BRIBERY AND CORRUPTION IN THE UNITED STATES.
AT the last election of a President of the United States, it is will known that the successful candidate, General JACKSON, had to encounter the powerful and active hostility of the National Bank. In the session of .1831-, both Houses of Congress passed a bill, by which the charter of the Bank was renewed ; hut the Presi- dent declared his firm determination never to sanction the continu- ance of that or any similar instituticin ; and resolutely put his veto on the bill. As the charter expires in 1836,-:-that is to say, before the second Presidency of General JAckioN would terminate,—it was the aim of the Bank proprietors to defeat his last election ; and they appear to have been little scrupulous as to the means em- ployed to compass their end. At. least, if we are to believe the President, they made use of the funds at their disposal in a most extraordinary manner to influence the late elections. General JACKSON has published an exposure of their proceedings, in a communication which he made at the end of last month to his Cabinet; the ostensible object of which was to justify the with- drawal of the Government deposits from the Bank,—another mea- sure which, like his veto on the renewal of the charter, wears a somewhat arbitrary appearance. If it had pleased his Majesty WILLIAM the Fourth to refuse his sanction to the new Bank of England charter,after both Houses of Parliament had passed it,— and a few months afterwards to transfer the public money from its keeping, in opposition to the advice of his Ministers, to that of certain joint stock companies,—both measures would have been considered as little better than despotic, and sorely would the land have been vexed with speeches and pamphlets on the necessity of diminishing the influence of the Crown. It must be confessed, however, that the Bank of the United States appears to have afforded its powerful enemy a good excuse for crushing it. In the document alluded to, some singular and discreditable revelations of its electioneering activity are made. The Directors seem to have been well trained in the arts of cor- ruption. The President says- " Although the charter was approaching its termination, and the Bank was aware that it was the intention of the Government to use the public deposits as fast as they accrued in the payment of the public debt, yet it did extend its loans from January 1831 to May 1832, from 42,402,304 dollars; to 70,428,070 dollars ; being an increase of 28,025,766 dollars in sixteen months. It is confidently believed, that the leading object of this immense extension of its loans was to bring as large a portion -of the people as possible under its power and influence ; and it has been disclosed, that some of the largest sums were granted, on very unusual terms, to conductors of the public press. In some of these cases, the motive was made manifest by the nominal or insufficient security taken for the loans, by the large amounts discounted, by the extraor- dinary time allowed for payment, and especially by the subsequent conduct of those leceiving the accommodation."
Having taken these preliminary steps, the Bank applied to Congress for a new charter.
" The object avowed by many of the advocates of the Bank was to put the President to the test, that the country might know his final determination relative to the Bank prior to the ensuing election. Many documents and articles were printed and circulated at the expense of the Bank, to bring the people to a favourable decision upon its pretensions. Those whom the Bank appears to have made its debtors for the especial occasion, were warned of the ruin which awaited them should the President be sustained ; and attempts were made to alarm the whole people, by painting the depression in the price of property and produce, and the general loss, inconvenience, and distress, which it was repre- sented would immediately follow the reelection of the President in opposition to the Bank."
It was not, however, merely by loans, that the Bank Directors bribed the Press Directors. A sum of about eighteen thousand pounds was directly applied to the purchase of pamphlets and newspapers, and for procuring the insertion of articles in the reviews. A considerable amount was also paid over in cash to the zealous advocates, of the new charter. But the particulars relative, to the distribution of it by the President of the Bank are allowed to remain sub rose,; the proprietors having declined to call for them.
. We have certainly carried on bribery in this country in no mean style. But the Yankees have completely distanced us. Only think of twenty-eight millions of dollars -(six millions sterling) being " lent" to individuals, for the sake of influencing an American election ! All the Tory and Whig Boroughmongers united, backed by all the Jew and Christian money-lenders in the .City, would shrink from such a tremendous "operation." It would be an "action on the currency" that would leave Mr. ATTWOOD little to complain of. Even he would scarcely ask for a greater increase to the circulation of bank-notes than 70 per cent, in sixteen months.
President JACKSON makes another serious charge against the Bank. The Directors being aware, he says, that the Government would need the money deposited with them, to pay off their Dutch and British creditors in 1832,—and knowing also that their elec- tioneering loans had put it out of their power to pay so large a sum, —they entered into a secret aegotiation with these European credi- tors not to present their securities for payment till one or more years after the Secretary of the Treasury had given notice that they would be paid off. In this manner, the Bank would retain the use of the deposits, paying the creditors interest of course in the meanwhile : but the latter would still have a good claim on the United States Government for the principal. Should the Bank prove insolvent, or suspend payment through embarrass- ment, the United States would be under the necessity of paying the money twice over ; and that, to use an elegant Yankee ex- pression, would be "considerable bard upon Uncle Sam." We are not aware that the Bank of England has ever applied its funds in so barefaced a manner to the corruption of the Press and the undue influencing of votes. But that it has been made a tool of in past times by the Minister of the day, for electioneer- ing purposes, we understand there is no doubt. The Money-mar- ket was frequently observed to be more " easy " just before and during a general election than previously. To bow great an ex- tent it was practicable to make the Bank of England an instru- ment of political corruption, the exposure of the proceedings of the American Bank clearly proves. Let us hope that, in the peri- odical, though by no means sufficiently frequent publication of its issues, we have obtained a cheek which will in future preveqt such malepractices in this country.
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