The Sun.
London, England, 1834-01-02 00:00:00

UNITED STATES BANK.

The report of the Secretary of the Treasury of
the United States on the removal of the public
deposits from the Bank, was laid before both Houses
of the Congress on the 4th of December.
The report commences by quoting the Act of
Incorporation, which expressly reserves to the Se•
cretary of the Treasurer the power of removing
public deposits, with the condition, that at the earli-
est moment he shall state his reasons for so doing.
It then proceeds, by a chain of reasoning and histo-
rical reference, to establish the two following prin-
ciples :
" Ist. That the power of removal was intended to be
reserved exclusively to the Secretary of the Treasury,
and that, according to the stipulations in the Charter,
Congress could not direct it to be done. _

" 2d. That the power reserved to the Secretary of the
Treasury does not depend for its exercise Fnerely on the
safety of the public money in the hands of the Bank, nor
upon the fidelity with which it has conducted itself ;
but he has the right to remove the deposits, and it is his
duty to remove them, whenever the public interest or
convenience will be promoted by the change."
The following are the sentiments expressed in this
document as to the claims of the Batik to the re-
newal of its Charter :

" It is very evident that the Bank has no claim to
renewal, founded on the justice of Congress; for, inde-
pendently of the many serious and insurmountable objec-
tions which its own conduct has furnished, it cannot be
supposed that the grant to this Corporation of exclusive
privileges, at the expense of the rest of the community,
for 20 years, can give it a right to demand the still further
enjoyment of its profitable monopoly."
Next comes the general ground on which the
withdrawal of the deposits is justified.

" On the 3d of March, 1836, the Charter expires ;
and as soon as this happens all the outstanding notes of the
Bank will lose the peculiar value they now possess, and
the notes payable at distant places become as much depre-
ciated as the notes of the local banks; and if, in the mean
time, no other currency is substituted in its place, by
common consent, it is easy to foresee the extent of the
embarrassment which would be caused by the sudden de-
rangement of the circulating medium. It would be too
late at that time to provide a substitute which would
ward off the evil. The notes of the Bank of the
United States in circulation on the 2d of September
last, which was the date of the latest return before me,
when the order for removal was given, amounted to
18,413,287 dol. 07c., scattered in every part of the
United States; and it a safe and sound currency were
immediately provided, on the termination of the Charter,
to take the places of these notes, it would still require
time to bring it into general use, and, in the interim, the
people would be subjected to all the inconveniences and
losses which would necessarily arise from an unsound
state of the currency.

" The monthly statement of the Bank, of the 2d Sept.
last, hef)re referred to, shows that the notes of the Bank
and its branches then in circulation, amounted to
18,413,287 dol. 07c., and that its discounts amounted
to the sum of 62,653,259 dol. 59c. The immense circu-
lation above stated, pervading every part of the United
States, and most commonly used in the business of com-
merce, between distant places, must all be withdrawn
from circulation when the Charter expires. If any of
the notes then remain in the hands of individuals remote
from the branches at which they are payable, their im-
mediate depreciation will subject the holders to certain
loss. Those payable in the principal commercial cities,
would perhaps retain nearly their nominal value : but this
would not be the case with the notes of the interior
branches, remote from the great marts of trade ; and the
statements of the Bank will show that a great part of its
circulation is composed of notes of this description."
Another ground which influenced the determina-
tion of the Secretary to withdraw the deposits was
the conduct of the Batik in limiting its issues, to
the great detriment of the public, and with a view
to embarrass the existing Government. Various
calculations are set forth in the report, to show the
operation of this measure, but it is unnecessary that
we should enter so minutely into this part of the
subject as to give those details. Five millions of
dollars, it appears, were withdrawn from circulation
by the Bank of the United States, and the State
Banks were compelled, in self-defence, to contract
their issues to the same amount.

The report goes on to add—
" It was impossible that the commercial community
could have sustained itself touch longer under such a
policy. In the two succeeding months the collections of
the Bank would probably have exceeded fire =Lions
more, and the State Rinks would have been obliged to
curtail in equal sum. The reduction of Bank accona-
moilations to the amount of 19 million. of Jnikrs, in tour
months, must have almo,t, put au end to trade; and before
the Ist of October this pressure in the pi cotnrner-
(nal cities had b,come so intense, that it c: old nut have
been endured much longer without the most serious
embarrassments." . .

Several in-tances are enumerated, in which the
terms of the Charter have been violated by the
Bank, and the whole argument is summed up in the
following charges against that Corporation :
" That by means of its Exchange C nninittee, it has
so arranged its business as to deprive the public servants
of those opportunities of observ►ng its conduct which the
law had provided for the safety of the public money con-
tide.l to its care ; and there is sufficient evidence to show
that this arrangement on the part of ti,e Bank was demibe-
rately planned, and is sill persisted in for the purpose of
concealment.

•° That it has also, in the case of the Three per Cent.
Stock, and of the bill of exchange on France, endeavouted
unjustly to advance its own interests, at the expense of
the interests and the just rights of the people of the
United States.

" That there is sufficient evidence to show that the
Bank has been, and still is, seeking to obtain political
power, and has used its mi,ney for the purpose of infl a-
encing the election of the public servants, and it was
incumbent upon the Secretary of the Treasury, on that
account, to withdraw from its possession the money of the
United States which it was bus using for improper pur-
poses. Upon the whole, I have felt myself bound, by the
strongest obligations, to remove the deposits. The obliga-
tion was imposed upon me by the near approach of the
time when this Corporation will cease to exist, as well a•
by the course of conduct which it has seen fit to pursue.".

The following spirited allusion to the power of
the Bank, with which we shall conclude our ex-
tracts, will show that the Government is not igno•
rant of the importance of the enemy with which it
has to contend:— _ .

" I am, however, well aware of the vast power of the
Bank of the United States, and of its ability to bring dis-
tress and suffCring on the country.
" This is one of the evils of chattering a Bank with
such an amount of capital, with the right of shooting its
branches into every part of the Union, so as to extend its
influence to every neighbourhood. But I have not sup-
posed that the course of Government ought to be regulated
by the fear of the power of the Bank. If such a motive
could b allowed to influence the legislation of Congress,
or the action of the Executive Departments of the Govern-
ment, there is an end to the Sovereignty of the people,
and the liberties of the country are at once surrendered at
the feet of a moneyed Corporation. They may now de-'
mand the possession of the public money, or the renewal
of the Charter, and if these otjects are yielded to them,
from apprehension of their power, or from the suffering
which rapid curtailments on their part are indicting on
the community, what may they not next require ? Will
submission render such a Corporation more forbearing in
its course ? What Itw may it not hereafter demand,
that it will not, if it pleases, be able to enforce by the
same means ?"

FIRE AT THE MANSION HOUSE, DUBLIN.
—The Lord Mayor and his establishment had a most pro-
vidential escape from fire on Friday morning. His Lotd.
ship's only child, Miss Whiteford, at an early hour, found
herself extremely ill, her breathing being very much
aff.-cted, and she found it difficult to raise her head from
her pillow. On getting up she discovered ter room filled
with smoke, and on proceeding to an adjoining apartment
where two female servants slept, she found one of them
leaning mu the wall speechless, and the other so heavily
asleep that it was with gi eat difficulty she was awakened.
The young lady instantly despatched one of the maids to
awake the servent men, and she at once proceethd to
arouse her father, who sprung from his apartment, and
finding the house filling with smoke, despatched messen-
gers for fire-engines. A search was instantly set on foot
but some time elapsed before Cie concealed tire was dis-
covered. Some old timber in one of the chimneys had
ignited, and the fire was fast spreading. Had a few hours
more elapsed without discovery, the whole building would
have been in fl dries, and the f:lnale servant, would have
unquestionably been suff,cated. Two engines were timely
set to play, and they, in a short space of time, got the fire
completely under.—Dublin Freeman's Journal.

AGRICULTURAL REPORT for DECEMBER.

The whole seed season and the existing appear-
ance of the wheat above ground has been and are
so rationally satisfactory, both with regard to pre-
sent and future views, that, had the farmers no
other causes of dissatisfaction, they would, indeed,
approach as nearly as possible to the attainment of
human prosperity.
The appearance of the wheats is eminently satis-
factory, since on good and highly productive soils
they have a most luxuriant and healthy appearance,
wearing a fine burnish of deep green, without the
instances being many of the danger of their outrun.
ning and exhausting the roots, in the well-known
common phrase of winter pride; and with respect
to the crops on inferior, impoverished, or improper
sorts, they generally do not disgrace their mother
earth, since they exhibit a promise of full as much
success as could be rationally and practically expected
from them.

THE MARKETS.

KET.—Jan. 1.
Per Ton s. d,
Walls Fnd Newmarch..... 16 3
Ditto Northumberland . 16 6
Walls End Perkin 5........., 15 9
"ails End Riddell's ....... 17 6
Walls Eno:11 etton ...--. 19 3
Walls End Lambron ......... 19 3
W. E. Russell's Hetton— 19 0
Wal, , 1.0 -d..wart'4—...... 19 3
Walls End Springwell ... 14 0
Dixon's Butterknowl—... 15 0
Walls End Adelaide ..„.. :7 0
W. E South Durham., 17 0
Walls End Tees —........ 17 6
Hartley .........................„.„ 15 9
New Flockton, Milne,
and C 0...........,,.,,,,.,,.., 14 9
ast market-day, 14.