The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-07-30
BANK AND ExCHEQUER No III.


BANK AND EXCHEQUER No Ill
We have shown in the two fist numbers how
vain and idle the expectation OF affJTdlng rellei
the count y, within any reasonable time, ever,
from Bank of the United States. know that
every effort is making to impress the public
mind with the belief that Bank would bring
immediate relief. The debtor looks 10 it as the
source from which will flow the means of pay
ing off his debts. The man who purchased
property when the circulation was ten times its
present amount, and, therefore, property at ten
times its present value is made to think that all
that is necessary TO exlncate him from his en-
barassments, is to have Bank. One man
owes SlO,O00-ano,her $4,000, and third
$50,OO0-and each has firmly persuaded himself
that Bank will enable him 10 pay off his debt.
Now, good friend, let us sit down for moment
and reason by the way side. How will u Bank
enable you to pay off your debt2 you mean
that The Bunk will loan you the money, and
that thus you will pay? Suppose that you are
light in all this-that you can have the good
luck to procure endorsers and to borrow from
the Bank, have you thereby got out of debt
Will the Bank gsue you the money, instead OF
leaning it to you (? or how is your situation al
tered for the better by owing one man or set OF
men instead of another? Let us suppose a
case. There is now due, or was lately, to the
State Banks from their debtors 100000 900.
Such appears to be the case by recent return
| Of the Banks. Now, how are these $400,OOO,-
900 to be paid2 Could Bank of the United
States work the extinguishment of so large a
! debt? What magic is there in Bank Of the
United States over any thing else like Bank
which enables it to pay off debts for individuals
and to build up fortunes? Is the President of a
| United States Bank better than the President
of State Bank? Are the Directors different
| in their formation from other men, or possessed
| Nicholas Biddle 1--WE mean nothing personally as
President of United States Bank different
person from Nicholas Biddle President of q
| State Bank2 And, yet, verify believe that, in
defiance of all the lights of the past, and all ra-
lionali,y there are thousands who believe, and
the delusion is most arlfuIly kept up by those
| who are interested in keeping it up, that Bank
of the United States, if chartered, would flood
| the country with money, rescue debtors from
their debts, and build up fortunes by the score.
leave all such to brood over their wild fancies
and turn from them to the sober-minded and
substantial men in the country, who rely not
upon Bank Corporators, but upon their own ex-
erton, their indu try and economy, for safety
and security. All that such men want is a
sound circulating medium. If paper consti-
tutes that medium, they want that paper TO be
equal to gold and silver. This is what the far
mer, the mechanic, the day laborer wants. They
have tried Banks long enough-the experiment
fully satisfies them that their paper is liable to
enh; noes its value, and that an over issue to-
morrow dimnishes il-so there is no certainty
in the value of anything-no security that the
dollar in the morning will be worth The dollar al
night. 1t is in vain that the political mounte
banks attempt any longer TO cheat the communi
ty-,he day for deusion has gone by-a mighty
mind is at work-a mind which will not be sa
tisfed until bubbles acknowledged as bub
bles, and things real as real. Ii is the mind Of q
great People, who have thrown off tne shackles
of common and obsolete see-saws, and b gin tC
demand realities in their place. The South sea
bubble had once its day in England-the Bank
bubble has had its day in America-and woe be-
tide the politicians who shall longer triAe with
the public patience.
MACON.