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Editorial June 18, 1834

The Rhode Island Republican

Newport, Newport County, Rhode Island

What is this article about?

The editorial from the Boston Post, citing the Albany Argus, criticizes Nicholas Biddle and the Bank of the United States for slashing domestic loans amid economic distress while lending heavily to a Canadian canal rivaling the Erie and to British agents, questioning its American and Whig patriotism under British stockholder control.

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OCR Quality

98% Excellent

Full Text

A fair specimen of Bank Patriotism.—We find it stated in the Albany Argus, that during the very period when the Bank was curtailing its discounts to the immense sum of $28,000,000 in sixteen months, and thus doing its best to contribute to the "distress" of which its partisans so loudly complained, Mr. Biddle, who controls the Bank as the agent of its British stockholders "loaned two hundred thousand dollars to construct a canal in Canada, a rival to the Erie canal; and loaned, as has been alleged and not denied by the hired presses of the Bank, eight hundred thousand dollars to an agent of the Barings at London!" If this is an American Bank, or as Mr. Clay calls it, a "Whig Bank," we should like to be made acquainted with the properties necessary to form a British Bank, or a Tory Bank!—Boston Post.

What sub-type of article is it?

Economic Policy Partisan Politics

What keywords are associated?

Bank Patriotism British Influence Nicholas Biddle Whig Bank Canada Canal Loan Barings Loan

What entities or persons were involved?

Mr. Biddle Bank Of The United States British Stockholders Mr. Clay Albany Argus Barings Erie Canal

Editorial Details

Primary Topic

Criticism Of Bank Of The United States Patriotism And British Ties

Stance / Tone

Strongly Critical Of The Bank's American Patriotism

Key Figures

Mr. Biddle Bank Of The United States British Stockholders Mr. Clay Albany Argus Barings Erie Canal

Key Arguments

Bank Curtailed Discounts By $28,000,000 In Sixteen Months, Contributing To Distress Bank Loaned $200,000 To Construct A Canal In Canada, Rival To Erie Canal Bank Loaned $800,000 To An Agent Of The Barings At London Questioning If This Is An American Or Whig Bank Versus British Or Tory Bank

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