Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-10-24
The Richmond Whig.
u. S. BANK.
From the Norfolk Herald.

Though avowed and zosIous advocate of the
United States Bank, and believing tho renewal of
it, charter to DO called for by tho interest and
welfare of the country, arc, nevertheless,
aware that we should do it injury woro wo to refuse
the use of our columns to forth any objections
which may be fairly urged against il; and with this
view wo readily give aGmitancc To the following
communication, stating certain facts unfavorabls
TO tho Bank. Tho friends of the Bank do not
assume for ii 4 state of absolute porfcctiou; no
human institution can lay any such claim. There
arc objections to tho best plans for the public
good-thcre arc faults in tho III ost exquisite works
of art--thNrc arc spots on the sun. The question
is, does the Bank confer great public benefit l.,
it essential to the fiscal operations of the Govern
mer,, and does it, far practicable, equaze
exchange and preserve wholesome circulating
medium All these it does, and if faults be found
in tho manner of its adminis ration, or in it's or
ganzation, its friends will never attempt 10 sane.
tify them, though they have right to a-k that
these fault, may BIO corrected without destroying
the institution itself. What a state of things
should we have at this very timc but for the Uni
ted States Bank! Exchange on England at IL
Por cent, regular and enormous drain of specie
TO pay foreign demands on the American importers
tho State Banks refusing to discount and curtail-
ing their issues, to prevent the entire withdrawal
of the specie from their vaults; failures TO fearful
sItont would be tho inevitable consequence, but for
the resources of the o. S. Bank which enable it
TO sxtond that relief to tho harassed merchant
which is denied him by the State Banks. In thi.
the Bank has boon liberal, and thus it stands be-
V,
hdcous monster IL nenacing him; and it is doing
it's utmost to save the country from wide spread
commercial embarrassment and distress. The
Wertcrn States, il is shcwn, indebted to the
Bank sixteen millions of dollars 1t may he very
true that IT wrong for the Bank to loan lib
orally; but what would he the effect of stoppinE 2
the Bank and coercing the payment of this vast
sunni The sacrifice of property, the wreck of
credit. universal distress, ruin and dosolaton!-
1t will DO SEEM however, that tho writer is not
"oPposcd to the Bark" but only to its admins
tration.
HERALD.
BANK OF THE UNITED STATES.
On the first of the last month tricnnial meet
ing Of tho Stockholders of this Institution was held
in Philadelphia: at 10 o'clock, the Stockholders
assembled, and received elaborate report Of the
President and Directors, continuing detailed stao
mcnt of the operations of the Bank, not only for
the three years last past, but from lis foundation ,
with view of it's present condition.
This important communications being read Was
referred to a Committee, and the meeting adionrn-
ed TO o'clock the Same day, at whic,, time the
Committee met the Stockholders with report.
which, to use their own language certified ali the
sta'cmcnts and material facts, after naparison
found usein and the deductions to be NIL correct
. have heard the report read, prepared a report
In reply. (as We may say) and made the cxamina-
tons and comparison, and examined the soundncss
Of the deductions, in six hours, was quick work.
A little more time bestowed on tho subject
would have been well bestowed; but that was
not convenient, III moro hnmhic way, we shall
take up the subject, recommending those concern
cd. not to take for gold all that glittrrs.
The report and answer are intended to make i'm
prcssiOns favorable to renewal of the Charter of
this Bank, founded upon the wisdom OF its admin
istration, the benefits it has conferred and its pre-
sent prosperous condition.
Recentlya proposition was submitted to the I.c-
gisature of Tennessee (tEe land OF Hickory in
stsvet tho Sen"tors and request The Representa-
tivcs of that State, 10 against renewal of the
Charter: the proposition was laid over to be taken
up at moro convenient season.
The advocates fssr the renewal of tho Charter
have calculated on Tennessee, friendly to tho
renewal and on what is the expectation founded7
1t appears from report on the aff;ilrs of the
Bank made to the Secretary of the Treasury, that
at the Office of Discount and Deposit at Nashville
CTen1 or tho 9Th of December last, the debt at
that Office to the Bank was, on notes discounted
on personal security, 81, 296, 622 50
On Domestic Bills, I,359,Si4 10