The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1855-07-28
[Fpm the Albany Atlas, July le.l
The Uuited Stntcs Bank.

The Philadelphia papers announce that
the Trustees ofthe bank Of the United States |
will make their final dividend ON the 20th |
of September, when the concern will cease
in any shape to exist. 1t has taken fourteen
years to wind up the concern; and at the
end the stockholders lose all, and the other
creditors get little.
The bank was originally chartered OF a
period Of great financial depression and dis
tress; when the failure Of the State banks,
after the war, had deprived the people of
currency. The constitutional objections
to its existence were lost sight of inthe desire
to secure its advantages. The government
became a holder of the stock to the amount
of one-ffth of the capital; and received the
deposits of the Custom House and the Land
Office.
When the question of its re-charter
came up, the exigencies which had called
it into existence had ceased, and the objec-
| tions to it existed. The old Democrats, who
never believed that such an institution was
embraced in the objects of the confederation
or was to be endured under a Democratic
Interpretation of the Constitution, renewed
their objections to its re-charter. Gen.
Jackson believed, rightly, that what the pub
lie service required, could be rendered by ar
agency, more purely governmental, and
which would not interfere or CIRCULATE" the
monetary affairs of the people. The BanE
had assumed the function of a"regulator'
of the credits Of the country, and assumed tc
, to hold national jurisdiction over the Statt
banks, while its own ministration was bas.
ed on the same vicious system which made
) the local banks 80 often a delusion and
: nuisance.
r How Mr.. Biddle undertook to perpetual
: his character by the purchase of presse
and the bribery Of politicians, is we'll known
With as much folly as wickedness he con
! tended that banks had right to expend tn
money of the institution in a warfare and up
on the government, its leading stockholdeI
The panic, the distress committees, the sus
pension, the revolution, bloodess as yet,
It the attempt TO controll the cotton marke
e the immense speculations of the bank fol
II lowed. The energy and wisdom of Jackso
and Van Buren, were successful: and tn
II monster prostrated; though in its fall
Of brought down State credit and cast the dee
10 stain, not yet eradicated, upon the Amer
10 can name.
But though thus defeated, it managed t
PClpOtuoIO ITO ihiulhy Oy hO" phuSO
corruption. Under the pretence Of "impro'
IN ing the common schools and assisting tn
E. internal improvements of Pennsylvania,
Or the old bank was re-chartered as Stat
d. institution, upon condition ofimmeuse la
m gesses to the State, and after a we'll know
S, expenditure of money among the member
Ig Of the two Houses. But this concern cou
IS not corrupt itself. There is law that res
o. ulates the intercourse of vice, and threater
b. it with dreadful punishment, having the
source of mental foulness.
ty The old Mother of Abomination was 70
or ten to the bone. Patches and paint coul
cy not conceal the internal ravages, and, aft
h, wadlihg about few years in bloated vic
rs, she rolled over and died.
IS, There were gay young politicians tn
g. they? What did they become!
of The story has moral in it, which Tin
n has not failed to engrave deeply on the hi
he tory ofthe country, where politicians m;
al gather future instruction. 1t is that acc
he mutation of wealth, however great, can ho
lie an even contest with free people; that CO
cy rupton cannot reach the masses; and tn
~ politicians who ally themselves in conte
. on the side of the associated wealth al
n, monopoly, against ideas of popular liber
nd become suspected by the people, and
ly talents or virtue can outweigh the burdt
,rt of this suspicion.
@LF7R u A IT1 rnr