Publisher's Synopsis
Excerpt from Speech of Mr. Barnitz, of Pennsylvania, on the Subject of the Bank of the United States, and the Removal of the Public Deposites: Delivered in the House of Representatives, 1834
Permit me here to make a'digression from my course of argument, for the purpose of noticing some of the prominent views which have been ingeni ously offered from time to time, by those who sustain these measures of the administration. When, 1n the early stages of the discussion, it was alleged that serious embarrassments and distress affected the community; the fact was denied, or lightly treated, until the thunder rolled over our heads, and f'the bolts came thick and 'fast upon us from the east and the west, the north and the south: so that, no refuge could longer be found under the covering of denial. Our hopes were next appealed to; and we were assured that these troubles would soon pass away; for that the void which was created by the necessary curtailments of the Bank would be soon filled up by the issue of the new depositories; that it was only removing nine millions from one side of a street to the other. This was but the word of promise to the ear, as we soon experienced; the nine millions, the sum on deposite, before it was re moved, was kept in beneficial employment and active circulation in the com munity, through the instrumentality of the United States Bank. The Bank receives its doom from Executive power; it is told to stop and wind up its concerns; it must necessarily withdraw from the community a sum sufficient for the repayment of the deposites. The selected State banks, it is soon found, have their own troubles, and embarrassments, and home obligations to answer; so that they can neither supply the void nonafi'ord relief. A new argument is next resorted. To, and we are gravely assured that it is utterly impossible that the withdrawal of nine millions from a circulation of more than a bun dred millions, could cause general distress. This view soon appeared as fal lacions as others; for it must befiemembered that nine millions in active cir culation'may discharge debts 'and obligations between man and man, in a busi ness community, exceeding a hundred millions. One receiving his claim is enabled to pay his debt to another, and thus a sum, comparatively small, dis charges responsibilities to a great aggregate amount.
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