Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-07-22

utllOiN NnACh 4 49,
believe correctly states, that "in looO the
aggregate banking capital OF the unlon
was Sl45,IOO ,2GS. W.thIn two years
after The removal Of tbs teposItes, the
banking capital had swollen TO $751;
92O.387; and in 1887 it reached $40
1870. Whilst The Uuited States
Bank was in existence, the local banks
not aspiring to tho regulation Of the cur
renew, were chartered with small cap.
tails, as occasion and business required.
After 1888, they were chartered wttbou,
necessity and multiplied beyond exam
pie. Iii DocemDer, 1887, there were no
less than 700 Stale banks. Nearly four
hundred banks sprung up upon he ruins
ofthe United States Bauk, and $780,
100000 of capital was Incorporated, 10
supply the uses formerly discharged by
the $4,000, 600 capital Of tic Bank Of
The United States. Tho Impulse given
10 extravaganza and speculation BY this
enormous increase of banking capital,
was culckened by the circulars OF the
Treasury Department to those pet State
banks that were made the cuslodlers Of
the National Revenue"
vast proportion Of these new banks,
more | believe than tOur-lilIhs, were char
tered by LegiSIa lures in which the Dem
ocralic purity had the I%ndisputed ascon
dency. | we'll remember that, in this
State, the presses Of that party made a
grave charge against me Q! being mimi
cal 10 the establishment here OF State
Banks; and | was opposed TO thclreSiab'
lishment, until all prospect vanished Of
getting a Bank of the United Stntea,
The effect upou the country OF this sud
den increase, to such an immense
amount, Of the banking capital of tbs
country, could not fail to be very great, #
not disustriou3. 1t threw oft, IN the
utmost prolusion, Bank Accommodations
mali the variety Of forms, ordinary Bank
notes, post notes, checks, drafts, bills, &c.
The currency thus put forth, the people
had been assured was better th9n that
supplied by tho Bank Of the United
Slales; and, after the removal Of the de-
posites, the local Banks were urged and
stimulated, by the Secretary Of the Urea
sury, freely 10 discount aud accommodate
UpQn the basis Of those deposlies. Flood
ed Gs the country was by these means,
and 10 Ibis way, with all species Of Bank
money and facilities, is il surprising that
they should have rushed into speculation,
uDd freely a]dyenturcd in the most dcspe.
rate enlerprses2 1t would have been
better to have avoided Them; it would
have been better that the people should
have been wiser aud more prudent than
Government: but who is most to blame,
they who yielded 10 temptation so thrown
before lhem-they who yIeled confidence
10 their rulers-thcy who could not see
when this inordinnte issue Of money was
TO cease, or to become vitIated or Gov
eminent, that tempted, seduccd and be.
trayed themf
And now fellow citizens, do let US 10
calmness and candor, revert for a mo
ment 10 some Of the means which were
employed to break down the Bank Of
the United States, and to inlet upon
tho country all the sad consequences
which en;ucd. shall not stop to cX
pose the motives Of the assault upon that
institution, and to show that it was be-
cause it refused to mako itself basely
and servllpIy instrumental TO tho pro.
motion Of political views and objects.
Tho Bank was denounced as a mon
stor, aiming MS was declared, to rob the
people ul their liberties, and to subyrrl
tho Government OF the country The
Bank TO sUbvert the Government! Why
low could the Bank continue to exist
aCter the overthrow of the Government
10 which ii was indebted for its cXls-
tonce, and in virtue Of whose authority
it could alone successfully operated
Commissions, revolutions, civil wars,
ure not the social conditions most favor
able 10 Bank prosperity, but they -four
ish most when order, law, regularity
puncluaIily aud successful business pre-
Vails.
ROB the people of their Iibcrties!-
Aud pray what would it DO with tbcu
after tho robbery was porpelralcdY |
could not PIT them in It's vaults, o
mako interest or profit upon them, The
leading, If not the solo object Of a Bluk
And Aow could il destroy the Ilbcrlie.
Of the people, without Al the Same time
destroying the Liberties OF all person.
interested or concerned in the Bank
What is q BankH Ii Is Il corporation
the aggregate OF whose capital Is con
tribuled by lndividual shareholders, NnC
employed in pocunuary operations, un.
der tho management Of official agents
called President, Directors, Cashier
Teller and Clcrkg. Now all these per
sons are usually %cllizens Of the Unite,