The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1822-10-09

advantageously employ. There are
two of the measures thus adopted, on
which will enter into some detail, be-
cause they have been misconceived
and misrepresented.
/, The cartailments. The immense
curtailments which had been made be-
fore the present administration of the
Bank was organized, have been stated.
The public has been led TO believe that
these curtaiIments were made by this
administration, and were the fruit of a
policy which originated with it. Men
who have sat at the Board and knew
the contrary, or, which is little better,
without taking the trouble to ascertain
a fact which was so easily within their
reach, have consented to propagate
this SANDER.
lnow state, and defy contradiction,
and am ready to prove that no eutail-
Dsent has been ordered from the time
took mig seat, until diis day.
That any curtailments which have
been made by the administration of
which l have been a member, were
made under orders which found in
force that the bank at Philadelphia
continued to curtail only 70 days after
l took my seat, that the Offices of New
York and Boston only required to sus-
tain themselves, according to circum-
stances, until the scattered funds Of the
Institution could be collected to give
them capital and further that the
greatest reduction ofthe discounts of
1.-THE bank itself, and all the Offices north
of Philadelphia, together, at no one
time exceeded $500, 900, until they
were reduced by want sSdemand for
money which was general thro' the
nation. When this want of demand
for money prevented the profitable en-
ployment of the funds Of the bank, the
only expedient to relieve it from the
losses of unemployed capital which ex-
listed, was promptly and successfully
employed, by purchasing of the u.
States, first two millions of six per ct.
stock, redeemable at the pleasure of
the government, and afterwards four
millions of five per cent stock, re-
deemable in 1885, on terms which
were then deemed highly advantage
Gus to the bank, and which are SO still,
as shall be hereafter proved.
Ii is believed that candid e dispassion-
ate investigation of the facts will shew
that, with the same means and under the
same circumstances, no change of pro,
ceeding or policy could have increased
the profits of the bank, q and that if the
interest which has accrued on the heavy
amount OF suspended debt and not been
received (and that it has not been receiv.
ed, is not the fault of the present admins
tration, which did not grant the loans on
which this interest accrucd) be added to
reserved, the gains will be within about a
halt per cent. per aDnum OF the nominal
profits of the preceding period, in which
every thing was hazardeG, and more ac,,
tually lost than all that was thus nominal.
ly gained. L should have had no dispo.
sition 10 make these com parsons had
they not been made necessary by false
statements q representations Of the same
facts. In looking at these results, let it
also be recollected what different cir,
cumstances characterized the differen.
periods.
Q. The other measure which 1 mean
particularly 10 notice is the loan which
vas obtained in Europe. There was at
the time this loan vas projected great en-
barrassment in all the concerns of com.
nercc, but the pressing difficulty was a
real unsoundness in the bank circulation
which constituted the whole currency OF
Inc country. Fhe weakness of the bank
ofthe U. 5. has been xposed.--That OF
the State Banks was probably greater
though they were not subject to so many
and such complicated dangers. The
Revenue was accommodating to the credit
| OF the Government, al various points, in
paper that if Immediately pressed upor
/ the banks which issued II would not have
been honoured and yet 20 have discredi.
I ted i. suddenly would have forced the
crisis of the uDsoundness Of all the bank
circulation at moment when il had no
recuperative faculty, and must have en-
ded in consequences alike disastrous t
the bank and the country. On the othe
hand 10 have imposed no pressure upol
these banks would have been to cherish
and perpetuate and increase the evil o
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