US Presidency
1836

It was alleged by the advocates of the Bank of the United States that the state banks, what ever might be the regulations of the Treasury Department, could not make the transfers required by the government or negotiate the domestic exchanges of the country. It is now well ascertained that the real domestic exchanges performed through discounts by the United States Bank and its 25 branches were at least one-third less than those of the deposit banks for an equal period of time; and if a comparison be instituted between the amounts of service rendered by these institutions on the broader basis which has been used by the advocates of the United States Bank in estimating what they consider the domestic exchanges transacted by it, the result will be still more favorable to the deposit banks. The whole amount of public money transferred by the Bank of the United States in 1832 was $ 16,000,000.