Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-08-19
BANK PRESIDENTS.

BANK PRESIDENTS.
The late defunct and insolyent Bank OF
the United States had three Presidents: -
Jones was the first, then Langd, Cheves,
and lastly, Nicholas BiadIe. Two of
these men, Jones and Biddle, went ito
Office as we have every reason to be-
lieve, honest men, but turned out swim
dlers.
Jones made the hank a full Hooded spe-
culating aud swndIing machine. 1t was
as completely so during his Presidency, as
the Brandon Bank was during the admin.
istration of Shelton. He established a.
gencies IN Europe for the purpose of p'y.
ing dividends there, and authorized the
heaviest loans on stocks to the stockhod.
ers, and got The shares up to $l65.
Most of,he directors and holders of.stock
sold out. Stephen Girard (who Ivy the wav
had opposed jones' po'lc>) made 100000
on the sale Of his stock, and many others,
Jones being among the number, made
large sums. The Bank was male ma.
chine of private speculation of The worst
character.
The country was convulsed. We had
bIoated prices and rninous speculation,
and a mass of deprecated paper. Ruin
followed, and the distress of lSl9-20 is
well known. The stock fell to $65; the
Branch notes deprecated and Jones
and his band Of gnmbles were turned oui
and Langdon Cheves took his place.
Mr.. Cheves was Speaker of the House
of Representatives. during the war, and he
was an honest and able man He found
the bank a hula wreck--the victim Of
spectators and swinders, expecting every
day to suspend specie payments, indebted
far beyond its liability to pay, and existing
upon the forbearance of others. This Mr..
Cheves states himself He got all The aid
of the Treasury, and by heavy cur,ail-
ment, he saved the bank but broke the
Country. In 1918, there was surplus in
the Treasury. In 1919, they had to bor-
low money TO carry on the government.
Cheves left the bank in few years, and
Biddle took charge of it.
Mr.. Biddle's career is known. We
doubt not he entered the dark chambers Of
the great regulator an honest man. but he
soon became corrupted. He commenced
by operating on the integrity of editors
and politicians by the use of money. His
policy, without having the f0rmalities OF
direct bribery, and all lis moral guilt. The
bank too, soon became n rrofessed poIIti
cal machine, and Mr.. Bddle proclaimed
through the United States Gazette that
the hank would act its part in "driving the
banditii out of the high places they lnfesI-
ed :"--(meaning Gen. Jackson and his
cabinet.l He became thoroughly CONVEX
SAINT with bribery-hs integrity was des-
troyed and he sunk at last to the lowest
grade Of corruption for the advancement
If his own private gain and those of his
Ati,s commencement and at IFS termi- |
nation the bank was perverted from the
avowed object of those who made it, INFO
an instrument of private gain, speculation
and swndling, just as much so as the Bran.
don Bank of Mississippi was by Shelton
md his crew.
The infamy now attached to the charac-
tiers of two out of the three men who pre-.
SIDED over the United States Bank, and |
who once stood high in the estimation Of
their fellow citizens, Is strong evidence |
hat such position is corrnptng in its ef.
fects and dangerous to The integrity OF |
men of the most exalted virtue; it warns
is also that such vast powers ought moi
10 be lod ged in the hands of any corporate
body.
Langdon Cheves, the only man of the
hree who maintained, so far as we are in
formed, his integrity unimpaired, resigned
MS situation as President; and in 1887,
he thus expressed himself in regard to the
bank question:
81 ain of the opinion that National
Bank will not aid but embdrrdss the resto.
ration of the currency and tn t afterwards
il would be, an institution infinitely dan.
gerouS under many circumstances and in
many views.
81 admit that under very wise and
management, II might be an
useful Insti ution, hut 1t is certain as any
hing depending on human action and hu.
man will, that il will not be so managed
Besides, | hive no doubt Congress has no
constit, tioaal power to establish such an
insti,ui on, and this | think has been the
clearly expressed judgment of That ,hpol
of pubic men who claim Mr.. LETTERS N Os
their head, and who have administered
the COVE for almost forty years.