: MmERS’ & FARMERS’ JOURNAL.
PKINTF.D AM> I'l'ULiSlli:!) KVLKY TliKSDAY, BY TIKMIAK .1. IHU/ro\....CII VHLOTTK, MKCKLrMlMU; CtH NTY, A.
I WILL TE*CII YOU TO I'lKRCE TIIK BOWJT ■* OF TIIR CAIITH ANIi liKlNf. HI T PROM TDK CAVKRNS )F THE MOir.STAINS, IMKTAI.-" WHICH W1I.I, lilVK SI'IIXNUTH TO QI'H HANDS AMl S»JBJ>'X:T Ai.L NATUME TO OUH USE ANt> PLEAAUBl: DR. JOHNSUNi
VOL. II.
TrESIlAV, MW 2!),
1V>. 88.
TIIK 1 quircd to be IratiHtl'rred by tlio jjoverriineiit, I prrcoive tluit, \n1k‘i» (hat order arrived, tliey ] ior, nor ‘ rt'qiicstrd’ a i>ust|)oiu'iMcnt of the
iTIinors’ &■ Fill*IIBCI*M’ JoiiriUll jam] the grrulcr the distance, tlie j/reater '' ‘ —' ‘ ‘ ' ■
Is printid and published every Tutwiay nioriiiji/r I tiig profit and adviintu^'*; to the bank,
at Tioo Dolkr, and Fifty CcnU ,>or nn„..„., if j bank l.as oidod the (lovprnmont
jiaid m advance; Three Dullart a year, if not | committee are unuble to dis-’ Hank,and tiien lead it to ;m'ss und einbar-
would Ik,* tiiuiid not only deficiont in prepu- |»aynient liy the (.lovprniiitiit, as staled in
ration, but in u Mate of suipriw;, and tiiat, tbo declaration of the President, yet if sucli
the |iayinenfs would (iret enibarrasw the ' post|»oi)enient had not boon made, the bank
checked or controlled, vvitliout a iiecesoary
curtnilnient of discounts.
If the bank possessed the abilifv to sus*
tain itself with ut cuitailing its discounts,
pa.d untd after tj.e exp.raUor. of n.oatl:*,. | ^
ADVKRTISEMENTS will be inserted ut rif,y
c nts per wtuare (r.ot e.xccfdins 20 hncH,} for the j ^ „„auine. I low far the.
bunk has auitd the Goveintncnt in its fiscal
firbt insertion, and cents tor each uuceuediiig
■week—or $1 for tliree weeks, for oiio nquare.—
A liberal discount will be made to thofic wlio
• Jverliseby theyc ar. ILf On all advertisements
cumniunieatt'd for publication, tJie number of
insertions must be noted on the niarjfin of tiie
manuscript, or they will be Continued until
forbid, aud clurgcd accordingly.
All communications to the Editor must come
free of puslapt, or they may not be uttendcd to.
operations, as it claims to have done, will be
seen by u conitnunicntion from thi; Presi
dent of thft bank to this comiiiiltcc, h*;reitr-
ter advertpl to in another piut of this re-
fMjrt; and also in a rejtort of ihe coniinilteo
of the stockholders, ut the triennial meet
ing on the 1st of Hrptcmlicr, in the
fbllowinfi words: “'I'hat the bank, ilironyli
the w hole course of its ofierritions, has el-
fectually assisted the 'J’rcasury in the col
lection and distribution of the public revcn-
Ii.ulcttcru'iid^tT^^ah^ethorMarch
IMTKU SI ATKS* BANK UKl’OllT,
tt).\OI.Of>EU.
last, to the Chairman of the committee, the
President of the liank says, “ that the a-
mount of branch notes lodeemed at the
New-Vork ofliceduring the year was
‘‘"J Philadelphia, $^o,3yw,.
^00, making a total of with
nally ellicieiit in preventing the dist har;'C
of the public debt from ilistuibinj' the ope
rations of cotnmerrc, or the value ot pecu
niary investments.”
Now the coii.miltee are not able to dis
cover U[M)n whai prinriplos the forejfoin;;
increase'of circulation between the -Jd j declaration is made. By refernnj; to the
Februarv, 1U31, and the 2d o
1^32, of more than six millions
rass the commercial community.
From the observations made, and the
examination of documents durinji: the course
of this investigation, the Coniniittcc have
strong reason to aporpliend that the course
(ursued by the IJank has been upon this
latter principle. Jf so, the iimik lias in
curred a hi^h responsibility.
'I'he (.’ommittee l)elieviiij{ the subject of
would not, on the l>t ol July, have possess- i the rcv*'nue falling due the present quarter,
cd the ability to have met tiio demand, with-j might be eollected, and tiicilities j^ranled
out causiu{i a scene ot great diblress in the durinj; the time, upon the principle lieforo
commercial community. j pointed out, to the coinmeiciul ‘•oinmumty,
'Phe committee are unable to discover in and disbursed again by the Governn.ent,
what manner the bank could allurd aid to
the (iovornment, in carrying into edect the
measuio they pro(K)sed, which the Presi-
deiit of the bank, in his remarks, hpeaks of
havini,' profliired to them. All that the
the late post['oneinent ofu |M)rtion of the 3 Uovciiii.icnt could ask of the bank on the
per cent, stw ks, intended, as they under-! 1st of.luly, or at any other time, would be,
stood, to have been paid on the 1st of July ’ to pay over to them the amount it had col-
by the Cioveriiment, to be within the pro-' leeted for their account, when they wished
vince of their imiuii ies; and believinjf, also,: to employ it—the same us a principal vvouid
that it had a .-trongconnexion with the pre-|call upon its ngent to pay to him nionojs
s«‘nt state and situation of the atliiirs of the | which he had collected for his benelit.
•Mank, and tor the [iurfxise of enabling them j liy docun.t nt marked No. 3'J, it would
to form a correct anil true opiinon upon utppear, that on the 13th da_\ of .March last,
that subj' Ct, they made a cull upon the the bank was aware of the intention of the
President of the liank for the correspondence ' (lovoitinnnt to pay off, during the year, a
ill relation to the iiostpoiiement of that pay-! uieat [mi tii-n ot the 3 j»er cent, stocks; and
lin'nt, in the lullowing words: “Will you liie suiijeet of making an arrangeiiieiit w ith
of Februarv, 1S3I, and the 2.1 of January. I corrcs|K)iidence, in ktwecn the tiu n j}*'“'■ ai'l'l'i^^’'^'’. >" ‘'-a'*:*'
■ ' ns'-r.l-ll-c 'president of the bank and the- then Socre-! Iasi, rep.cst.ng a suspension by the (,ov-
niands
without any inconvenience Iw ing t'aused by
the operation. Hut such abilit\, the com*
millee are satisfied the bank does not pos
sess, nor can it at present comnmiul. !>«•
sides the dnninished means of the liiiiik pre
viously alluded to, thrmigh the loss of tiso
millions of its specie, its foreign e.\t han”rt
and other resonrces, one of the gn at dilli-
ties iinder which it now labors, in pnjinn
the public debt, is its iK'ing compelled tii
receive the public rev('imc, in the Atliiiitia
ports, in a currency, to wit, branch noti’i
and draftsof the western tdlices, n>i prompt
ly convertible, and to pay the public debt ni
current money.
\\’ithout a large abridgment of the usu*
al iieeommodiitions, which w ill if eoiirs*-,
greatly distress the community, the commit
tee are under the strongest conviction that
it will bi“ little iKMter able to meet the |)ri a*
sure the (joVf*rnm nt payioents will cause,
tthicb,
ijionihly
And lh- last to U,t'4U,0U0 DO jj vc-ntiired to trt iihie you witli those
SI-llii tltj" 10 ■''‘•‘"i* "''I* Is'Jl '-' "‘*1
Making, as just stated, a diminutio:i in 1'*^"}, and with the conviction that if
fhe active means immediately applicable to ' nistitution m any of them
thcextinguishnient ofits debts, of consider-consistent will, the
ably more than halt’of Its former CPpacity, to ; ' ^ •'*
“tR'ct the same object. ! "'S
With such an increase of issues, and the ;*'* tlosmw
pli^asi* give a copy of the corresponden.^e the h.ilders, was on tiint day, reliTud by a
n'iolutiou of the buaid, as follows :
llrsolri’d, 'I’hnt the subject of the cominmiiea-
lion jii!.t mad.' by llio |)r((idcr>t, he rcl.riT.I to tin- I nn the 1st of October than they would havo
ilh authority tu make, „„ {!,(. Julv. 'I’bo words of Mr.
,!:;‘e:n:.::;k:^-rri^-wiwd,n^^^
opini.in, be.il proii.oU i the president ot the bank, the cniiiutle')
iubJit, unil ilic iiikrtBisoi I consider peculiarly afipropriate b( ic to in-
I tro(luce. “ I’alliations may |'rolniig the ex-
_ .. . the part of the board,! istii g enibariassinents, and by c-\citing t!;o
cafion to the Government, nor have 1 re- ‘ nearly hcv intkn bi.t’ore they wore ollicial- |^ho|it;» and fears of the community, afigra-
(juested any suspension of the payim nt of ly iuU)rme«l of the iiitontii'ii by the yovern- | vate the existing evils, but cannot influence
anv portion of the |)ublic debt.” ment to make the proposed payin«i*t on the | the final result.”
The iiK'iiiry, I suppose, relates to this of July, demonsliutes fully, to the minds | J„ another letter, dated the Otii of April,
circumstance ; 1 received a letter fiom = the committee, an a. knowledyn.ent on|i^l(>, to the same gi'ntleman, lio says,
,u>, i .. ... ..V,- the acting Secri’tary of tiieTn'asuiy, dated the pait of ihe administration ol the bank, | “ |5anks, in order to secure specie pa\ o-er ts,
.!0.” 'i n’e Secretary c-f the 'i’reasuiy,' the ‘J-llh”'March, isii;’/-’, iiiturining me that' ‘'f >>=* inaLihty to me.'t the demands which j tmi^t approximate their ciiculation a il nidi-
■losinir his answer, 'under date of tne ! (iovernment was about to ijsnc a notice on eoiitenifdated paunents ol' the govern- vidual dejiosites, to a sum justly propertion-
^ ' . . .......I ‘i ti-. .■«.I .. ^ 1 .1 . ^ . r ■ .1
rv amount of fucids in the, bank to make the ' inuul^ei.ce to the debtors wliioli can be sulij. | believe that its business has been too much
c'oi.n-mpiiiti.d |ia\ments.” I then proceed-' l\ coi,ceded. 'Ihe inconvenience then, of; and two rapinly extended.
of the
'Preasiiry, of
liilioW'illJT
'/li'Ct
I iour
which suuiH were, iinniediati
" l oV iierforniing this duty, the P.ank has creasing by the constant accumulattd col-
clairiied, and has received ironi the Treasti- | loction *,{' tli« public i-eveniie.
ry Ik-iitrtiiifcnt, and the country generally, ! 'I'he P.ank, as it collects the rcvmiio,
tor some years past, merit to an extent thill knows, or ought to know, that it will be
nitv, in any fKirt , .
•n.e liai.k of the Liiited States, among !‘>ccasiou to twehe niillions ot dollars,
other conditions of its chnrter, U Iwund to i Pv ivferen. e t.. d.K ument marked No.
make collections
traiisler the same
anu point to auulhe
and to make any a
■ccount of the
S^usion^or tr"any o?htM *purpo!sL''wh"^^^^^^ P'ven tliem ; and t..al ili-s winch the debtors ol the ^;o|erni,icnl ' collector of New->oj k, with a laudable
free of all'and lin charts for such ser- ^ many instances w.tb four aa.I five nnliions, the paj ment proposc.l by creating a demand , are in the habilol receiving irom the baiiK, „,niely t.. pn.toct the public revenue, ap-
J to 1 ...1 : i ; _ icdiatelv alter, in- t*r tiie remittance ot several millions ol dol- ma\’enuanyer the punctual pa\ ment ot the jilied to the bank to authori/e an extension
lars to luiropean slfKtkhoIilers, would tend revoniie, us the bank would necessarily be ot' loans in that city, in order to assist the
to diminish the usual t'acihties alK'rdcd to obliged to commence cat 1\, its preparations , debtors to the (iovi'rriment. 'I bis was
the clfbtors of thi‘(Jovtrninenf, and nii,L’hl lor the reimbursement ol so large an amount > promptly don.?; this I shi'iiltl flesire to do
endanger Ihe punctual payment. I'or tins ol public debt. j again, as the payment to the (iovernment
could not' havc'lK-eii surpuss..-d, even if all calltduponby the (lovernmentTofe’inihurse ! reason, 1 thought it ti.r tiie interest of the .My impression, therefore, is that, vvith 'during the next liuarK r is very large."
Irvicis It perforuis were gratuitous, it, and m all .-ascs of the redemption of the > Government, to post|H.ne the pa.Munit till a v.cvv 1'^^^^^^ ! I pon a ref.-rr nco to the we-kly statement
This . . . . ,
committee
os far
furc closin./their labors, to sec how far the part ^. .... ...nm, v......... „v.. . , .■ i ' i .• ’ .......
' '' “ Having thus performed my duty in giv- Itss inconvenience Iroin demands on tuieiyii a rediie.ti n in tb( amount, vz;
ing the opinion asked, I left il .f course, to account. ' (),p ani.nint on the -'Dlh February lj«'iiig less
Ihe ;.\eminent to decid.'. On the part of Thecomniitti'eare obliged to diss-nt from ' than on the'Jd, and the ."tli da\ s of the samo
the b.ink, 1 sought nofliinc; 1 iMpieyted tl'.e v lews expressed b\ the president in the ! moiilh, and *1 U>,IMM) less on the‘.i“lh day
nothing. After weighing the circuiii.-tan- tor.^goiiig cxtiaiM. 1 ii(‘ coiiniiittee cannot of Nlarcli, tliaii on the «’yth of I’cbruary
c« s,*the C.overnment were d(‘sirous of uiloj)- believe that the pressure which has, and
tmg the measure, but the diliienlty I under- w hicli continues to exist since (tctolier last,
sto(id to be this, lliat the sinkmg fund would is attrihutable mainly " to l/it iimount
los(> the (j'larter's inlerest, from Jn!y to Oi> of di.tits iiuiiiihh Joi- l/ir lu.it fiw mml/it!,
tober, of the sum inten.ied to be paid in Ju- I'he con.imtt. c bciieve the operations of the
ly ; and that the Clovernment did not feel I’ank ot the L niiecj .''lati's in i'hilndelphia,
M-rvices It i).-rforuis were .gratuitous, it, and in all .-ascs of the redemption of the > Government, to postpone me pa% mein iin - »« o u... «.iu p..... iu.u |...x o.e.u ■■ ; , to the we. kiv statement
a-id other circuuistanees Imve led the funded debt, three months notice is given bv , the next quarter. 1 turthcr stated, that the ihe public r.nenue, the government wou.d New-York, from Julv, 1-31,
iittee to an investigation of the subject, I the Treasury of such intention. >\ ilh such ; [>la'| "• l«} to each stockholder only one be beneniK ( bv p..,l[.oning the proposeo
' as thu limited time vvouid allow, bt>- notice, and with proper management on the half ot his loan, would not be so acceptablu payment ot t ho public deot to anotner ijuar- ii„(| m. ai'£, legato inciease of loans ;
dnM.,., their labors to see how far the Part of the I5ank, the Committee c.annot see as if his whole loan were repaid al once. , ter, by w Inch tim‘ the country w ill .siisiaiu ,i„. ci.nf rar>, tlie> tind that tlmr.^
Bank is entitled to the credit k'stowed upon ih.it either the (Jov.-rnmeiit re.piires any
it, and to what extent the bank has uidid aid, or that the coniii.unity can U; cllected
the Government in its fiscal ojx'rations be- by the roiiis«(of the o|x-ration.
vond the obligation imposed in obedience, 'Phe Hank has its legitimate banking cap-
to its charter. ! ital with w liieh to do its ri ;jular business,
'I'he (iov. rnincnf, in its collections thro* j and accommodate the coinmunity. As it
the Cank of the I'mted Sttites, receives i co1!pcIs the public revi'niie, it is enabled
nothina hut s[K cic, or notes of the P.ank of both to avail itself of the advantage ofem-
tln' Fmted Slates, and makes its payments | ploying it to its own benefit.and the aecom-
It' the notes of Stale i niodation of the commercial community.
previous.
P.y examining the statement No. 3fj, it
will be seen that th(‘ total airtoniil of dis
counts rtl the \ew-York branch, betwieii
thu 4llt of (>ctob-r, 1>31, and the •Jf'lh of
•March, l“-3-.', wi're actually liiminished
in nothing else.
H.inks are received bv the P.ank in place of I who principally conlrihute to Its paMnent, v v . . - , '
liieir own, it is a private matter iK'tween I by commencing the discounting ofitselfjuslitied in making the postponement, and the (dhees ol ijallimore, .Now-loik, 1 while during the same time,
fciicli Hanks and the Hank of the I'nited i paper, pa_v able within or about the time they ' unless the interest couhl he savi'd, but that and l>oston, (the Itiur prmcipal places w here the bonds paid at that port, amounti'd to bc-
Slates ar.d one w ith which the (Jovcrn- know they w ill be called upon to make the j it would he made, provided the hank would bonds are pavable,) during the last quarter, j twe.'ii nine and ten millions ot dollars.
nient «lo«s not conrcrn itself; and it is to be ! payui'iils on account of the (i.ivernment ; I ni.ike the sinking fund whole on the 1st ot lurnish evidence to the contrary, l.yare-
3 Hank of the lliiited * and, as they gradually aoproach tha' ii«-ri-I OetolM r. 'I'o this I said, that, as the bank It rence to the weekly statements ol the
• • * • * * * > ■■■■•! Ill .1 . 1* .. I * . . I I >>4 I tlifOal .>t
piesimied that the
The coininittee in order to ascertain the
[irecisf! manner in which the annual elec-
StatcK is too watchful and vigilant in the od t!n\v must also .shorten the period which 1 woul.l have the use of the fund .hiring the Hank of the 1 iiited Stat.!s, the .iHices at tion of directors has been conducted, called
to see tbv hiii^iiii NX paper has to run, until they ar-' three months, it would consc'iit to save the Palliinore, .\ew-\ ii k and IJuston, from Ju-
protection of its own iiite?e.st!«, not to see tlie .v.-t papr , . . , .)i a i i -i . i i v -i •
tliat it obtains from the Stale Banks, for i rive at the lime the call from the tinverii- .-inking fund harmless, by paying the three ly, I'-.-l, to April markeiJ Ao. J(>, it
iiot.'s thus taken, specie or its e.piivalent, I ment is made upon them, when .‘he huxiiwss
or its own notes, ill exchange, and thereby j paper will have hern paid oil', thf ISank
be provideil with a fund from the c.illection , then pays the GovernuK'nl, and the Cov-
uf the revenue, e.pial, in \a^Ie, to that in | ernnient iinmedialely again circulates it a-
vvhieh they are re.piired to pay. : inong thi* community.
'I'he larae.st portion of the revenue, par- j 'I'he op'ralion, as thus d.'seril)ed, appear>
ticniarlv from imjioits, as is universally to the C'oinniittce too plain and simple to
known, is collected in the Atlantic cities ' require any further illustration; and if the
north of tlio Potomac. 'Phos! cities l>oing | principle is sound, and has Ih'cii acted ujioii
th* great marls of supply to nearly the by the I’ank, they cannot discover in what
w hoi.'of the Fnited States, and places to j manner the o|)eralions of commerce could to give increased aid to public
inoiitlis’ interest itself; and so the matter will bo seen, that the amount of reductions
vijaiids. I on discounts and loans at those four largest
Now, it will l>e seen, that the hank, in eomiiiercial cities, during the last quarter,
all this, has had not the least agency, ex- taking the maximum amount in January
cepi toolli'r its opinion, when it was aski'd, last, and ending on the first ot .April, is lii'J,-
III regard to a m’asure proposed by fhe G(,v- TtJ, or in round numbers, two mil-
ernnient; and then to ofli-r its aid in carry- lions and a half of dollars; this reduction
ill'' that mea.snre into oj.eration.” by the hank and its branches, has probably
'Phe committee cannot discovir any abil- coni|K;lled a .similar reduction on the part ol ; (mm- of proxies to Ih> 4.■■>33, of which tho
ity whieli the bank possesses or will posse.ss, the Stale institutions, iii proportion to the ! presi.lent holds, exclusivcK, 1,43U, and as a
c debtors ill amount of their loans in each of those pla- tiustee, in conjuncti.jn w ith others, 1,054,
at an early period of the investigation, for
the following document, viz : “ A statement
of the iiuuiUt of votes given at each annu-
al election of directors since that of
the whole nuuibt i' of votes given, the iium-
l.er given in peixjii, and the number given
by pr.»xy, and in the latter case, by whom,'’
w hich slatement was not furnished the com-
miu.'e, but the statement marked No. 41,
was furnished. 'Phis shows the whole mini-
wliich rpinilfances centre from almost eve- | have Ix'tMi disturhrJ, or the\ahio of jnv inn- !lho paMiiciit ot tlio nine millions of (iollai's Iti tliis, anil hi tins alont*, the com-
lUllitii; due (as is siiid) in liic quart* r ontiin*' mittee art* fuily pcr'suatietl is to U; lotiud the
with the 1st of July; but, on the contrary, true secret of the pres.sure which has e.xis-
TV part of the eoiintry, creates a demaiul j ary investments havo b en atleeted by the
tor funds u[m>ii tliom, from nearly every I pav ment of the public debt by the (ioveni-
qnarter, cnnstantlv, and g.Mierally at a pro- | ment.
iniiini. 'I’herrfore, so far as the bank is j P.'it if the P.ank has, as the public rv-
called upon to tninsfer funds from those ci- venue; has accumulated to the credit of the
lies to other places, becomes a matt.'r ol ,'Pri'asiiry I)epartm. i>t, gone on discounting
profit, and not of expense to it, and the 1 iq.on il, or loanm^r it out, disregarding
greater the distance, the greater the [>re- ; the jx’riod when they would 1k» called upon
miuin ; and the laryer the amount thus ro-1 to rcmibuisi; it, tlic coiiimiltce tun rcu'Iily
which gives him, without intending to im
pugn the exercise of the pow.*r, decidedly
a prepoiiu'erating control in the election of
direetiirs, a power whic-h whs never contem
plated b\ the charter; .so tlir from it, that
invtrui.ient, as w.*ll as subsi'cjuei.t laws pass-
they beh.'ve that such is the sitiiati.Mi of ted, and does still exist, opcraling upon the
the hai.k now. and such will be the demands comnicrcial comiiiiinity.
whi. h It will 1h'called upon to meet, that 'J'hat this pressure w ill continue for some
it will re.iiiiri! the aid of all the acciimulat- time to come, the coniniittec fear; f>r the led by Congre.s:.-, havo studiously endeavor
ed t,‘(.llcctions lor the (iovernnient, to sus- expansionhasliecnsogreal.thatthecontrac-|>d to prevent the veiy mis.dii.'f w hich this
tain itself. 'I'he ronimittee aie fully of o. lion which is now in openilioii cannot, in uc. inniilalion of proxie.- in the hand of oi o
l)1n;(.>i),Uatlhcuul;thcbaj>I;n'.'itlicr‘souj:hr the opmiou of the ccmnnUcc. be ctactually jn'T-^ui) is mctl obviously calculated to pru«