The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-07-26

i
The whips now ayow bank Of the U. States to
be one Of their leading measures. Some boldly
and fearlessly advocate the chartering OF another
bank, notwithstanding they refused to make 1t a
nuestian in 1910. That they did refuse to make 1t
a question in lS40, we presume is not now dehieo
by any intelligent man. Not only their candidate
for the Presidency, but all their stump orators,
with probably very few exceptions, either denied
that the chartering Of a national bank, was then
question before the people, or remained non-com-
initial on the subject. Thomas Ewing, the head
and form of whiggery in Ohio, alleged IN letter
written by him during that campaign, that ma
t;onal bank was not then question under consid-
Grafton. No sooner, however, do they obtain
power, than they Immediately introduce Dill ior
fastening ON the people of the United States, an
other bank, with capital of fifty millions
Let II. examine for few moments whether the
late hank of the United States was entitled to the
confidence Of the people; If not, it is fair to pre-
sumo that another bank, chartered upon the same
principles. would not result tor the benefit OF the
people, and the safety of our free institutions.
In the report of the bank directors Of 1888, VIII
be found the following resolution, which 1t Is sta
ted in the report was adopted by the ooara oi
directors on the 18th of March, 1881:
"Resolped, That the President (of the Bank) Is
hereby authorized to cause to be prepared ana cii-
culated, such documents and papers as may COM
,n,;cate to the people Formation ~ regard 70 the
nature and operations IT the Bank"
After the passage Of this and other resolutions the
Directors, in their report, say:
oThe expenses incurred, as stated in the expense
account, in executing these resolutions, from De-
cember 1929, when the first aSsauh was made on
the Bank by the President, to the present tune time
y,p,,,ip through the years 1922 1880, 1881, 1857,
and 1888. amount to SOS, 1855 05, making an aver
are for the last four years of sl4 ,5s3 rs year.
Turing that period, the total expenses under the
amounted neaa Se ps"s 70 anN slo5, ,o57 70
of which. the proportion for the de-
fence Of the bank was $5s,26b o4
And for the miscellaneous
!. expenses of books and
stationary, 4o'1s2 % ~ az >,
esq that the general result is, that within foui
wears mast the bank has been obliged to incur an
expense Of $5s 900 to defend itself against n,trs
Gus misyepresentafions
6sThis has been done with regret that it should
be necessary, but with the strongest convection o
its propriety, and without the slightest wish eitheI
to disayow or to conceal it On the contrary, th'
bank asserts its clear right to defend itself equally
against those who circulate false statements, and
those who circulate false notes Its sole object IN
either case Is sel-defence. 1t cannot suffer itsel
40 be caltsmniated doton, and the interests conhd
ed 10 its care sacrificed By taisehoods.
Now what was the ssassaui" made by the Pres
ident on this institution in 1927 It's the follow
ing, from bis annual message Of that year;
II aThe charter Of the Bank of the United State
expires in 1886 and itsstockholders will most prob
abiv apply for arenewal Of their privileges. In OF
der to avoid the evils resulting from precipiancyi
a,measure involving such important principles, am
such deep pecuniary interests, feel that cannot
jn iusce to the parties interested, soon presen
tito he deliberate consideration Of the legislator
and fhe people. Both the constitutionalty and IN
sxpediency Of the law creating this bank are we
questioned BY alarge portion Of our
and il must be admitted by all, that i has failed
the great end Of establishing Uniform and soun
currency"
I'd ! Recommendation ior timely legislation, :