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CONGRESSIONAL OF MR. BUCHANAN SPEECH PENNSYLV INIA, On the InIn Senate, Wednesday, January Bill, in reply 23, 1840- to Mr. CLAY dependent Treasury at this moment, of is great object, condition of the Bank similar the prove, U.S., how hopeless is to upon as a regulator My from the present be relied expect that any present condi- of the stitution can ever Bank still exists, if its is the first occa currency. be called existence; known the Senator to the be tion may That I have ever and this old friend in sion on which abandoning an seat, I shall enguilty of ungratefully Before take my and his party with in hour of to identify the were lovely in life, this deavor institution calamity "They gentleman divided. and but shall not be U. S. is now institution its death It is they said that the Bank But of is the its character charter changed derives by mere changing State the source institution whence it that it ever the has been, same not still the same the same directors, not been the by Is it with the same capital, very recently, has it it not been same it stockholders, and, until controlling will? Has that former president, exultingly governed proclaimed better charter by its from Pennsylvania This than now has a much had received from Congress as that under strictly that which the it truth for was such never charter before granted this country to any it which it corporation, now exists either in England be stockholder: or but banking S., it is true, ceased to their ven millions of enjoyed The U. for the which privilege it could of selling have procured, and doubtless stock, did procure. a large advance of things, this vast monopoly, with From a capital the very of $35,000,000, nature A single State, could not with have more existence, become than a sufficient State institution number furnished of State employ Bank ment already for in its immense narrow capital. to its could not It have would have starved within such Penn. operations limits Did it, in point sir; of it fact, aspired confine to regulate This the currency was the exchanges of the performance of which it allat proand duty to the me that this Bank State sylvania: claimed high political itself No, destined. whole To tell Union became a mere charits character and it had received a from the Legislature of Was not the curre n. once institution, ter changed merely own because senses. Pen nsylvania, is that to under deny the evidence of our the new charter, as bestcurrency well as which the cy issued old, declared. under m 1836, to Did be the not the new with the the world had ever all over the Union, com old ones; and would they if it had not mand mand the the same same premium, premium not still continue fallen-faller of to the from its high estate: in fact, more a Bank than it had U Why, sir, it became, Pennsylvania charter banks and conS. after it received its It bought up State and in Georever been before. branches, in Louisiana over the gia; verted and it shot out its branch has established a branch Union. them In New into York it law. agencies the whole whole bank, their free banking content with Since its new theatre of its operations, it beard the lion under the charter, not aspired "to has established of to and to scorned an U agency S. as in England, become and the rival of confine the Bank itself England in his den, in London itself. alone: It but has invaded to monopo- the proto banking operations merchant, and has attempted trade between Euvince lize and of regulate the the whole And cotton vet this Bank is now said to it rope be and mere this Pennsylvan country. succeeded institution in the task which Now, sir, upon how itsel has it of regulating exchanges the of bank the Union issues, and imposed the foreign more than and one domestic year after all respects its charter it was from Congress had expired, and continued to pursue before, In little government, whilst in done under the it the same of policy that it had with became very insolvent, and half of gold and in same course million and suspended specie twenty-three payments silver Jess than one or less than one dollar for liabilities. Their nor its capital, to meet do not recollect at amount at the time 1 in my possession least have its vaults, of all ascertaining its immense there present, the I the means would ask the Senator, is continued to be Now, sir that if this bank had until May, 1837, the depositary been averted, or we pay reason its fate to believe would of the have public revenue suspension that of specie should that not then have had a the general public deposites would tempted only have the ments: added fuel Why to the sir, flame; wilder and speculations. would have The over- conbanking Bank to engage and overtrading in auspices, still of of would 1836, have which still become were more still ducted under its would have been enabled travagant- greater- the the expansion bloated to import credit foreign system, merchandise millions which of to dol the value us in of that nearly year one hundred and ninety up to two hundred and lars, fifty might millions; have raised and the our catastrophe dreadful imports which followed would In order have to been repair still its more has fallen since fortunes, proceeded true to from the a heap one law of its nature, this another, Bank until it is now regulating almost the extravagance ruins. Instead to of cont trolling it has notoriously and been the other of banks almost of the the country, only cause, of the of existing which sus- its chief, may, specie payments. The been glory able to borrow mediate bankruptcy from friends £800,000 pension private now of sterling, boast bankers is, at an that and in extravagant England, ruin. it has Alas! to save rate how of it from are interest in the mighty fallen the creation of another such currency, institution and And it Senator is by seeks to regulate the Why, this control that the the bank issues speculation of the country! against experience.- infaith against fact; as our grand regulator, an the This similar to and our bloat the E stitution author would precisely of be our to adopt, vast bank which expansions, that has which fallen has under been g and all the experi- had which the people of the I trust, very long, B ed weight ence credit of its system, own extravagi it will be long, United With United States States. have of C upon this subject, return to a Bank of the it Bank " before But they I proposed had to prove the disposition that, even to restrain a the ti the United issues States of the State Banks, it the would sake not of pos- the W if sess loans the and power. which I can suppose scarcely a case ever for exist, because, duty as to in argument, the currency it would have a stockna a perform regulator directly of at war with the interest of its in do th holders. The only mode be by accomplished, which it has was been for thought the safe Bank that and of be this confining its own notes of the State fe the U. object S., could receive the business within them Banks at us proper deposite limits, and to in payment, and to specie call upon But, in the W short on periods things, to pay it would the balances be impossible the for overissues such bank of nature receive of the notes, and the restrain eight hundred banks, m ca more to which than are now a very scattered few own of limited over this sphere country. of circulation, Each of each of T tr et other these and they banks In are point has not its compelled of fact, this U. to is S. receive not be required generally the paper to manufac- done; receive hor could any Bank of the eight hundred paper of gr eig worst, tories all the are notes constantly which these regulates pouring out currency, upon the that circulation. public. which is to ma From the law has which always the most extensive the gold and silver, in ea individuals he will always the bank hold notes: fast and of these notes, those and pass away out the doubtful, Bank and preserve of the U. S., ch the ou however hey which will are great above pay its suspicion capital, and It No extended could never its transact powers, business the evil. twenty, we f ould ever with reach one bank in ten, I might say in the But the it whole is in rain number. to speculate upon this subject. Ex.
