The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-28

hority, but sntirepublicsn and In opposition 10 the
will of the people. II was very easy Tor BANK IN
1uence operating upon q small majority 10 enact loan
BILL which involved no attendant taxation. Had taxa
ton been enforced with the creation Of each debt there
would now have been reputation The only possible
way to test the assent Of the people to the creation of
debt to appeal them in the shape Of tax This
not done in many of the States until borrowing i'm
practicable. II is discovered that the lawyers
acting on their own authority, when in obedience to
bank mandates, they ran the people in debt
No state is abused and reviled than Pennsylva-
mia for not paying her debt and State has suffered
much from bank corruptions. is well known that the
bank ruined ITSELF in the first instance by its political
loans, commencing in 1925 when the line of discounts
stood at and sweed to s64 900 at the date
of General Jacksons second election in 1892. Those
loans were never recovered, and when the bank ex-
poded the committee reported follows April ls4l
ACTIVE dept, -.............. S,S9sS9S
ls,s4s,O79
" may be proper here to remark. that it has been
hought best by majority OF the committee not 10 SUB
mat me BITS in detail Of the acre and suspended debt In
regard to these lines therefore, the committee con-
tent themselves with remarkng that but small proper
hon consists Of regular mercantile discounts"
This was the remnant of the Political loans OF lss0-s2
The nature and end of them is in the following
tract from the schedule in Bankruptcy of Wall street
editor -
s. Due to the Bsnk ofthe United States of Pennsyva-
mia, 26.64a ~
being the balance remaining unpaid on my bond and
mortgage the 9th of January ls42 the mortgage hav
ing been foreclosed and the property upwards of $4,000
acres of land in this State bought by the bank at no.
minal sum.
To the Bank of the United States of
with interest from the Goth July, 1899. wit my note
dated 23 May 1885, for said amount drawn to the order
OF Morris Robinson New York, payable 60 days after
date and discounted by said Bank deposit OF 100
shares OF the stock of the Georges Creek Iron Company
These amounts included in the above $40 000
ofwhich the committee refused TO give any account.
With these accounts roting its hands, the bank stag
gered On until was forced to resume specie payment in
January, 1889. The only active means which it could
procure to sustain itself under that operation by
State debts and when the Bank finally exploded, Oco
Der, 1889, it owed $l4,O0OOOO in Europe, for which
$l5OooOOO of State stock still pledged, and all Of
them delinquent In that year. $780, the State of Pennsyl
vsnia created 100000 of State stocks handed them
to the Bank end those stocks in pledge for
money By the Bank end sunk in such accounts
as the above schedule presents What part lot had the
people ofPennsy ivana in all this juggle7 Why should
these identical individuals turn round and deal out
them unmeasurcd abuse for not paying money that they
have squandered? For long season. Banks ard their
myrmdons ran riot il plumber. They now 6nd that
their masters tho people, have their feet upon their
necks.