Newspapers / The Tarborough Southerner (Tarboro, … / June 16, 1837, edition 1 / Page 1
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. " 1 ...... , t '. "' '- - ..; . '-, '. ' , ' - '" I '.-"' - '. I " .- ; j -'..- . - ! j ' : - ' ' - I II. , ' I i H . . - . i : hJ 1; ,f -: PlILLICANLSM: THE PALLAZill M OF KQl'AI I.IGIITS. TAItaOROLUII, C.) FRIDAY, vrc?. o. - lij it ni it y ; Vl:al printed fn J. IT. Manning. Published everv rerk at : il !!ara t'ft itinain; if 1 within thf r .. ... t .... t t i . I : " . - l ,u Mufti .ubcripti v,ir. It utll (ir.1 - V-- '"iTI .B drawn from all, (luring; a moment of pin ie, I lion wh dition as any hanks cvr were in this coun try.; and -some of thjern whose specie in their .vaults far exceejds their notes in e;ir- ch il own operations cause! 'd in th rio.l jn the noi.n oy. pr.ivaie depositors ana .individual currency oi ,e coomrv drove tne n?c:e . i , that' ,'vhe Jw-.ud sperm itior.s u Ameircan- mrrasinenu. The nfent: nvf;li- ot hill-holder.-. There in? imuV of ilk- de-' imported from it. as f isi as 'U arrived. I Lining, ami hvddef sfeedation iu A:m rtjn i In bank in t!n fnrWin. ! .liJ.mv t-r .j- . .. , , ..... . . ' I - - . r ' - J poSite banks vvhch arq now m as odd: ctinM was at that pen .!, (July, ISIS, u Ikmi tt, cottihr re.cdii'U upon Jvulind, atid '.ore.i': ! " . great, tliat it cotr.inilteJ a iolition yfitl in vestments anu cireuKifion hati ooiji .reach-, over it et1n.iye roifu lie Mien sar.j charter I I I , e l thei'rj nvaxitnu'iri, that a rdvolusljvn wiih., eIahor,il -(icsriptton of.the bi"torv.t;iVea 1 Can any one nupjoc that the;. hank' won M ' the bank bem. A s Meni of :rnpi J cur jv Mt-ssrs . lltuskinson Thompson, WiKv!. have rerted to theskv li'ind I fating u.-a-tailmeri of its -loans .followed, and j'Or.tinu-j Pear- IV ), finillv, Pnifvur Senor,-! r.rc in "the' one cj, .it4 iht of dtjH-ra-. ed until! the outcry aunst it and its mana-: in rel jtiosi fo the sbte of thin cjued '-and lion in the other, had not t timet iausiiu:CL- culation. It woidd I and impolitic even for i jvc been impru lijnt those hanks to have J ....... v . 1 I I . . . ,Av f.r th liviu.r at a tn! in-. or out i,f VCT: D3HUS aroUtiU I w. ti.tply iftrari iMy i.t a4van v. No -i!- It wouhj have resulted merely in furnish 'irtuii will fci'iv'A f'f ;t !f ti.-.1 t!i;: i at mc a 'supply to the eiportors of coin, and f ; i -i . J ....ti .. i... '-I i -i I . m 1 " . . r ' . . . , . ,, . w. . V . . ..... ...... ...,.v fl.-r, sac f tcti va t i-u i i, aua an arr.-ara ;v Ji(ihf vij , ljc lcqyira, and will hem l.ttUd. I.tuN tn the I. litr mmtctTU free of postaw- tr tl ' (will n.t b atU'inlftl to. Aio rMiiscMtNT wm innerwa atthr' rate o nr ! .ll.nr nrr iuar-, fr i thrrt: inscrtium, anl r rrr.tl fr arh Mirsement mi rlioti. A hbi ral y will h rw-nH' tu tlio.1 who a-lvcrtlsc bv r :ilr. 'ns s-tKliiif in aIv rtiHrniruts will vri tht number iflinici they v.iU iWnn tifrrud. I () U 1 T I C A I. thk PuhlUhcrs of the Globe: I In originally selecting; State hanks as the .s:al agents of the (lovernment, the poliry . St...i.tt in.! 1 1 ii tn i f il ir I il'ilir..! it I'.'u'u'm .the numhrr lof Innks to lie cm y.!o)ed lo as small a 'number -as the actual f '!veia1cnee of the TreTury. I'pirtment tequirj-d,. in managing the public collec tions and (lisbtirseruei.ts. It'was iti direct opposition to the original policy to make "b niksjlhe depositories of the ptjblie treasure Vvhcn not riouircd for the public conven- more usefully employed, inj securim; a return to specie payments at a. future day. : The: universal inquiries nowlare, how; is the evil, which is no w jupon us, to be .-cured? I low soon are we to return'- to our former able condition? i specie, while all the i ers heparne so loud and generd, than its ern bad suspended. J f.hanqd history of Eiilind;" pose of accommodating the la hi; in It f rr.- -:iri relationo the state of things ca'iet!'-.irul f.tion iu the other. hd nut tnipiousjacCvi s; existingat tjliat time in Eugland! The I're 'dy driven.!: to thci:i? l .; ! Pn si lept resigned, ami: Mr. Chees was'.sident oft fhink then stated tint -t!u-;;j The removal of the dejosis from th n inuv uroKu . liiKin, .tllk s.ieeJJ thevr laHcr tranaf turn x thicojn'.rv a few ;ftxv month ibercafU-r. From thai fi.i.c'up cs took invited ;to accent the situation' llius ... . ed vacaiit, . " . :' . Early in March; ! SI 9, Mr. Cho upon himself the Presidency of the, Hank of tiie United States. As uany as. the 20th of that month, only two. weeks after taking ns seat, Mr. Cheves wrote, to theS; of the Treasury regarding the sii envi: banks noles? the oank, and declared it to be iii a great I iiit v, two c and. on the 2d day of, cre.tse thefjn; in resume sjKiciej p y mcnjts fori t'lvwr How soon shall we again liae a metallic ci i c ulat i ng, mcdiu m for all ord i na ry purposes? ': These are all momentous oucMions which' the whole coiimunity llnve a deep interest. ; 1 ne e ipua metdianic, t!ic sal tri-d and mom partreularly whosoi day of toil, Ui hrow, furnishes- the cretarv rcndcr-f Very sanielstorm which thus broke . uikjm , j. England, pissetl pver . i . - i i - - weeks belore.. It was on the eve ot pr.Htue- evpiratio; of its ci.artef, it kept up, ing precisely ti.esam- results." Piis-s hede-through its own means, and the fneuds it elarel to beltheonly period ai which he had iCnnA rnmirn.! ih.. Arl.iihwstnri n. 'felt .any. uneasiness about the banks i ; 4 - ,Vnrf-.r ;.i A..h...t 4;iJ.r in ever in this coun'ri at ion of' tl"e midst o 'ti iron instances contributed to in- I low soon will the degree; critical; .-prii iQiiowmg, be wrote to rne secretary specie tor thq ists the; farmer, the pthcer, the sn iv.ha.it. tlie eoinmou lahorcr, ider theisweal of his small pittance with which' bis family procures their subsistence from day to day, each and all of those hav of the Treasury, aiid an.no-jnce'l, t liat "on J ment in. (Jan adajji the other was a similar this day, all the specie in our vaults is not Remand foi specie to pay the instalments of equal to the-payment of the State hanks by Mie View bankj then recently established in SdO,000. ' Frouvthis statement, it is evI-lCcw Orleans.' The effect of it was to dent! th it t!ie bank- .it.-Philadelphia! was en-!- inspire t ' ircffcral'i -.tistrust.' and alarni: tirely it tlie mercy of itsreitqr hanks and hy tltt fiddle of. 'Xovcmbefi ulttfu-y' ifiere; iitid that, hatl they calli mfihe lMl-; iitdicdtlbiU of (in annroachiirj-. mihic. j-.i ' v the one a lieav y demand for use: of the British Govern Says the President, yin malignity or it j ferocity. Oil tht'-lih of dilTiculties oi the commu-j ljrch, 1S3G, th charter granted il by l-ongiess expired. j j-'' On the 201 h of February, 836, the in diviiiual stockholders in that ;bank . wn onvened.for the purpose, when !Mr. He presented them with a charier, obtained rom the Legislature of Pcni.svlvania, in orporating the-same, stookhohlers, execp- mg the- Coverameat, with thesame capt anees due the-m, the bank must elared its inability to pay them., on . the lave de- ; h'h:c,i ivottld fiave been fxiil tothecouh- Again. i tr',' Gth April, Mr. : Cheves Wrote the a deep inteiest in a return to permanently sctiled,uniform ocsolid circulating' medijim. The important subject jof inquiry now should be; how, and fin what; manner,! are if iire.!mtrclv lor the nurnoseof liivinir such bankHSnfrcaml in.Vris lo operate with, and,! th.cse.;desirable and jeventually absolutely therefiv, lo give additional credit and in- "cccssary - objects to jbe the moit speedily creased circulation to the notesfof such haiiks. , The sole questions agitated, in ma king he selections lo the extent which was found adequate to answer all the con VHiieircS of j the Treasury J)rpartmeht; were-t-.nc the institutions safe? and will Jthose jwho conduet them, act in good faith anil wjwi ii'iciiiyr i lie auirmatiye answer tv.is jgiven to those .interrogatories."'. by the patriotic course jiursueil by the depo iile hanks during the ever-memorable panic s sioii of 1SJ3U-1. i Had those hanks been en i ha massed ami- harassed by legislation, (itid even tortured by that and the appoint ment of a brood of new deposile banks, J. veil jure the hssertioii that'-the' depo ftite . system, notv ilhstaiuiuig the nuiner- I Uf MVl iV III I UHI.'II.MIV W UIUI liatl oreuitcd to cuiharrass it, would, at. this day have j wave its flai; triumphantly, through out the whole Union, and ha e 'prouilly hid deliaifrc to any etibrls of its enemies tomi dermiine it. The law of June last caused hordes (if applications from every qu irter of the Un ion front banks, and in behalf of banks, to be tn;ldc depositories of the public treasure. These applications wiieollen backed ant! a hpe.Ucd by the hdiiu-iue ot .vh gilc.s rep- Secrelary of liie iri-isurv, land sajd, f'c crit ical situation ofthz, b 'ink is bfcomih' 'nor: t very kauri1 '.'.By-.the -tnerge-tie measures adopte.l by Mr. Cheves. and the aid given 10 it by the Treasury Department, ed; The President of the bank contin i 4;That nio.nent seemed to me to he the crises of the country, to be met qnl "by some decided and resolute Step to rallv tne eontiuence oi tijo cHiimunitv. . in such a situation!, I did not he my duty prescribed. brought about an'd fully accomplished? It should be recollected, that the evil which is now upon us is one of great mag nit'Jile, and that such cannot be unmeui. tely remedied. ' It will require time, as u ell as great forbearance oti ttiC part of the s' Ifer ers, before the country can be completely' extricated from the unfortunate dilemma ih whichjit has now fallen.' ! j : Unfortunately,' the general good is tod f req u eu 1 1 y . to rgo tteu in the sjii. it of par t y , and remedies are resorted to which iervo but :o aggravate ratjier thaw rcmovlc the rS I cause of the evil. Such do 1 conside ti;e straite sitate on the colli I went immediate! v tin that : n-rrating t the bank acquired some small degrie of re-to N. Y'oiik, where I sought the gentleman lief and repose from it former critical pos- who. was preparing, to ilraiu specie fom tiire ty the month of 'M;iy following.- Sol die binks in Philadelphia,-in. Older. to sen. I led, however, was the hank, that iljil to New Oi? ans and gave him drafi on was obliged to despatch a spdeia tendency of small bills and paper of a tip liar, issued hy some of the poratipns.! ofthW kind 'of. representative The inevitable tractions city co in consequences of money ob- agent to th.it city kl then endeavored to ascer- Europ4 iu the Fall of I SI 9, and negotiate tain the ffaal state of things, by separating a loan there tor two millions ol .dollars, at the dunger lrom the alarm. lie then an extravagant rate of interest ; "and in ad-jstates ibit hq: -directed the- branch at New hypothecate; ork to pnciease its loans bCO.OOO, which five millions of the funded -debt of the (lo- was doner; and "from that .moment cdnh- vernmejjut, which it. then, held, us j collateral ; tlencevrek ived, and the danger passed." .!i'-'i' t .!'.-. ' . i ' ' f m ' Ik security lor tne loan, to enable ltilo nay the: -Another matt ol the testimony oi the 1 re- Govefiiincat money in ' its hams, whichsident of lbe;bank, in relation to the crisis was required to meet the payment ofthe! of lJy2.", and vhat:t!ie hank did to mitigate Louisiana- tunded debt, then -tailing' due, 'the crnsi is sip! .more luurierons, it possi- aiul owing by the Government. thev blc. : 1 Id said, ''It was awhile engaged in ions taiiiing circulation, is to banish frpui circu l.itioupenttreiv. every description of coin of similar tlenoniiuatiohs. . It is contrary to a 1 1 t h p I a ws which go vern c u r re n cyj th a t hard money can be made to keep company .willj 4 spurious' pa pet eune;icy. Thjre is novv a new war and a new: conflict going on. i It is between. a paper currency ehtiie, or a metallic currency tor the .smallt the j Ordinary; daily- trausietton, and rand japer lo..iiS reache these pel iod -the bank remained still occassicn, Mr. B'uUlle, in cnu le a lv.ii.tages wbicbTbe tork- holders deriicS under, the iiew charter over thosegiveii.ia the old, liamrd, 'hnt of 'its- tot d separation frton aH the vAuct rs of the General (.lovcrnmer.t, mi tirinvturnl connection, '-bcmtipi al m:ithlii to run' 1 Hani: or tiii: (IovrRN.Mf.NT." " it now seems that all the ser ioiS' which .the bank was for year trumpeiing fort! a hav ing rendered the Government, waa r.icii -!i.im that it was without foundaiioo: ri fact, that it was 'altogether false.' It iM:t be sO, if the above declaration of Mr. B'.! tile is true, that the connection I ett -tithe bank and the Government vva bt'ntil cial to neither. Again said Mr. IVnldle: beaiirg the same name, continuing in the same place, and with 'Ihc s.itv.e 01 gnmation it tnjoys its established creditas well as its old con nections abroad andit home. and it inheiits a circulation of twenty-two mi'dius." This wa certainly a most g'oving pic lure which Mr. Biddle dazzled the eats, if not the imagination, of Ids lis'tcning strck lor tile larger. Tlie Whigs, advocate the th 't again despatched a spcei Jahdi strenuously supp irt the' latter. That hiei was actomphshed. . f . v j tlic haul vvbich will produre the mot good to the j For lwo:years, viz: lrom July, 1S19, to the haul covinu y at large, 11 he sicia u; me iwo ji -:-- - -. v -, i i - r ' i - i- l.i '. . 1. .i:...i i ..-'-1 i .... 1 : ..... , ;.i:. whi.'li Him ;ht to prevail. The people must susjei,id 'mmlmn 'VUn v 1 ,v i 1 1 ih 1 11.! di idOlK diviilend'. j-Tl; dfcid th.. onosiion Tbov 'will'do so.- ;! lUCua - made . tneftfaticr, on tpe (si auiy, whicn i paiu -, . 1 ' -. . ..: . . 1:1. 1 .1 they will, ,10 doubt iudge and decide . was one .jauu a ua pvi eciu. . on. uu ) um l- -t;overnmCnl VV3, its awijU.r, fi:ir!n, r .ad i 1 i- I I : 1 . - . . 7 I 1 l-i : .d. .i.i.r.lj 1 . I .if right ii r. st'tiiiii-' the tlttrietH wliltiii u Id. li t h.. i for mCr. and onnose the latter. The De- banks uere .located, aided by the zeal of inocracy of the country oppose the former,)01', the pai nieiit . oija 'part ot f . t . t 1 ' . I 1 1 . . 1. ! I . . h'l''!' . f v.' 1 1 1 ill! W11 i 1 1 1 1 mill '. tl 11 - f 1 . ! Ihosejwho bail riccivetl, or cptcttrl, bank In ors. Instancf s occurre! w i-re ajmiica- tionsjivere accompanied arm backed by the influence of entire State' Guvci'nmcut'-lc-islatjie and executive. . ; Ulu-re hiich a field was opened by na tional legislation for the t xc rcist ol State i dlucnce, in favor of institutions both in C.Hii cnient for the uses of the Treasury J)cpar'tment as fiscal' agents, and of doubt f d .Mihdity,a rt quest made by such united authorities that such bank shall participate i t the use of the public moneys, and that; t-o, fh that imposing: form :. which almost 'clii denial, who cart lor a moment sup-rose-that a system thus undermined could : Utahd without tottering? This erv 1 gishtion thus diverted the public monci Itumlthc'use of the Government Iti) thalot" fhe lotal loans of the baiwk . iVcnt'bn di- preparing for - hat interposition, which mimshing until November, 1 SiJJO, when I were endeavoring lo strengthen the bank. . 1 11 T . 1 1 . . . -. i it . 1 1.1 ii- It . 1 1 . 1 1 r -ti .1 . 1 . tiau lauen lrom about iiuy-one mil-; so as to ejnaule; it to relieve the general uis- noiucrs wan, anu mr which uiey voteu sili Julv, ffs, to about thirty-seven . tress,: thlat', iihxioiis to avoid pressing on him a splendid service cf plate, j nnUiohs andra haif The circulation con- j the comipu'nily by; a reduction o! our loans,) ui yr Bithlle did not,top with the iinueu lo-uecrease uinuiiiiarcn,-ipu; wi.ien -ana .unoing ine aisposai oi me. suiehs ini- nhpntiiTp" nf tlm.nrtv hanL-. liinii it 1. - . Is ....l.i.Kwl r...u-. fl.i n.'ti.b.t i.i T.li. J'.....l.l iK.v Jr..t.p .1 .l..i.i-iLciriii. I t.ll.l I ll.ft I .-II ' 1 - 1 . .. iv 1 m uuuiw 11 uiii hj aiuuufiiiu o m , ; jicuuu u ijic gcuiji .0 ui. j ii t.i wii, ; eu still moiejoitny. Alter maKiniT a f'ronjr 1 O t O '. L. : i-.i 15- . . . 1 . ... l .... I I ... il, ll .. . .1 . J . - . -' . . w 1010, nine millions, to ini ee niuuoii.s anu a ; genucmipi wpo was cnargeu who wit jie, relerence to tlie war which he had bee naif. 1 hese were the periods 1 aim circulation ot the d their inii imum amouii'! dates, both began--. to' augn.t oiegn loan ol two millions, contracted in , expense ol the measure. In ttie slate 01 tne Tni: rvcxxs or this pat, Wlli!i Ihelatot tell dye in ltiJ4. A-that ; country,! and lor the purposes wnien 11 (as KrJNDEIi ... THE BANK ! SAFl.H so teebie;(testtr;ed to accompi.sn, 11. seemeu 10 ine, as Ai) QHJ.; PUOSPER- d 1 agent to; u still seems to nie, a most judicious and OJjsj THAN IT EV'EU VAS.M at; which thej that if he coitld anticipate them, by placing' waging acainst the Administration prlvj. ' jhauic had lfunds lmihedi dely at the service ot. the ousl v eVclaimcd in an- air of Ii lumi h . ?. Aftei i bankj he should be allowed interest on ! f,h'w iL,t strife iras conductc J uoit a1 -rit.-. The.:! them J and this sum 'of S73V was tlie whole : h-nmr: now: it ma esded is tkoviid bv hondou to negotiate an etel2o of time i forttmate one 1'hat political pat ty, which is the ad vo cate df the entire paper system is iov the United. States: t ihstitutipn by advocate for a Bank of the The chartering of such an Congress is, according to their theory, as- j 1 .fctate! banks. . It thus became; tljic means whereby State banks were built up and sus lainetl while in a stale of uoublful solvency ! Tlie policy originally decidedjUpon and fjlioutd out dutini; the absence of. legisla t ion,-and which had stood the tekt of time? , end iJlcflcd the ttlorts of the enemies of the -stL!m, was substituted by legislation, with code ot regulutic.is winch were welt cal ulatlcd,, and ha e contributed m-inly, to cil!iruw, fjr the present, the uholc sys tem. ' ' . , - ; , . i T(ie catastrophe has occurred. The ca lamity is upo.n the cmmlrv., A dation, not lice of debt, but with millions of tlol- uhuli oughttobein its Tipstiry, at ujion its capital stock; for the previous six months. ', ; . . : - . : In what other, light can this detail of facts w hich I have given, be viewed but 'a' in the aflaiis ol tne L;n ltd Mates crisis 11 ...t. 1 UJUK . the in 1 11 tiuu? this scrtu os and doctrines, the only means, and is to operate like a panacea in rehioviiig onr j u JS prcsejnf evils, pay inj; the way to rb-t i rr.ir.g j anc I; prosperity, and in securing the whole coun try j lrom adversity hereafter. ; Tlie country has acouried. by 20 vears epe ience, a full knowledge of the bene titsi . uch an institution. is. capable; of confer ring as well as the extent of the evils which it 'lir s in its. power (when perverting its power for such purposes) toAinfiict upon the1 i at ion. ' ..:.'' - :- ';'; ' A this time I'tliink it may be :useful to rccu . b. icily' to. some of the events he oast history ot the hank, tor I n place ol aiding the Govern me i management of its liscal alia us, . was soliciting aid lrom the hoverumen place ot coiiUudiiig ti.u btaiu i.isti it was or a time at thetr nieicy. was the epoch in the disasters ot li The TU.r'Sl!aitV.: Bank. next crisis took place In July of that jj ear the loans JaUci 0- jMyj et that loan, I The ceouhts given by the Prcsidcrit of the bank furnisli undeniable evidence that According, therefore, to the .testimony bfMr. Biddle, the bank became 4iroi ir t afl.r it liis! . nHnl r i. nl-. .1 t I . i u s iii a duemma, but that it was 1 4.- r . . . .1.. c 1. ;.i 1 fri...A .1 State of Pennsylvania, and ccaed ill con. nection with the Govfrnmcni, than it. was enough to tlm some friend that , fjr ;e nrs; made it en aayancc ci money .on siwk.s, J j '1 1 ---!. . r. . . I " : 1 mm zt JJ lnieiesi, wmcnac- while it 1 granted was oper.dir.g under ihe rlnrtiT to it Ly ( ongres'v and ihile the u!l ftnrinir 1 Li rw.nl imimk... .r . . ... T . I 1 ' enab.tngitto rei.eve the prcssuicvxutiug ,hat comparatively h.ser Mreneih: ih upon tl.L- commumty. - . , y a ,aimi , ,,on?r . n ' . ' Thi h aA fkriowb'tlfTfi! tr.insirtion of ... I r.L.l .i :. ,.r.' i i, . ... r- v- n - ---r-- -;. ,.iiui aaiw mil ii in i iurn eu ll.e rr ires a greai nauanai o.iiik claiming time to uiav banks, k " m ---f,- , aSn-f luu ii. ai ii pi i torn co n.e rr ires atiajnal bank claiming at the same uf regulating the currency, equalizm--lave under it? control a 1 the ' Staite jUon.istic exchanges of the rotmlrv, k. rp nd to be the grand co-iscrvatorol hnjr 1riC State banks in. proper thecV m j been swelled "up to lifty-j"ouri,i.hlioi;s and ,ni tlx 1 1 icily only hr.s Ijurposc of showing how far such an in- slitLion has been, or can be, useful in sup- plytj.'g a safe ami uniform circulating me diutrt, in controlling the State) institutions, in.p was in Apul, i lion ofjthe President of tlie Ihnk, consen-! coonection was dissoilt'd? It i turnltd al bij.k, or any other bahki which assumes! h as uesenbtu by .r. Lheves. I oty i lVi 0 q0f on , condition that the Baf.k obli- down. It is numUVcd a!on with i.c also "know that tne ric-siuem oi iftc or H e currency of the countrv. A i.utiun- U state ol bji.krupicv as.it to act so cjevjled a -part as to perform such -riant ter vices, and 16 excrcis ir r v'fon.mainLand thai. tco.Uvhiist We conhrc'.iir.g influences as the above mtrst, - - - ' i . i . . . i .- . i . i . . ufhavimr from seientv Uo lieiitv " Vl" naturally, be suptosed, bejalway . . i I , . I i. I . . . i rr ' ' i 4 1 I tne reach ot oemir anecteu iov aa l;.il the ur.s of dellars of the precious metals-: in country, is involved .in nuuimal bank- 7 ... i - I i he j.n cnt state of affairs, uiider the cir Cviuistancts which exist, is aslaibupbn jhe liatilmjl. reput at ion. It injurious to the ti ctUs" ct ocicty. J)ut it canuoj be demed Ihilj national legislation has diimi its full .sl.ute in bringing us to this state li Iteily admit that many banks have ichjd a piudigal pait, and have emitted luoie njs.er than thev could redeem w ib- iitaiuii.gindulgence ft out thii.holderJ .owevir, would. not ..hay(; be li;t 'i hi 1 .. . i - : . - - . . . . I quarter dollars, wmch, py inei end oi H;j,lcrcaJa its1 loans during the preceding ! bank acqui year were reuuceuio xcssumu y uftecn months Ti early hltcen millions of i w itb the addition to that Urongth cf a vt ti iious la.iuus speeic uu, s no.oo. auo. ; doUar5 $ .2n,l reduced its specie, ina lss ndlSion loan negotiated abroad; aud omo three! quarters, the amount oii the 1st ol ,,-,.: i , ,,vri n rlfl ,, i IT,;jii! l,,r-.-;i!;i ,l.t.t ,rv'tt,4 -JfTJ-j . - .. . i . l i SK l i V 4. I V . HMf tlll.-, V UVOI llllllfVICU I lll JVt f I f J """"-V W4 Mafc j r:,T" -v i 1 he bank, upon the instant, matte applica- sbape ot Io3rs,payainc abroad a ;d ; iiou to Jtbc (jovernmer.t, by its rrcsnjent. i is that might v lntltutlon now, which it his w ho 'was despatched to this city for that oh-; been represented performed ?uth vast k- November : fuch abot e verse c ire umstaxices, or of losing ils pre dm: i .latino or bonservativc powers. Was ' . t - j that! the case. v. itlvthe late Bank of ihe Uni ted plates? Aslight glance at its plisl his- torv will show I 1 he Bank of the United! States; ed rap nesS is nearly, without a parallel lob :en the i. : - t- wi;h;dl the Iwnks, bad not utiie con- mil f -vince, bj the f-ilwie of a tvw; bet:: with-' ti u its operations iii January 1S17.1 'I he dity with which it expanded lis busi . ! . -' I - II i - !l 1 . I bank, U itcd itself to pav the quarter's interest at mat time, travelled noctuw.aliy to anu v hen July came, the Government gave notice ;oi, iJs intention to nay off the re- .j T mm. . maining tialf of three per ce..Ls, on the lsl cfr Jaiiuary follow iug. v The embarrass ments iwbich .the Bank wa then Ialxring cqnvmen- ly the 1st of Julyf ISIS, its investments amoun ted to 'n'tiarlV; fi'.ly-otie milIiocs, $nd its.ctr culition tp nine millions. --During kins r riod it imiH)rtcd .from' abroad about seveii . l . . . . . i i t ... . millions tl specie, at an expense oi iofic- II e; mih- froui New York, and remained, while theie, at a common steamboat hotel, iiC'., lor the purpose of' procuring hank cheeks there upon the Sute ua.iks in Pnuadt Ipi.irf, for the pdrpvse of otletti'ng against, anJ Ur.dcr uqujaai.ng, ine u jn-iiiccs ulU9t neld! against ihe liauk of tne 'Li: Mates', I i ! . .. .. r - . a greater amount thfu ail. the Vuulli. It was equally well ' ! cdnudential director I ot the: bink w as ce spatcheu oul a few day s tiiercaftcr to X ork, unou a siniilar errand. Tire amount which Mr. Biddle give of the crttisol IS25. lo lbe investigating com- tnittev in idii, is somewhat iddicrous, and lions ot sjiecic, at an exp' s" jijifa CiKlioa 'cf; C'Alvs. Sf.cie i a hovvn that a may iniusc nunc w no read tins I J. ..--. . - . i - ..... 5 was prciaLiv iLe luvu uis-iu-uus pt- sailing liia i aiticiL. Ol i flso rfii-i .iirii-" ' i U)V AUl l i,in. . i Tne ik:x 'crisis : occurred in lt3-l. e . . t. ... it i- li ...... jine ou? vi iKiueoi bnrifls of tbtdb.int. wished to Day off one ,n, lhcer half of ilve three per cent, stocks on the. (st fjllowing. This was appalling news td Ihe' bank, which had gone on and in the affairs of the bank In March, of that ) ear, having the funds in tlie their issues, and performing all the func tions of fiscal age nt of the Treasury of ihn U. S. The history of ihc'bank, !wl,ifb havegiven, until its charter expired, rl.ows with viat propriety such claims were et up, or such mrit awarded. ; It is now but a little more than oneye-r, )hat it h .i n ttx wielding the additional strength which tbu red with its new Mite chsrter. a half f niiilioiis oh the list oi loHoiNing'.'. : j : ! 1 hdse ia miliar with jthc events ol tnai , ;cct, to pcSttKine the payment until the 1st j i ices when connected with lb Govenrr- cay, 'Know tnai ine moiper oaipK ai i nna-i0 uctober; ! this the Government, alter jmcnt, and whuh was "stronger an J n.orc leipnia, ni .xoveu.oer, ic4o, was as nc-jriji, reicct!on, and at the urg. nt solicita- prosperous than it ever was," heir that were so great, that il hastily de- thosfc banks ! fif'.jt c h d aa a"eiil to" hontlon to effceft a tt j jKs:Ajhemciit of the pay ment of uic mil- Its i hoi;S of Iht thri-o int rfnts. beld abroad -11 til-f.lsv This was lo be done either by gelling capiialists to Hirchisc jup jthc same, and d.Lld the certificates as collateral security, olrlo eifect a pcstponenient of pay ment w ith! the holders, they continuing to hold tie ctjrrtilicaies. Thus, w bile the Go ienii4eui!piidoyer to the bank the-money to rediem ils debts, theeyidencesof; it were iu be Uutd.eU, ihu i.ich-bdity of the Go- s :iallest and humblest village baatk in the country. -When 'the hour of advirity came, in place of -coatrollinsr; the Slate banks, it was controlled by tt- State banks. It is now shown, that, great ai was iu lx)istcd strength, it. Wa obliged to yithl to tne lnnuccce ol reiulsioos, the same as the smaller and more humble institutions. hat ceased to be a j:ecU-payin btnk. Upon thit sjbject, I consvJcr this a ht oc casion to quote the language of .Mr. Cal houn, its1 foster-father, in 1816, who then said, no man in the House j would repro bate more than him, the establishment of a bank Which Was not a specie-pa) ing htk. J batik not to puy iftccie, he said, wuuld ' it ''a a n instrument of deception; it tcou'd : A tire tto character or feature of a Lank. ilE SHOULD UEGAKD IT WITH ui Its l: ccatigutd,1 fir itc sole rur- DISGUST AND ABHOUHECD."
The Tarborough Southerner (Tarboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 16, 1837, edition 1
1
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