Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-09-03
"THE PET BANKS


"THE PET BANKS,p
Afier the B ank Of the Uhitsd States
had commenced lis political war against
the administration BY buying up presses
and congressman like cattle in the mar
ket. Gen. Jackson and bis Cabinet de.
terminsd 10 Withdraw the public fund.
from such a corrupt institution. As ma
ny Of the lOcsFbanks had transacted bu-
siness for the government with fidelity
and safety, and we're considered far less
Objectionable than the great political ma
chine which was making desperate ef-
fort 10 obtain the reigns Of Government,
they were chosen as repositories of the
public money, As this act Of Gen jack
sons has been denounced almost as much
as his conduct at the battle Of New Or
leans, BY the Bank satellites, and pro-
nounced impOlilic and unwiss BY the pres.
ent supporters Of Henry Clay, and evan
| BY the great embodiment himsslf,-ls!
~ see who it was that originated and
6rst advocated the project. Henry Clay
ma speech in the United States Senate,
D in 1911. said;
81 will now proceed TO show, BY fact,
Q actual experience, not theOrotic reason
J. Jag, but BY the records themselves, Of
. the Treasury, that tue operations Of that
Department may be as we'll conducted
without as with this bank, (lhe U. s.
Bank i The delusion has consisted in
- certain high sounding phrases ,dexterOus-
. " used on the occasion. The cOlloc'
!. ton Of the revenue,' 'ihs administration
Of the finance, The conducting the IS
\, cal affairs Of the Government '-.the usu-
n 81 language OF the advocates Of the
: Bank, exlOrt express assent, or awe &C.
il Quisscence, without inquiry or exsmina.
:. ton. into iis necessity. About the COM
IN mencement Of this year, theTS appears,
4 by the report Of The Secretary, Of the
q seventh day of January, to have been a
3. little upwards OftwO millions four hun.
q drsd thousand dollars in the Treasuary
m Ofthe United States; and more than one
!. third Of whole sum was in the vaults
"a Of the local banks. In several instances
,al where an opportunity existed Of select
l. ing tho bank, preference has been gives
"a. 10 the Siate banks, or at least q portiOI
:. Of the depOsies have been made will
I'D them. In New York, for example, Their
ra was deposited with the Mahalten BaRI
or $lSs. 800, although q branch bank is il
de- this city. 10 this district, Sll5, ,00I
81 were deposited with the Bank Of COlum
| biz although here, also, 10 a branc
rS hank"
q. "Again: one Of the most important SM
10 complicated branches Of heTraasury De
th partment,is the management OF our lande
o. system. The sales have, some years
amounted TO upwards of half a milliO
ofdOllars, are generally made upon cred
IL, and yet no bank whatever is made Us
of to facilitate the collection. Ate
Ter il iS made, the amount, IN some ia
. Stances, has been deposited with banks
~ and according to the SscretaTy's FePOr
ILL., which have before advsrted to, the 4
lOt mount deposited was. inJanua.y upward
he OF $500 900, not one cent of which wa
20 in the vaults Of the Bank of the UOite
l. olAtosIOI w any Ot ltS OTdncOoNs o. INt
"0 burg, and Marietta Bank, and the Ks'
ls~ lucky Bank. Upon the poin, Of respoI
70. S:bility, cannOt subscribe to the Opu
iT ion Of Secretary Of the Treasury, L it
n: meaat that the ability 10 pay the amour
.' =" Of any deposIlaS which tho GovsrnmeI
Fp may make, under any exigency, is Rrea
res ar than that Of the State banks, Tn,
Q, the accountability ofs ramifsd institu
nv tiOn, whose affairs are managed BY sin
- gle head responsible for all lis membsr
Gu is more simple than that Of a number {
indie pendent and uncOnnacted ESTABLISH
II. menls, | shall not deny but with sEsgar
r. TO safety. am strongly inclined TO b.
!. lieve II is on the side Of the local bank
- The corruption or misconduct Of III
10 parent, or any Of it's branches, may bank
eS rupt or destroy the whele system; an
es the loss oi the Government, in tina, even
will be Of the depOsiles made with each
whereas. in failure Of one Of The Stat
= Banks, the loss will be cOO6ned TO lh
a. depoSite In the vaults of that hank. ~