Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-04

Rat. II ia said that the removal OF the depo-
o;.es has been productive of great distress, aud
an unusual pecuniary pressure. shall contro-
vert that position; but. admitting 1t Ior afgu,
ment's sake 10 be true, | ask, at what time wou,u
their removal have been productive OF iesss II
this Bank is to EXPIRE il it 10 not to be rechdrter'
ed. aud il the deposites must have oeen WIN.
drawn at some time, beg gentlemen 10 po'n'
their finger TO the time when the pressure (whicn
thew assume to be the effect OF the Withdrawn
alone) would have been any less than 1t IS nows
Nav. sir, when would it not have oeeh sreofe'
than it is? Will gentlemen answer, at me 'ho-
ment when the Bank Charter shall expire! "ha',
sir? When the eighteen or nineteen m'i'o"s VI
its circulation shall all be returning upon '"e
Rank and the institution shall be In the act OF
y;nd,no nm its affairs? Would less pressure De
caused then!
But, sir, on this subject Of pecunary pressure
let me call the attention of the House 10 the actu'
al state of facts. 1t appears from the statement
of the Secretary of the Treasury, and his state
ment Is verified by the Bank returns themselves
that although the charter of the Bank was aoout
70 expire in 1885. yet the Bank. nevertheless
continued to extend its discounts, until, Tor rea
sons best known to the Bank, about the Isl "
AUGUST last, the policy of the Institution was TO-
ta,Iv chaoDed. and curtailment of its acc ommo-
dat,ons took mace. more rapid than had ever
heen known since it went first into operation. and
nronortionate pressure was felt throughout the
country But TO be more accurate, and feel
this necessary, because the gentleman iro"'
South Carolina said. IN no very measured TERMS
that the Secretary, in his report To TINS HOUSE
has been guilty OF a misrepresentation ana OF
gross attempt 10 impose upon Congress. now
sir. stand here before this House and this Ma
STarf IN
human being that the statement OF the Secretary
of the Treasury is true to the letter.
The statement Of the Secretary is tina! the cur
tailments of the discounts of the Bank from Au-
gust 1. to October /, 1855, amounted to ST.
O66, lao. | have here before me the returns OF
the Bank, and they shew the statement to be
accurate to a farhng. according to the Banks
own statement Mr.. p. made some other com
paratiye statements, which the Reporter could
not catch, concluding by saying that the state
ments of the Secretary OF the Treasury were per-
fecty and literally accurate and true he
Secretary attempts no mistatement. lie express.
~ saws, that the amount consisted oil loans ana
domestic bills. But the gentleman from South
Carolina insists that domestic bills are not TO be
considered as discounts. A strange doctrine IN
deed, and totally new, at least to me. can
shew, bv the statement Of the Bank itself. that
the amount of domestic bills discounted in a sin.
gle year was forty eight millions OF dollars; but
the gentlemer will have il that these are not dis.
counts. Not discounts, sir? thought that the
established rule was to Set down all that come IN
as credit. present a note: the Bank discounts
IL: a merchant draws at Boston, payable at
New York: bills thus drawn are taken up by
cash, or by the proceeds OF notes discounted
This doctrine as to these bills is clear and set
tied. that had not supposed it possible 1t could
ever be doubted.
Mr.. p. here vent into view OF the operation
of discounts Of domestic Bills of Exchange, &c.
and consequent drafts, and redrafts, which made
this sort of discounting the profitable and favor
tie business If the Bank. Yet it is said that
these Bills of Exchange, thus paying interest and
premium, are not discounted bills! The Secre-
tary, in his statement of the ourtaments by the
Bank, expressly stated these bills to be included
in the sum total of them. Where, then, was the
intention to deceive?
But it is said by the gentleman from South
Carolina, that the Secretary OF the Treasury has
been guilty OF gross attempt to impose upon this
House, By misrepresenIng the amount OF curtall-
ments by the Bank, during the months OF Octo-
tober and November What the Secretary states
on this point is, that the receipts into the Treasu
nv during those months had been unusually large,
and that In, consequence, the amount of the pub
lie deposites in the Bank Of the United States
had increased 80, 268, 600. in addition to its in
crease of means by its curtamen,s of more than
four millions of dollars, making the aggregate a.
mount. thus collected from the community, &c.
$4,000. Well, sir, IS tins not true? l. it not
/ literally true5 The Bank had increased its
means and could have accommodated the COM
munlty. by discounting to, at the least, the ex
tent OF that increase. Instead of which, IT had
curtGiIed ITS discounts within the same period
$4,000 OOO And, sir, is there here any mis-.
statement? Has not the Secretary of the Irea-
sury stated the fact as 1t is? The terms which
the gentleman has applied to an officer OF the
Government, who IN the discharge OF his high du-
ty thus makes official statements to the House,
were unmeasured, and not expected IL they
had not been made. sir, should not have trou
bled the House with these and the following
views.
The gentleman from South Carolina went on
to say, sir, that he never in his life had seen so
uncandld statement for the purpose OF throw
ing the blame Of the existing pressure upon the
| Bank of the United States, that OF the Sc.