Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-07-21

the overthrow OF that Government to which il was
indebted for its existence, and in virtue of whose
authority it could alone successfully operatel-
Commissions, revolutions, civil wars, are not the
social conditions most favorable to Bank prosper
lty, but they flourish most when order, law, reyu-
arty, Punctuality and successful business prevail.
Rob tue people of their liberies! And pray
what would il do with them after the robbery
was perpetrateda 1t could not put them in its
vaults, or make interest or profit upon them-the
leading, if not the sole object Of Bank. And
how could IL destroy the liberties of the people
without a: the same time destroying the liberties
of all persons interested concerned i'm the Bank
What is Bank 1t is u corporation, the aggre-
gate OF whose capital is contributed by individual
shareholders, and employed in pecuniary opera
lions, under the management of official agents,
called President, Directors, Cashier, Tellers and
Clerks. Now all these persons usually citi-
zens oil The United States, just much interested
I'm the preservation Of the liberties of the country
as any other citizens. What earthly motive could
prompt them to seek the destruction of the liber-
~ oi their fellow-citiZens, and with il their own!
The fate of the Bank of the United Suites clear
ly demonstrated where the real danger to the pub
lie liberty exists. Ii was not in the Bank. Its
popularity had been great, and the conviction Of
It's utility strong and general, up to the period of
the Bank Veto. Unbounded was the influ-
| ence OF President Jackson, and undisgused as
| his hostility was to the Bank, he could not pre-
vent the passage through Congress of bill to re-
charter 1t. In such favor and esteem was it held.
that tho Legislature of Pennsylvania, in which
his friends had uncontrolled sway, almost unani-
mously recommended the re-chaiter. But his We
to came; he blew his whistle for its destruction;
IL was necessary to sustain his party, which could
only be done by sustaining him, and instantly, and
every where, down with the Bank, and Luzza for
the Veto, became the watch words and the rally
ing cry of his partisans. That same Legislature
oil pennsylvania, now, with equal unaninity, ap-
! Tho
they had believed TO he so indispensable to the
public prosperity, and deuded people felt as ifthev
mad fortunately escaped great National calamity
lac Veto notwithstanding, the House OF Rep
resentatives, by large majority, resolved that
inc public dcposites were safe in the custody of
me BANK OF the United States, where they were
pIaced, under the sanction and by the command
oil The law; and II was we'll known at WASHING
.oh' that THIS resolution was passed in anticipa-
tion and to prevent the possibility of their remo-
val: In the face and in contempt of this decision
oil the Representatives of the people, and in viola
Won Oh positive law, the removal was ordered by
the PRESIDENT few months after, the Secretary of
the Treasury having been previously himself re-
moved to accomplish the object. And this brinUs
me to consider the effect produced upon the bust
ness and interests of the country by the
I'd. event to which have alluded. II is well
known TO the usage of Banks, to act upon the
standing average amount of their deposites as mn
on permanent fund. The Bank of the United
States had so regulated its transactions upon the
depoSites OF the United States and had granted
accommodations and extended facilities as far as
could be safely done on that basis The demos
lies were removed and dispersed among various
local banks. which were urged by an authority
not likely to be disregarded, and especially when
secondrgas 1t did, their own pecuniary interests.
10 discount and accommodate freely on them
Ihey did so; and thus these deposites performed
double Office, by being the basis OF Bank facili-
Ties, frs, in the hands of the Bank of the United
States, and afterwards in the possession of the
local banks. vast addition 10 the circulation
OF the country ensued, adding TO that already so
coplously put forth, and putting forth by the null
titude OF new Banks which were sprnoinr up
like mushrooms. That speculation and over
trading should have followed, were to have been
naturally expected. 1t is surprising that there
wera andre. rrIces Iusu ,9i ..'le
mother consequence; and thousands were tempt.
ed, as is always the case in an advancing market.
TO hold on or to make purchases under The hone
oil prices rising still higher. A rush of specnla-
money invested in their purchase, coming back
TO the deposite banks, was again and again loan.
ca out 10 the same or other spectators, to make
other and other purchases
Nho was to blame for this artificial and inflat-
ca slate OF things! Who for the speculation
G Gnen was It's natural ofsprng9 The policy of
government, which produced it, or the peoDle4
ne seducer or the seduced The people, who
only USED The means so abundantly supplied in
virtue Oh The public authority or our rulers whose
un"ise policy tempted them into the uinous
speculation. '''"'
o. mere was measure, the passage of which
would nave greatly mitigated this unnatural state
OF thlngS Ii was not difficult to fofesee after the
' eto OF the Bank, some of the consequences that
would follow. The multiplication of Banks.
superintendent currency, rash and inordinate spec
ulation, and probable ultimate suspension of
specie payments. And the public domain was
zoo or'i'ant and tempting prize, not to be among
the hrSt objects that would attract speculation'
In March, 1888, bill passed both Houses of
Congress, to distribute among the States the pro-
ceeds OF sales of the public lands. 1t was mea
sure OF strict justice to the States and one Of
SOUND policy as 1t respects the revenue of the u
nIted States; but the view which now propose
to take oil 1t, applies altogether to the influence
which 1t would have exerted upon circulation and
speculation. 1t was the constitutional duty of
The President to have returned the bill to Con-
gress with his objections, if he were opposed to
IL, or with his sanction, if he approved it but the
bill fell by his arbitrarily Withholding it from Con-
gress.
Let us here pause and consider what would
have been the operation of that most timely and
salntary measure, il ii had not been arrested. The
bill passed in 1888, and in a short time after the
sales OF the public lands were made to an unpre-
cedented extent; In SO much, that in one year
they amounted to about S25, 600, 900, and in few
years to an aggregate Of about $50 OOO 600. 1t was
manifest that, If this fund, SO rapidly accumua-
ting, remained In the custody of the local banks,
IN conformity with the Treasury circular, and with
their interests. il would be made the basis of new
,oJ ,tin, L..