Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1849-09-03
THE LYNCHBURG VIRGINIAN.
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BLACKBOARD, TOWNLEY Il CO.,
LYNCHBURG, SEPTEMBER 3. 1919
WHOLESALE DrFALCATIONS.

those two individuals 10 ron the government at the
rate OF 200 dollars per year. for the space of
fury, 1t would not equal the immense lass whicl the GOV
eminent has sustained at the hands of Wig agents-
THE BANKS-fron time To time. The loss To the govern
eminent by these agents up S37, ally eslima-
ted by Judge Woodbury. then Secretary of The Treasury
amounted ut thai time Ia The enormous SUN of FIF
/ TEEN MILLIONS FOUR HUNDRED AND
NINETY TWO THOUSAND DOLLARS !! |
lhs Immense loss was 10 The government alDne-
The amount which these Wing agents have stolen from
the poor mtdo,c and orphan would be utterly ncalcula
BILE.
Il little becomes the Wing party, then talk about
defacaon Lei their agents restore the immense Sums
stolen Of the government while they had the custody Of
the public money, and Denbys $l55 900 could be very
easily dispensed With. How hypocrtcal and mean il is
Tor the Wigs to roll up the whites of their eyes at this
offence while they have be- known 10 say ought
against the Wholesale robberies which their favorile a
gents oil The government have uniformly committed upon
the treasury Of the country. The truth is is not the
loss OF The money, OF the crime in this ms ance that has
! apparently aroused the moral sensbies Of the Wings
! They care not a whit about The money! and much less
about the offence against morality and the laws, but il
is the political capital which they hope manufacture
out OF H. that has enlisted them against DENLY A par
y must be In desperate condition. indeed when re
qures snch contemplate and dsreputabe agencies to up
| hold it,"
we beg our readers to ponder carefully the
averments OF the above article. which we copy
from the Republican of Thursday ast-and be-
fore entering upon an examination of them we
call upon the editors to give us the very words
OF MIR. Secretary Woodbury. or at least to refer to
the document in which this extraordinary state
ineni IS made We might express our total want
OF faith IN the accuracy of the amount OF loss thus
alleged to have been incurred by the Government
through the employment of Banks as fiscal agents
But our object in noticing the article does not re.
qulre ths-nay, it would be better served if the
alleged loss had been set down at twice the
sum.
We need not remind our readers that, from the
expiration of the charter fthe first United States
Bank, to the day the second went into operation
"a period OF five or SIX yearS-the Government
used the State Banks as fiscal agents, and that
/ o"ingto dishonesty, neglect, and the disordered
state OF the currency, consequent upon the war
with England, and other causes, some of these
Enthusiastically in the WeSt-iaed and thus oc.
caSloned loss to the Treasury of about one mil
lion and half of dollars. This loss was dwell
upon by MIR. Madison and his Secretary of the
treasury, as conclusive against the longer en-
! ployment of the State Banks for the safe keeping
and transfer of the public funds and as illustrative
oil the necessity OF National Bank for that pur-
pose The precise amount of the loss, thus in
CURED figured in several annual reports from the
Secretary OF the Treasury and might perhaps have
been deemed necessary to head the financial
statement of that officer to this day had not res
/ olution OF Congress directed him to take no fur
Their notice of the item. The necessities of the
country called INTO existence another Bank of the
United States Its charter required that the Gov
eminent should use it, exclusively as its fiscal
agent which it continued to do until 1894 when
Gen. jackson, in violation Ct law and Justice, not
only ordered that deposlteS should no longer be
made IN 1t OF the public money, but that the sums
then standing to the credit of the Government
should be promptly withdrawn, not in the pay
ment OF the public dues, but TO be transferred to
certain pet State Banks-and all this in violation
OF the charter and IN contempt of law and JUS
| ticc.
The Republican will not allege-i certainly
cannot with truth-that for the period of eighteen
years, during which the Government used the
Bank OF the United States as its fiscal agent it
sustained the loss OF single dollar, or deny that
the Bank performed faithfully oil that it was bound
by the charter to perform. We give the Demo-
cratic party the credit of originating the Bank
Inc Republican is of that school which believes
or affects to believe, in the identity of the Wing
party OF the present day with the old Federal par
ty Holding it 10 this belief, we assert without
the fear of contradiction, that the establishment
OF the late Bank of the United States was the
work OF the Democratic party of that day, and
,nat the ayes and noes, on the final passage of the
bill, as well as in all the preliminary saGes. show
the bulk of the Federalists voting against and the
Democrats, as party, in favor of the measure
very few Federalists breaking from the innu-
ences OF tactious opposition, and urged by pa
trlotc considerations growing out of the condi-
tlon OF the country, voted for the Bank A still
less number of democrats conscientiously beliey
ing the institution unconstitutional, reluctantly
voted againstit. While man like the late JUDGE
Barbour compromised between his conscience
and sense of the necessity of Bank, bv retirino
from his seat and not voting at all when his name
was called. The Bank of the United States
was benefcent, Democratic, measuro-tbis we
cordially concede.
Well, Gen. Jackson instigated by Van Buren,,
declared war upon the BAN .pf the United States,
removed the deposites, and gave them TO the
State Understanding, all the while, that thew
would keep the money more safely, transfer it
from point to point more readily, and. in every
way, more eflectually sever the Government and
promote the convenience of the people. It is
not our purpose, at present, to determine the pre-
else sum lost TO the public treasury by the agen-
ccy OF the State Bank system. 1t seems that the
hepuohcan, relying upon Mr.. Woodbury. for au-
monty, states the amount, no later than 1887 to
be near fifteen millions and half of dollars. or
TINS large sum, not dollar was lost by either of
the National Banks, and only about million and
hall by the State Banks from 1911 TO 1917 so
mat all the remander-say fourteen millions
must have been squandered by the pet Banks be-
tween 1884 and 1897. As we have before said
we do not believe the statement In, &c .,o