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


southern and even western Offices, tho
almost the whole active capital already
| lay in these quarters Of the union, and
though the great object of the curtail-
ments was to draw funds from these
/ points. The debt due in kentucky and
Ohio, instead of being reduced, was
within this period, actually increased
upwards of half million of dollars.
An accompanying exhibit t3) will
| shew, that instead of getting reiiet from
the southern and western Offices gener-
ally, where curtailments had been orr
dered, the bank was still further ex-
hausted by the intervening operations.
/ AT the comnencement OF this period
"a period commencing with the order
for curtailments, and ending March,
! 1917 the bank was indebted to Barring,
Brothers < Co. Adams, Robertson &
! Co Reed, Irving g. Go. and Thomas
Wilson s. Gothic sum of $780, dol
lars AZ cents, growing principally II
not entirely, out Gifts specie operations,
Of this sum the greater part was paid
during this period, 1t had, however,
/ contracted new debts with Barring, Bro
! theirs & Co. and Thomas Wilson & Co.,
OF which there remained duo including
any balance which may have been due
on the former accounts, the sum OF $780,
SIS dollars; and within the same Pc
riod it had disposed of 2,270,926 dol
lars as cents Gifts funded debt, furnish
ing, by these compound operations,
WAYS and means, in addition to its cur
tailments, to the amount of ] SOL ,229
dollars Is cents, and making with ;hese
curtailments, reduction in the produce
tive capital of the bank, within the PEE
riod Of eight months, of eight millions
ofdollars and upwards.
At the close of this period the dis
counts on personal security at PhlladeI-
phia, had been SO long the subject of
curtailment, that but a small portion
of them admitted of further reduction
and after great efforts rule had been
! granted on the stock of the bank at the
rate of FIVE per cent every sixty days,
These latter constituted the bulk of the
discounted paper, and so smalla reduc-
! ton afforded no material relief against
great and immediate demand. Even
! this small reduction was the subject Of
loud, angry, and Observation-Disclosures
among the borrowers, who claimed the
privileges and the favor which they
conten3e1 were due to Stockholders,
and sometimes succeeded in communi-
eating their sympathies to the board.
All the funded debt which was saleable
had been disposed of, and the proceeds
exhausted. The specie in the vaults at
the close Of the day On tho hst. Of April
1919, was only l26, 745 dollars 2S cents,
and the bank owed to the city banks, de-
Quoting ba ances due to it, an aggre-
gate balance of 70, IS dollars 80 cents.
1t is true there were in the Mint 267,
/ 97S dollars cents and iI1 trGnSit,t from
Kentucky and Ohio over land ESQ, goo
dollars but. the Treasury dividends
were payable on that day to theamount
of near sou, 900 dollars, aud there re-
mained at the close Of the day more
than one half Of the sum subject to
draft. and the greater part even of the
sum which had been drawn during the
/ day, remained charge upon the bank
in the shape of temporary deposites,
which were almost Immediately with
drawn Accordingly, on the l2th of
the month, the bank had In its vaults
but II ,522 dollars AZ cents, and owed
to the City Banks balance of 1885,
Ais dollars 60 cents; exceeding tho spe-
Gle in it's vaults 2l, S95 dollars 10 cents.
1t most be again remarked, that it had
vet the sum before mentioned in the
Mint, as we'll as the sum IN transitw
from Ohio and Kentucky-this last
sum 1850, 900 dollars) arrived very sea-
-sonabIy on the next day or day or
two thereafter. The bank in this stu.
alton. the Office at New York was little
better, and the Office at Boston a great
deal worse. a. the same time the bank
owed to Barring, Brothers & Co. and
Thomas Wilson s. Co. nearly 100000
dollars, which it was bound to pay i'm.
! mediately, and which was equivalent
to charge upon its vaults TO that a.
mount. 1t had, including the notes Of
the offices, a circulation of six mil
lions of dollars to meet, TO which was
to be added the demands of depositors,
public and private, at time too when
the scarcity of money called forth eve
ry disposable dollar, and therefore ere
ated demands upon the bank for an un-
usual portion of the ordinary deposites
and circulation.