Speech Delivered in the Senate of Pennsylvania, On the Bill Entitled "An Act to Repeal the State Tax On Real and Personal Property, and to Continue and Extend the Improvements of the State by Railroads and Canals, and to Charter a State Bank to Be Called
Speech Delivered in the Senate of Pennsylvania, On the Bill Entitled "An Act to Repeal the State Tax On Real and Personal Property, and to Continue and Extend the Improvements of the State by Railroads and Canals, and to Charter a State Bank to Be Called
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1836 edition. Excerpt: ...elevation to the Presidency, should remember that the passage of this bill, by establishing the large state bank system, puts an end to the agitation of the vexed question of a National Bank; and if Mr. Van Buren should be elected, his administration would be wholly disencumbered of this question. ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1836 edition. Excerpt: ...elevation to the Presidency, should remember that the passage of this bill, by establishing the large state bank system, puts an end to the agitation of the vexed question of a National Bank; and if Mr. Van Buren should be elected, his administration would be wholly disencumbered of this question. Refuse to pass this bill, and the small bank system will again be thrown upon the country. Numerous local banks, increasing counterfeit notes, in proportion to the increase of hanks, and the difficulty of detecting them, growing out of it, will spread throughout the land, -with nothing to restrain their cupidity and excesses. We shall re-enact the scenes of 1816 and 1817; frauds and peculation to the same extent will again ensue; honest industry oppressed and overwhelmed will in vain seek a reward, and ruin will again spread her dark wings over our country. But do we in Pennsylvania require any thing to be done to counteract the effect of the expiration of the Bank of the United States? What is our present condition, and what coming events will affect it 1 The Bank of the United States will expire on the third day of March next. The effect of which will be to withdraw the capital of that institution from the business of the country. It will be remembered that this capital amounts to the large sum of thirty-five millions of dollars. Of this capital about three millions of dollars of stock only is owned in Pennsylvania. The residue is owned principally in our sister states. About seven millions only being owned in foreign countries. It is estimated that about eleven millions of dollars is due to the institution by citizens of the state, and the banks of this state. All of which is now employed in the business of the country. If the bank be wound..
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