Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-09-16

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the enormous power Of manufactu
s ing enough in = one day Of the
4 paper promises to buy the aggrega
productssof the labor of all The pc
,.atpIe Of the country. Is that Il
4 spirit which actuated the founders
this Government? This Cover
ment, as understand it, is, in iheer
at least, one of equality Of, polite,
rights; and such it ought to be j
practice. But how can this .equalit
be preserved if the millions are to b
I forced to toll for their daily bread
whilst a few special favorites Of til
! Government shall be invested witl
power which will enable them, Will
their agents and officers, tomanufac
Fture, in'twelve, hours, paper none,
enough to buy. the aggregate pro
ducts of the Union for twelve
mouths? - -
I understood the gentleman from
Pennsylvania { Mr.. j. r. 1ngersoll)
yesterday in defending the Bank Of
the United States, to say that j,
failed. under its charter from the
State Of Pennsyl lyania. -
Mr.. j. r. INGERsoLL said be had
so stated. ,..
Mr.. JoNEs. / would like the gen.
tleman to state whether he believes,
or desires to make the impression on
this House or the country, that the
management of thai institution
which finally resulted in its over
throw and destruction, commenced
only with the date of the charter
granted by the Legislature of Penn
sylvania. - - p" {
F. Mr.. J. r. INGERsoLL. l believe
that the course, management, aud
direction of the bank were very
much the same at all times. But
the investments which finally col
lapsed, and ocoasioned the. destruc-
tier of the interests Of the stock.
holders, were made. subsequent to,
the charter by the Legislature of
Pennsylvania. 49,,
Mr.. JONES. We will not disagree
about facts. / believe, on references
to the report made by the plundered
stockholders, it will be found TO be
their opiuion that the system Of,
peIicy and measures which eventual
ly led to the. destruction Of the
bank, was adopted some time before
the expiration of the original char
ter. The charter granted by Con-
grcss expired, for all active business
operations, on the 4th Of. March,
1886; and, if I mistake not, the
period Of two years WAS allowed 10
wind up its concerns. The bank
Gid not live through these two years.
It'may, therefore, be safely asserted,
that il did explode, orat least that
it would have exploded under its
charter 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 expira-
tion Of the COMPRESSION al charter,
bu, within the two years allowed. for
the winding up Of lis affairs, the
bank did suspend specie, payments,
from which it never again recovered.
Ny own opinion is, that from the
FIRST Of January, 1917. the day on
which the bank went iuto operation,
it never did, during the whole period
of its existence, see.the day or the
hour wheniit was able, honestly and
faithfully, TO discharge its liabilities.
If we reour to its history ius the
years IS, 10, '20,and 81, I'VE find it's
notes at a depreciation in the streets
of Philadelphia; not The notes is
sued by the principal bank in Phila:
deiphia,. but that bank issued its
proclamation, TO the world that che
notes Of its branches would not be
received on deposite, ner in payment
Of debts due to the bank. The
branch at Boston. the branch at
New York, and if i mistake not, the
branch at Baltimore, issued similar
circulars, that they would not3receive1
on deposite, 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
every branch Of the bank we're ut a
discount in the streets Of PhiladeE
phfa. ..:sssz. s.s...l,xs5s
= Another fact in the history Of Chat
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