Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850Benton, Thomas Hart
History
Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850
Benton, Thomas Hart
United States -- Politics and government -- 1815-1861
The suspension was now complete; and it was evident, and as good
as admitted by those who had made it, that it was the effect of
contrivance on the part of politicians, and the so-called Bank of
the United States, for the purpose of restoring themselves to power.
The whole process was now clear to the vision of those who could see
nothing while it was going on. Even those of the democratic party
whose votes had helped to do the mischief, could now see that the
attempt to deposit forty millions with the States was destruction
to the deposit banks;--that the repeal of the specie circular was
to fill the treasury with paper money, to be found useless when
wanted;--that distress was purposely created in order to throw the
blame of it upon the party in power;--that the promptitude with
which the Bank of the United States had been brought forward as a
remedy for the distress, showed that it had been held in reserve for
that purpose;--and the delight with which the whig party saluted the
general calamity, showed that they considered it their own passport
to power. All this became visible, after the mischief was over, to
those who could see nothing of it before it was done.
CHAPTER VI.
TRANSMIGRATION OF THE BANK OF THE UNITED STATES FROM A FEDERAL TO A
STATE INSTITUTION.
This institution having again appeared on the public theatre,
politically and financially, and with power to influence national
legislation, and to control moneyed corporations, and with
art and skill enough to deceive astute merchants and trained
politicians,--(for it is not to be supposed that such men would
have committed themselves in her favor if they had known her
condition,)--it becomes necessary to trace her history since the
expiration of her charter, and learn by what means she continued an
existence, apparently without change, after having undergone the
process which, in law and in reason, is the death of a corporation.
It is a marvellous history, opening a new chapter in the necrology
of corporations, very curious to study, and involving in its
solution, besides the biological mystery, the exposure of a legal
fraud and juggle, a legislative smuggle, and a corrupt enactment.
The charter of the corporation had expired upon its own limitation
in the year 1836: it was entitled to two years to wind up its
affairs, engaging in no new business: but was seen to go on after
the expiration, as if still in full life, and without the change of
an attribute or feature. The explanation is this:
Public-domain text, read in full here on John Shaqi.
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