Page 1 of 2 Apr 1831 Issue of Indianapolis Indiana Democrat in Indianapolis, Indiana

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Indianapolis Indiana Democrat (Newspaper) - April 2, 1831, Indianapolis, Indiana A. By a. F. , saturday april. 2, 1831. Vol. L.n0.34. To Sims. Two Dollie per annul in Advance. Tvo doll Ais and fifty Centi at six months. Three doll Ais Al the end of tha Yeai. Speech of or. Benton of of Missour concluded Tims it is proved that foreigners arc As deeply interested in this bait As the United slates itself. In the event of a Ronch Alu flite charter Lioy will be Stitich More deeply interested than at present for n Prospect Ofa Rise in the Stock to 250, and the unsettled state of things in Europe will induce them to make great investments. It is to no purpose to say that the foreign stockholders cannot be or directory. The answer to that suggestion is this the foreigners have the Money they pay Down the Cash and want no accommodations they Are lenders no and in a great moneyed institution such stockholders must have the great est influence. The name of this Bank is Ade Coplion upon the Public. It is not the Bank of the Federal government name would import nor of the slates which compute this Union but chiefly of private individuals foreigners As Well t natives denizens and naturalized Stib Recti Uliey own Twenty eight millions of the Slock the Federal government but seven millions and these seven Are precisely balanced by the Slock of the aliens. The Federal government and the aliens Are Estial owning one fifth each and there would iwas much truth in calling it the English Bank As the Bank of the United slates. Owmar Lafew of the privilege which this Charier gives to these foreigners Tobe land holders in Defiance of the slate Laws which forbid aliens to hold land Tobe landlords by incorporation and to hold american citizens for tenants to hold lands in Mort main to to Pawn brokers and merchants by incorporation to pay the Revenue of the Umid slates in their own notes in Short to do every thing which i have endeavoured to Point out in the Long and hideous list of excl Sive privileges granted to this Bank. If i have shown it to to dangerous for the us states to be in partnership with its Owr cilia cons How much stronger is not the a i Ament against a partnership with foreigners what a Prospect for Loans when a War with a foreign Power and the subject of that Power Large owners of the Bank Here from which alone or from Banks liable to be Delroi de by it we can alone obtain Money to carry on the War what n state of things if in the division of political ii arties one of these parties and the foreigners coalescing should the exclusive control of All the Money in inc Union and in addition to the Money should have bodies of debtors tenants and Bank officers stationed in All the states with a supreme and irresponsible system of cd Hirahm to direct the whole dangers from such contingencies Are too a great and obvious to be insisted Nunn. The strike the common sense of All Manki Iid and were powerful considerations with the old whig republicans for Thi renewal of the com ruler of Hill. Jar. Jefferson and the whig republicans slaked their political existence on the non Rene Al of thai Charier. They succeeded and by succeeding prevented the Cou from Liei Glaid at the mercy of British and Ultra federalists for funds to carry on the last War. It is said the United slates lost forty i Willians by using depreciated currency during the last War. That probably is a mistake of one half. But to it so for what Are forty millions compared to the loss of the War itself compared to the ruin and infamy of having the go emment arrested for want of Money stopped and paralysed by the reception of such Pitt received from tie Bank ,inl795. N. Exemption from due course of Law for violations of its is a 1>rivilege which affects the administration Raj Tisz ice and stands without in the annals of real publican legislation. In the Case of other delinquents whether persons or corporations the Laws Lake their course against those who offend them of every citizen to set the Laws in motion against every offender and the Law when be �1 motion to work through like a melt he pc regardless of Powers and principalities and cutting Down the guilty which . Not so in the Case t pc in it s behalf there Are bar it the citizen and in / App , wrong and the remedy be Woen in a the Flim Der. �n8taadofarfe�ilo8me-o Rte Sciric fact at or a quo warranty the ii Rcd citizen i Itji a Humble petition in his mind must repair to the presiden of Tho i mtg slates or to Congress and crave Lfeo a leave to do so. If leave is denied a and will be whenever the Bank has a Peculiar Friend in the president or majority of such friends in Congress the a in Ron Entaro exp being always at hand a lilt it go no Tal ire fare requires the Bank it i b sustained one can proceed no fur-�thy., the machinery of Uio Law cannot be in notion it Ier laughs irm Belg and his terrier at the impotent re->9enlrai�nt of its ices Victo Thiis Tho Bank for Tropf Tincel violin of charter a a to Crew test oppress was of Tho <�tizcii3, escape Tho it suit of jus Tice. Thus the administration of Justice is subject to be strangled in its birth for the shelter and Protection of this but this is not All. Another and most a hiring mischief results from Tho same strap Inar privilege. Bank direct interest in the presidential and congressional elections. It gives it need for friends in Congress and in tie presidential chair. Its Fate its very existence Mayolle depend upon Tho Friendship of the president and Congress and in such eases it is not in human nature to avoid using the immense Means m the hands of the Bank to influence the elections of these officers. Tolvo the existing fact Tho Case to which i alluded at the commencement of this speech. There is a Caso made out Ripe with judicial evidence and big with the Fate of Lite Bank. It is a Case of usury at the rate of 46 per cent., in violation of the charter which Only admits interest of g. The facts were admitted in the court below by the Bank s demurrer the Law was decided in the court stove by the supreme judges. The admission concludes the facts the decision concludes the Law. The forfeiture of the Jarl or is established the forfeiture is in blurred the application of the forfeiture a Lone is wanting to put an end to the institution. An impartial president or Congress might let the Laws take their course those of a different temper might interpose their veto. What a crisis for the Bank it beholds the sword of Damocles suspended Over its heart what an interest in keeping those away who might suffer Tho hair to be Cut 12. To have All these unjust privileges secured to the corp orators us a monopoly by a pledge of the Public Faith to charter no other is Tho most hideous feature in Tho whole mass of if these Banks Are beneficial institutions Why not several one at least and each Independent of the other to each great Section of the Union if malignant Why create one the restriction constitutes tiie monopoly and renders More invidious what was sufficiently hateful in itself. It is indeed a double monopoly a legislative As Well As banking a for the Congress of 1816 monopolized the Power to Grant these monopolies. It has tied up tie hands of its successors and if this can be done on one subject and for Twenty years Why not upon All subjects and for All time a hero is the form of words which operate this double engrossment of our rights Quot Ivo other Lank shall be established by any future hic of Cong tests during the Contini Taruce of Tow corporation hereby enacted for Khich the Faith of Congress is hereby pledged with a proviso for the District of Colombia. And that no in Cidell might be wanting to Complete Tho title of this charter Polho utter reprobation of Wiig republicans this compound monopoly and the form of words in which it is conceived is copied from the charter of the Bank of England a not the charter of William and Mary As granted in 16sm, for the Bill of Kights was then fresh in the memories of englishmen but the charter As amended and that for Money in inc Ine Morallo reign of Queen Anne when Atory Queen a tory ministry a Lory parliament and the apostle of tory Sra in the person of or. Secheverell with his sermons of divine right passive obedience and non resistance were ridding and Rul ing Over the prostrate liberties of England this is the precious period and these Noble authors from which tie idea was borrowed and the very form of words copied which now figure in the charter of the Bank of Trio United states cons ill ing Tho double monopoly which restricts at once the Powers of Congress and the rights of the citizens. These Jar. President arc the chief of the exclusive privileges which constitute the monopoly of the Bank of the United states. I have spoken of them not As they deserved but As my abilities have per milled. I have Shewn you that they Are not Only evil in themselves but copied from an evil example. I now wish to Shew you that Tho government from which we have this copy has condemned the original and after shewing this fact i shall be Able to Appeal with sensible effect toll Liberal minds to follow the enlightened example of great Britain in gelling rid of a dangerous and invidious institution after having followed her pernicious in asserting it. For this purpose i will have recourse to proof and will read from British state papers of 1826. I will read extracts from Tho correspondence Between Earl Liverpool first lord of the Treasury and or. Robinson Chancellor of the exchequer on one Side and the governor Deputy governor of 4e Bank of England on the other Tho subject being tha Monival or rather non Rene of Tho charter of Tho Bank of England. The extracts the first lord the Trean Tyd Chancellor of tile exchequer and Deputy governor of a Frank of England a extracts Quot Tho failures whichvt9? w England Una Compani Jayc apy have been by the same occurred amp Sib Oakland tend to prove that there Muritt Trevno. Thirty Banks Izreo chartered and these ban Lis have stood firm amidst All Tho convulsions in the Money Market in England and amidst All the distresses to which the manufacturing and Agricula Tirral interests in Scotland As Well As in England have occasionally been subject. Banks of this description must necessarily be conducted upon the general understood and approved principles of banking. The Bank of England May per haps propose As the did upon a i the occasion the Extension of the term of thei exclusive privileges As to the Metropolis and its neighbourhood beyond the Yeai 1833, As the Price of this Concession immediate surrender of exclusive Privily it would be very they should require any such condition. It is obvious from what passed before that parliament will never Gree to such privileges Are �11/ fashion and what expectation can Thi Bank under present circumstances entertain that theirs will be renewed a Quot Jan 13th. Answer of the court of direct Quot under the uncertainty in which the court directors find themselves with re Pecl to the death of the Bank and the effect which they May have on the interests of the Bank this court cannot feel themselves justified in recommending l their proprietors to give up Tho privilege hich they now enjoy sanctioned Ara confirmed As it is by the solemn acts of the Jan. 20. Second in cation from the . Quot the first i ird of the Treasury and Chancellor of the exchequer i Siil Rcd the answer of the Bank of the 2qth Insl. They cannot but regret that tin Cir of directors should have declined to re commeria to like court of proprietors the consideration of the paper delivered by the first lord of the Treasury and Thi Chancellor of the exchequer to Trio gov Ern Orand Deputy governor on the 13th Insl. The statement contained in that Laper appears to the first lord of Thi Treasury Antho Chancellor of the exchequer so full and explicit on All the Points to which it related that they have nothing further to add although they would have Lieen and still Are ready to answer As far As possible any specific questions which might be put for Tho Pur pose of removing the uncertainty in which the court of directors stale themselves to be with respect to the details of the plan Sussex tied in that j in.23d. Second answer of the baulk. Extract Quot the committee of Treasury Bank the paper received from he first lord of the Treasury and Tho Chancellor of the exch qut dated Jamiar 23d, and finding that i majesty s ministers persevere in to Weir desire to propose to restrict immediately in exclusive privilege of the Bank Asio the Numier of partners engaged in banking t a certain distance from Tho Metropolis and also continue to to of opinion that parliament would not consent to renew the privilege at the expiration of the period of their present charter finding also that the proposal by the Bank of Esia meshing Branch Banks is deemed by his majesty s ministers inadequate to the wants of tiie country Are of opinion that it would be desirable for this corporation to propose As a basis the act of the 6th of Georgo the -1th, which states the conditions on which the Bank of Ireland relinquished its a elusive privileges this corporation Wai ing the question Ofa prolongation of Limi although Tho committee of the Bank car agree in the opinion of the first Lor unsolved and delusive in one part of Reat Bra try and bib Stantial one in tiie Otho i in Scotland Thuro Ore hot not agree of Tho Treasury and Tho Chancellor of Thi exchequer hat hey Are not making i considerable of a sacrifice adverting especially to the Bank of Ireland remaining m Possession of that privilege five years longer than the Quot Bank of Jan. 25. Here sir Here or. President is the end of All the exclusive privileges and odious monopoly of the Bank of England that ancient and powerful Insl Tulion so Long the haughty tyrant of Tho moneyed world a so Long the subsidized of Kings and ministers a so Long Tho fruitful Mother of National debt and useless wars a so Long the prolific manufactory of nabobs and paupers a so Long the dread dictator of its own terms to parliament a now droops the conquered Wing Lowers its proud Crest and quails under the blows of its late despised assailants. It first Puis Ond courageous air and takes stand up on privileges sanctioned by time and confirmed by solemn acts. Seeing that the ministers would have no More to say to men who could talk of privileges in the Nineteen Ali Century and being reminded that parliament was inexorable the bully suddenly degenerates into the Craven and from shewing ,call8 for Quarter. The directors condescend to beg for the smallest remnant of their former Power for five years Only for the cily of Lon Don even and offer i Send branches into All quarters. Denied at every Point Tho subdued tyrant acquiesces in his Fate ounces his submission to the spirit and intelligence of the am and quietly sinks Down into the Humble but Safe and useful edition Ofa scottish provincial Bank. Andhi Rezitis prostate to pause to look Back and see by what Means this an to and powerful a Bab Ylon of Tho banking world Denland so totally prostrated. A was so Slid who did ii and with what weapons sir it was done by that Power which is now regulating the affairs of the civilized worm. It was done by he Power of Public opinion invoked by the working members of the British parliament. It was done by sir Henry Parnell Juho led Tho attack upon the a Ellington ministry on the night of the 15lh of november by sir we. Pulteney or. Grenfell or. Hume or. Edward Ellice and others the working members of Tho House of commons such As had a few years before overthrown the Gigantic oppressions of the Salt Tai. These Are the men who have overthrown the Bank of England. They began the attack in 1824, under the discouraging cry of 00 soon too soon a for the charter had then nine years to run and ended with shewing that they had been just soon enough. They began with the ministers in their front on he Side of the Hank and ended with having them on their own Side and making them co operators in the attack and Limo instruments and inflict ers of the fatal and final blow. But let us do Justice to these ministers. Though wrong in the beginning they were right in the end though Monarch Isis they behaved like republicans they were not polio macs. They yielded to the intelligence of the age they yielded to the spirit which proscribes monopolies and privileges and in their correspondence with the Bank directors spoke Rulh and reason and asserted Liberal principles with a Point and Power which quickly put an end to Dan Gerotis and obsolete pretensions. They told the Bank the mortifying truths that us system was Assolin and dec Rvl that Lis privileges and monopoly were oot of r.\siiion, they could not to prolonged for Nve Evex a nor suffered to exist in Loonos Alose and what was still More cutting that the basis of Scotia which Hod no monopoly no privilege no connexion with Tho government which paid interest on deposits and whose stockholders were to the amount of hair shares a were the soil id and Sobstad Tiai Banks which alone the Public interest could hereafter recognize. They did their business when they undertook it like True men and in the single phrase out of fashion achieved the most powerful combination of solid argument and contemptuous sarcasm that Ever was compressed into two words. It is a phrase of electrical Power Over the senses and passions. It throws Back inc mind to the reigns of the tudors and st vets a the ter Magant Elizabeth and the pedagogue James a and rouses within Lis All the shame and re we have been accustomed to feel at the View of the scandalous sales of privileges and monopolies which were the disgrace and oppression of these wretched times. Out of fashion yes even in England the land of their Early birth and late Protection. And shall they remain in fashion Here shall republicanism continue to Wear in America the antique costume which the Doughty Clair pions of anti Quale fashion have been compelled to Doffin England ? shall English lords and ladies continue to find Quot the Bank of the United states the just and odious privileges Chich they can no longer find in the Bank of England shall the copy survive hero after the Ginal has been destroyed Thoro shall the Young whelp Triumph in America after the old lion has been throttled and so rain Glendin England n. Never teething is impossible Tho Bank of Tho unit Stales Bank of England Dies in All its odious Points upon the limitation of its charter and the Only circumstance of regrets that Tho generous deliverance is to take effect two years earlier in the British monarchy than in Tho american Republic. One word or. President upon an incidental topic. It is Shewn that the Stock of the Bank of the United states has fallen five per cent in consequence of Tho pinions disclosed in Tho president s Mes Sago and thereupon a complaint i preferred against the president for Dpi facial ing Tho property of innocent and Uno fending people. I made a remark Quot upon this complaint in the beginning of my speech and now have a word More to bestow upon it. I wish to contrast this conduct of american stockholders with that of the Bank of England stockholders in As Milat ind Solhem much Moro disastrous Case the Bank of England stockholders also have had a decline in Tho Price of Stock not of $5, but of �35, in Tho share. Bank if England Stock in consequence of Earl Liverpool s communication and of the debates in parliament has fallen fimm 2s8 �o203 equal to a loss of �165 in even of share. This is something More than $5. Yet i have never heard that Earl Liverpool or any member of parliament Baa Bee called to account for producing this depreciation. It would seem that the Liberty of speech and the rights of discussion in great Britain extended to Tho affairs of the bin of lond and that ministers and legislators were Safe in handling it Liko airy other Subj cd. In. , to the re Walof theban charter Bei us this costly and expensive for the american people to keep up. A a let no one Cavil at this head of objection under the belief that the Bank of tha United states supports itself like the Habernal Bear by sucking its own paws or that it derives its revenues As a spider spins its web front the recesses of its own Abdomen. Such a belief would be is Seq. Tally erroneous and highly Nobe comm the intelligence of the nineteenth Century. The fact is that tie Bank live up ii the people that All its expenses Are made out of Tho people All its profile derived from them and All its losses re Iron used by them this is the naked troth ,. By consequence every Shillig held or used by the Bank Over and alive the capital Slock is a tax upon the people and As such Isham look into the amount of Tho left and prove it to be too great for the people to Bear any longer. In the first place we have the direct Ipen pcs of theban Tho actual Cost Ofila annual administration. These expenses Are returned at 372,000 for the year 1830 and assuming that sum for an average the total Cost of the administration for Twenty years will to about seven and a half millions of dollars. The enormity of this sum must strike every mind but to judge it accurately let us compare it to the expenses of some known Esly Blis Hrent. Let us Lake Tho civil list of the Federal government in the first term of president Washington s administer Aliotti resorting to this Standard i find the expenditure of this Branch of the government to bet for 1702, �381,000 forl793,s35f>,000for 1794, �441,000 for 1785, $361,000 presenlinganannualaverageof�385,000j which is but a trifle Over the Bank expenditure for 1s30. Now what were the Heads of expenditure included in Tho civil list at the period referred to they were the salaries of the president and vice president the salaries of All the secretaries their clerks and messengers and the Purchase of the paraphernalia of All their offices compensation to both houses of Congress and the discharge of every attendant expense salaries to All Tho Federal judges their marshals and District at Orneys and the Cost of their courtrooms the expense of missions abroad and of ter Rit orial governments at Home. These were Tho items of the civil list comprehending the whole expenditure of Tho administration for All objects i the army there being at that time no Navy. The administration of the Bank. ,acluallyinvolve6ane.xpendilunj rivalling that of tie Federal government m 1792,"03, 94, and is Smithn the s it Gle item of the army which a Hen on a War establishment. The Lieut item if Bank tax is that of the profits in the shape of annual dividends. These profits Are now seven per cent but less and at one time owing to am explosion produced by Stock jobbing wore not Ting assuming six per cent for the average of Twenty Vears and the aggregate will to $42,000,000. In Tho Thiril place Tho contingent fled reserved to Eov a losses $5,000,000. Fourthly the real estate including banking houses is above �4,000,000. Fifthly Bonus reims tired tothe Bank is $1,500,000. Six they the interest on the Public deposits which Tho Bank was receiving from the United slates or individuals while the United states was paying interest on the same amount to the Bank or soothers was six millions of dollars on the standing Deposit of about five millions. The aggregate is sixty six millions of dollars o Savoth Iliff of Tho profit on the Stock itself which is now Twenty six per cent equal to ,000,. 000 addition to the original annual average of tins aggregate Lovy of Quot sixty six millions is above three millions and Quarter of dollars being very nearly of much As to whole upon Diluaro a the Federal government m the second year of or. Jefferson s administration which was hut $3,737,000 the army included and the Navy also which had then sprung into existence. Will senators reflect non the largeness of this Levy and con it Sider How much it adds to the multiplied Burthen of our complicated system of ? i a complicated for under our duplicate form of government every citizen is Many times taxed and by various authorities. First his state tax then his country tax then his corporation tax if helices Iii Tity then his Federal tax and Sinco 1816, his Bank tax. The a mount of the whole is excessive of the Bank tax in addition to the others i Toler Lue. The direct lax of1798, which contributed so much to the overthrow of the men then at the head of affairs was an in. Considerable Burthen compared to ibis Bank Levy. Not so much is one million was overpaid in any one year under Tho direct lax while the annual Levy of the Bank tax is three millions and a Quarter the one is As truly n tax As the other and As certainly paid by the people and As the reduction of taxes is now the policy of he country i present this contrib Ion to the Federal Bank As the fit and eminent item to head and Grace uie list Fabo lotion. I say to hem and Grace the list for it is a tax not Only a Reat in itself and levied to Supporta and in. Vicious institution but doubly and peculiarly Oppre Szivo upon tha people because no part fit is Ever refunded to i humid the shape of Beneficent expenditure. In the Case of every other tax in All the Cost tribute Ion levied Foi the purposes Otta ferment there is Somo of aviation of As ,1

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