The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-09-17
From the Albany Argus.
UNITED STATES BANK.

From The Albany Argus.
UNITED STATES BANK.
Does any doubt that if Henry Clay should be
elevated TO the Presidency, an immediate effort
would be made to establish another bank Are there
any Just grounds for the existence of such doubt
What do Mr.. Clay and the presses and orators who
advocate his election mean, when they declare them
selves in favor Of "the establishment of a national
currency" If not the ncorp ration of another ma
uonal bankt When and where has he declared that
he has ceased to be the advocate Of such an instu-
ton? If, after their disavowa Of such object
throughout the disastrous campaign OF 1910, rha
hest effort Of their III gotten power the dish
ment Of bank, can it be doubted that their access
now would be followed by like atlempti
We fear the democracy of the nation are not sufl-
cientIy awake to he Importance Of this quesi
II has been 50 long discussed and the verdict of the
people upon II has been pronounced repeatedly
ana so emphaticaily, that they seem prone TO re-
gard as forever settled. hey must not be suffered
10 repose under so fatal deusIon. Our presses and
speakers must not, if faithful their trust be de-
tered by the treness of them, the apparent indf
terence OF our opponents, from recoupting again
and again. the history Of the late bank When it was
chartered, IN 1916, IT was honestly believed by many
that such an Institution Indispensable to the pros
ptrty oil the business interests of the country. Ex
perience has abundantly proven the allacy such
supposiiion AS regulator of the exchanges it
failed signally During the year 1925, when the
bank aud It's branches in full operation, the
rate OF exchange between the cities of New Or
leans and Philadelphia, varied 10 the course OF a
few months more than fifty per cent. Since the
bank exploded, the premium of exchange be-
tween those cltes or between any other two places
is about equal 10 the cost of transportation of spec
from the one point to the other. 1t was also con-
tended by the friends Of the bank that It gave sta
bility to trade. During the years 1924 and 1925
states the Democratic Review, "the merchantile in
ierests were stimulated by the hberaty Of the bank
and engaged in a number of fresh enterprises TO
meet which Their paper was freely discounted. So
great was the excitement nong the moneyed nt-r-
ests that IN one day expresses arrived in Phil
adelphil from New York, with the news of the rise
oil the Liverpool cotton market. The price OF cot
ton rose one-third sugar doubed cotton goods rose
sixty per cent, and wages participated IN the uni
Versai jump. Every day, according to the news
pap rs VI the tlme reports TO be heard of men
who, by one operation, had made thirty forty or
fifty thou and dollars" The following wear il sud.
denly and rapidly curtailed its discounts and crcu-
iauon, ana IN consequence ruin and bankruptcy
were spread over the land How baleful an ita-
ence exeried upon all the business interests of the
country, by unexpected and causeless contrac-
tons and expansions, during tie last few years of
ITS existence, must still be fresh in the recollection
of ALL
Blu, though the bank was powerIess for good il
proved itself mighty instrument Of evil Had we
oeen VISITED with the triple curse which MIR Clay
have
been leit more scathed and Frustrated than was It's
condition when the last desperate struggle of the
bank for recharter terminated Our commerce
and trade were prostrated laborers sought in vain
Tor employment; farmers and mechanics could mud
10 market ior their products. Thousands, all over
The country, who had given credence TO its living
promises and statements, found themselves plunder-
ed, and many actually beggared
us influence upon the morals of the people was
not less deporable. Immediately after ITS determ-
nation TO force arenewal OF ts charter from the fears
and sufcrlngs OF the people was taken II boldly pur
chased -four of the leading presses IN the country for
an aggregate sum of about s 80 900 1t is true that
upon he books of the bank this sum was entered as
loaned, but the suppeness ever after manifested b.,
'he nominal borrowers TO do the bidding Of the bank
proVec how little their relations differed from those
which exist between the master and his sers In the
eourcil chambers of the nation, and from among
those who filled its high places IT selected lis retain
ers, and they for stipulated sums of service money
enlisted under ITS banner in its ruthless crusade unon
the happiness and honor Of their country. Its disre
gerd Tor Its plighed faith became contag and in
dNduas, as well as corporated institutions in every
section OF the country refused TO meet their labii
Ties, without shame and without remorse. Great
States, which had hitherto main aimed credit with
out roproaeh, aud their honor unsued enticed by
The facilities offered them by the bank rushed madly
into speculation and in the end openly and unblu,b
lngy repudiated their obligations
IL seems almost incredible that whilst such specta-
Giles Of prohigacy and dishonor are yet yiydiy i'm
pressed upon the public mind, great party should be
striving for the establishment of an institution sim,
liar IN all respects TO this in its increased
city for mischief Yet such Is the fact. Their cbo-
sen leader Is one, of all others Of our public men.
who is most strongly pledged for its GRAFTON. =
Should the federal party succeed in obtaining the CON
troll OF the government, one Of their first acts
would be the Incorporation Of bank of $50 900 600
and then by intimidation and corruption they would
seek to perpetuate their power. They have not
/ forgotten how vigorous an effort against popular
rights was made by the late bank, when in a or n
pied condition. and on the eve of expiration and
they would now renew the conflict with a NOR,
formidable political engine. But for the strong hold
which the venerable man who now stood at the helm
Of STATE had upon the confidence and affections OF
the masses, and whose frmness and patriot,sm had
been so often and long tried 10th in the councils
and upon the battle fields Of his country the resuI,
Of that Struggle might have been most disastrous 10
popular liberty
OF all the great national issues there is none pon
the decision of which future veal or wo so much
depends upon this. The people must no, suae,
themselves TO be deceived by names The Federal
leaders may chrs,en the monster a "Fisc,I Ag,n, y
or regulator OF the currency ~ give It some Other
name that will CRATE less harsbly upon the pom,lar
ear than the old title but IT will still be an nsr,,.
ment OF oppression, and its aim will be to oorrtnt
and overawe the masses. Had the late incorpora
ton been styled "Fisoal Agent" instead OF "Ns.
tionalBank would he devastation IT caused have been
less extensive and severe Would the CRY of the