Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-07-31
letter 10 the Rank.
NEw-IoRK, 10Th july.

NEw-l DIRK, 10Th July, 1884.
SIR "a meeting Of many merchants
and others, interested in commerce, in
this city, the under signed were appoint
ed committee TO express to you, and to
the Boaid of Directors of the u States
Bank, over which you preside, the fol-
lowing views:
A large portion Of the difficulties un-
der which the commercial community
have labored for some months past, has
al llsen from the restrictions deemed me-.
cessary on the part of the Bank Of the
United States, in the differences exist.
ing between the Executive Of the Gen
eral Government and it; and so long as
there seemed just ground for the conlin-
uance OF such restrictions upon its issues
and accommodations to the mercantile
public, all efforts Of the Newly ork com
merclal men were confined to endeavor
to render them as little burdensome as
possible, and to endure them with the
tirmness and by the sacrifice called forth
by evils deemed inevitable. All agree
that the pressure has been one Of the
most severe, and the most extensive, ev-
er known in our country; and that it has
been sustained in manner to elevate
the character and TO make known the
resources of our mercantile community.
So long as Congress continued in ses-
sion, it was not deemed hopeless to look
for some decision upon the great ques-
tions Of finance which were agitating
our country from its centre to its extrem-
tiles, and that measures of relief would
naturally have flowed from the defnitlve
action of the National Legislature; but,
disappointed in this expectation, we are
of opinion that the time has now arrived
when the United States Bank, in safety
beyond all contingency, with resources
abundant, and increasing beyond all ex
ample, can, and ought, to come forward
to the relief and support Of the CONNER
cial'interes OF the country; and we will
not doubt its concur ence with us in
thess views, which so naturally result
from premises which must be equally ap-
parent to it and to us.
In the true spirit which should ever
characterize the intercourse between
mercantile men, and the direction of the
great organ of commerce, national
BANK, and in the increased necessity for
such an institution, our latter experience
confirms our former opinions,) we will
frankly state our views to be, that the
system of restriction adopted by the
Bank, the last Autumn, should now be
entirely abandoned, and, in its stead, thai
a course of free and useful enlargement
of its loans should be substituted to the
extent of five to ten millions of dollars
at such places, in such amounts, and IN
such manner, as may most etfectually
restore the operations of the Bank to its
former beneficial influence, and meet the
object proposed, Of reviving public con-
fidence, aud Of giving relief and support
to community accustomed to rely upon
Bank facilities for the commencement
and continuance their usual commerce
and trade. These, ot late, have been
paraIyzed; and cannot be generally OF
useiully renewed, except by the full and
free corporation OF the United States
Bank, as now indicated, especially by
those who, although rich in enterprise
skill and character, are yet deficient il
actual captal-a class which constitutes
the bone and sinew of our community
and is destined, ere borg, unless prevent
ed by continuance OF untoward events
1, furnish leading men in influence .anc
wealth.
BY such course, adopted by the Uni
ted States Bank, publicly proclaimed
and zealously persevered IN, for twelve
months at least, (Which will afford ampl,
time for any measure of rrecaution ol
lis part, prior to 1886, the most benef
cial consequences would be secured
the almost extinct impulse of private ere
dit would be revived-many Of the grea
evils of our present condition would b,
removed-ihe usual facilities of busines
IN all lis ramifications, would be promo
ied-the recent lesson of suffering woul,
be security against overtrading- An,
the commerce and trade of the naiiol
would, at least measurably, resume acti
witty, vigor and prosperity.