The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-07-19

S'ateS, but tDTOug nou' 49, -
,.,rld No institution was eve 49, pr
,.l,r. and the utility OF n BANK OF 'ne on''e'
states was acknowledged by fresioen' 'acA-
.on in his veto message in which ne express
=. s,a,ed that he conId have suggested to
foporess the lin of al unt xceptiona0le
caarier, if application had been made to
him. And state as fact. what many,
nm sure. will here remember and sustain
mat during the canvass then gong on ior
The Presidency, many of his friends III ms
State oays assurances thai. in the event u
his reelection, Bank oil The U. D. "ouio
ters'abl;shed.
II was held out 10 the people. that a better
currency should be supplied.aud more sale
and faithful execution of OF the tiscal duties
,nwards the Government would be perform
81 hy the local banks, than by the Bank of
The Z. S.
What was The immediate effect of the o.
,,r,hrow of thai institution? The esiab-
GsI menr ofinnumerable local banks, which
sorurg up every where with a rapidly TO
' hich we cannot look back without amaze
u eBt. A respectable document which
now hold in my hand brliege correctly
states, that sin 1890 the aggregate bank
ing capital OF the Union was Sl45. 90 62.
Within two wears after The removal of the
dcposites. the banking capital had swollen
10 1891 .250,337. and in 1887 ii reached
SAC. 1870. While the L. States Bark
was in existence, the local banks not aSpir.
Jag 10 the regulation ofrhe cur ency, we're
chartered with small capitals, as occasion
md business required. After 1888, they
~ere chartered without necessity and multi
rird b. I'D example. Ia Dec, mber S37.
= Ii.ere were no Jess than 100 State banks.-
NeaIly four hundred banks sprung up upon
The ruins of the United States Bank, and
S250,000,0CC OF capital VS. Incorporated,
IN supply the uses fnImeI y discharged 10y
tie S35. GCQ, coo capital of the Bank Of the
Il. S. The impulse given TO extravaganza
md speculation by This GLORIOUS increase
of banking capital was quickcncd by the
circulars Of the Trersary Department to
these pet State banks that were made the
tustodicrs of the National Revenue"
A vast proportion Of these new banks.
a.nre tciieve than four-ffihs were char
tered by legislatures in which The Demo.
cratic parry lad The undisputed asccndancy.
| vel remember thai in this State the pres
SOS of that parry made grave charge a.
gairSt me Of icing iTimica 10 be establish
n,cnt here of State banks; and was oppo
scd 10 their establishment. until all pros
rect vanished Of gcttirg Bank of the L.
s.'a'rs.
Til" eff CT upon the country OF this sud
.lo,,
Of the banking capital of the country, could
i:ul fail 10 be very great, if not disastrous -
j. threw out, in the utmost proflsion. Bank
accommodations in all The variety of forms.
ordinary Bank notes, post notes, checks,
drafts, bills. &c. The currency thus put
forth, The people had been assured was bet
ter Than that supplied BY the Bank Of the U.
states; and after the removal of the depos
lies. the Local Banks were urged and slim
mated, BY the Secretary of Ike Treasury,
frrely 70 discount and accomodaie upon the
bass Of those dcposites. Flooded as the
coIniry was. by these means and in this
way. with all species of bank money and "a
e'ii1ies, is il surprising that they should have
rushed into speculation, and freely adveu
iured IN the most desperate enterprises? Ii
would have hern better to have avoided
rirm; il would have been better that the
people should have been wiser and more
prudent han the Government; but who is
most 10 hlam", they who WELDED to tempta
uun SO thrown before them-ihey who Weld
c' confidence 10 their rulers--thev who
':.'uid r't see when this inordinate issue of
money was TO cease, or 10 become viiialed:
or G"rnrnm"nt, that tempted, scduced ard
BETRAYED them?
Aud now, fellow citizens. do LET lis. in
rAimness and candor, revert for moment
10 some oi tine means which Were employed
To break down the Bank of the q. States,and
10 ibil'ci upon the country MI the sad cnnse
q'enefS which ensued. shall not stop 10
expose t ne motives Of the assault upon thai
i.io..ui:on, and 10 show that it was because
:; reused TO make itself basclv and servilelv
r.strunen;al 10 the promotion Of political
r'rws and objects.
The Bank was denounced as a monster.
aiming. as was declared, to rob the people of
sheir liborlIcs, and to subvert the govern
naeEt of Ike country. The Bank TO subycri
tie Government! WIKI, how could the Rank
""ntlnne 10 cxis; after The overthrow If that
Government to which il was indebted for its
cxist'nce,and in virtue of whose authority il
r0ald alnne successfully operate! Convul-
s,"ns. revolutions, civil wars. are no, the
S'.cill conditions most flvorab!u to Bank
prosperity; but they flourish most when or.
ser, regularity, puncluality anj SUCCESS
III business prevail.
hob he people of their liberiicsl And
pray what would it do with them after the
robbery was perPetraied! 1t could not pnt
slena 10 its vaults, or make interest or profit
''pol iffem, the leading, if no, the sole oh.
iect Of a Bank. And how could il destroy
he liberties of the people. without, at The
same time, destroying the Liberties of al
persons interested or concerned in the bauk7
What is Bank? 1t is corporation. the
aggregate of whose capital is contributed
by individual shareholders. aud employed
in perrniary operations, under the manage,
4. II. L ~