Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1819-09-18

formed, and is Intimately acquainted with
the general conduct of the board, has
had no reason to believe that my conf
dence was misplaced.
To say nothing of the three last named
directors, whose residence among us is.
Of more recent date, the five first named,
who in my absence constituted five
eighths of the board, are generally and
well known; and hazard nothing in
stating, that there is not one man of re-
spectability in this state, thatknows them,
who will deny that their chssscGars for
bid the belief that they could SO far de-
grade themselves, as to become the wick
ed accomplices, or willing Instruments
of effecting the fraudulent designs, that
by its enemies, have been imputed to the
bank. The personal interest of the di-
rectors could have afforded no such
temptation; for the accommodation that
any of them have asked, or received, has
been very moderate and it is fact, that
the president, and several of them have
never yet borrowed a cent from the bank
AS to general Payne, who subscribed
for greater amount of stock than any
other individual, and who has been so
frequently alluded to, in the publications
against the bank, can only say, that he
has uniformly stated to me, that his OBJ
Ject in purchasing the stock, was to set
apart fund, and to obtain facilities for
the payment of public lands, which he
then had purchased, and thereafter in
tended to purchase; and as far as l am
informed, his conduct has correspondent
with his professions for while he has
constantly recommended the utmost eau
ton and circumspection in the manage
ment of the bank, neither he, nor any of
his connections, has ever obtained loan
| from it.
But whatever may have been the OBJ
jects of any one, or more gentlemen, it is
certain that the bank has been managed
with such caution, and discretion, that |
am convinced it could have nothing to
! fear from comparison of its situation,
with that of any other bank in the United
States and so far from " Struggling" as
you suppose it to be, 6 in the last agonies
of DEATH" pledge my honor that the
amount OF specie in its vaults, exceeds,
by several thousand dollars, twice the
amount OF It's notes in circulation; and
that it is able to pay, at moments warn
ing, the whole amount it owes the go
vernment; which statement it would be
folly for me thus publicly to make, if it
were not true, because well know the
secretary of the treasury possesses the
means of detecting and exposing any
error which it might contain.
My object, however, in this address,
is not to support the future credit Of the
bank, but merely to show the grounds
upon which my recommendation of it
was predicated; its present condition !;
and that the expectations which l au-
thorizcd, have SO far, been completely
faihlled.
For notwithstanding l do verify be-
lieve, that neither the government, nor
any individual is in danger of being in
tentionally imposed upon by the bank, SO
| long as it continues under the control of
its present directors--yet intending to be
absent from the state; and considering the
| disastrous pressure of the present times
the hostility which the bank has to encoun-
ter; and particularly the opposition of
gentlemen in this state, high in Office,
who have been extremely anxious to get
other banks into operation, with the aid
of " foreign capital" as it is termed; l
have determined to resign my seat un,the
directory, and to withdraw from all flu
ture responsibility, Of any kind whatever,
in relation to this, or any other bank
without making any further unsupported
effort, TO retain any portion of the public
! deposits in this state; leaving it to the
directors to maintain their credit,
by their own good conduct; and to the
secretary of the treasury to Judge for
himself, upon the returns he requires,
how far it may be prudent to trust them.
will only add that, in the support
which have heretofore given to the
Banks of Shawneetown and Edwardsvi.le,
| have been wholly uninAenccd by any
motives of pecuniary interest; and that
never have applied for, or obtained a
loan from either; nor am under any
kind of obligations to them.
Very respectfully, l am,
Gentlemen,
Your most obedient servant,