00000236 |
Previous | 236 of 866 | Next |
|
small (250x250 max)
medium (500x500 max)
Large
Extra Large
large ( > 500x500)
Full Resolution
All (PDF)
|
THE UNITED STATES BANK. 205
worth in real and personal property." And it was contended that in accordance with this article taxes could only be levied " for the support of
government," engaged in legitimate objects; and it was denied that the
construction of roads and canals was one of the purposes for which the
government had been organized. This objection, however, was contrary to
the practice of our early legislators; for our statute books were filled with
laws authorizing the opening and establishing of roads; building bridges
and conferring authority on the corporate authorities of cities to open, pave
and otherwise improve streets, and to levy on the assessable property within
their respective jurisdictions, taxes to defray the expense attendent upon the
exercise of the powers thus granted.1
Nothing, too, it seems, contributed to the embarrassments of the people,
than the absorbing character of the presidential elections. During the first
term of General Jackson's administration, when the two great parties of the
country were organized on great conflicting measures of public policy, Maryland was free from debt, and there was no just reason to apprehend that any
contingency could arise which would endanger the fair fame and honor of
the State. From that time to 1847, the people were engaged in an animated
and unceasing contest in regard to the tariff, the currency and the disposition
of the public lands; and so permitted the management of their more
important and more immediate concerns to glide imperceptibly into the
direction of a few experimenting and speculating individuals, whose zeal
and enthusiasm, directed, it is true, to a commendable object, led to all the
public evils of which the people of Maryland, at the time of which we are
writing, justly complained.
President Jackson, who was conversant with all the questions of currency
which had effected the security of property in this country from the days of
the Revolution, felt it to be his duty, when the bill from Congress re-chartering the United States Bank came before him in 1832, to interpose his
constitutional veto. This institution which seems to have been the fruit of
all evil in relation to the financial affairs of the country, exercised a power
over the actual currency of this country, nearly analogous to that of the
Bank of England over the currency of the British Empire. It was chartered
by Congress in April, 1816, and went into operation January, 1817. Its
charter was to continue until March 4th, 1836, its capital to be $35,000,000,
of which the United States subscribed $7,000,000 in a five per cent stock,
and the remaining $28,000,000 was to be subscribed for by individuals—one-
fourth in gold and silver, and three-fourths in the funded debt of the United
States. The debts of the bank, in excess of its deposits were not to exceed
$35,000,000. The bank was to pay a bonus of $1,500,000 and transact the
financial business of the government free of charge. In return it received
the public funds on deposit, and nothing was to be taken for public dues
1 Governor Thomas' Message, 1843.
| Title | History of Maryland - 3 |
| Creator | Scharf, J. Thomas (John Thomas) |
| Publisher | J. B. Piet |
| Place of Publication | Baltimore |
| Date | 1879 |
| Language | eng |
| Type | Books/Pamphlets |
| Title | 00000236 |
| Type | Books/Pamphlets |
| Transcript | THE UNITED STATES BANK. 205 worth in real and personal property." And it was contended that in accordance with this article taxes could only be levied " for the support of government," engaged in legitimate objects; and it was denied that the construction of roads and canals was one of the purposes for which the government had been organized. This objection, however, was contrary to the practice of our early legislators; for our statute books were filled with laws authorizing the opening and establishing of roads; building bridges and conferring authority on the corporate authorities of cities to open, pave and otherwise improve streets, and to levy on the assessable property within their respective jurisdictions, taxes to defray the expense attendent upon the exercise of the powers thus granted.1 Nothing, too, it seems, contributed to the embarrassments of the people, than the absorbing character of the presidential elections. During the first term of General Jackson's administration, when the two great parties of the country were organized on great conflicting measures of public policy, Maryland was free from debt, and there was no just reason to apprehend that any contingency could arise which would endanger the fair fame and honor of the State. From that time to 1847, the people were engaged in an animated and unceasing contest in regard to the tariff, the currency and the disposition of the public lands; and so permitted the management of their more important and more immediate concerns to glide imperceptibly into the direction of a few experimenting and speculating individuals, whose zeal and enthusiasm, directed, it is true, to a commendable object, led to all the public evils of which the people of Maryland, at the time of which we are writing, justly complained. President Jackson, who was conversant with all the questions of currency which had effected the security of property in this country from the days of the Revolution, felt it to be his duty, when the bill from Congress re-chartering the United States Bank came before him in 1832, to interpose his constitutional veto. This institution which seems to have been the fruit of all evil in relation to the financial affairs of the country, exercised a power over the actual currency of this country, nearly analogous to that of the Bank of England over the currency of the British Empire. It was chartered by Congress in April, 1816, and went into operation January, 1817. Its charter was to continue until March 4th, 1836, its capital to be $35,000,000, of which the United States subscribed $7,000,000 in a five per cent stock, and the remaining $28,000,000 was to be subscribed for by individuals—one- fourth in gold and silver, and three-fourths in the funded debt of the United States. The debts of the bank, in excess of its deposits were not to exceed $35,000,000. The bank was to pay a bonus of $1,500,000 and transact the financial business of the government free of charge. In return it received the public funds on deposit, and nothing was to be taken for public dues 1 Governor Thomas' Message, 1843. |
