Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-05-31


political affairs Immediately connected
with elections. The peculiar character
sustained by the paper and its editors, at
the time when this application for loan
was made, was that Of devoted friends to
the present administration, aud particu-,
! larly to the eminent citizen at its head. I
The character they and their paper
still retain. They have, of course,
numerous adversaries Of the opposing
party, and numerous rivals in their own.
Sometime before this application for a
loan from the Bank Of the United States,
there had been between them and some
Of their competitors for party and public
favor, newspaper war, with regard to
tho conduct Of their Journal, and the
opinions of its editors with reference to
the Bank of the United States. In all
this The interests Of rival printing Offices,
and rival banks, may without breach Of
charity, be presumed to have been very
willing auxiliaries to editorial virtue and
the msullied purity Of the public press
The politics of the paper had been, or
were thought to have been. successive
! ly hostile and friendly to the Bank OF the
! United States. IN this state of things, it
is stated by Messrs. Webb and Noah,
that two or three of the banks in the city
of New York denied them the accom-
modatson of loans which they had previ-
ously yielded, and refused to discount
for them paper Of unqucstionable credit
They affirm that these city banks, in
punishment Of their friendliness for the
Bank of the United States, withdrew
from them facilities previously extended
to them, and required the repayment Of
large accommodation loan for which
! they were indebted. TO discredit these
5 imputations, re-aiIirmcd by Messrs.
: Webb and Noah in their testimony upon
= oath before the committee, a majority Of
2 the committee deemed themselves au-
G thoriZed to send q commission and re-
S quest the Presidents Of the two city
= banks in New York to make affidavits
G before n magistrate, giving notice there
ir Of to Messrs. Webb and Noah, and tc
e transmit those aflidavits to the Chairman
d Of the Committee at Washington. The
= depositions Of Isaac Wright, Presiden
r of the City Bank, and ofAlbert Gallatin
J. President Of the National Bank, at New
d York, were accordingly taken, and
d transmitted to the Chairman of the Com
ii mittee. They did not in the slightes,
n degree impair the testimony of either
n- Mr.. Webb or Mr.. Noah. On the con
irI trary, they confirmed, so far as the,
Or could, that part of their evidence which
A. it had been the purpose, in requiring thu
10 aflidayits from the two New York banks
A. to invalidate. They proved that a
is both of those banks, in July, 1881
of notes offered for discount by James w at
,e son Webb, with an endorser of unqucs
S, tionablc credit, were rejected. Thu
" reasons of those reflections, both thu
of Presidents Of the Banks, with great pro
or priety decline to give. They state tha
at one Of the banks no note is discount
Ie cd, if objected to by any one member
n the Board Of Directors. AT the othe
It's bank, any note is rejected to which tw'
TX of the Directors concur in objecting, ant
G. that no Director is required to assign an,
n reason for his objection to any discount
it But whatever may have been the tru'
b. state Of the relations between Messrs
IN Webb and Noah, and the local banks o
mt Newly ork, it was with these statement
n and allegations that Mr.. Webb, in Au
On gust 1881, applied to the President AM
us Board Of Directors of the Bank OF tn
to United States, for an Accommodate
or loan of twenty thousand dollars. Ih
of President and Directors considered it a
it had been viewed IN the recommends
ID. tion of the Mayor of New Y ork-as
&C. business transaction. Yet, it did not es
III cape their attention that a political col
of oring might, and probably would, b
at given to It by the inveterate enemies
III, the Bank. They were aware that fifth
nd loan was granted, it would be liable
ed the charge of favor dispensed, to pu
he chase the aid and support otthe newspi
per, in behalf ofthe Bank; and ifit shoul
Ist, be denied it would be charged rs pro-
INK Of hostility to the Administration Of I'll
nty General Government and its chief. SUI
en- that they could IN no event escape tt
he censure of enemies prcdisposed to blam
son they granted the loan, to which, ate
let wards, in December, an addition OF Fl
tc- teen thousand dollars was made. lot,
ion of Mr. Webb, endorsed bv MIR Noa
.ior and payable to Silas +. Burrows, ht
,Ir. been previously discounted for Mr. Bu
of rows, but without the knowledge ofWel
of or Noah, as they testify, to the amou
cen of seventeen thousand dollars. Olthe
the sums SO much has been paid, that the
ap- now remains due from Messrs. Webb
S a N oah, 10 the bank sum Of about Gig
lid. teen thousand dollars, payable IN sen
ac- annual nstalmcnts, and from the stat
,di- ments laid before the Committee, b
had heved by the subscriber to be as safe
..J oov o,has ioht unon tho hooks of 4