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

time amount 10 4,4l0,000. Ofths sum, ,348 ,55e
dollars 90 cents we're received as the interest on
the public debt held by the bank, which leaves, as
the entire profits on all the operations OF banking
, the sum oil 5,0Gi AL dollars cents, which is less
by at least halt million of dollars, than the losses
! sustained on the same business
When was invited, and consented to fill the
station now hold, (4) was alike ignorant and un-
apprehensve OF the situation in which | have Just
described the bank (truly, | bseve) to have been.
was at the moment remotely situated from the
scenes OF its active business, and its important
transactions had held, II IS true, shortly before
TO oblge my friends, place IN the board OF the OIL
fee at Charleston, at which occasionally attended,
and from what saw there, as we'll as from the pun.
lie facts concerning the transactions OF the bank,
| was satisfied that there was great wantoi imam
cial talent in the management oil 1t. But had
not the iaintest idea that its power had been so com
pleely Frustrated or that it had been thus unfortu-
nately managed or grossly defrauded never ina
gined that when it had, at so much expense loss.
imported many millions Of specie, they had been
entirely exhausted and were not yet paid for nor
that the bank was on the point OF stopping payment
Ii was not until the moment was about to com.
mence my Journey to Philadelphia, that ! was APP
priced by letter ~ from friend, who had been a
member OF the preceding board, that he feared, in
few months the bank would be obliged to sop
payment.
This was, indeed, appalling news. When |
reached Washington, received hourly proofs Of
the probability OF this event In Philadelphia il
was generally expected My memory deceives me
much if found any one in or out Of the bank, who
entertained sanguine beliefof its being able to
sustain its payments much longer. On the cont a,t
there was q think it cannot be forgotten) pubic
and general expectation that the nation about
to suffer the calamity of currency composed N
tirely of irredeemable paper. The evil which thus
threatened the country is not at all TO be compared
with suspension Of sound currency in times OF
war and great national emergencies. The forme
can only be conceived by people who have sufe
I'd under paper currency in profound peace
Vha a train of evils does il produce? The de-
structoE of public and private credit, the national
orpor, the individual ruin, the disgraceful legisla
ton and the prostraon Of the moi ais of the people,
Of which you may discover within your own terri
tories. some examples, which will give you some
nut yet faint idea of the calamity which was abou
to fall on the country.
On the bank it must have brou ght inevitable ruin.
for if it had failed, from lis own Encouragement
10 the great purpose for which it Just be
tore establlshed-that OF restoring and preserv
the soundness of the currency-there is no doub
that the hostility which its great and habitual pub
lie usefulness cannot appease would have over
whe med it. Indeed 1t would have had no claim OF |
the sympathy or the justice Of the government aud
would have suffered merlted fate. No exertions |
and no sacrifices were therefore too great to aver.
this calamity II was not to be accomplished with. |
out sacrifices But they have been small, and in. |
6nitely less than was expected.
Thus stood the bank at the organization of the |
present administration. | was elected and took my |
seat president of tine board the 9th March 1871
But some time Of course was necessary to look INFO
tka a. hnptK Hnro G
could be projected It's danger, however, was too
manifest, and 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 Immediately APP |
piled. The southern and western Offices were i'm
directed not to issue their notes, aud the
bank ceased to purchase and collect exchange on
the south and west A special meeting of the board
was called, which the nonresident directors were
TO attend for the 9th April the next
month"; and correspondence with the secretary of
the treasury commenced entreating his for |
bearance and his aid, to which beg leave to refer
(6] To this officer shold be ungrateIu and unjust
il were moi publicly to acknowledge my obliga- |
tions and those of the bank, for the counenance &
support which he afforded to both in this strug-
gle.
At the meeting of the directors on the 9th April
which was very FULL the state OF the bank was sub
mltted TO them, and select committee appointedto
whom the subject OF its difficulties was referred, &
alter very mature delberation that committee made |
a report which was unanimously agreed to. The
principal means OF relief that were proposed and
ag eed to were:-
|. To continue the curtaiments previously order.
ed.
2. To forbid the offices to the south and west to
issue their notes when the exchanges we're against
them.
8. To collect the balances due by local banks to
the offices.
A. 10 claim Of the government the time necessary
to transfer funds from the Offices where money was
collected TO those where it was to be dsbursed, as
well as like time (untl the difficulties Of the bank
were removed) to transfer funds to meet the notes