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 charter thus obtained was accepted: and, without the change
of form or substance in any particular, the old bank moved on as
if nothing had happened--as if the Congress charter was still in
force--as if a corporate institution and all its affairs could
be shifted by statute from one foundation to another;--as if
a transmigration of corporate existence could be operated by
legislative enactment, and the debtors, creditors, depositors, and
stockholders in one bank changed, transformed, and constituted
into debtors, creditors, depositors and stockholders in another.
The illegality of the whole proceeding was as flagrant as it was
corrupt--as scandalous as it was notorious--and could only find
its motive in the consciousness of a condition in which detection
adds infamy to ruin; and in which no infamy, to be incurred, can
exceed that from which escape is sought. And yet it was this broken
and rotten institution--this criminal committing crimes to escape
from the detection of crimes--this "counterfeit presentment" of a
defunct corporation--this addendum to a Pennsylvania railroad--this
whited sepulchre filled with dead men's bones, thus bribed and
smuggled through a local legislature--that was still able to
set up for a power and a benefactor! still able to influence
federal legislation--control other banks--deceive merchants
and statesmen--excite a popular current in its favor--assume a
guardianship over the public affairs, and actually dominate for
months longer in the legislation and the business of the country.
It is for the part she acted--the dominating part--in contriving
the financial distress and the general suspension of the banks in
1837--the last one which has afflicted our country,--that renders
necessary and proper this notice of her corrupt transit through the
General Assembly of the State of Pennsylvania.
CHAPTER VII.
EFFECTS OF THE SUSPENSION: GENERAL DERANGEMENT OF BUSINESS:
SUPPRESSION AND RIDICULE OF THE SPECIE CURRENCY: SUBMISSION OF THE
PEOPLE: CALL OF CONGRESS.
Public-domain text, read in full here on John Shaqi.
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