« AnteriorContinuar »
empire being put up to sale; he had read of in the second year, which was last year, about victorious generals, returning from Asiatic con- nineteen millions, to wit, from $14,052,000, to quests, and loaded with oriental spoil, bidding $63,026 452; and the increase in the four first in the market for the consulship, and purchas- months of the present year was nearly five miling their elections with the wealth of conquered lions, being at the rate of about one million and kingdoms; but he had never expected to wit- a quarter a month since the bank had applied ness a bid for the presidency in this young and for a renewal of her charter! After having free republic. He thought he lived too early,- shown this enormous increase in the sum total too near the birth of the republic,—while every of the debt, Mr. B. went on to show where it thing was yet too young and innocent,—to see had taken place; and this he proved to be the American presidency put up at auction. chiefly in the West, and not merely in the West, But he affirmed this to be the case now; and but principally in those parts of the West in called upon every senator, and every auditor, which the presidential election was held to be who had heard the senator from Massachusetts most doubtful and critical. the day before, or the senator from Kentucky “He began with the State of Louisiana, and on that day, to put any other construction, if showed that the increase there, since the delivery they could, upon this seductive offer to the of the message of 1829, was $5,061,161; in West, of indefinite accommodation for thirty Kentucky, that the increase was $3,009,838 ; millions of debt, if she would vote for one gen- that in Ohio, it was $2,079,207. Here was an tleman, and the threat of a merciless exaction increase of ten millions in three critical and of that debt, if she voted for another?
doubtful States. And so on, in others. Having “Mr. B. demanded how the West came to be shown this enormous increase of debt in the selected by these two senators as the theatre for West, Mr. B. went on to show, from the time the operation of all the terrors and seductions of and circumstances and subsequent events, that the bank debt? Did no other part of the country they were created for a political purpose, and owe money to the bank? Yes! certainly, fifteen had already been used by the bank with that millions in the South, and twenty-five millions view. He then recurred to the two-and-twenty north of the Potomac. Why then were not the circulars, or writs of execution, as he called North and the South included in the fancied them, issued against the South and West, in fate of the West ? Simply because the presiden- January and February last, ordering curtailments tial election could not be affected by the bank of all debts, and the supply of reinforcements to debt in those quarters. The South was irrevo- the Northeast. He showed that the reasons cably fixed; and the terror, or seduction, of the assigned by the bank for issuing the orders of payment, or non-payment, of her bank debt, curtailments were false; that she was not dewould operate nothing there. The North owed prived of public deposits, as she asserted; for but little, compared to its means of payment, she then had twelve millions, and now has and the presidential election would turn upon twelve millions of these deposits; that she was other points in that region. The bank debt was not in distress for money, as she asserted, for the argument for the West; and the bank and she was then increasing her loans in other quarthe orators had worked hand in hand, to pro- ters, at the rate of a million and a quarter a duce, and to use, this argument. Mr. B. then month, and had actually increased them ten affirmed, that the debt had been created for the millions and a half from the date of the first very purpose to which it was now applied; an order of curtailment, in October, 1831, to the electioneering, political purpose; and this he end of May, 1832! Her reasons then assigned proved by a reference to authentic documents. for curtailing at the Western branches, were
“ First: He took the total bank debt, as it ex- false, infamously false, and were proved to be so isted when President Jackson first brought the by her own returns. The true reasons were bank charter before the view of Congress in De- political : a foretaste and prelude to what is now cember, 1829, and showed it to be $10,216,000; threatened. It was a maneuvre to press the then he took the total debt as it stood at pre- debtors—a turn of the screw upon the borrowsent, being $70,428,000; and thus showed an in- ers—to make them all cry out and join in the crease of thirty millions in the short space of clamors and petitions for a renewed charter! two years and four months. This great increase This was the reason, this the object; and a most had occurred since the President had delivered wanton and cruel sporting it was with the proopinions against the bank, and when as a pru- perty and feelings of the unfortunate debtors
. dent, and law abiding institution, it ought to The overflowing of the river at Louisville and have been reducing and curtailing its business, Cincinnati, gave the bank an opportunity of or at all events, keeping it stationary. He then showing its gracious condescension in the temshowed the annual progress of this increase, to porary and slight relaxation of her orders at demonstrate that the increase was faster and those places; but there, and every where else in faster, as the charter drew nearer and nearer to the West, the screw was turned far enough to its termination, and the question of its renewal make the screams of the victims reach their repressed closer and closer upon the people. He presentatives in Congress. In Mobile, alone, showed that the increase the first year after the half a million was curtailed out of a million and message of 1829 was four millions and a quarter; a half; at every other branch, curtailments are going on; and all this for political effect, and to right to constitute trustees to wind up its affairs. be followed up by the electioneering fabrication The Congress acted upon the suggestion by rethat it is the effect of the veto message. Yes! fușing the time; the bank acted upon the sugthe veto message and President, are to be held gestion by appointing trustees; the debtors up as the cause of these curtailments, which hushed their cries, and the public never heard of have been going on for half a year past ! the subject afterwards. The pretext of an un
“ Connected with the creation of this new renewed charter is not necessary to stimulate debt, was the establishment of several new the bank to the pressure of Western debtors. branches, and the promise of many more. In- Look at Cincinnati! what but a determination stead of remaining stationary, and awaiting the to make its power felt and feared occasioned the action of Congress, the bank showed itself de- pressure at that place? And will that dispositermined to spread and extend its business, not tion ever be wanting to such an institution as only in debts, but in new branches. Nashville, that of the Bank of the United States ? Natchez, St. Louis, were favored with branches “ The senator from Kentucky has changed his at the eleventh hour. New-York had the same opinion about the constitutionality of the bank; favor done her; and, at one of these (the branch but has he changed it about the legality of the at Utica), the Senate could judge of the neces- trust? If he has not, he must surrender his sity to the federal government which occasioned alarms for the ruin of the West; if he has, the it to be established, and which necessity, in the law itself is unchanged. The bank may act opinion of the Supreme Court, is suficient to under it; and if she does not, it is because she overturn the laws and constitution of a State: will not; and because she chooses to punish the the Senate could judge of this necessity, from West for refusing to support her candidate for the fact that twenty-five dollars is rather a large the presidency. What then becomes of all this deposit to the credit of the United States Trea- cry about ruined fortunes, fallen prices, and the surer, and that, at the last returns, the federal, loss of growing crops ? All imagination or cruel deposit was precisely two dollars and fifty cents! tyranny! The bank debt of the West is thirty This extension of branches and increase of debt, millions. She has six years to pay it in; and, at the approaching termination of the charter, at all events, he that cannot pay in six years, was evidence of the determination of the bank can hardly do it at all. Ten millions are in bills to be rechartered at all hazards. It was done of exchange; and, if they are real bills, they will to create an interest to carry her through, in be payable at maturity, in ninety or one hundred spite of the will of the people. Numerous pro- and twenty days; if not real bills, but disguised mises for new branches, is another trick of the loans, drawing interest as a debt, and premium same kind. Thirty new branches are said to be as a bill of exchange, they are usurious and void, in contemplation, and about three hundred vil- and may be vacated in any upright court. lages have been induced each to believe that it- “But, the great point for the West to fix its self was the favored spot of location; but, always attention upon is the fact that, oncc in every ten upon the condition, well understood, that Jack- years, the capital of this debt is paid in annual son should not be re-elected, and that they interest; and that, after paying the capital many should elect a representative to vote for the re- times over in interest, the principal will have to charter.
be paid at last. The sooner, then, the capital is “Mr. B., having shown wh and why this paid and interest stopped, the better for the counWestern debt was created, examined next into try. the alleged necessity for its prompt and rigorous " Mr. Clay and Mr. Webster had dilated largecollection, if the charter was not renewed; he ly upon the withdrawal of bank capital from denied the existence of any such necessity in the West. Mr. B. showed, from the bank docpoint of law. He affirmed that the bank could uments, that they had sent but 938,000 doltake as much time as she pleased to collect her lars of capital there; that the operation was the debts, and could be just as gentle with her other way, a ruinous drain of capital, and that debtors as she chose. All that she had to do in hard money, from the West. He went over was to convert a few of her directors into trus- the tables which showed the annual amount of tees, as the old Bank of the United States had these drains, and demonstrated its ruinous nadone, the affairs of which were wound up so ture upon the South and West. He showed the gently that the country did not know when it tendency of all branch bank paper to flow to the ended. Mr. B. appealed to what would be ad- Northeast, the necessity to redeem it annually mitted to be bank authority on this point: it with gold and silver, and bills of exchange, and was the opinion of the senator from Kentucky the inevitable result, that the West would even(Mr. Clay), not in his speech against renewing tually be left without either hard money, or the bank charter, in 1817, but in his report of branch bank paper. that year against allowing it time to wind
its “Mr. Clay had attributed all the disasters of affairs. The bank then asked time to wind up the late war, especially the surrender of Detroit, its affairs; a cry was raised that the country and the Bladensburg rout, to the want of this would be ruined, if time was not allowed; but bank. Mr. B. asked if bank credits, or bank the senator from Kentucky then answered that advances, could have inspired courage into the cry, by referring the bank to its common law | bosom of the unhappy old man who had been the cause of the surrender of Detroit ? or, could tened on their spoils. They were stripped of have made those fight who could not be inspired their specie to pamper the imperial bank. They by the view of their capitol, the presence of their fell victims to their patriotism, and to the estabPresident, and the near proximity of their fami- lishment of the United States bank; and it was lies and firesides? Andrew Jackson conquered unjust and unkind to reproach them with a fate at New Orleans, without money, without arms, which their patriotism, and the establishment without credit-aye, without a bank. He got of the federal bank brought upon them. even his flints from the pirates. He scouted the “Mr. Clay and Mr. Webster had rebuked the idea of brave men being produced by the bank. President for his allusion to the manner in which If it had existed, it would have been a burthen the bank charter had been pushed through Conupon the hands of the government. It was now, gress, pending an unfinished investigation, relucat this hour, a burthen upon the hands of the tantly conceded. Mr. B. demanded if that was government, and an obstacle to the payment of not true? He asked if it was not wrong to push the public debt. It had procured a payment of the charter through in that manner, and if the six millions of the public debt to be delayed, President had not done right to stop it, to balk from July to October, under the pretext that this hurried process, and to give the people time the merchants could not pay their bonds, when for consideration and enable them to act? He these bonds were now paid, and twelve millions of had only brought the subject to the notice of the dollars--twice the amount intended to have been Congress and the people, but had not recompaid—lies in the vaults of the bank to be used by mended immediate legislation, before the subject her in beating down the veto message, the author had been canvassed before the nation. It was a of the message, and all who share his opinions. gross perversion of his messages to quote them The bank was not only a burthen upon the in favor of immediate decision without previous hands of the governinent now, but had been a investigation. He was not evading the question. burthen upon it in three years after it started— The veto message proved that. He sought time when it would have stopped payment, as all for the people, not for himself, and in that he America knows, in April 1819, had it not been coincided with a sentiment lately expressed by for the use of eight millions of public deposits, the senator himself (from Kentucky) at Cincinand the seasonable arrival of wagons loaded with nati; he was coinciding with the example of the specie from Kentucky and Ohio.
British parliament, which had not yet decided “Mr. B. defended the old banks in Kentucky, the question of rechartering the Bank of EngOhio, and Tennessee, from the aspersions which land, and which had just raised an extraordinary had been cast upon them. They had aided the committee of thirty-one members to examine government when the Northern bankers, who the bank through all her departments; and, what now scoff at them, refused to advance a dollar. was much more material, he had coincided with They had advanced the money which enabled the spirit of our constitution, and the rights of the warriors of the West to go forth to battle. the people, in preventing an expiring minority They had crippled themselves to aid their gov- Congress from usurping the powers and rights ernment. After the war they resumed specie of their successors. The President had not payments, which had been suspended with the evaded the question. He had met it fully. He consent of the legislatures, to enable them to ex- might have said nothing about it in his messages tend all their means in aid of the national strug- of 1829, '30, and '31. He might have remained gle. This resumption was made practicable by silent, and had the support of both parties; but the Treasury deposit, in the State institutions. the safety and interest of the country required They were withdrawn to give capital to the the people to be awakened to the consideration branches of the great monopoly, when first extend of the subject. He had waked şthem up; and ed to the West. These branches, then, produc- now that they are awake, he has secured them ed again the draining of the local banks, which time for consideration. Is this evasion ? they had voluntarily suffered for the sake of “Messrs. C. and W. had attacked the Presigovernment during the war. They had sacri- dent for objecting to foreign stockholders in the ficed their interests and credit to sustain the Bank of the United States. Mr. B. maintained the credit of the national treasury—and the treasu- solidity of the objection, and exposed the futility ry surrendered them, as a sacrifice to the national of the argument urged by the duplicate senators. bank. They stopped payment under the pres- They had asked if foreigners did not hold stock sure and extortion of the new establishments, in road and canal companies ? Mr. B. said, yes! introduced against the consent of the people and but these road and canal companies did not haplegislatures of the Western States. The paper pen to be the bankers of the United States! The of the Western banks depreciated—the stock of foreign stockholders in this bank were the bankthe States and of individual stockholders was ers of the United States. They held its moneys; sacrificed—the country was filled with a spu- they collected its revenues; they almost conrious currency, by the course of an institution trolled its finances; they were to give or withwhich, it was pretended, was established to pre- hold aid in war as well as peace, and, it might vent such a calamity The Bank of the United be, against their own government. Was the States was thus established on the ruins of the United States to depend upon foreigners in a banks, and foreigners and non-residents were fat-point so material to our existence ? The bank was a national institution. Ought a national in the private bankers may feel themselves bound stitution to be the private property of aliens? to hold, he could not believe they had any satIt was called the Bank of the United States, and isfaction in remaining subject to a power which ought it to be the bank of the nobility and gen- might destroy them at any moment. In a try of Great Britain? The senator from Ken- fourth : 'No man in France was heard to comtucky had once objected to foreign stockholders plain of the Bastile while it existed; yet when himself
. He did this in his speech against the it fell, it came down amidst the universal acclabank in 1811; and although he had revoked the mations of the nation!' constitutional doctrines of that speech, he [Mr. “Here, continued Mr. B., is authority, EngB.] never understood that he had revoked the lish authority, for calling the British bank in sentiments then expressed of the danger of cor- England a monopoly; and the British bank in ruption in our councils and elections, if foreigners America is copied from it. Sir Wm. Pulteney wielded the moneyed power of our country. He goes further than President Jackson. He says, told us then that the power of the purse command that the Bank of England rules by fear and ed that of the sword-and would he commit both terror. He calls it a despot, and a corrupt desto the hands of foreigners ? All the lessons of pot. He speaks of the slaves corrupted by the history, said Mr. B., admonish us to keep clear of bank; by whom he doubtless means the nomiforeign influence. The most dangerous influence nal debtors who have received ostensible loans, from foreignersis through money. The corruption real douceurs-never to be repaid, except in of orators and statesmen, is the ready way to dishonorable services. He considers the praises poison the councils, and to betray the interest of of the country bankers as the unwilling homage a country. Foreigners now own one fourth of of the weak and helpless to the corrupt and this bank ; they may own the whole of it! powerful
. He assimilates the Bank of England, What a temptation to them to engage in our by the terrors which it inspires, to the old Baselections! By carrying a President, and a ma- tile in France, and anticipates the same burst of jority of Congress, to suit themselves, they not emancipated joy on the fall of the bank, which was only become masters of the moneyed power, but heard in France on the fall of the Bastile. And also of the political power, of this republic. is he not right? And may not every word of And can it be supposed that' the British stock- his invective be applied to the British bank in holders are indifferent to the issue of this elec- America, and find its appropriate application in tion ? that they, and their agents, can see with well-known, and incontestable facts here? Well indifference, the re-election of a man who may has he likened it to the Bastile; well will the disappoint their hopes of fortune, and whose term apply in our own country. Great is the achievement at New Orleans is a continued me- fear and terror now inspired by this bank. Simetto of the most signal defeat the arms of Eng- lent are millions of tongues, under its terrors, land ever sustained?
which are impatient for the downfall of the mon“ The President, in his message, had charac-ument of despotism, that they may break forth terized the exclusive privilege of the bank as 'a into joy and thanksgiving. The real Bastile monopoly.' To this Mr. Webster had taken was terrible to all France; the figurative Basexception, and ascended to the Greek root of tile is terrible to all America ; but above all to the word to demonstrate its true signification, the West, where the duplicate senators of Kenand the incorrectness of the President's applica- tucky and Massachusetts, have pointed to the tion. Mr. B. defended the President's use of reign of terror that is approaching, and drawn the term, and said that he would give authority up the victims for an anticipated immolation. too, but not Greek authority. He would as- But, exclaimed Mr. B., this is the month of cend, not to the Greek root, but to the English July; a month auspicious to liberty, and fatal test of the word, and show that a whig baronet to Bastiles. Our dependence on the crown of had applied the term to the Bank of England Great Britain ceased in the month of July; the with still more offensive epithets than any the Bastile in France fell in the month of July, President had used. Mr. B. then read, and Charles X. was chased from France by the three commented upon several passages of a speech of glorious days of July; and the veto message, Sir William Pulteney, in the British House of which is the Declaration of Independence against Commons, against renewing the charter of the the British bank, originated on the fourth of Bank of England, in which the term monopoly July, and is the signal for the downfall of the was repeatedly applied to that bank; and other American Bastile, and the end of despotism. terms to display its dangerous and odious char- The time is auspicious; the work will go on; ter. In one of the passages the whig baronet down with the British bank; down with the said: “The bank has been supported, and is still Bastile ; away with the tyrant, will be the pasupported, by the fear and terror which, by the triotic cry of Americans; and down it will go. means of its monopoly, it has had the power to “The duplicate senators, said Mr. B., have inspire.' In another, he said: 'I consider the occupied themselves with criticising the Presipower given by the monopoly to be of the na- dent's idea of the obligation of his oath in conture of all other despotic power, which corrupts struing the constitution for himself. They also the despot as much as it corrupts the slave!' think that the President ought to be bound, the In a third passage he said: "Whatever language Congress ought to be bound, to take the consti
tution which the Supreme Court may deal out produce carried off to meet the domestic bills to them! If so, why take an oath? The oath of exchange ; and the eight and a half millions is to bind the conscience, not to enlighten the of debt existing there, of which five millions head. Every officer takes the oath for himself; were created in the last two years to answer the President took the oath for himself ; admin- electioneering purposes, and the collection of istered by the Chief Justice, but not to the which must paralyze, for years, the growth of Chief Justice. He bound himself to observe the city. From further damage to New Orthe constitution, not the Chief Justice's inter- leans, the veto message would save that great pretation of the constitution; and his message city.' Jackson would be her saviour a second is in conformity to his oath. This is the oath of time. He would save her from the British bank duty and of right. It is the path of Jefferson, as he had done from the British army; and if also, who has laid it down in his writings, any federal bank must be there, let it be an inthat each department judges the constitution dependent one; a separate and distinct bank, for itself, and that the President is as inde- which would save to that city, and to the Valley pendent of the Supreme Court as the Supreme of the Mississippi, of which it was the great and Court is of the President.
cherished emporium, the command of their own “ The senators from Kentucky and Massa- moneyed system, the regulation of their own chusetts have not only attacked the President's commerce and finances, and the accommodation idea of his own independence in construing the of their own citizens. constitution, but also the construction he has “ Mr. B. addressed himself to the Jackson put upon it in reference to this bank. They bank men, present and absent. They might deny its correctness, and enter into arguments continue to be for å bank and for Jackson ; but to disprove it, and have even quoted authorities they could not be for this bank, and for Jackwhich may be quoted on both sides. One of son. This bank is now the open, as it long the senators, the gentleman from Kentucky, has been the secret, enemy of Jackson. It is might have spared his objection to the President now in the hands of his enemies, wielding all on this point. He happened to think the same its own money-wielding even the revenues way once himself; and while all will accord to and the credit of the Union-wielding twelve him the right of changing for himself
, few will millions of dollars, half of which were intended allow him the privilege of rebuking others for to be paid to the public creditors on the first not keeping up with him in the rigadoon dance day of July, but which the bank has retained of changeable opinions.
to itself by a false representation in the pre“ The President is assailed for showing the tended behalf of the merchants. All this mondrain upon the resources of the West, which is eyed power, with an organization which permade by this bank. How assailed ? With any vades the continent, working every where with documents to show that he is in error ? No! unseen hands, is now operating against the not at all! no such document exists. The President; and it is impossible to be in favor President is right, and the fact goes to a far of this power and also in favor of him at the greater extent than is stated in his message. same time. Choose ye between them! To He took the dividend profits of the bank,—the those who think a bank to be indispensable
, net, and not the gross profits; the latter is the other alternatives present themselves. They true measure of the burthen upon the people. are not bound nor wedded to this. New AmerThe annual drain for net dividends from the ican banks may be created. Read, sir, Henry West, is $1,600,000. This is an enormous tax. Parnell
. See his invincible reasoning, and inBut the gross profits are still larger. Then disputable facts, to show that the Bank of Eng. there is the specie drain, which now exceeds land is too powerful for the monarchy of Great three millions of dollars per annum. Then Britain! Study his plan for breaking up that there is the annual mortgage of the growing gigantic institution, and establishing three or crop to redeem the fictitious and usurious bills four independent banks in its place, which of exchange which are now substituted for ordi- would be so much less dangerous to liberty, nary loans, and which sweeps off the staple pro- and so much safer and better for the people
. ducts of the South and West to the North- In these alternatives, the friends of Jackson, eastern cities.—The West is ravaged by this who are in favor of national banks, may find bank. New Orleans, especially, is ravaged by the accomplishment of their wishes without a it; and in her impoverishment, the whole West sacrifice of their principles, and without comsuffers; for she is thereby disabled from giving mitting the suicidal solecism of fighting against adequate prices for Western produce. Mr. B. him while professing to be for him. declared that this British bank, in his opinion, “Mr. B. addressed himself to the West-the had done, and would do, more pecuniary dam- great, the generous, the brave, the patriotic, the age to New Orleans, than the British army devoted West. It was the selected field of batwould have done if they had conquered it in tle. There the combined forces, the national 1815. He verified this opinion by referring to republicans, and the national republican bank, the immense dividend, upwards of half a million were to work together, and to fight together. a year, drawn from the branch there; the im- The holy allies understand each other. They mense amounts of specie drawn from it; the are able to speak in each other's names, and to