Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-08
Richmond, Va, Tuesday, May s
TIE BANK REPORT


THE BANK REPORT
We have the Report to-day and will conclude
on FrdayBetore ordered to be printed, even
read Mr. McDute attacked with all his powcr.A long
and interesting debate ensued in which each
the Committee took hand. We may find time hereaf-
Ter TO copy 1t into columns; but for the present we
must limit ourselves to the following brief sketch the
pen Of Mr.. Walsh himself
"Messrs Adams, McDuffie and Watmough entered a
formal disclaimer and protest. and announced
cxposi,ions oil TACT and opinion Mr. Adams remarked
that "f there single in the Report sub
mitted, from which he did entirely dissent, was
not OF tand he stated his belief that the majority
OF the Committee had transcribed the power given the
Committee by the resolution under which they acted
Col Johnson says the National Ipelgencer
any intention TO the least reelection on the President
of the Bank the integrity honor of the President or
government OF the Bank, TO the former Of whom he
corded high praise and great merit" Mr.. Cambreleng
vindcatcd the course OF the investigations pursued
Committee, and expressed his disposition to maintain
stand by the Report" He is likely TO fail than to
stand by it. when the nature OF the investigations stall be
suitably explained! Mr.. Jhomas member of the { ON
mec. "rose to vindica,c the proceeding of the Commit
toe and ayowcd his readiness stand before House
AND the psope snd sfn the Rnor Of that
statement of facts, and not of opinions differences,
We do not go into such parts OF the Report as were
brought into he dcbatesuch the issuing of Bank or
ders-the selling OF con--hc sale Of government stock
tho making donations TO roads and canalsthe building
houses to rent schc transactions bills exchange
and particularly for the East India Trade-the
OF the number of branches the Banthe causes of the
present and anticipated distress in the commercial commu-
nhc recent negotiation about the rcemption of tho
per ccns-the power welded by the President of the
Bank in the appointment of the Dircctorsthe sums paid
for printing, SC. sc.
entering into the Debate which astons the most and
impresses most strongly with the Of its
concerns
The lst is the loan of $50 975 to two Editors
oil the N \. Courier and Enquirer, and ultimately upon
their notes drawn and endorsed by the Editors on-0he
same nrni)-a part oil this sum $4,000, L. 2, g.
and years credit-a part of $4,000 the larges,
loan made on the dayanohcr part, $4,000 was for six
months and among the largest loans of the davand
of I,I;
were rejected The frs, Of SIS 900 was borrowed
6y s. E. Burrows on the 26t March, 1884, one of the
Editors, and the President gave him the money out of his
own fun and the notes OF the Editors were afterwards
put his possessions: and the committee report that il
or about the Sth OF April 1884, that the paper chang
ell its in favor the Bank The loan too vas not
made in the Branch Bank OF N York but at the mother
n IN rhadelPhla-There are other features in this
"sacuoh' which we pass over for the present The n
York Americas itself, its opinions until il sees
inc oher side OF the sory-yet feels bound say hat
inc loans to the Courier and Enquirer coupled az thew
are with the fact of the remarkable change of opinion in
mat paper on the subject of the Bank Of the United
otatcs appear to us unwarranabe and unwise though
possibly not hazartous."-The Editors of the c. s. 3
have promised full Expose of their whole ansac,ons
we shall notice it, in justice to themselves
The Other feature of the Report which strikes MS with
much force, relates to the transactions with Mr. Thomas
Biddle as Broker ~
"The third subject (sav, the Re,or,\ !, H. .. :,
discounts made T. Bdde, and the rate of interest The
document marked No. II will show the amount on the
to The I5 ,n from the 10Th day of September, $780,
the October 1886 he ~ ad is, It appears that
100000 dollars The doubt the policy of such
large accommodations TO individuals firms at any time
sstdepves the bank of the power of fulfilling one of the
great objects OF its institution, which to facilitate trade
by loans in time of PRESSURE and may proper TO add
Una. anese large loans, at low rate of interest in
wheh money Is plenty, are usually followed by over-tra
Ding winch produces Pecunary embarrays and gene
raj distress. Do
"By statement entitled "Remi,tances TO Europe +,
marked No 10, appears that the foreign purchases of f.
reign bills were made by Thomas Biddle s. Co. drawn by
them, viz: ~ -
1881:
Oct H. bill 60 days sight, and premium of 10 8
a. ' =, een ,s;r $4,000 6s
at premium of 10 Ia per cent 115 AL I,
Oct. ~. IL bills at 40 to l25 days, and alta
n premium OF OIL, II percent SOP 900 90
DEC 10, bills 40 to ITO days; and at
premium of 10 per cent. SOC $50 90
Fob H. Ia bills at 40 to Io5 DAYS. and At
premium of 10 I-2 cent 5oo ono m
Feb. IL, bills ats50 10 10 days and AT \ -
premium oil IL per cent $4,000 O0
SI,794 ,o6o 70
purchased between the 14,h OF October 1881 and The 1l
February 1872, OF T. Bddle & Co. foreign bills TO the
amount OF 81 ,794 $50 TO-" ~
We are surprised these developnents and ,yo ,boo
lore cannot believe the following assertion from the Wash
ington Correspondent Of the N. Y. c. Advertiser:
III Is now distinctly admitted by Of the most intel
hgent opponents OF the Bank such as Wavne and Arch
err that the result of the investigations so far as il has gone
Is not dscredabe TO the administration of the Bank What
ton" r' " '''" "' ''''"u-
nc authors OF the Report certainly do not entertain this
opinon--ior they wind up follows:
Ihe Investigations, however, which have been made
imperfect they were, fully justify the committee in sa
ing mat the bank ought not at present be re chartered
1T is obvious, from the statements submitted and rho
correspondence with the treasury concerning the pubc
uco'' ana ne fluctuations of the revenue of Government
mat these have hitherto essentially affected the
Circulation and operations of the Bank of the IJn,ed
o'ates' " would, therefore, 10 your committee ~
ne most Judclous not TO act upon the question of
'hg 'ha institution, or OF recharterng any other nation
BANK until the public debt shall have been Maid oa and
e pubic revenue shall have been adjusted 10 the
sure Oh our federal expenditures
THE ULTRAS.
, Inc manner, III which the Treasury Report bos
'peen received, confirms all our antcipations Those
VINO love Cesar more than Rome-those who are
more devoted TO Clay or Calhoun than TO their conn.
try viii be opposed to any settlement of the rered
question, except upon their own ierms-Tbe Ian
gnage OF the Telegraph is ominous of Mr.. Cal
boJn course, aud that of Niles Register of Mr.
Ciay's wishes.
First, what says the "hones, honest Iago" of the
Telegraph?
't j. now, however well Tcerioincd that compro-
se That VIII, or which should. saiy the great tax-pay-
s interest oil The south, will be adop I'd; and, for
Swes we see no other hope for restoration Of the prn-
but--uuUifsufiOu.p 80