- - '
'i ''. L ' -
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'-' V.'
i.
f!
,1
J - .
- ' !tr tMtUA.fn .4 IWl - a I T a . TT f . " . . a . . a a . . '
au uu uj wm e, io which vm8 ic- edition: and it tbeir securirrshiD had?' ptivtwc flfAj,!,. :n v
government, (he State, Govern-1 been accepted, and the ok banlre-i :r.i,...-.
T.I V TV .A I - . -
THURSDA
F, MARCH lO. 1831.
United States Banks Extracts from
Mr Benton's s peech, against the renewal
ef the charter of the Bank:
1. Mri President, I object to the re -cewal
of the .charter of the Bank oft he
United States, because I look upon the
Biiik as an' insl itution tco great and pow
erful to be safely tolerated iu a govern
ment of free an 1 equal laws.
Its power is hat of the purse; a power
isicre potent than that of the sword; and
shis power it possesses to a degree and
extent that will enable this bank, to draw
to itself too much of thejpolitical power ot
this Union, and tco much of the individ
ual property of the citizens of these
States.. 1 -U, .- :
The money ower of the B.ink is .both
direct and indirect. ' ....
(The Vice P esident here intimidated
to Mr. Pf that he was out cf order and
bad not a righ to go into .the merits of
tha Bank upon the motion which he had
rr.ule. Mr. Bit begged the pardon of
Vice President and respectfully insisted
that he was in arderand had a right to
j-roreed j He s ltd h6 was proceeding up
on the parliamentary- nile of asking leave
to brieg in a Jc int .-Resolution, and in do-
: -.mr W.i. Ii a K . A r riV lit tr ttnfn tiin rp;i-
reasons
der.il
ments the great cities, corporate bodies, f
uiciLUiims, irauers, ana every, private
citizen must, of necessity apply, for eve
ry loan which their exigences may de
mand. The rich huleth THE POOR, THE I
BORROWER IS THE SERVIENT OF THE LEN
DER Such are the words of Holy Writ;
and if the authority of the Bible admit
ted of corroboration, the history of the
world is at hand to give it. But , I will
not cite the history of the world, but one
eminent example only, and that ofa ra
nature so high and commanding, as to in
clude all others, and so near and recent,
as to be directly applicable to our own
situation. I speak of what happened in
Great Britain, in the year 1795 when the
Uank of hngtand, by a brief anl uncere
chartered, e should have $eeft;this to-
gust, -.18147 about the time : theJWisfi ffi? SPrea.d nK for ocenc
were burning this capital of the W 1 ,,e wor.!d n Cne, is a place where
tenor with the one received by the young- vcn. ,,0P?... ttat . IS rcparded as a
er Pitt in the venr !95; for it is incomes-! passion so sweet, renders all men tin
tible, that thatBank was owned by n-f;u 'PPj; where those who hope nothing,
who would have gloried in arresting the believe themselves : still more miserable;
government and the war itself, for want cf where all that pleases does not please
cnoney. Happily the wisdom -nd patri-; long, and where the sweetest and the
OMsmouenersoo nnuertne providence mosl supportable destiny that one
of trod, prevented 1 that ,nmy and rum ;ban expect, is Weariness. Such' is
by preventing the renewal cf the old1.! i j - . . ,
by preventing
bank charter.
i the world; and this is not the obscure
j w trld, which knows no great plea
; sures, no charms of prosperity. , of
It is the
tlfstTrrirsiiisitF.n Femai.ps.
V7.AirwiT. ito .r of J,.i;.ic hr- popularity, and opulence
. . I ivorln in itc hfm:t'? if ic m r nnrcclin?
'cor woe it nhrp tho nhirr r n hie Inv ' - i
.- , . , kUl a 1 a, a M ! fcaa.. a,.. wwaaa. v ...r a V ... a. .. .
u ru, , uum.. ad admiration. Her wit amused, .MliUIVl ,!' ior V" no1 "ne 7 Tnos
imaginary paintings, of
which no
nd
our
. I J -I I-
' i
teech; that th,4
nnd the whole Senate might answer him.
Tim Vice' President then directed Mr. B
'io proceed.)
Mr. B. resumed:
The direct libwer of the Bank is now
prodigious; and in the event oi the re
t.pwul ofthp. "charter, m'ist sneedilv fe
- - - - 1 - . i
wouJdwntetoa prodigal m a ptneb, t ' j . a i j j
fZuT,Zt i SWeehes, caflivuted the conqueror . : cnumerpart is fom.d. Sacl. it U a
power co'uia ao, ana ujouia do, to promote , . . ,. , 1 . . . such we fi:id it every day of c
: :-t r i the world. Her mind had been cul- . - Wi u
iisuniiiuicicsi.m a i.ii5is' oi national a-j live
larm and difficulty. I will . read the let-! tjvated with the nicest care, and her
ter. It is exceedingly short; for atler the manners were formed upon the most p- . ,
compliments are! omitted there are but perfect model. Anxious to promote : ; Keuncs J .ox t
three Sines' of it. It is, in fact, about as the happiness of her people, she in fact Sclierous and too lolly in -his ha
long as a sentence of execution, leaving became their idol; and it is difficult to . Pa-S. to sto1P vnigar conspiracy;
out the prayer of the Judge. It runs say whether she was most venerated, Perhaps, alike, too abhorrent cf blood,
thus: i loed or esteemedi t j too fbna ol his ease, to have eihib-
It is the wish of the Court of Dircc- j j Plautina, wife.to the emperor Tra- j Jd f ,c ckless vigour, or endured
tors that the Chancellor of the Exchen-i.n lvac n.murh' tphml for the i :,ie lollS anxieties, or wrapt up his
uer would settle his arrangements of ri- nr bpr maP. he tery in the . profound concealment
nances, for the present year, in such man
ner as not to depend upon any future as
sistance from them, beyond what is al
ready agreed for.
rnrtl,. W.dWv nt h.r idr,mfnt. and ! of a taline, he had all the qualities
the refinement of her understanding;
and so thoroughly was the emperor
Such were the words of tins memorable jointed with the capability of her
te, sufficiently explicit and intelligible; i intellectual powers, tltfit be always
note
but to appreciate it fully we must know
what was the. condition of Great Britain
at that time? Remember it was the
year '95, and the beginning of that year,
than which s more portentous one never
opened unoa the ..Bntish erripire. The
that might have made a Cains Grac
chus the eloquence, the ingenious
ness of manner, the republican sim
plicity of life, and showv aud specious
t tan I I tr z-k 1 1 a a 1 1 T.-. 4s T ' -.
consulted her upon affairs oj itnvor- ,.f 1 f . r .
nce; vet tins flattering complement , , .
i -.u rii 11 - . m, "e nuquestionab'c pnssessea the
to her abilities neither filled her w ith . , i . i .
1 fled her u with presump- II,eans'al, that period, to have become
pri e, or pu e le up wi p s p c lnOSt daugerous subject of Encr-
bank is now Authorized to own ettects,
lan. ! inctus'iveJitp the amount ot hlty-
ti v ' millions of ioilars. and to issue notes
to the amour t of thirty-five millions,
rri .-c This rn rkes ninety millions, and,
in addition to tfiis Vas sum there is an
opening ! for a i unlimited iu'erease: for,
there is a dispensation in the charter to
issue as m.my more netes as Gongres.
bv law, may riermtt. J his -open
dt-or to bound ess emissions; for what
can be more mbounded than the wyl
and pleasure of successive Congresses'?'
The indirect power of the Bank cannot
be, stated, by figures; but it can be shown
to be imoiese. In the first place, it has
the keeping of the public moneys, nosv
anuuntiplg to wenty six millions per
annum (the Post Office Department m-
eluded ,) and the gratuitous, use of the
undrawn .balances, large enough to con
tiiute, iri then solves, the capital of a
great State b mk.. In, the next place,
its promissory notes are receivable by
law in purchase of all property owned by
the United Stales, and in payment of all
debts due theni; and . this may increase
jts power to tile amount of t bo annual
-
raging for t0" yevifs; -Spain had just de-
cbre war a-iinst.ljrat Britain; Ireland
u;s biir-tinto ror;!lion;.the fleet in the
iVore 1 ir: oprj. inutiny;. and a cry for
the reform cj nbnj-p.5;, andlhe reduction
of taxes reso'irdcd th'rough the land. It
uas a season of alarm, and cocsternation,
and of itnminent actual danger to Great
Britain: and this v;is th.i moment which
thoj tHfi,Bank s.elf rtell to notify the ministers
ti0n; for her humility was equal to her
penetration, and her affability to her
iii-j wuuii.i.j.hvM.. -...v.-.. . - i . i nil. frfi Jirrn i. i 1 1 1 1 .u cir.ii-, h na iu. u.--- ,. , . f. I ..
J. ' . . . rv Iviitit mi nnb.ic atiilitv. pvrrv kinrt
.inHinrt' cho nl .1 lllifll nvpr llio oni'ic- i ... ... - .
limi H V . . - w.a-v..aa.a . - " - - - " "
caugerous suuiect oi r-ncr-
land. Fox's life is a memorable les
son to the pride of talents. YY itb eve-
ror, that historians ascribe mai
bis noble acts to the influence of her
yirtues. . . '
- ; rj oi public opportunity, anu an uncea-
! s n tr unu iiiucidiigauie aeiermmaiion
;io be at the summit iii all things, his
who! liiVvwas a succession of disap-
- ' T I ' ! l-v. 1 1 1 i f n w 1 1 1 - I I ! hoc hrxn c-ii.-i tl.-l-
a woman in whom were united great 4 . , . r
i , i , i c , on commencing his parliamentary,
talents,; exalted virtues, and refined 1 ' Hpcinr.d ,i.At .1,.
delicacy. Her perfections were fow.n- . bje of , . ambhio and fha;
,h.BanK , elected tonoti.y the ministers jed on an Innate principle of virtue, j rf a ' X
that Vo more loans were to be expec ed ;,hudi withstood the pernicious eflects ! 7 V"' 1 .?Ua!n b6m aI,V,al '.iC
Wb-Uwasthe effect of this notification? , r I1Lunh,r'lrlr.hlluld -be l!,C mOSt PnPl,Iar an.m
It was to paralizc the government, and ?f bad rnplc; tor her mothtr , ,W lhe h15band of lhe ,iand..
. . . . . & . T A ryntnr ivoe c miirn distrracctt DV ceil- - i -
tfi .subdue the minister to the purposes of
the Bank. I s Prom that day lorth Mr. Pitt
became thq Minister of the Batik; and,
before twoyc:rsi were out, ho had suc
ceeded in bring-mg all the departments of
tbe government.:' King, Lords and Com
mons, arid the Pri'y Council; to his own
slavish corul it nn lie. stopped the spe
cie payments f lhe Bank, and made its
holes-the '.lawful' currency of the land
In '95 he obtained 'an order in council for!
acter was. as much disgrace! pv cen
iure, ;s lier own was adorned with
praise, . :: ;
I Tbe.eldest daugbtr oftlie illnsirj
ous chancellor, Thomas More, was a
wise and amiable lady.. Iler learn
some0.:, woman,; and. prime minister.
He did attain them ali; but in v. hat di
minished and illusory degree, hny the
iuggling f nd Kept.tlie promise" to lhe
t ar, and broke it to the hope,' is long
since inown. lie was tre most pop-
inir w as almost eclipsed by her virtue. , , it . Pri ,rUA -wl:!' ;
She corrisponded- i" Lattn 1J,t 5;Vr ciVclur were the nation: his ma
great Erasmus, who styled her the ; t . . ' .Iirpd i.: ' u u c-rnrl
! ornament of liritain. After si bad j.."' i5f. n,m;Prj,;n
III III i vvtiiii m vv- tciiv !
thispurposoMir the same yQar an act of fioi i.o.eu un .... u, y
Parliament to contirm tne o;oer wr a i ,"! u miu-j,.; t,- - .
month, and atlti wards a series of acts to J a last embrace, bad oolaiued the Jib
coutinue it for t wenty years. This was I ertv of paying bini funeral honors,
l.mk. For twenty year pmcbased bis head with gold,
s
the reisrn of the B.
partner, and this name, aud this partner
ship, indnntifie-1 the credit of the' Bank
vith thej credi ' of the Union. In the
fourth placeif. It is armed -with authority
to disparage aid discredit the notes of
other banks, by excluding them from all
pnyments toth i United States; and this,
added to'all its other powers, direct and
indirect, make :i. this institution the un
controllable n onarch of the morieyed
system of the Union. To whom is all
this srantedl To a company of privat e
individuals mrtny of them foreigners anri
le
r
d for it
' J I u . . . . . I . I .1 ..,.., Ii nn.Un,l -1 ml l ...IT 1 ... .4 . . I ..ill. I.ttilt'
notes to that 'ariount.'- In the third place, u was? -si . iiyiiniMm p .11.1. iu, , jt)f. v-fjS ncrscii iuauiu muh
it. wears the na ne of. the .United States, dnr'm:x;hat disastioti period the public j two, crime, (v liaving kept tin
and ha -the Federal Government for a debt uus iucreased about 400,000 000 ( j e ofier fal.cr a5 a ,rclic, and fo
sltrlmg, rqiial n-ar.'y to two tnousana ; j . preserved bis books and wri-nn-llion.v
of 'dollars, ana that by pn ,cr 0 I eJ befoi.c ,ier
loaus.from a liAiil;. which according to its "ns. 1 ? . ifi , ,
own declarations, had not a shilling to Judges with .intrepidity justified her
lend at the commencement of the period! Self with that eloquence which virtue
iron. ! Ucimt'c nn inill red merit, commanded
eral subjugation of the country banks,
the rise injthe pric-y of food, the decline
io.wacs, the increase of crimes & taxes,
lasted scarcely long enough for him
to appear at the levee. In a life of
fifty-eight years. Fox's whole exi
tence as a cabinet minister was but
nineteen month; while Pitt ten years
his junior, and tiding ,Vt forty-seven,
passed almost his whole life, from his
at the head
entrance into parliament,
of the cor.ntry.
fColfus Jit moirs nf (Iwnre the fcvrlk:
the m uHi plica Hon of lords arid beggars,
and the frightful demoralization oiocie
tv. I omit all this. I only seize the
! prominent figiirs in the picture, that of V.
litichcVs Tomb. "Whose is that
bestows on injured merit, commaiuitu , fe nioniiment afar u-d the
admiration and respect, and paea had -,t be a memoriclof thetlead,
a. li ..... . n ! " . ' -
the restol ner nie in rcurtwu, 141 that stands alone in the plain at some
melancholy, and. in study.
The World. The following des
cription, translated from MassiMon
distance? That s!mpl tomb, said
the Armenian, !for such it is, was not
reared b christian bands, but by those
nfthir Saracen toe. 1 cu look on
yuwu "V
Lhe veto of a moneyed
-7 . , '
coRPoaATios and oidy permitted to go
on upon condition of assuming the odium
of ;, stopping specie payments, ana sus-
while bis own eve was f;x?d inteiisely
on the sweet and melancholy features
of the vouthful! wornau; "it tells, far
I more imprest ely than ibr proudest
j sepulchre, that in'the wildtmcss sleeps.
the mass of them residing in a
narrow corner tf the Union, unconnected
by any sympathy with the fertile regions
of the great'Villey'r'in" which the natural
Lrswill be liund to reside long before , taimng tne prorr.issory notes of an insol
the renewed iLn of a second chafter vent bank. as tb; lawml currency o. the
u . ' Tix ..;i, a .A th. wow. land. 'This sinde ngrure, sutfaces to hx
er to be eercLoV By a Directory, of j the character of the times; for "hen the
seven (it may te.) governed by a major., j government becomes the vante
ty, of four (it ria bei) and none of these j lender 1 the people theinselves become
elected bvbe people or. responsible to its slaves. Cannot, the Bank of United
them, Wherisit to beeKerciscd! At, States: if re-chartcred, act in the same
iidw ivmicand miles; wav? It certainly can, and just as ccr-
& i -Jl I. ru will vehpn Jims and ODDOrtUnH V 1
irorn seme ot t be States, receiving j iu j nn u...i. A.i;c norrdoities. . . . .
n,r nft4 nf .Um iVxr.er.t one:) snail serve, ana uicrcai yw"'r' cruei jiuc, ry'r. - lrive Pcnsieu orouuu.
r"-v' vw y1:"-1 r v r ... . ' ; ... , - tKt' (rpnilpmcn mav l: rk - 1Aritiir ip.tIousics. o-i r Tn 7, r
nu u ueiKM iu lhu nci in c j 1 t.T . . . . . . i i" 1 . . . rr i ; "
1 aa. i- . a . . m . n . a w a . r 1 . . . . . ......a. . w a .
nn commerce with the ; cometorwara ana vauni iu , verwhelming aisappoiiiiiuvuw.
I
LotcyeriK lawyer without bis
torv.br literature is a. mechanic; a
re working1 rnasott; if he possesses
are !u s-unj iu "--
I What is the world for those even
who love it, who appear inebriated by
its pleasures, arid who cannot, wean
themselves. irom it: J. tic .worm i an -e ljeautjfyt wjfe the devoted mother,
eternal servitude, where one lives but! h ma3e fari-OSVt and op-
for 'self, and where, to he happy, by its; s-ion" dear to tfe bnnished man.
precepts, tine mitst kiss his chains, and , rphe garacen pusci in the' wilderness,
love his slavery-; The world! it is a ; q kneei b'e-s;dc -,t; the Arab frrgets bis
daily revolution ol events, wnicn awa-1 fjerct!iess ther1; and the memory and
keu bv turns in th? hearts of its peo-. . e Qf Rachel are remen.bered,
'pie the most sad arid strong passions,- .je vtbe xryj fT3wents of cities
f i
extern uucniiiu ,.-.wv - ;- ,a,.iWT,n,;,onj nrrtflrt im it II . V. . . 0 i .1 . r t.i::V.
people; with branches in every State; ana tne unueu oua-i au. ...... - y0rIdi lt IS an eann ui iiiaitruaum.,
' ' I. .. . . - I 'A.K..na.n.-l m r r - 1 1 1 1 If. finiirrSS IK LlLrLLC. Ii . 1 .1 I n.i
everv branch fcnhiect to the secret ana iuujuui.Mv... vrr ; where Pleasures inemseivtr unj
. r w . l : a . MMMk-V'TfliiTO nnr 1 1 1 1 . .
with them thorns and tmterness. ua
t . j i..
wpnries OV US luritb, uuu u n
every uraucu uu ku iv . . . - , . u-.i,
' aUoWe order VoriHe Supreroe Central I mnst be perm.tled to
hcHd; this corititutin? a system cf Cen- the pledge and the pratte.J be secty
ttafem hostile to the Jedefalive priociple .asaffic.ent; 'f'PS
. tt -. ...a...i . ,,,w,ri h to Constantinople. There weteenougn
111 fiiir i :ii:ii tui iiii. tin;: -. .
1 r.t .... w:. .1 .. :r.A .-.r. nrh n the Knttsh rarnament iuc
weann anu po ver 01 iiiu .-.iir., . ---7 ., ! , c i rj-u
ganized! uporU principle to give tbo before nay. the day .berre
behest Wffect to' the" ereatest power. . stopped: yet their pledges and p.aise.
This mass of bower, thus concentrated, neither prevented We
.L... ..:c..j ij.i.... j:.. mc. ni'made ?ood the damage , that ensued.
cCs,,ri.y beCOL-. pmler.i.- prolonged ex- ' There vvere g-nlh" -
W w
ntinf wearier uv ua t uih.i . -. . , 1? -
nnKntto: conversation become; te-lMmeknbwI.Jgc of tte. Lemayca
S bv the opposhion of humour. himDolf atrarcl,it,ct. . .1,1 cvtl-ied sr
tT.i? IZiJrLv of semiro .cietW.Law is tl clnmney ...roU1
istence, the ibsclute monopolist of A
merican
paper currency
and criminal attachments , which all that Smoke discharges
j: .r.vnnn lint-: that used to circulute throug
so-
h
its 1 If.
through the
r1CtZ (ill . lli 11 LIlllllllUA - . .
::.-.,:; ,hir divanrjint-: that used to circulate
,MhdrdTeWoo its spectacles,, v. hole house and poteveo'
moner, the sole manufacturer of then expiring bank, cf whc awake0ed but by the most monstrous sooty. Sir. ft . bcott.
irrency, and the sole authority,! now cxisUog ,s a se:oad and deterwrated awaKenea o 1 j ,