The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-05-07
From the Missouri Reporter
NATIONAL BANK.

Mr.. Clays followers begin to speak out in favor OF
a National Bank. The New Era has several late
occasions raised its voice for another Bidde Bank.
The Kentucky Commonw ealth 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 endure, and more, than
sanction the idea that, under any circumstances what
the will of Congress is TO be set aside tor that OF
the President. Better to endure all the ills we have
than sacrifice tie spirit of our institutions and the
ultimate liberty of the people by yielding the Naon
al will to that of the Executive. Let us wait the ex
piration Of Mr. Tyler's term, when can establish
effective measures, such as the people want They
icdnt Bank, a. d they 1rant 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
.crbed and paid in what port on of the stock shodd
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 scnseless cry for Bank,
without indicating what sort of institution is con-
templatcd, make no 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 nsovent, had it been compelled to wind up in
two or three years, and no sensible believes
the Bidde Bank ever solvent. In the outset its
stock not paid in according to the acquisitions OF
the charter, and it not, on that account sound
when it commenced operations. Then followed its
immense loans to its nsovent stockholders the conse
quent irretrievable embarrassment of the Bank in
9-'20-2l-'22- '23-'24-a and its ineffec, ual eff
forts, by Withholding dividends, to regain what it had
lost Eventually it took the field against the Demo-
crazy, resorted to OPPRESSION bribery and corruption,
and when longer sustained by the odor of nation
atty, it finally exploded and prosecutions have been
commenced against its leading officers for conspiracy.
and swinding, and bribery What is left of the fame
of the Great Financlerl Who would now have an
other BidJe or another Biddle Bank2 Mr.. Clay may
desire new Bank the old model, but the business
men of the country do not. The people want no
Bank-merchants want none, unless they can feel
well assured that it would be sound and solvent
than the late Bank of the United States-and, in the
present state of the country such assurance can
be given.
Had the Bank bill presented by Mr.. Clay at the
extra session been passed into law, solvent man
in the Union would have subscribed for any consid-
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 than they paid n-of financial gamblers,
who would have taken stock only to enable them to
raise the wind and keep their heads above water
few months longer having eye to the relief promised
by the Bankrupt law.
With full know ledge 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 U S.
total loss, it is by probable that sane
men, having money to loan, would have thought of
investing it in stock of Bank of the United
States established on the model of either of the old
ones.
1t is probable, however that those who now cla-
morous for National Bank--who declare that moth
ing else is needed to give relief to the country-are
ready to compound panacea, the like Of which has
been seen or heard of. If this be So we call
foi sight Of their hands. This will be readily
understood by Mr.. Clay. He has called too many
out in his time, to misunderstood u.s. when we
call out the present advocates of Bank ofthe United
States.