The daily union., 1846-06-26
61UsLnJ iDIuSUlIu0O

w. GRAY
uXT 'housIln, ,D,usu,Iuo1
On the face Of this bill Continued Mr. J.) they
have put the representative of the dollar which our
banks paper money manufacturers Of the present
day have not done
But, Mr.. Chairman, il there were no constitu.
tlona barrier in the way-f this government was au-
thorzed to make bank-and if there were no con-
suutonal prohibition TO the States against creating
banks and putting paper money into circulaton-I,
for one, should still be the uncompromising oppo.
nent and enemy Of every attempt TO put into crcu-
lation that which, without possessing any Of the
characteristics and attributes Of money purports to
be money. What do you attain when you have
gold and silver for currency And why
is it that gold and silver coin are worth
the amount stamped upon them IL is not
because they bear upon them the stamp, or the coat
ofarms Of any particular government;-itis because
they are the representatives Of so much human la
Dor. Although we cannot produce or create the
material ITSELF yet it has been wisely placed by the
God Of nature in the bowels Of the earth to answer
this very purpose, and the price Of is the same
that was placed upon the bread that was TO sustain
life when Adam was first driven from the garden Of
Eden. The price is human labor; and when you
give man dollar for so much labor it is but
the fair return and equivalent for that labor And
hence its value.
Bot many gentlemen contend that this govern
ment has the power to make United States bank;
and, If TO make one, suppose to make a thousand
banks, or as many as II may think proper. There
is doubt upon point-that is 10 say, that this
government has the power to coin money out Of
gold and silver. ! ask the advocates Of a bank
Of the United States whether this government can
delegate that power to corporation Can Con-
gress delegate TO corporation created by itself the
power to coin money Of gold and silver and TO reg
AL, he nf oina IL.
eminent should continue to exist, trust it may,
through all time, such thing will never be heard OF
as an application by an association Of men for pow
err as corporation, TO coin money. And the reason
is obvious. II they have the power to coin money,
they must give something that has value in ex-
change for the material out Of which to make the
money. But when they come here and ask this
government to constitute them into a corporation,
to allow them to make bank, and to issue paper
promises, for the redemption Of which their own pri-
vate property is not to be made LIABLE they
know they asking for privileges to be con
ferred upon them without any equivalent; they
know they are asking for power to make
and which lis to take the place Of money, which
they make without toll labor or expense of any
kind to them. And thus-whst the toiling millions
of the country in the pursuit of their honest and
audable avocauons, few of these gentlemen are to
be invested by this government with the enormous
these
paper promises to buy the aggregate products of the
labor of all the people of the country. Is that the
spirit which actuated the founders of this govern.
ment? This government, as understand it, is, in
theory. at least, one of equality Of political rights
and such it ought to be in practice. But how can
this equality be preserved if the millions are to be
forced to toll for their daily bread, whilst few spe-
Lia favorites of the government shall be invested
with power which will enable them, with their
agents and officers, to manufacture in twelve hours
paper money enough to buy the aggregate products
of the Union for twelve months'
l understood the gentleman from Pennsylvania
Mr.. J. r. lNeER.oLLl yesterday, in defending the
its charter from the State Of Pennsylvania
Mr.. ]. R. lNGBRsoLL said he had so stated
Mr.. JONES. would like the gentleman to state
whether he believes, or desires to make the impres.
sion this House the country, that the manage.
ments of that institution which finally resulted in its
overthrow and destruction, commenced only with
the date of the charter granted by the legislature of
Pennsylvania.
Mr.. J. R. INGERsoLL. | believe that the course
management, and direction Of the bank were
very much the same at all times. But the invest
men which finally collapsed, and occasloned the
destruction of the interests of the stockholders were
made subsequent to the charter by the legislature of
Pennsylvania.
Mr.. JONES. We will not disagree about facts. I
believe reference to the report made by the plum
dered stockholders it will be found to be their opin.
ion that the system of policy and measures which
eventually led to the destruction of the bank, was
adopted time before the expiration of the ori.
gina charter. The charter granted by Congress ex-
pred, for all active business operations, the 4th
of March, 1885, and if mistake not, the period of
two years allowed to wind up its concerns The
bank did not live through these two years. |, may,
therefore, be safely asserted that it did explode or
af hat / hau bad ,J..
from Congress- if the charter by the legislature of
Pennsylvania had never been granted; for in the
month of May, 1887 being fourteen months and a
half after the expiration of the congressional charter
but within the two years allowed for the winding
up Of its affairs, the bank did suspend specie paw.
ments, from which it never again recovered My
own opinion is, that from the first of January,
1917, the day on which the bank went into opera
ton, it never did, during the whole period of its ex-
istence, see the day or the hour when il was able.
honestly and faithfully, to discharge its liabilities
II we recur to its history in the years 1918, 1919
1870, and 1921, we find its notes at a deprecia.
ton in the streets of Philadelphia; not the notes
issued by the principal bank in Philadelphia;
but that bank issued its proclamation to the
world that the notes Of its branches would not
be received on deposite, nor in payment Of debts
due TO the bank. The branch at New York the
branch at Boston, and If mistake not, the branch
at Baltimore, issued similar circulars, that they
would not receive on ueposlte, nor IN payment OF
debts, the notes Of any other branch, nor Of the
mother bank itself, And the consequence was that
during the years have mentioned, the notes of eve
ry branch Of the bank were at discount in the
streets of Philadelphia.
Another fact in the history Of that institution was,
that application was made to Congress to repeal that
provision Of the charter which made their notes re.
celvabe in payment Of government dues. That
bank was created pretty much ike all others. You
may search the history of banks in this country,
Ary instance in whieht they have been organized &c.
cordng TO the provisions and requisltlons OF their
charters. How war II with this very Bank Of the U
States An account Of that matter has been given
j by an individual who lived reeentlY, | believe