Southern planter., 1832-05-26

Of the President OF government ofthe Bank. ,o,i.
former Of whom he accorded high praise ana o.S.
mesit.n Mr. Cambreleng "viudicated the go ~
Of the Investigations pursued by the Commit.
and expressed bis disposition to mainiain and ,.i
BY tho Report" Hell more likely to fan lh.s
stand by H. when the nature Of the invesiip,n,' h
shall be suitably explainedl MIR. Thomas, n.-
Der Of tie Committee, "rose 10 vndcate The 4. n
ceediDR Of The COMMITTEE, ayoWed his veadin.s
10 stand before the House and the people, and 4 b
fend the report Of that Committee" Mr.. Cla,,..
described the Report as "pincipally a salems5,S
facts and not Of opinions OF inierences."
I. We do not go into such parts Of the Repou
were brought into the debHte--snch "a the is.,.'.
Of Bank orders--ihe selling Of coin--the sals u
government stock.--ihe making donations 10 ro,s.
and canals--ihe building Of houses 10 rent or ~
the transactions IN oils Of exehanue--spd ~
tcularly for the East India Tade--ihe inere,ls. "
tho number Of branches Of tho Bank--,be csu..'
the present and anticipated distress in tbe ~
mercial communicable recent ncpocia,ion ~.
the redemption Of the 5 per cenis--ibe powe, ~ n
ded by the President Of the Bank in the spDo,.,
ment oftbe DTeciors--the sums paid for bns'
ing, &c. &c.
Butthere we're two portions Of the Repou :.
at all entering into Debate, which astonisb n, 4,
most, and impresses up most strongly with IN, X.
management Of its concerns.
The LIST is the enormous loan ofabq .e76. n =.
Editors of The N Y. Courier and ENQUIRER sss. s
timatey upon their notes drawn and cndor.s5 NJ
the Editors Oniy--(the same frm)--a par, or,,!
sum $4,000, ran al /, 2, 3, 4 and s yesrs ~.
part oft, 100000, was The largest loan rsds.
the daY-another part, $4,000, was for six mona.
and was among the largest loans Of the dav--s,
the last, while many notes ofthe citizens of PhSi
elpha were rejected. The frst sum of SON i.
borrowed by S. T.. Burrows on the a6ib M.,s
1881, for one ofthe Editors, and the Presideot e-
him the money out Of his own funds. and N
notes ofthe Editors were afterrdrds put in hisre
session. and the committee report that Il IVA. 4.
or about the 9th ofAPril, 1881, iia the paperch,,
ged Iis course in favor Of the Bank" The n,
TOO, was not made in the Branch Bank Of N. YaI
bun at 'he mother bank in Philadelphia. ThsN
are other features in this transaction, which we D
over for the present. The New York Amerss,,
Itself, reserves il opinions until II sees the olS
side ofthe sioTy--yet feels bound TO saw, atbal A,
loans TO the Courier and Enquirer ceunled ~ N
are with the fact Of the remarkable change Of ons
ION IN that paper ON tho subject of the Bank Of
United States, appear 70 us unwarraniable and M
wise, though possibly not hazardous The Ediol
OF the Q. a. Z. have promised full Expose oftbss
whole tansactIons--we shall notice il, in Iusio
10 themselves.
The other feature cfthe Report. which strike, v
with much force, relates TO the transactions vl|
DIR. Thomas Biddle as q Broker;
"The third subject (says the Report.) is IN,
mount ofdlscounts made T Biddle, and the nisd
interest. The document marked No. IA win sbos
the amount on the 18th of each month from
10th day Of September, 1880, to the 18th Febr,
Ty, 1882 BY this, II appears that on the IEbJ
Oeio6er $50, he had discounted upwards of /. ma
VOO dollars, and has at no time since been less fhs
4OO,OOO dollars. The COMMITTEES doubt The polN
sy OF such large accommodations to individuaisu'
hrms, atany time, as il deprives the bank Of 4,
power OF fulfilling one ofthe great objects of ihh.
stltuon which is 10 facilitate trade by Ioans IN i'm,
OF pressure, and it may be proper 10 add that tbsa
large loans, al low rate of interest. in tines Wb,
money is plenty, are usually followed by over.,nII
ing, which produces pecuniary embarrassment al
general distress.
"By statement entitled "Remittances to Es
rope" marked No. 10, il appears that the Forep
purchases Of foreign bills were made by Thora
Blddle e. Go. drawn by them, viz:
1891:
Oct. ~, ! bill go days sight, and at premium \
10 3-4 per cents. ass. sos al
Oct 9s, - bills at 40 10 1875 days,
anu AZ pIomlum OF IL per cent $4,000 q a
Dec. 10, 9 bills at 40 10 10 DAYS, and
at premium Of 10 per cent. 5oe,s5O n
1888:
Feb. ~, IA bills at 40 to lO5 days,
and at premium Of 10 I-2 cent. 100000 d y
Fec. "a, bills at so to 20 DAYS, and
at premium of II per cent. I4s. 900 % 4
-
Sl,79l,O6O y
"by the foregoing statement, il appears that lhs
Bank purchased, between the 18th Of Ocobs,
1881, and the 4th February, 1899, Oft. Biddle6
20. iore'gn bills to the amount of I794 ,O60 TO-
we arc surprised at these developments, and "
therefore cannot believe the following assehi0i
from the Washington Correspondent Of the NY
Com. Advertiser;
'lt is now distinctly admitted bv someOf as
most intelligent opponents Of the Baok. such 4
wayne and Archer, that the result Of the invsss
gallon, 90 far as II has gone, s not discreditabet