Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-12-25


with il is as an agent of certain portion OF tne
Stockholders He is as much the agent OF the
ockhoIders who own the United States stock
in The Bank as Mr. Biddle is the agent OF the O.
,her shareholders. What is the duty OF such an
agent? Manifestly. TO maintain the credit OF the
Bank; TO increase the circulation OF Its paper; I'd
augment its general usefulness to the coDnlry;
and at the same time, to enlarge the prohfs ci the
s,orIho6ers This is the obvious and the sa-
cred duty of every one who sustans the charac.
ter of an agent, not excepting the President VI
IN. United States. Well, sir, then compare the
conduct of one of these agents with that OF tue
other. For the last two years what have tney
been doiny? The President Of the Bank has
been exerting talents Of the highest order, DAY
and night, with untirng industry and perseve-
rance, for the good Of the bank. But what has
the President Of the United States been doings-
Has he been endeavoring to support II character
aud credr? to render Its stock profitable! to ex'
tend its circulation and increase its general uii'
ity to the country? Sir, he has been moving hea-
ven aud earth to destroy the bank. and all con
nected with il. This has been his daily anu MS
nightly effort: and this he has sworn to accom-
p,sh, be the consequences what they may AZ
a time when the credit of the Bank was as good
as II is at this moment, that is. az good as that OF
any bauk on the lace Of the earth. the President
comes here aud tells this House that the puDllc
deposites are not safe 10 its vaults. And TIT.
sir, is the conduct OF man who Is The agent o'
stockholders IN this very bank. SIR, con'n there
ue higher hcnOr TO the bank than the Tact, that
notw outstanding the most strenuous efforts "i 'he
whole Executive Department of tins Government
TO DESTROY It, its credit has remained unshaKen!
Nothing could demonstrate more the wisdom and
A, &C. A. hPp [.
ed. II has wilhs!ood the President Ut the Uni
ted States, together with the whole army OF oro-
kers md s,oc jobbers at his heels. cIr, there IS
not a bank in the world that could have stood
such an attack. The Bank of England would
have fallen unde, it. The credit OF the bank at
this moment teaches lesson to all those who at
tempt to handle instruments with sharp edge -
1t teaches salu,ary lesson to officers OF Govera-
ment who step out of their own sphere TO medd'e
with that which they do not understand Here
is bank which the whole governmental power
OF this country endeavored to shake, and at this
hour il is lie only mOnled institution IN the land
watch stands mistaken. They attempted to de-
strov the credit of the Bank OF the United States,
and while they have shaken or destroyed the
credit Of every other bank IN the community, The
credit of the Bank of the United States stands on
a rock Of adamant.
Sir, | have been told, and have 90 reason to
doubt the ruth of the information, that, SD tar
from pursuing the vindic'ive policy with winch
il has been charged, instead Of eudearorng to
crush every State bank in the country, the Bank
of the United States has within a few days ten
dered the loan of $50, Q0O 10 one i'the State
banks which was subject 10 heavy run and IN
danger Of embarrassment IN consequence. "
this is So, it i, proof that this bank is capable OF
acting with masnaniHity which "e certainly
need no, have looked to find in another quarter
which | might name under SIMILAR circumstances.
Allow me here to remark that the removal OF
the dppos,es from the Bank, even II It had oc.
cas,oned no extraordinary pressure on the com
munity. and no failures among oui merchants,
would produce dmInution OF the annual IN
come of the treasury of $4,000. Assuming
the amount of bank deposiies at ten millions.
the profits at per cent would be S7OO,0OO -
OF this, one fifth would be the property OF the
United States which is $1,000 this amount
is cur'ailed from the public receipts by this
measure
But another proof very grave'v put forth 10
support OF the Charge that the Bank has sought
political power, is the Tact, that. during the Pc
rod from January 81 to May $50 the discounts
of the BAN were enormously extended lhe
charge is, that its loans dsrng that time we're
increased from l"rty.t~o No to se'enty
millions; being an increase OF twenty eight mi.
lions of dollars in ST. months. Now, sIr. beg
the attention of the House To the statistical iacts
of this case, because they go to show what Is
the character OF tins charge: and | here say.
that, under the semblance Of an official state
ment, there never was a grosser attempt, by
mlsrr representation, to deceive this body.
The loans Of the bank increased. II Is said.
from twenty, eight millions to seventy millions
Now. sir, what is The fact? The discounts OF
the Bank. on the 1t January, 1881, were thlr
" three millions; and on the lst May, 1852.
they were no more than forty seven millions,
showing difference OF fourteen millions only,
instead Of twenty right millions. as asserted
Just one half. The Secretary has only doubled
the amount. speak Of actual loans BY dis
count Blu. this Is not all. The secretary sup.
presses me fact. that the Bank had. within that
llGe, been repaid more than eight millions,
which it had loaned to Government And he
suppresses the further fact, that it had also been
repaied So So 900, loaueI in England Here,
then, was an increase Of cash in the vaults of
the Bank, within those six months, of about
.levep m,lion. of dollars. This TACT, say,