Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-07-24
.sEsK IXGN Szuecuu
CURIOUS COURSE.

Saturday, lIay 2S
-, AS the Commercial Bank of Lake Erie. has
by The United States Branch Rank of pitts
burg, the directors deem it duty which thew
owe TO themselves and the public 10 sssiuu Tho
reasons which have induced them 10 adopt
luis measure. On The Goth inst tyyo persons
agents OF the said bank, came into his viliape
and soon made known their business On the
opening efthe Bank the next mcruin. thev
presented the bills for payment. The money
was promptly counted out in specie but foI
their own reasons, they refused 10 countit
over: On Thursday they paid no attention tn
the business, On Wednesday, they conntnd
Inc money, hut were not disposed to take il
away The Directors afterwards convened.
and, after mature consideration, thought nro
per TO refuse The delivery. The reasons of the
refusal are, that VIC consider the H. States'
Bank mite better than great Brokers Office
whose soie OBJECT Is to make an uniust sDecu
lation on The circulating medium Of the conn
try, and rain all other institutions, REGARDLESS
OF the injniy aud distress which IT may ncca.
son in community. So far from equalizinr,
me circulating medium which was contemnlat
ell from the establishment of that instituiion
IL has had tendency eniy to embarrass and
destroyit. While the United States Rank ro.
InSes publicity TO take the paper Of the country
Banks, iheN are constantly receiving tle ma.
per OF those banks, either through tlieiragents
DH n'ea"s ot Brokers, or through the yarious
branches ih different parts of the nation. nro
DdDiy al "A gfeat discount, for tho purpose of in.
The destruction Of the country Banks is now,
declared to be in the power, and svowed as
the oiSect OF the United States Bank nv ,heir
agents; This avowed hostility of the United
oties Bank Inc various aud capricious orders
winch have been given to the receivers of nuh
lie monies, have compelled the country Banks
20 cnrtaii their discounts, and cali on their
debtors by TINS diminishing the circulating
medium and destroying the credit of mncb of
what is IN circulation il has created extreme
distress III community. The various branches
of the United States Bank established in diff.
ierent parts OF the country, only serve as in
SunmentS OF oppression. While they refuse IN
accommodate these citizens who need cnnfn
Ing their discounts to few great soecnlators
they put little of their own money in cirruia
non, ami prevent the country banks from re-
beviBg the distress Of the community.
From the various facts there is little reason
10 comet that some of the heads of department
OF the National Government favor or AT Ieasf
conniye at tM'3 unjust and Oppressive specnIa.
ton OF the United States Bank The yarions
orders received by the different collector, and
RECEIVERS of public money, prohibiting one
IRON accepting the paper which they autho.
rise another In the same vicinity TO receive:
the small notes drafts put into circuIatio1
by the treasury department., payable at some
OF the branches Of the u. States Bank, which
the agents OF that bank are instructed not tn
receive IN payment the fact that the pay-
masters are paying the troops, at the western
posts, ~ private notes, which will not be re-
ceived III payment either for property or for
debts, altogether admit of no other c0nstruc
non. 50 sOou as the United States Bank sue.
coed IN AfaIpIng the western country of its
specie, there is little doubt that the branches
v be Withdrawn, especially ifthe state le
2isiatGre attempt 10 fax them Tins removing
the specie TO the seaboard, aud making the
western country tributary to the great mer.
camille towns
Under existing circumstances, and with
the impressions, the directors the CONNER
cia Bank think 1T a duty which iheyawe to the
community, TO refuse pa yfng in specie any drafts
which may he made on them by the u States
bank in ORDER as FAR as lies in their power, 10
prevent that bank from draining our Connt.r
OF IT'S specie, depressing the public, and endan- |
gering the liberties Of the nation The direc
tors at the same time publicly declare 10 them
that they are at all times ready and willing
and pledge themselves 10 the public, that they
will pay any drafts which NAV be made on |
them by individuals or Institutions who NAV |
receive their paper ia the course Of business. |
either in specie or in such bills or drafts as
VIII answer their purpose at the option Of the |
drawers.
The Directors have not adopted this course
without matdre deiibeTatiou, aud they cOusri- |
entously believe the measure necessary ts the
best interest OF the community, and earnestly |
invite other institutions 10 adopt a similar |
course.
ALFPED KELLY, =
NATHAN PERRY,
SETH DOAN,
GEORGE WALLACE, r
NOBLE n. MERWIN, DHe'f0'S'
3Au'L. WILLIAMSON,
DAVID LONG,
pHiLO TAYLOR,