The Wabash Courier, Volume 1, Number 19, Terre Haute, Vigo County, 18 October 1832 — Page 1

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BTT. BOWIEI6.

hMlttal eiwwfr Tfc^yadar Morning.

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SFWo dottar»i*r annt»Mf P°"* Within four laoirtbt after thevedrtpt of the fiwt number) Wo dollA*

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pftiJ within the

«w and ftbrH dsjilatt, if paymesrt be de-

*|w# p«fd, flWfess «t the ontion of th«* editor. foftero td Wrtifr^a discofttimmc? at the *ttd of tiii ytto, b» canfiderea a W*

^^IZwSrotimTs inserted three t!ne« at golfer per sqtiar* fJ4 lines), to be conM**t the fife of 95 cents pet qtiare. number of insertion* be marked the mxtmserinii when handed iit, it wHI «fft!m^ftirt«rtfo9tftera!Sn'ted, «4 will *B ^barred accordingly rot^f must"

tirtos.

oi tBe B**uTVefl.

»tn*KI90#Cnr MR.

1,,'

fjn the Scnsteof the United Stat ft, U, |^.' 1893. A fflfr Ftoidtni: No onevrfll dgfly the

ig?Importance oflhcfuliject^ow beCongress, after full deliberation and discussion, hns passed a bill /or ctteoditig the daratiotvoftlfe Bank the United States, by deceive ma^oritiei, if* Wh JUfouse*. It has adopt•cd At# weasure not until it# attention iiad been called to the subject, in three %ucr,e»lve anntfal messages ofthe Pre-,

Cident. The bill having been th*w pa«* 'ed by both Houses, find having been duly presented to the President—instead of signing nnd approving it, he fwi ^turned it with objections. These fabjections go uguinst the whole subj«lanc* of the kw, originally creating 4he Bank. They deny, in effect, that Jthe Bante is Constitutional, they denv lhat It is expedient they deny that it is necessary fur the public service.

It is not to be doubted, that the Con'utitution gives the President the power, which he has now cxcrciscd but, while

ijwj

power

is admitted, the grounds j-

icn which it has been excited become fit iubjecls of examination. The Constitution makes it the (hity ofCotgress, J'jn cases like this, to re-consider the jmeitiQre, whicf\ they 8ave passed to weigh the force of the President's objeetiow to that measure nnd to take :|a,o«w vote upon the tjuealion.

Before the Senate proceeds to this

v4#ccond

vote, 1 propose* to tnake some,

Oremarks upon those objections. And, ^inthe first place, it is to be observed. fi thai they Hre such as to extinjjuish ail jiope, that the present Bank, or any |-V Bank at nil reftambling it,or resembling nnrfenotrn «imilar institution, can ever receive his approbation. He states no terms, nb qualification?, no conditions, i^o,nKdificalions, which din reconcile him to the essential provisions of the existing charter. He is against the

Bank, and ngain&t any-bank constiiutJed in a manner known either to this,or y\ any other country#^One advantage, therefore, is certainly obtained, by prerenting him the bill. It hns caused hi? jtntRricnt) tolic made know'm There is no longer any mystery, no longer a contest between hope and fear, or hetween those propiiets who predicted a

VdOy and those who foretold an appro^"tval. The bill is negatived the PrcsiIdent has awumcd the responsibility of P* puttingan end to the Bank and the ijittantfy mUs*t prepare itself to meet that chnr»ge in its concerns,which the rxpi* ?t7ttion of the charter will produce.— 11 Mr. President, 1 will not conceal my

I ^opinion, that the affairs of this country I Y^larc approaching an important nnd danlr a

his.

At the very moment of

(almost unparalleled general prosperi* there appears an iinaccmmtuble disI|K»ition to destroy the most useful and f- $»ost approved institutions in the go* vernment. Indeed, it seems to be in ithe midst of all this national ippines^, j. Mtat tome are found openlv to question the advantage of the

Constitution itself,

%-nd many more ready to embarrass the ^Sfxercise of Us just power, weaken its

f'«athoritT,

and undermine its founda-

tioos, iHow tar these notions may be earrled. It Is Impossible yet to say. Wc #ibav® before us the practical result of tVHone of them. The liank has fallen, or rk* Wt»

Jt is now certain, thnf ittthoat Change in oar public counci!s,this Bank i^riil Mt be continued, nor will any otlv» er

bet

established, wltich, acrordine to

r'the general sense and lance^ge of pKinkind, can be entitled to,the etmei. In fi ^three years and nine months from the

Ipnsent moment^ the charter of th^ Bmkexpires within ihat period, there&i«,it must windnp its concerns. It roiMt rail in Its dchte, withdraw its bills ir from clrcuUlioi awl from all iu tf£iiary*flperfttioi* AU this is to be

-1"^*1

done^three ftfovfr and nine mouths hce^Qff, althougii there is a proW«wi la ibeerttarter, rendering to ttse^the corponitc name for two years after the expiration of the charter, yet this is^allowed oiily far the purpose of «uiU,and

for

The PniUdent 1l of OplnioW, that this time is Bng enough to close the concerns of the Institution without inconvenience. Hia language is, "the time allowed the Bank to close its concerns is ample, and it it has been well managed, its pressure will be light, and heavy only in case its management has been bad. If, therefore, it shall produce distress, the fault will be its own." Sir, this is all no more than general ,statement, without fact or argument to support it. We know what the management of the Bank has been, and we know the present state of its affairs. We can judge, therefore, whether it be probable, that its capital can be all callfcct in, and the circulation of its bills withdrawn, in three years and nine months, by any discretion or prudence in management, without producing distress. The Bank has discounted liberally, in compliance with the wants of the community. The amountdue to it,on loans ana discounts, in certain large divisions of the country is great so great, that I do not perceive how any jnan can believe that it can be paid, within the time now limited, without distress. Let us look at known facts.. Thirty millions of the capiM-wf ti*B*fia»k are out, on kans and discounts in the States 9nthe Mississippi and its waters: ten of these millions on the discount xf bills of exchange, foreign and domestic, and twenty millions loaned on promisor}' notes. Now, sir, how is it possibl^that this vastiimount can be collected in so short a^jCriod, fcithoutsuffering, by any management whatever? We arc to remember, that when the collection of this debt begius,at the same time, the existing medium of payment, that is, the circulation of the bills of the Bank, will begin also to be restrained, and withdrawn, and thus the mcar.s of payment must be limited,just when the necessity of making payment becomes pressing. The whole debt is to be paid, and within the same time the whole circulation withdrawn.

The local Banks, where there arc such, will be able to afford little assistance because they themselves will feel a full share of the pressure. They will not be in a condition to extend their discount?: but in all probability obliged to curtail them. ^Whence, then, are the menus to come for paying this debt, and in what medium is payment to be made? If all this may be done, with but slight pressure on the community, what course of conduct is to accomplish ii? How is it to be done? What other thirty millions are to supply the place of these thirty millions now to be callcd in? What other circulation, or medium of payment is to he adopted, in the place of the hills of the bank? The mcrsngc,following a singularstrain of argument, which had been used in this House, has a loud lamentation or the suffering of the Western States, o» account of their being obliged to pa} even interest on this debt. This pay mtnt of interest is, itself, ixprcser.tc* as exhausting their means*, and ruinou to their ptosperity. But if tin intend cannot be paid without pressure, cat both int/rrcst and principal be paid it four years without pressure? The trut is, the interest has been paid, is paid and may continue to 1-e paid, withou any pressure at .ill because the monev boriQwed is profitably employed by tlirso who borrow ii,ai»d the rate cf interest which they pay, i*at least two per cent, lower than the actual value of moi«cy in that part of the country. 'But to pay the whole principal in less than four years, laving, *t the same time, the exiting and accustomed means avd farihticsof payment created by tbc Bank itself, and to do this without extreme embarrassment* without

TERKE-HAIITE, nitllAA: OetOBKa '.•••'• ,-f "ll f'l'

the sale* oft be estate be-

longiag to the Bank, and for no other ptrpoecf whatever. The whole active bpitiesil.of the Bank, its custody of p«blic dcpi*it'.*s. Us transfers of public tooneys, it^dealtag in exchange, all its loans mid discount#, and all Its issues of bills fof circulation, mttrtceWKf and de* termini, on or before the third' day of March, and* within the same period, its dipt* mn*t collected, as no nfe* conflliclcan be made with it, a* a corpofntfon, for the renewal of loans, or discount of or bills after that time* ff]

absolute 'distress, is, in my judgment, impossible I hesitate not to say, that as this tfsftrtraveb to the West, it will deprecate the *aftie of every tpn's property, from the Atlantic Staffs to the capitalpfMissouri. ItselTcct«*will be felt in-the price of lands, the fpeat and leading article of*

ty »it the pried of crops" in the protects of tabor in tl?e reprcss'ton or «nt«rI and in embarrassment ti ?y«ry nd of business and^ Qecupitioft. I take t*tis»opi moif^tcongly, have no doubt efl4* tritlii, anri ling Iti cot rectneSs iihocldbe the event. Without|er«flfiatecqtimntance with the Western Stottk,Iktjow eaou«zh of their condition to be satisfied that what I have predicted mult happen. The people of the West are rich, but their riches consist in their immense quantities of excellent land, in the pro-* ducts of these lands,'and in their splrft of enterprise. The actual value of money, or rate of rnlertst, with them is high, because their pecuniary capital bears little proportion to their landed interest. At an average rate, money is not worth less than eight per ent, per annum throughout the whole Western country notwithstanding that it has now a loan,'or an advance, from the Bank of thirty millions, at six per cent. To call in this loan at the n^te of eight millions a year, in addition to tie interest on the whole, and to tnie a way, at the same time, that circulation which constitutes so great a portion of the medium of payment throughout that whole region, is an operation which, however wisely conducted, cannot but inflict a blowon the community of tremendous force and frightfbl consequences. The thing cannot be done without distress, bankruptcy, and ruin to many. If the President had seen any practicable manner in which this change might be effected, without producing these consequences, he would have rendered infinite service to the community by pointing it out. But he has pointed out nothing,.he has suggested nothing he contents himself jvith saying, without giving any reason, that if the pressure be heavy, the faolt will be the Bank's. I hope this is not merely an attempt to forestall opinion, and to throw on the Bank the responsibility of those evils which threaten the country, for the sake of removing it from himself.

The responsibility justly lies with* him and there it ought to remain. A great majority of the people are satistied with the Bank as it is, and desirous that it should be continued. They wished no change. The strength of this public sciltiment has carried the bill through Congress, against all the influence of the administration, and all the power of organized party. But the President has undertaken, on his own responsibility, to arrest the mea sure, by refusing his assent to the bill. He is answerable for the consequences, therefore, Wji^h necessarily follow the change, which- the expiration of the hank charter-may producctand if these conse^jueritcs shall prove disastrous, they can farily be ascribed to his policy only, and to the policy of his administration.

Although, sir, I have «poken of the effects of this veto in the Western country, it has not been because I considered that a part of the United States would be exclusively affected by it

Some of the Atlantic States may ft el its consequences, perhaps, as sensibly as those of the West, though not for the same rea*un?. Tbc -nanifested bv Pennsylvania for the renewal of the charter, shows

timed*

tj|P%'?Bfps

Western proper

ker

sense

of the importance of the Bank to her mn interest, and that of the nation. That great and enterprising Slate has •ntered into an extensive system of nternal improvements, which neres-

Hrilv makes heavy demands on her redit ami her resources: and by the ound and acceptable

cum

nry which

he Bank affords, by the stability which gives private credit, and by occaional advances made in anticipation of ter revenues, and i.» aid of hrr great objffccts, she has found herself benefitted, doubtless in no inconsiderable decree. Her I-egislature has instructed her Senators here to advocate the renewal of the charter at this session they Have obeyed her voice, and yet they have the misfortune to 6m! th*t, in the j-idgement of the President,^ measure is unrQnstitvtimali»tnnarssary dangerous to

liberty* on4 ts,

iwsmw,tU-

But, Mr. President, it is not

the local iaterestof the West, nor the

•.

MSRS

partirul ir interest of Peno$yJvarjaroi', any other State,whicb has iofaeneerfp^pp Congvess in passing this biH.

It has fascn governed by a wi«e fore*i*ht, andlby a desire to n*oid embaria«ment, tj» the pecuniary concerns of the eounti^, to secure the safe ejection ami convenient transmission of public money*, to maintain the circulation oftne country, sound find sate, as it now happily ix, against the possible eflfects «f a wild spirit of sperulatioa. Findio? the iwsfk highly usefbl, Con)wb thoughtfitto^ovide for its

As to the

time

of passing tlTLU^ill, it-

would seem to be last thin^ to he thdnght of, as a ground of objection by the President since, from bis first message,%0 the present time, he has never failecf to call cur attention to tMb subject, with alt possible apparent ear nestoesi So earlf as decemb$r, liB^ in his message, to the two Houses, he declares, th^fl he "tannot in justice to the parties interested, too soon present the subject to the deliberate consideration of the Legislature, in order jto avoid the evils resulting from precipitancy, in a measure involving such important principlesfmd |uch deep pecuniary interest^" Aware of this early invitation given to Congress, to keep up the subject, by the Present himself, the writer of the message seems to vary the ground of objection, and instead of complaining that the time of bringing forward this measure was premature, to insist, rather, that after the report of the committee of the other House, the bank should have withdrawn its application for the present! But that report offers no just ground, surely, fortuch withdrawal. The subject was hefore Congress it was for Congress to decide upon it, with nil the light shed by the report and the question of postponement was l&st, having been made in both Houses by clear majorities, in each. Under such circumstances, it would have been somewhat singular, to say the least, if the bank itself had wjtJbdrawn its application. It is indeed known to every body, that the report of the committee, or any thing contained in thbt report, was very little relied on by the opposers of the renewal. If it has been discovered elsewhere, that that report contained matter important in itself, or^wFiLh should have led to further ipquiry, it may be proof of superior shgacity but certainly no such thing was discovered by either House of Congress.

But, sir, do we not now see, that it teas time, and high time, to press this bill, and to send it to the President?— Does not the event teach us, that the measure was not biought forward one moment too early? The time had comfe when the people wished to know the decision of the Administration, on the question of the bank. Why conceal it, or postpone its declaration?-— Why, as in regard to the Tariff, give one set of opinions for the North, and another for the South?

An important election is at hand, and the renewal of the Bunk Charter is a pending object of great interest, nnd some excitement. Should not the opinions of men high in office, and candidates for re-elcction, be known, on this as on other important public questions? Certainlj, it is to be hoped that the people of the United States are not yet mere man-wor-shipper?, that they do not choose their rulers without some regard to their political principles, or political opinions. Were they to do this, it would be to subject themselves voluntarily, to the evils, which the hereditary transmission of power, independent of nil personal qnnJification*, inflicts on other nations. rrnej.wnf jange

ittvu

their

p»uj

7T*~'i.,*7r

act*, and continue, or withhold, their confidence, as they shall think it merited, or at they shall think it ferfeited. In every point of view, therefore, th* moment had arrived, when it become thu duty of Congress in come to a remit, in regard to this highly important measure. The interests of the government, the interest of the people, the clear nnd imIUpntnhle voice of public opinion, all called opoo Congrrts to act withont further loss of time. It h#» acted, and its act bas been negatived by the President and this resolt of the proceedings here, places the question, with all its connexions and ait its incident*, fully bef»re the people.

Before proceeding to the ronstitntional qnettinr, there are tome other topic*, treated in the message, which onght t» be noticed. It commenced by an in darned statement cf what it dll'i the "favor" bestowed on the original bank, by the Govern meat, or indeed, it'» pfcrwed, the "monopoly of its ft rot «ftd wpforfand through tbe whole mr-tir*, all posw'HJe changes are tang on tftt ^ratoitv,'" tht -*exel«aive privflegetw and "monopoly,** of tbe Bank charter. How, rir, the tretfc h, that the powers c**nf»rred on the hank, are «acb, and no oibrr, as are nsoally

conferred

^StWjf'

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lr.

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iui.\''iu..,,,-! *. „». in! ... if r-TriwItoiiiBiBtrfrTTrri—"r-r'Tii—r~-rifrnMMiirL

fafir faawlalitti

such

ed asu gratoity 6f fmat

|imr tor thi. nmht--

Tbe stocklMljfiete Mtved tjxir 'charter t«^a tion i« j#, abo,ve dording to cording to by a jartieioda at5«#|niitration ofltl affai it bad kept its sto^k attcMjft above ptfri pretence#would be, Aeverthele^ saying that wiehuatgaientation of iii Vat was *Vr•,^teity,,, Ae«afSj

mtobie

t»

Hack hat

ef tiwes below *otaan^geraetit, or ac* But If

ocarrences.

tuityi ttrtha lions more. ,^[jf e*traordinajry st arjr stylo of%gnment,\. on

stwrfen at ti!« it an

occaiion. In^e #rst place,9b -~i

facts are all assnme! they aitttiken for trt|^ without evidence. There are 09. proaftth*t any benefit to that" amount will aoiroi to the stockholders, nor any experience to jus-

tify the expectation of it. It rests on random estimates, or mere conjecture Bi suppose the contiuuantie of the charter should prove benefical to the stokholders, do they not pay for it? They give twice as for a charter of fifteen years, as was givdk A before for oue and twentyS^ 'And if the pro- 4 posed bonu* or premium, ^e ndt, in tbe Pre- '.4 sident's judgment, latge enough, would be, nevertheless, on such a ipere matter cf opin* ion as that, negative the whole bill May not Congress be trusted to decide, even oa such a subject as tbeamtfofat of tfie'^fionajr premium, to be received by Government for a charter of f^is kiud$ Bot, sir, there is a larger, and Yiitich moee just riew of this sub* ject. The bill was not passed for the par* pose of benefitting the present stockholders* Their benefit, !f any, is accidental antt col-^ lateral. Nor was it passe^ ou any idea that they had a right to a renewed charter, al though the message argues against such right,

as if it had been somewhere set up and asser'ed. No such right has been asserted by I. any body.

Congress passed the bill, not as a bounty or a favor to tbe present stockholders, nor to comply with any demand of right on (heir 1^ part but to promote great public interests, for great public objects. Every Bank mustf have some stockholders, unless it be such S .jbank as thfe President has recommenced, in regard to trhich he seeml not like^r to find much concurrence of other met^s npi* nions and if the stockholders, Wborrer they mt^y coodaot the #ffair« Krth«'Btiok prudently, tHe expectatied Valways, of eoarrtfl that they wljl make it profitable to Sbeea* selves, as well as useful to the puUitJ. bank charter is not |o be granted, because ft may be profitable either in a small or great degree to the stockholders, no charter can bo granted. The objection lies against all bank*. Sir, the object aimed at by such institutions is to connect the public safety Vind convenience with private interests. It has beea~_ found by experience, that banks are safest^ under private management, and that govern-^4 ment banks are among the most dangerouto^ a in on N if the message is to reverse the settled judgments of the civilised world, and to Set op govern«f ment banks, independent of private interest,"' of private control. Fjr this purpose tho message labors even beyond the mensans of all its other labors,* to create jealousies an% prejudices,' on the ground of the alleged beneJ" fit which individuals will derive from tho,_ renewal of this charter. Much less effort isj^' made to show that tbe government, or the public, will be injured by the bill, than that individuals will profit by it. Following up''« the impulses of tbe same spirit, the message^ goes on gravely to allege that the act af passed, by Congress, proposes to make a pretent of some millions of dollar# to foreigners* because a portion of the stock is holden by foreigners. Sir, how would Ibis sort of argument apply toother cases?. Tbe President has shown himselfnot only willing, but anxious, to pay off the three per cent, stocks of the United States at par, notwithstanding that it is notorious that foreigners ar* owners of the greater part of it. Why should he not call that a donation to foreigners of a on

nnhlic that the many millions which this bill bestows on the stock-holder*, come out of thci earnings of the peoples that if Governments sells monopolies, it ongbt to sell them inp open market: that it is an erroneous idea, that the present stockholders have a prescriptive right either to the favor or tbe bounty^ of Government that the stock is iti the bawl^ df a few, and that the whole American P«jj| pie are excluded from rompetition in thep, pnrrhase of the monopoly. To all this Iff say, again, that much of it is assuroptioi without proof, much of it i* *n argumentl against that wbirh nobody has^ maintained or asserted, and# tbe re»t of it would boj equally strong against any charter, at anjl|: time. These objections existed in their full strength, whatever lhat wa«, against the fir*t Bank. They existed, in like man- ,^ nerf against the present Bank at its creation,^ and will always exi't against all Banks. In-' deed

similar iaetitafcuwa. They

eonetHvte monopoly, altfcengb awe of thorn are of Mowjtf tad wHfc propriety

to the bill now before n«, all the faolt

fonmt with that i«, that it proposes to con-|i. tinne the Bink sub*tanti tly as it now exists, js ••All tbe objectionable principles of the ex-r|^ ,-fting corporation*" wyt'the mewage,

.£SM3

-, .v

fir-

*i'

I will not dwell particularly on this partT of the message. Its tone and its argument^ are all in the same strain. It speaks of th^ certain gain of the present stork-holders, of the value of the monopoly: it says that all

w«nd

ffttnt of its odjons features are retained without alleviation so tint tbe meatare is aimed against tbe Baok, as It baa existed from tbe first, and against any and all others roae»Mtag it to its g«®aral tetam.

.JST:

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