Page 1 of 26 Mar 1831 Issue of Indianapolis Indiana Democrat in Indianapolis, Indiana

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Indianapolis Indiana Democrat (Newspaper) - March 26, 1831, Indianapolis, Indiana By a. F. , saturday a March 26,1831. Y0l.1.�n0.33.tmuus. Two doll Ais per annul in Advance. To doll Ais and fifty cent at six Raoul is. Thice dollars Al the end of the Yucai. Speech of or. Benton of Missouri commend t1.0 Bank of England for the in Awn balances of the Public Money is made an equitable to Civ Millic of lir n the Liri Tuli govern i remanent loan of half King and a temporary Loai Lions for Twenty years without interest Yel when i moved for a like compel lion to the United slates the proposal was utterly rejected by the finance i Mitten Ani treated As an attempt to late the charter of the Bank a at the same Lime it is incontestable that the United states have been borrowing these und Rawn balances from the Bank and pay ing an interest upon to Weir own i think we can identify one of these Loai let us try. In Blay 1824, Congress t theorised a loan of five millions o f dollars to pay the awards under the treaty will Spain commonly called the Florida treaty. The Bank of the United states took that loan and paid the Money for the United slates in january and March 1825, i i looking Over the Stalc ment of und Rawn balances it will he seen that they amounted to near four millions at the end of the first and six millions at the end of the second Quarter of that year. The infer is irresistible and i leave every Sei to make in Only adding that we have paid ,-460,375 in interest upon that Loai either to the Bank or this is a Strong Case but i have a Siron apr one. It is known to every body thai the United slates subs relied seven millions to the capital Stock of the Bank Foi which she gave her Stock note bearing in interest of five per cent per annul. 1 have a statement from the Register of the Treasury from which in appears thai up to the 30ih Day of june last the i states had paid �1,725,000 in interest upon that note when it is proved by the Stalc ment of balances , that the United slates for the whole period in which that interest was accruing had Thi half or the Liole and once the double of these seven millions in the hands of the Bank. This is a stronger Case than that of the five million loan but it is not Thi strongest. Cash is this ii the year 1817, when the Bank went inti operation the United states owed among other debts a sum of about fourteen millions and three quarters bearing an est of three per cent. In the same the commissioners of the sinking fund were authorised by an act of Congress to Purchase that Slock at 6.&Quot per cent., which was then Market Price. Under Thi authority the amount of about one Millio and a half was purchased the remainder about thirteen millions and a Quarter has continued a purchased to this Day and after costing the u. Is about six millions the Stock has risen about four value that is to say from 05 t now Here is a Clear loss of i of dollars to the United slates she could have paid off Thirlen and a Quarter of debt with eight ice 1817, Illions in Early 05, millions in 1817 Illi Illi and a half of dollars now Afier paying six millions of interest it would require twelve millions and a half to pay off la same Del t. By referring to the statement of und Rawn balances it will be seen that the United slates had during the whole yearofl817, about Tec millions of dollars in the hands of to Bank being a million and a half More than a nought have bought in the whole of the three per cent Stock. The question there fore Natty rally comes up Why was in not Appl Edlo the recent lion of these 13 millions and a Quarter according to the authority contained in the act of Congress of that year certainly the Bank needed the Money for it was just getting into operation and Wasas Bard run to escape link Ruply about that time As any Bank that Ever was saved from the Brink of destruction. This is the largest injury which have sustained on account of accommodating the ban Wilh the gratuitous use of these vast deposits but to Shew myself impartial i will now stale tie smallest Caso of injury that has come Wilshi knowledge. It a the Case of the Honus of fifteen Hundred thousand dollars which ii Bank was to pay to the United slates in three equal annual instal meals for the Purchase of charter. A nominally this Tonui has been paid hut out of Halbion yes certainly out of our own filhe Ila tement shows our Money was there and further shews trial it is still thero7 if on the 30th Day of , which is the latest return there was still?2,550,66-4 in the hands of the Bank which is Abo ��750,000 More than the amount of the Hotuj. It i Ono word More upon the subject of a these balances. It is now two years i 1 made an Effort to repeal the 4th Section 6fthesinking fund act of 1817 lion which was intended to limit the amount i. If 8�rplu8 Money which might be kept in he to sury to two million of dollars. A Al Al Tiby the Power of construction was a a Uda to authorize the keeping of two Mil Ona in addition tote wished to a tidal this Section which had thue been construed into the reverse of intention and to revive the first Section of the sinking fund act of 1790, which directed the whole of Ibe surplus on hand to be applied at the end of each year to the payment of the Public debt j by argument was this that there was no acc easily to keep any surplus that the Revenue coming in us fast Asil went out was like a perennial Fountain which you might Drain Lolohe last and not exhaust for the place of the last drop would be supplied the instant it was Oul. And i supported this reasoning by a reference to the annual Treasu re reports which always exhibited a surplus of four or five millions and which were equally in the Treasury the whole year round As on the last Day of every year. This was the argument which nothing but now i have male magical proof of the Rulh of my to Silion. Look at this Sla Lement of balances look for the year 1819, and you will find but .5300,000 on hand for that year look still lower for 1821, and you will find this Balanco but $182,000. And whal was the consequence did the government Slop did the wheels of the slate Chariot cease to Lurn round in those years for Wani of Tran Story Oil ? not at All a every thing went on As Well As before the operations of the Treasury were As perfect and regular in those two years of insignificant balances As in lsi7 and 1818, when five and Len millions were on hand thesis proof in i the indubitable evidence of the senses which concludes argument and dispels in certain la and As my proposal for the repeal of the 4lh Section of Llie sinking fund act of 1817, was enacted into a Law Al the last session of Congress upon the recommendation of the Secretary oath Treasu by a vigilant and exemplary officer 1 Trust that the repeal will be acted upon and thai the Bank plan scr will be wiped As clean of Federal Money in 1831, As it was in 1821. Such clean Lakin from that dish will allow two or three millions More logo to the reduction of the Public debt and there can be no danger in taking the last Dollar As reason and experience both prove. But to quiet every apprehension on this Point to silence the last suggestion Ofa possibility of any temporary deficit i recur to a provision contained in two different clauses in the Bank Charier copied from an amendment in the charter of the Bank of England and expressly made a the instance of the ministry to meet ii contingency of a temporary deficiency ii the annual Revenue. The English provision is this that the government a borrow of the Bank Halfa million Sterling at any Lime without a special act of parliament . The provision ii our charter is the same with the single substitution of dollars for pounds. It is ii words and in Emilion a standing author ill to borrow that limited sum for the obvious purpose of preventing the constant keeping of a sum of Money in Liand As a Reserve to meet contingencies which hardly Ever occur. This contingent author ill to effect a Small loan has often been used in England a in the United slates never possibly because there has Lieen no occasion for it Prol ably because the clause was copied mechanically from the English charter and without the perception of practical bearing. Be this Asil May it is certainly a Wise and per int provision such As All governments should Al All times be clothed with. If any senator thinks that i have exaggerated the injury suffered by the United slates on account of the uncompensated of Public Money in the hands of the Bank i am now going to convince him that he is wrong. Lam going to prove Elohim that i have understated the Case that i have purposely kept Back a Large part fit and that Justice requires a further development the fact is that there Are two dil Terent deposits of Public Money in Llie Bank one in the name of the treasurer of the United slates the other it the names of disbursing officers. The annual average of the former has been a bout three and a half millions of dollars and of this i have been speaking the average of the other is about a million and 1 half and of this i have said not a but the essential character of Wilh deposits is the they Are both the property of the United slates both permanent both available As so much capital to Ali Bank and both uncompensated. Sci is the Sla Lement of the monthly amount of these secondary deposits As i find Vliem on the Bank Rel Kirns and to it i Appeal for the verification of what i allege. 1825. 1826. 1830. January $1,.5.14,618 $1,393,805 �355,691 Febi Saiy 1,883,764 1,4,14,800 1,.562,84i March 2,185,930 2,250,113 1,.554,969 april 1,489,934 1,638,146 1,65-3,841 Mij 1,428,025 1,637,519 1,326,661 june 1,532,358 2,301,787 l,146,-206 july -1,264,758 1,678,274 1,129,990 August 1,575,493 2,032,684 875,459 september 1,56.5,401 2,59.1,006 1,346,-206 october 2,042,345 1,753,021 1,-134,081 november 1,558,873 1,683,717 1,194,682 Decemb 1,576,997 2,112,097 1,616,650 i have not ascertained the average of but presume it May equal the amount of that Bonus of gl00,000, for which we sold Iho charter and which the finance up Milleo of the Senate compliments the Bank or paying in three instead of seventeen annual instal menu and shews How much enter est Ulicy lost by doing to. Be Only this was a disadvantage to the Bank it would have been better for it to have dabbled out to us �100,000, instead of $5� ,000, of our own Money at a time but there an free considerations which should prevent her from complaining first int it was he bargain to pay in three years secondly that we furnished the Money thirdly that we kept up the amount in her hand. Finally these non Lily returns Shew thai the Over drawings for permitting which the Batik has been so much Lauri de were Over drawings in name not in fact the a mount of the Money being Only transferred to another Deposit and the Money in self remaining in the hands of the Bank. Or. Pres next it does seem to me that there is some Liing ominous to the Bank in this contest for compensation on the und Rawn balances. It is the very Way in which the struggle began in ii British parliament Wiliie a has ended in Thi overthrow of the Bank of englaiti., it i the Way in which the struggle is begin Nin Ghere. My resolutions of two and three years ago Are the causes of the speech which you now hear and As i have reason to believe some others More worthy of your bearing which will come at the proper time. The question of compensation for balances is now mixing itself up Here As in England with the question of renewing the Charlei and the two acting together will fall with combined weight upon the Public mind and Cerla by eventuate Here As they did there. 4. To discredit and disparage the notes of All other Banks by excluding them from the collection of the Federal this results from the collection no nol the Ecol Lection but the receipt of the Revenue having been committed to the Bank and along Wilh it the virtual Che Culioli 01 the join Resolution of 1816, to re Gular the collection of Iho Federal Revenue. The that Resolution was intend Cal 10 be vested in Iho Secretary of the treas Ury a a disinter Slid arbiter Between rival Banks but it May be considered a virtually devolved upon the blink of in United Stales and powerfully increase the capacity of that institution 10 destroy or subjugate All other Banks. The notes of the stale Banks excluded from Revenue payments Are and disparaged and fall into the hands of brokers a All places where they Are nol issued and payable. They cease to insulate at All the Points to which the exclusion extends i am informed that the note of the Bank South of the Poloma Cand Ohio even those of the lower Mississippi Are generally fused Al the United states Branch Bank in is. Louis and in cons a. Ence Are expelled from circulation in Missouri and Illinois and the neighbouring districts. This exclusion of the Southern notes from the Northwest Quarter of the Union is inti rious to both parties As ouf travellers and emigrants chiefly come from the South and the Liole of our Trade goes there it find a Cash Market. The exclusion As i am told fori have not looked into tin matter myself is general and extends t the Banks in Virginia the two Carolinas Georgia Alabama Mississippi and Louisiana. If this to the fad the joint Resolution of 1816 is violated for under the terms of Liat Resolution there Aro several brinks in each of the slates mentioned whose notes Are receivable in the collection of Federal Revenue that is to say specie paying Banks whose notes Are Savable and paid in specie on demand. Vet in consequence of exclusion from the United Stales Branch Bank they Are exuded from All the land offices eleven in number which Deposie in that Branch and being excluded from the land offices they cease to be current Money among the people. If a traveller or Emigrant brings these notes to the country or received them in Rem Illance if a trader acc Epli them in Exchange for produce they Are Quot Hafl Roii Quot Oul of their hands and sent of the country. This is a pecuniary jury done to the North West it May be More it May be a political injury also for it contributes to break the communication Between the two quarters of the Union and encourages Iho idea that nothing Good can come from the South a not even Money this Power to disparage the notes of All other Banks is a Power to injure them and added to All plier privileges of the Bank of the u. S.,is a Rowe tone stroy them if any one doubts this assertion let him read the answers of the president of the Bank to the questions put to him by the chairman of the finance committee. These answers arc appended to the committee s report of the last session in favor of the Bank and expressly declare the capacity of the Federal Bank to do Troy the stole Banks. The worthy chairman Gen. Jimi of my Puis this question Quot hat the Bank Al any time oppressed any of the slate Banks Quot the president or. Biddie answers As the whole a orld would answer to a question of oppression that Itne Cerhard and this response was As much As the interrogatory required. But it did not Content the president of Tho Bank he chose to go further and to do Honor to the institution Over by showing that it was As just and generous u it was Rich and powerful. He therefore adds the following words for which As a seeker after evidence to show the alarming and dangerous character of the Bank i return him my unfed de and Ordona a thanks Quot thute Abb Vebi few Banks Wincn bight Sot Luv Beds Dot moved by As exertion of the Toweh of theban this is enough proof enough not for me alone but for All who Are unwilling to see a moneyed domination set up a moneyed oligarchy established in this land and the entire Union subjected to Sovereign will. Tie Power to destroy All other but Jas is admitted and declared ii incl Mimi 10 do so is known to All ration Al beings to reside Wilh the Power poli cd Nav restrain the destroying faculties for the present but and will come Forth when interest prompts and policy pern iils. They Hane been exercise Ltd and Tho general prostration of the Southern and Western Banks Altess the fad. They Iris be exercised the charter being renewed and tie remaining state Banks will be swept Wilh the Besom of de sonic lion. Nol that All will have their sign knocked Down and their doors closed up. Far worse than that to Many of subjugation in preference to dose Duclion will be the Iii of plane must have satellites every tyranny must have every Knight is followed by his Squire even the King of beasts the Royal quadruped whose Road such ohcs Tho Forest must have a Small tub Serviente animal to Spring his Prev. Just Soof this Imperial Bank when Insl Alleda new in formidable and lasting Power. Tho stale ban Lis spared by the sword will be passed under the Yoke. They will become subordinate parts in the great machine. Their place in the scale of subordination will be one degree below the Rani of the legitimate branches their by siness to perform the work which it would be Loo disreputable for the legit Mali Iran Clesto perform. This will to the Fate of the state Banks which Are allowed to keep up their signs and to set open their doors Ned thus the entire moneyed pow or of the would fall into the hands of one single Insl Lulion whose in Exora Hie and invisible mandates Ema Nalin from a Centre would pervade the Union giving or withholding Money according to own Sovereign will Andabas Oluic pleasure. To a favored stale to Art individual or a class of individuals favored a the ceoral Power the Golden Stream of Pactolus would flow i Eccl. To All sue the munificent mandates of Tho High p Rector would come As the fabled god made his terrestrial visit of love and desire enveloped in a Shower of Gold. By ,�?10those not favored a and to those hated a the mandates of this same Dirc Clory would be As Quot the planetary plaque which hangs Poison in the sick air Quot Dalh to them death to All who minister 10 their a slate of things a lat Acon Dilion for a co Fedi by of states what grounds for alarm and terrible apprehension when in a confederacy of such vast , so Many Independent states so Many rival commercial cities so much sectional jealousy such violent political parties such fierce contests for Power a there should be bul one moneyed tribunal before which All the rival and contending elements must appear a but one single dispenser of Money t which every Chizen every trader every merchant every Manu Faurer every Ali tar every City every state and the Federal government itself must apply in every emergency for ii most indispensable loan i and this in the face of Tho fact Llinat in every contest for human rights the great moneyed institutions of the world have uniformly been found on the Side of Kings and Nobles against the lives and liberties of the people 5. To hold real estate receive rents and retain a body of privilege is hostile to the nature of Tir Republican government and inconsistent Wilh the nature and design Ofa banking institution. Republics want freeholders not landlords and tenants and except the corp orators in this Bank and in the British East India company there is not an incorporated body of landlords in any country upon the face of the Earlh whose Laws emanate from a legislative Banks Are instituted to promote Trade and Industry and Loaid the go comment and citizens with Loans of Money. The whole argument in favor of banking a every argument in favor of this Bank a rests upon that idea. No one when this charter was granted presumed to speak in favor of incorporating a society of landlords especially foreign landlords to buy lands build houses rent tenements and retain Tenanty. Loans of Money was the object in View and Tho Purchase of real estate is incur Apacible Wilh that object. Instead of remaining Bankers the corp orators May turn land speculators instead of having Money to lend Thoy May turn you out tenants to Vole. To an application for a loan they May answer and answer truly that they have no Money on hand and tie Rea son May be that they have Laid in out in Lanel. This seems to to the ease Al present. A committee of the legislature of Pennsylvania has just applied for a loan the president of the Bank nothing Loati to make a loan to that great slate for Twenty years longer than Tho charter h As to exist expresses his regret that to cannot lend but a limited and inadequate Sura. The funds of the institution 10 says will not permit it to Advance More than eight millions of dollars. And Why because it has invested three millions in real estate to this Power to hold real estate is super added the Means to a quire it. Tho a Bank is now the greatest moneyed Power in the Union in the even of the renewal oils charter it will soon be the sole one. Sole dispenser of Money it will soon be the chief owner of property. To unlimited Means of acquisition would be United perpetuity Ofle Nure for a corporation never i , and is free from the Quot operation of Trio Laws which govern the descent and distribution of re j estate in the hands of individuals. The limitations in the charter Aie vain and illusory they insult the Pniler standing and mock the credulity of foolish believers. The Bank is first limited to such Acquini Lions of real estate As Are necessary to own accommodation then comes a provi so to undo the Lima lion so in concerns purchases upon own mortgages and this is the limitation upon the capacity of such an institution to acquire real estate. As if it had any thing 10 do bul to make Loans upon mortgages and push upon judgments having All the Money it would be the sole Lender mortgages being the Road to Loans All borrowers must travel that Road. When Birds enough Are in the net the Fowler draws his siring and the Heads Are wrung off. when mortgages enough Are taken the Loans Are called in discounts Ccase curtailments Are made failure to pay ensue writs Issue Jud Graells and executions follow All the mortgaged premises Are for Sale at once and the attorney of the Bank appears Al the Elbow of the marshal sole bidder and sole purchaser. Mat is the Legal defied of this vast capacity to acquire and this Legal Power to retain real estate is it not Tho creation of a new species of nor main Ando faking More odious and dangerous than that Mort main of the Church which is baffled the English parliament so Many Ages to abolish tie Mort main of the Church was a Power in an ecclesiastical Corgi Ora lion to hold real estate Independent of the Lawso distribution and descent the Mort main of the Bank is a powering a Lay corporation to do the same thing. The Vii of the two manures is identical the difference Between the two corporations is no More than the Dif Brence Between Parsons and Mon a changers the capacity to do mischief incomparably greatest on the part of the Lay corp orators. The Church Cemida Only operate upon the few who were thinking of the other world the Bank upon All who Are immersed in the business or the pleasures of this. The Means of the Church were nothing but prayers the Means of the Bank is Money Tho Church received whal in could beg in dying Iii Nitro Llie Bank May extort what 11 pleases from tire whole of the just and the is the parallel Between the Mort main of the two a corporations. They both end in Mono. Oly of estates and perpetuity of and the Bank the greatest monopolise of the two. Monopolies and perpetual succession Are the Bane of republics. Our ancestors look care to provide against them a Quot abolishing entails and primogeniture. Isven the Glebes of the Chuich lean and few As they were in most of the slates fell under Tho Republican principle of limited tenures. All the slates abolished the anti Republican tenures bul Congress re establishes them and in a manner Mora dangerous and offensive than before Tho revolution. They Are now Given not generally bul to a few nol to natives Only bul to foreigners also for foreigners re Large owners of his Bank. And thus the principles of the revolution sink before the privileges fan incorporated company. The Laws of the states fall before the mandates Ofa Central directory in Philadelphia. Foreigners become the landlords of free bom americans and the Young and flourishing towns of the United slates Aro verging to the Fate of the family boroughs which belong to the great aristocracy of England. Let no one say Limo Bank will not Avail la self of capacity to mass real estate. The fact is it has already done so. I in towns Yea cities and could name if it might nol seem invidious from this Al id theatre to make a Public reference to their misfortunes in which this Bank already appears As a dominant and engrossing proprietor. I have been in places whore the answers to inquiries for Tho owners of the most valuable tenements would remind you of the answers Given by Tho egy lians to similar questions from Tho French officers on their Anarch Locario. Vou recollect no doubt. Sir the dialogue to which i allude. Quot who owns that pal inc Quot Quot the a Meite Quot Quot Itao tits country Housep Quot the Mam ounce Quot a these gardens Quot Quot the Maji Eisuke Quot a that Field covered Ecith Rice Quot Quot the Mamecke Quot a and thus have i Keenan jeered in the Townsand cities referred to mph the single exception of the name of the Ijanke of the United states substituted for that of the military Scourge of Egypt. If this is done under the first charter what the second if a Dono while the Hank is on Best your what May she not do when find from All restraint and delivered up to the and remorseless editions of a moneyed corporation f 6. To Deal in pawns merchandise and Bills of Hopo Tho Senate win not Requiro to to read dry passages from the charter to prove what i know i speak a thin nearly incredible when l allege that his Bank in Addison to All i Iii

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