The North-Carolina standard., 1844-10-16

/" " Cd "New York.
July, " 1894 "Richmond
"Bank United States
July, al "
and Norfolk.
1929 1929 March; !" 2 New York.
1851 Jan. / "over $500
This Bank opened at Fayetteville, in January
by which in a short time it drew out of those
Banks IN specie 100000. All it brought with
it to commence upon was its own notes, (paper
and kegs Of cents. 1t maintained itself by draft:
or runs on the State Banks for specie, until abou
1880 or 1882, bringing none from abroad till
1888, when President jackson caused the public
deposites to be removed from the Bank of the
United States. In 1880, it received in Interest
I from local Banks upwards of 100000, and in
1921. above $50, ,OOO From 1926 to 1880 the
nrtt profits made by the Bank per year were from
$4,000 TO SIS 1000
| These facts show, that during the time the
Bank of The United States was in operation in
this State it made its profits by drawing specie
and funds from our own Banks and citizens,
which profits, as we'll as the specie continually
drawn from our Banks, were principally sent to
the North, to go into the pockets of foreign
stockholders and Northern Banks Also that it
made our own citizens tout of whom this capi-
nl and profit were drawn) pay higher for checks
or exchange on the North, and other pats, than
they have had to pay since the Bank Of the
United States ceased TO exist. Also, that our
currency was more unsettled and derangrd whilst
that Bank was in operation than it has been
since for we all know that the Bank broke in
January, lS4l, and that since then checks on
the North have ranged from only i to ] per
cent, at which they are now and have been for
long time seling in this City.
These facts further show that the precise period
when we had the least specie, when The curren-
cy was most deranged, and exchange the highest,
was during the administration of that Bank
Also, that it never let down the price of exchange
to what it is now, until after the election of Gen.
Jackson, and when it was asking Congress for a
renewal of its charter. See prices in 1880 and
1881 ALso that our currency was never so
sound, nor so useful and convcnient-composed
as it is now of both paper and specie, and of
tive monster expired in 1841. In other words
we never had specie currency until this Bank
went down. 1t brought none into the country
robbed us of what he had-and sent it away.
The evils this Bank inflicted upon the curren-
cy and the business OF the country, during its !
disastrous reign, were dreadful to be sure; but
they dwindle into insignifcance when compared
Wi the d;ebo0or nnd ;1,ra M
upon our national character-with the corruption
it set afioat through so many sluice<, the press,
Congress, State Legislatures elections and the
markets. upon the country-wilh The thousands of
orphans, widows, old and disabled persons and
families that it brought to ruin-and with the dar-
ing attempt it made to put down the President of
the people, and revolutionize the government
Such an institution may be great for good, but 1t
must be too great for euI erer to be trusted IN a
free country. There more Nicholas BiddIes
than one. Besides, such a tremendous power,
placed for twenty years in the hands of Pres-
dent and a few Directors which the people can
not control through the ballot-box, as they may
their government, begets the temptation to abuse
1t may operate every where in secrecy, and none
can stay its arm before It's evil works are done
1t would again prove, as it has heretofore proved,
a curse to the Banks, the citizens, and the trade
of North Carolina; and through the long period
Of twenty years, 0he time of its charter) the temp
taion would constantly be presented to Presidents
and parties to seek an alliance with it, and make
it corrupt and dangerous political machine
In his great speech against the Bank in 1911,
Mr.. Clay said that the two most dangerous pow<
ers in government were the purse and the sword !;
but continued he, after all, money is the great
power, for with that you can purchase all the rest
What he thinks now, on this or any other subject,
we cannot tell This was his opinion in 1911,
before he became an Attorney for the Bank, but
since his Attorneyship commenced, his mind has
certainly undergone great change in relation to
the expedieney and constitutionaEhy of sueh an
Institution. .
IThe Democratic Meeting in Rockingham
shall appear next week.