Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-12-17


The motion q, NJ VI, kiitfe To print 10000
COPIES Of tue Correspondence Of the President
OF ne Bank .oi the United States, with Barring
and B.,tbers. On the subject Of the Three per
Cenr,. beiag under consideration,
NJ, Camhrreng wished Mr.W to modify his
mo,lou ~ a, thai this document shouId BE- append
al To that received Yesterday, an equal number
Of which had been ordered to be printed.
Mr. Wicklife said he could see no necessity
Of attaching The two documents to each other
H., on- was intended tor the business people of
the country; that rereis ed to-day was suited 10
the Politicians.
Mr.. Cambreleng replied that be should not
waive rack To the gentleman. and was proceeding
60 make some other remarks, when The question
beiny called for, the motion OF Mr.. NicksIHe
Vas agreed to.
Sol, uas ordeIed that 10000 copies OF the
Bank Correspondence should be- printed.
Mr.. Cambreeng The gentleman from Ken
lucky talks about the business portion Of the ma
ton. Sir, | am anxious that the business men
of this country should see in what difficulty the
Bank was inyolv in Julv and August last, when
If sent out Commissioner to negotiate fOan IN
England tor five millions Of dollars; mot for the
beueHt Of the commercial community; not for
the benefit Of the Government; but for the bene'
Fl, Of the Bank: to meet i;s wants in its wide
ly extended concerns, not only throughout this
coantry, but throughout all Europe.
If the Bank did not make this loan on its own
account, then its friends are driven TO the hard
necessity of admitting that the Bank sPecuiated
ON the dppostes of the Government, and was
concerned in the poorest and most petty stock
;obbipe speculation under the sun--to gain some
one or two per cent. on the loan !; would be
doing Injustice to The character ct the President
IF the Bank to admit such superstition. What!
!, d,sni6rd and extensive INSTITUTION like the Bank
of the United States make loan like this and
ret the payment of the Three Per Gents deferred
tor the sake Of realizing the difference at inter
est. The Bank had no such object. They bor-
rowed because it could no, pay the stock. aitho'
il had the deposltes of the Government in ITS
hands. No, sir-it could not paw in May. nor
in January or july. unr in September, nor III De-
tober ueither. AID mere predict that in Oc,o
Der. 1888, there will BE- another negotiation OF
the same kind. To tell business men that the
Bark would engage IN sach loan except from
sheer necessity. is to tell Us what we cannot be.
~ti,ve The country never will believe that the
3 nix would engage in such an operation merely
ss stock ,jnbbug scheme
Mr.. WIZ fife. have heard so much said Of
the inability Of the Bank to pay for this three per
cent. stock, and especially from particular quar-
ter of this House. and particular quarter of the
Uaion, that have been led. within the las, three
or four months, to look little Into this primer
iholdins up a large voIuu.c OF the report Of the
Bank Co'nmitte. nf last session tina, might see
for myself hos Tar the facts collected by select
committee of this House corresp0nded with the
newspaper statements had read. had design
ed 10 advert TO tins IN Committee OF the Whole
yesterday The gentleman from New York Mr..
Cambreleng) appears now as "a premonitory
SYMPTOM" aDd To announce to the Stockholders
in Wall street the probability OF the failure of
this National Bank. II the gentleman will turn
to TINS volume he will there find the evidences of
aman whose honor he will not impGgn, and whose
testimony was procured at his own instance. (He
will find at page $50 of this document) and will
the gentleman in the face of this evidence, state
in his place, that the Bank was not able to meet
the engagements of the Government? Will he
say 50 in contradiction of this testimony report
cd to the House by himself? Sir, as we are de-
batting this question not SO much To enliehten our
own judgment, as 10 get a pre:er for doing thai
,ehich a. has been deie, mined shall be done-Yes,
sir; determined shall BE- done; not IN this House,
but out Of this House, mean, that the deposites
Of the Government shalt BE- withdrawn from this
Bank tn be placed else where, the gentleman knows
--et me call the House to the facts in reference
to this subject Of the three per cent. stock.
After all that has been written, polished, and
sp5 here and elsewhere. by those opposed to
the continuance of the Bank, said Mr.. W.. not
newspaper. not writer or a speaker has ever
once furnished to the public the evidence embo-
died Dy The gentleman h,mseif upnn this subject,
AMI which contrad,c,s fatty the statements made
Wouid the House allow him to read it, that the
Puolic might IN this form obtain correct iniorma
ton.
Question 10 the President of the Bank
"Qiestinn Will you please give copy of
ths correspondence connected With your appIica.
ton. in March last requesting a suspension by
the Government Of the payment of portion Of
n. debt intended TO have been made on the lst
OIL July next. or a statement Of the arrangement
sa,ie IN relation to tha' sject?'
"Answer IL have ma,ie no application to the
Government. nor have requested any suspen-
Aion of the payment Of any portion Of the public
debt.
"The inquiry, presume, relates to this cir
cumstance: 1 received q letter from the acting