Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1822-10-15

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which its great and habitual public use
fulness cannot now appease, would have
overwhelmed it. Indeed il would have
had no claim on the sympathy or the US
tice Of the government, and would have
suffered merlted fate, No exertions
and no sacrifices were therefore too
great to avert this calamity. 1t was
not to be accomplished without sacriii-
ces, But they have been small, and in
linitely less than was expected.
Thus stood the Bank at the organiza-
ton of the present administration. |
was elected and took my seata as PTesl-
dent of the Board on the 9th of March,
1919. But some time OF course was ne
cessary to look INFO the state OF tie
Bank before measures of relief could be
protected. Its danger, however, was.too
manifest, & too pressing to allow much
time for this purpose. The principal
errors which produced the danger were
fortunately of easy discovery, and to
them the proper remedy was immedi-
ate y applied. The southern and wes-
tern Offices were Immediately directed
not to issue their notes, and the bank
ceased TO purchase and collect ex-
change on the south and west. A spe-
cial meeting of the Beard was called,
which the non.resIdent directors were
summoned to attend for the 9Th A.
pril (the next month"; and a cores
pondence with the Secretary Of the
Treasury was commenced, entroating
his forbearance and his aid, to which |
BEG leave to refer. (6) To this officer ]
should be ungrateful and unjuat, if
were were not publicly to acknowledge
my obligations and those Of the bank,
for the counenance and support which
he afforded TO both in this struggle.
At the meeting of the Directors on the
! 9Th April. which was very full, the state
of the Bank was submitted 10 them, Sc,
lect committee appointed, TO whom the
subject of its difficulties referred, and al
ter very mature deiiberatIon that commit
tee made a report which was unanimously
agreed to. The principal means OF reIlet
proposed and agreed TO were:
10 continue the curtaiments Prev
ouslg ordered. 2. Toforbid the offices to
the south and west TO issue their notes
when the exchanges were against them.--
8. TO collect the balances due by local
Banks 10 the Offices. 4. 10 claim OF the
government the time necessary TO transfer
funds from the offices where money was
collected 10 those where it was 10 be dis
bursed, as well as like time until the dIl
5 .. ho 4 IN
transfer funds to meet the notes OF offices
paid into the bank or other offices than
those where they were payable according
to their tenor. 8. TO pay debentures IN
the same money IN whcb the duties, on
which the debeniurcs were secured, had
been paid. 6 To obtain a loan in Europe
for sum not exceed'ng z, 800, 0U0 dollars
Tor period not exceeding three years.
These measures, simple and obvious as
they are, and some OF them go Strangely
overlooked so long, lifted the Bank in the
short space OF 70 days (irom he 9th March
to the l7,h May) from the extreme pros
Etra1ion which has been described, 10 a
state of safety and even some degree OF
power, enabled il 10 cease its CuralIments
except al points where il had an excess oil
capital, to defy all attack upon it, and TO
su,tain other Institutions which wanted AID
and were ascer;ained 10 te solvent; above
all, to establish The soundness OF the cur
rency which had just before been deemed
hopeless; and in single season OF business
the first 10 give to every Office as much
capital as it cJud adyantageously employ
There are two OF the measures thus adopt
Ell, on which | will enter into some detail
because they have been mlsCOnCeived and
mIsrrpreSented.
|. The Curtailments The immense cur
taiIments which had been made before the
present administration Of the Bank was or
ganized. have been stated. The public
has beei: led 10 believe that these Cucta;l.
ments were made by this administration
and were tie fruit OF policy which ORR
ginated with it. Men who have sat at the
board and knew the contrary, or. which
is httle better, without taking the trouble
to ascertain a fact which was so easily
within tneir reach, have consented tn pro.
pagate this SANDER,
| now state, and defy contradiction and
am ready 10 prove that no curtaltmsnt has
been ordered from the time took my seat,
untll this day.
That any curtailments which have been
made by the administration of which |
have been member, were made under
orders which | found in force; that the
bank al Philadelphia continued to cu7tail
only ~ days after | took my seat. that the
Offices Of New York and Boston only re-
CURED to sustain themselves, according 10
circumstances, until the scattered funds OF
The Institution could be collected to give
them capital; and further that the greatest
| reduction of The discounts OF the bank it.