The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-07-28
Rob The people Of their Iiberties And

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Rob the people of their liberties And
pray what would Il do with them after
the robbery was perpetrated II could
not put them in lis vaults, or make inte-
rest or profit on them, the leading, il not
sole object of Bank. And how could it
destroy the liberties Of persons interested
or concerned in the Bank What is a
Bank 1t is corporation, the aggregate
of whose capital is contributed by indlyid-
ual shareholders and employed in pecunia-
ry operations, under the management of
official agents, called President, Directors,
Cashier, Tellers 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
country, asany other citizen. What earth
y motive could prompt them to seek the
destruction of the liberty of their fellow
citizens, and with il their ownl
The fate of the Bank of the United
States clearly demonstrated where the
real danger to the public liberty exists
It was not in the Bank. Its popularity
had been great, and the convictions of It's
utility strong and general, up TO the period
Of the Bank Veto. Unbounded as was
| he influence of President Jackson, and I'M
disguised as his hostility was TO the Bank,
he could no. prevent the passage through
Congress Of bill to re.charter it. In
such favor and esteem was il held, that
the Legislature of Pennsylvania, in which
his friends had uncontrolled sway, almost
unanimously recommended the re-charter.
But his Veto came; he blew his whistle
/ for lis 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 huzza for
the Veto, became the watchwords and raj
lying cry Of his partizans. That same
Legislature of Pennsylvania, now, with
equal unanimity, approved the destruction
OF an institution which they had believed
to be so indispensable TO the public pros
perity, and the deluded people felt as il
they had fortunately escaped great Ma
tional calamity
The veto, notwithstanding the House Of
Representatives, by large majority, re-
solved that the public deposiies we're safe
in the custody Of the Bank Of tie L. 5
where they were placed, under the sane
lion, and by the command of the law; and
it was well known al Washington, that this
resolution was passed in anticipation, and
to prevent the possibility OF their removal,
la the face, and IN contempt OF this decis-
ion Of the Representatives Of the people,
and 10 violation of a positive law, the re-
moval was ordered BY the President few
months after, the Secretary OF the Treasu-
ry having been previously himself remos-
ed TO accomplish the object. And this
brings me to consider the effect produced
upon the business and interests Of the coun-
try, by the
%. event to which have alluded. II
IS well known to be the usage Of the Banks,
to act upon the standing average amount
Of their deposites, as upon permanent
I fund. The Bank Of the United States had
SO regulated lis transactions upon the dc.
posites Of the United States, and had grant.
ed accommodations and extended facilities
as far as could be safely done on The basis.
The deposltes were removed and dispersed
among various local bahks, which were
urged by an authority not likely to be dis
regarded, especially secondlng, "a, It did,
their own pecuniary interests TO discount
and accommodate freely on them. They
did so ; aud thus these deposlles performed
/ IA dnpbla ,tficc h, b.ins, ha bncts &c Rant
4 facilities, first IN the hands OF the Bank OF
/ the United States, and afterwards IN the
/ possession Of the local Banks. A vast adj
dltlon TO the circulation OF the country en-
sued, adding to that already so copiously
/ put forth and putting forth by the multitude
otnew Banks which were sprlngIng up like
mushrooms. That speculation and over
I trading should have followed, were 10 have
been naturally expected. 1t IS surprising
/ that there were not more. Prices rose
enormously, as another consequence and
thousands were tempted, as IS always the
case in an advancing market, to hold on or
/ to make purchases, under the hope Of prices
rising still higher. A rush Of SPECTATORS
was made Oh the public lands aud the mo.
ney invested IN their purchase, coming
back to the dcposlte Banks, was again and
again loaned out TO the same or other spec.
ulators, 10 make other and other purchases.
Who was to blame for this artificial and
inflated state Of tbingsl Who for the
speculation which was its natural offspring ?
The policy Of government, which produc.
ed ii, or the people, The seducer, or the
seduccd ! The people, who only used the
means 50 abundanty supplied in virtue of
the public authority, or our rulers, whose
unwisc policy tempted them into ruinous
speculation
Concluded merit reek.
TRUE UEROISJ