time hfer, he sales Of the
public lands were made 70 an unprecedented extent;
IN so much. that in yenr they amounted TO unnut
$4,000 600. md IN few years 70 an aggregate Of
about S5OO0O00O IL was manifest that, II this
fund, 50 rapidly aecumu'ating remained in the Gus
tcdy Of the local banks, in conformity with the
Treasury circular, and with their interests it would
be made the basis Of new loans, new acc mm1di
tons, fresh bank ficiIities. IL was manifest tLst
tho snmc Identical sum Of money might as 10 m fact
Did purchase many Tracts Of land, ~ making the
circuit from the land Offices 10 mo banks, uud from
tie banks TO tho lard Offices, besides stimulating
speculation in other forms
Under The operation Of the m,osure or drt.ibu.
ton, thar greltiuuj would have teen semi annually
returned To- the States, ard would have been Or
pied, under the direction OF their respective Lsgs-
iiures, 10 various domestic and useful purp0-cs.-