American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1822-10-15

had lust before been deemed hopeless and in sin
gle season Of business the first to give to every
Office as much capital as it could advantageously
employ There are two OF the measures thus adop'
ted, on which | will enter into some detail, because
they have been misconceived and misrepresenled.
1, The curtailments. The immense curtail-
ments which had been made before the present adj
ministration OF the bank was organized, have been
stated. The public has been led 10 believe that
these curtaments were made by TINS admins
ltraton, and were the frui, of policy which orgi'
mated with it. Men who have sat at the board and
knew the contrary or which is little better, with
out taking the trouble to ascertain Tact when was
so easily within their reach have consented TO pro-
pagate this SANDER.
now state, and defy contradiction, and am ready
Ito prove that curtaiment has been ordered from
the time 4 took my seat, until thus day.
Tha; any curtailments which have been made by
1.-THE administration of which have been member,
we're made under orders which found in force =
that the bank at Philadelphia continued to curtall
|ony 20 days after took my scat, that the oihces oil
IN. York and Boston were only required to sustain
themselves according TO 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 itself and
all the offices north of Philadelphia, together, at no
reduced by want of demand for money which was
general through the nation. When this want oil
demand for money prevented the profitable employ
ment of the funds Of the bank, the only expedlent
TO relieve 1t from the losses Of unemployed capital
which existed, was promptly and successfully EN-
poyed by purchasing Of the government OF the ".
States, firsl two millions Of six ptr cent stock, re-
deemable at the pleasure of the government, and
afterwards four millions Of FIVE per cent stock, re-
deemable in 1855, on terms which were then dee
med highly advantageous to the bank, ard which
are so still as shatl be hereafter proved.
1t is believed that candid and dispassionate in
vestgation OF the facts will shew that with the same
means and under the same circumstances, no change
of proceeding or policy could have increased the
profits OF the bank, ~ and that the interest which
has accrued on the heavy amont oil suspended debt
and not been received land that it has not been rece
we'd, IS not the FAULT Of the present administration.
which did not grant the loans which this interest
accrued) be added to the dividends made and the &C
foundations reserved, the gains will be within a.
1out half per cent per annum oil the nominal pro-
hts OF the preceding period, in which every thine
was hazarded, and more actually lost than all that
was thus nominally gained: should have had no
disposition to make these comparisons had they not
been made necessary by false statements and repre-
sentatlonso OF the same facts. In looking at these
esults let it also be recollected what different Cir
characterized the different periods.
2. The other measure which mean particular
" to notice is the loan which was obtained in Eu-
rope. There was at the time this loan was proIec-
ed, great embarrassments in all the concerns of
commerce, but the pressing difficulty was real
in the bank circulation which consli-
uted the whole currency of the country. The
weakness of the bank Of the Uniied States, has
'een exposed. That of the state banks was pro-
'ably greater, though they were not subject 10 so
many and such complicated dangers. The revenue
was accumulatng to the credit ot the government,
At various points, in paper, that if Immediately
pressed upon the banks which issued it, would no
nave been honored and yet to have dscredted it
suddenly would have forced the crisis of the IN
i1undness of all the bank circulation at moment
when 1t had no recuperatve faculty, and must have
ended IN consequences alike disastrous TO the INK
md the country On the other hand 10 have i'm
'ssed no pressure upon these banks would have
'een to cherish and perpetuate and increase The evil
II an unsound currency. The course to be pur-
ued by this bank was subject of great delicacy
md difficulty. The situation of the country was
exceedingly alarming.