Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-11-22
THE GOVERNMENT


THE GOVERNMENT
persus
THE BANK OF THE UNITED STATES.
The war of the Government upon the United
States Bank has already had the ehect "h'ch
every sensible man, acquainted win 'he suo.
jects Of commerce and finance i"resa" must
be the result IF the late Treasury arrangements
The pressure 10 Wall street is becoming intol-
cradle. and it begins to be severely felt out OF
thai street. There has been dn universal fall OF
s,ocks: and Yesterday the names OF individual!
cani,alists were solicited, and half OF one per
cent, On the amount required. freely offered tor
the use of them, together with ample and un.
questionable security. The immediate cause
Of the gloomy state of the money market yes.
terday-(and the gloom will not be Ilghtened
todayl, was the presentation BY the Cashier
of The Manhattan Bank, OF one OF the Hall
Million Treasury drafts upon the Bank, OF the
existence of which we spoke on Saturday. The
circumstances of this Treasury movement,
against the Bank, we understand to be these -
On Saturday morning, the Branch being debtor
to the Bank of America, Zone OF their new
Treasury Banks to the amount oil one hundred
thousand dollars, the latter drew tor $50, OOO IN
specie, in favor Of the Phoenix Baak-the specie
being wanted for service in Canada. being part OF
100000 which the house OF Prime, Ward, King
& Co. are renting to the North. Although the
Branch was thus debtor TO the Bank OF Amerl'
ca for that amount, yet 1t was at the same time
creditor of the local banks collectively, to the
amount Of $3.50. OOO-for which sum the Man
ha,tan-,he leader Of the Treasury pets. now
becoming more generally kno~n as belonging
chi, a, TO the MARQUES OF CARNArHEN-oweI
the Branch the sum of S2sO,OOO Not feeling
disposed to draw upon its own vaults for specie,
while the other banks. by special favor, we're so
LARGELY in arrears to 1.-THE Branch handed over
the Bank of Americas draft to the Manhattan.
which latter, after paying the amount, would
vet have remained indebted to the Branch in the
sum of S15O,000.
Whether the noble Marques has himself
drawn rather closely; or whether the Manhat-
tan found 1t inconvenent to spare the eighty
thousand dollars 10 specie, just thenj or whether,
il being a pet bank, it took offence at moderate
call upon its funds to meet its own engagements,
such call, too being IN favor Of anuther pet
bank we are not precisely informed. BE all
these things as they may, however, the Cash'er
of the Manhattan found It necessary, yesterday
morning, to throw himself upon the resources OF
the government; and he accordingly presented
one of the half million Treasury drafts, already
referred to, and demanded payment OF the
Branch in specie. file was politely informed 6y
the Cashier, that they were ready to meet the
draft-and another Of the same amount also. II
h.. chose to present it-but that he should at
once drawupon the local banks Tor all ba' 'rac-
ton OF the amount.
This aspect of the case opened the eyes OF the
Manhattan; the demand for specie was waived;
and the Cashier Of the Branch had nothing more
10 do than pass the draft to the credit Of the in
sttution presenting it. But the inevitable Ell.
feet Of such movement was to create a panic
in the money market panic increased by the
knowledge Of the fact, that the pet banks hold
two other drafts upon the Branch Tor the same
amnunt-drawn by the officers OF the Treasury,
in defiance of law, and in disregard ct duty. to
enable the President to consummate his UsuRPEp
control of the NATIoN's PURsE!-and which
may be presented at any moment the agents of
the Usurper may select as best calculated to har.
rass the Branch. or subserve their own pur.
poses. NeW York Com.
Infamous Suggestion. Standard Of this
morning concludes an article on the United States
Bank in the following words:
:. Let the impression once become general that
he mir. B,ddle is pursuing an uncalled for and
tyrannical severity towards his debtors. and ii
will no longer be considered point Of honor to
meet engagements promptly at the United States
Bank; even law is not efficient without the force
of public opinion to make it so.
Inc above is no doubt from Washington. The
consprators have certain debased presses in their
interest to which they transmit their articles for
insertion; the Standard is one. We say 1t was
written in Washington; for we never will be
ieve that the editor Of the Standard, whose no.
nored father aud respectable relatives were proud
pillars Of mercantile credit and integrity, could
ever pronounce SO foul libel on the merchants
of this city, as to insnuate that there is no mo-
raj or legal obligation for them to pay debts due
the Bank OF the United States. 1t was written
no doubt BY the corruptionists at Washington,
and seEt here for effect. 1t IS their practice
they send their articles to the Richmond EnquI.
rer, to Cincinnati paper, to the Argus. The
Post, and Standard, and the New Hampshire
Patriot; and thus attempt to control public OPT. |
MON by re publishing the attacks at Washington
which emanate from their own pen. 1t will be
perceived that the whole battery has been turned
from the Bank TO Mr. RiddIe-he is now the object !