Life of John C Calhoun Presenting a Condensed History of Political Events From

Cover Life of John C Calhoun Presenting a Condensed History of Political Events From
Life of John C Calhoun Presenting a Condensed History of Political Events From
Calhoun John Caldwell
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It is impossible to conceive any institution more admirably calculated to advance these objects. Not only the selected banks, but the whole banking institutions of the country, and with them the entire money power, for the purpose of speculation, peculation, and corruption, would be placed under the control of the executive. A system of menaces and promises will be established : of menace to the banks in pos- session of the deposites, but which might not be entirely subservient to execu- tive v...iews ; and of promise of future favours to those who may not as yet enjoy its favours. Between the two, the banks would be left without influence, hon- our, or honesty, and a system of speculation and stock-jobbing would com- mence, unequalled in the annals of our country. I fear they have already com- menced ; I fear the means which have been put in the hands of the minions of power by the removal of the deposites, and placing them in the vaults of de- pendant banks, have extended their cupidity to the public lands, particularly in the Southwest, and that to this we must attribute the recent phenomena in that quarter — immense and valuable tracts of land sold at short notice ; sales fraudu- lently postponed to aid the speculators, with which, if I am not misinformed, a name not unknown to this body has performed a prominent part.

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