The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-08-09

l
In 1881 so 3" 1892, ,1O
In 1882 A 6" 47s,O6
In 1888 SO Z" 374, ,76l
In 1884 81 sc 23S, ,5S(
Mr.. Clay was Mr.. Biddle's candidate for th
Presidency and the trade and commerce of th
country, the finances of the government, and th
industrial pursuits of the people were thrown int
confusion and embarrassment, and all the mischie
in the power of the Bank was done to force thu
people to consent to the election of Clay and tht
re-establshment of the fraudulent and corrupt con
cern over which Bidde presided by permission
and for the benefit of nabobs in England and aspi
ring Federalists at home.
The result of the conflict is known. The enc
mics of the country were routed by the unbough
Republican yeomenry under the lead of an incor
ruptable and unconquerable patriot as signally as
they had been by the same commander at New
Orleans; and in no State were Bidde and Clay
more unequivocalIy condemned than in Tennes.
| see.
The same party with Mr. Clay at their head are
again in the field, clamorng for bank of the same
charter Until the extra session great numbers
were deluded into the belief that a bank with some
effectua guards and restrictions contemplated,
and that the Bank advocates were sincere in their
promises to that effect but this deluson has been
dspeled.
At the extra session bill was presented for a
Bank in which the States were permitted to have
voice in the location Of branches. This was pro-
nounced by Mr.. Clay as srickety concern" and
was rejected. Mr.. Clay said-"The people want
| at our hands bank-a real old fashioned Bank;
such one as they and their fathers have tried"-
And he and his party resisted all attemps to make
any material notifications TO the bill which he had
framed upon Biddle's model.
The old Bank had rs Directors; the new Bank
was to have but nine; with view probably to
greater secrecy, and to avoid the exposure which
had taken place of the corruption, fraud, and vii
lainy OF the old Bank
Every proposition to enable the people to know
something of the dolngs of the Bank was voted
down. An amendment giving TO any one ofthe
stockholders the privilege of inspecting the ac-
counts and dealings of the Bank was voted down
by Mr.. Clay and his partizans. An amendment
giving such privilege to any ten of the stockhold-
ers was also rejected. Some extacts from thepro-
ceedngs in the Senate will exhibit further The de-
termination of Mr. Clay to keep the transactions oI
the swindling machine as ssecret As possible "; a
Mr. WALKER moved to amend f1
ding to the cod ofthe 18th fundamenI q " =
bill proviso, to the effect ttsf de 81 4 y r.
ry office of discount, Or deposIte shan, On t'e 1s
Monday OF January in each year, hansmit to the
presiding officer of each House of Congress 4 list
of all notes discounted and Of all bills Of exchange
bought and sold by those officers, together wthth
names of all drawers and endorsers Of said notes,
and of all bills of exchange, with the drawers, en-
dorsers, and acceptors."
Mr.. Clay Of Kentucky opposed this amendment
Mr.. Clay of Alabama thought the publicity
should be made to appear once month at least.
He said:
self such feature had been grated on the late
Bank bill, did any one suppose that Jas. Watson
Webb or Mordecai NJ Noah would have got dis
counts TO the amount of $4,000! Would the Di-
rectors have dared to make such discount
Would they have loaned money to bankers and bro
kers the very last class that ought to be aided by
banks? No; nor would the exhibits made in some
OF the States of three or four millions, divided
among some sixteen or seventeen individuals, have
appeared"
The very reasons, which the Senator from Ala
bama urged in favour of the amendment were
doubtless sufficient to induce the Wings to reJectit
and after some further debate, Mr.. Walkers a.
mendment was rejected by the following vote:-
YEAS-Messrs. Allen, Benton, Buchanan,
Calhoun, Clay ofAlabama, Cuthbert, Fulton, Hen
derson, King, Linn, McRoberts. Mouton, Mich
olson, Pierce, Sewer, Smith of Connecticut,
Sturgeon, Tappen, Walker, Williams, Wood
bury, Wright, and Young 23.
NAYS--Messrs. Archer, Barrow, Bates, Bay
ard, Berrien, Choate, Clay of Kentucky, Clayton
Miller, Morehead. Phelps, Porter, Prentiss, Pres
ton, Simmons, Smith of Indiana, Southard, Tall
madge, White and Woodbridge-25.
Mr.. Benton then moved that the officers Of the
Bank be required to keep such accounts themselves
in suitable books to be open to public inspection.
This was also rejected by party vote. The next
day, July 8, Mr. Allen moved to amend the bill so
as to provide
'sThat the Board of Directors of the mother
Banks shall publish in some paper at the seat of
Government each order which may be issued to |
any officer or branch directing it to expand or con-
tract its loans or discounts, any other order, i'm
medately after its issue, and shall report to the
Secretary Of the Treasury all such orders, to be re-
ported to Congress at the commencement of the
session."