Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-07-17
UNITED STATES BANK.

The subjoined correspondence shows with
what aacrity the Bank is disposed to meet the
wishes Of the committee in behalf of the mer-
camille interests. The information, with regard
to curtailments and extension of loans on the
part of the Bank, will be most important to bust
ness men and ncorporations.-M Y STAR.
New YORK, 10th July, 1884.
Sir-At meeting of many merchants and
others interested in commerce, in this city, the
undersigned were appointed committee to ex-
press to you and to the Board OF Directors OF the
United States Bank, over which you preside, the
following views:
A large portion of the difficulties under which
the commercial community have labored tor
some months past, has arisen from the restrlc-
tons deemed necessary on the part OF the unit
ed States Bank, in the differences existing be-
tween the Executive Of the General Govern
ment and it, and so long as there seemed just
ground for the continuance of such restrictions
upon its issues and accommodations to the mer-
camille public, all efforts OF the New York COM
mercial men were confined, to endeavor 10 rem
der them as little burdensome as possible, and
to endure them with the firmnes and by the sa-
cri6ce, called forth by evils deemed inevitable.
| All agree that the pressure has been one OF the
most severe and the most extensive ever Known
| in this country; and that it has been sustained
| in a manner to elevate the character and to
make known the resources OF our commercial
| community.
| So long as Congress continued in session it
was not deemed hopeless to look for some de-
cision upon the great questions of finance which
| we're agitating onr country from its centre TO
its extremities and that measures of relief would
naturally have flowed from the definite action
of the National Legislature but disappointed in
this expectation, we are of opinion that the time
| b,, d,ybop tho I1nitpA States Rank.
in safety beyond all contingency, with resources
abundant, and increasing beyond all example,
can, and ought to come forward to the relief
| and support of the commercial interests OF the
country; and we will not doubt its concurrence
with us in these views, which so naturally result
from premises, which must be equally apparent
| to il and to us.
In the true spirit which should ever charac-
terize the intercourse between mercantile men
and the direction ofthe great organ OF commerce,
| a National Bank, (and in the increased neceSsl-
| ty for such an institution our latter experience
confirms our former opinions) we will frankly
state our views to be, that the system OF restrlc-
ton adopted by the Bank the last autumn, should
now be entirely abandoned, and in its stead that
course of free and useful enlargement OF its loans
should be substituted, to the extent of five mil
lions of dollars, at such places, in such amounts,
and in such manner as may most eftectually
restore the operations of the Bank to its former
beneficial influence, and meet the object pro.
posed of reviving public confidence, and OF
giving relief and support to community &C
customed to rely upon Bank facilities Tor the
commencement and continuance Of their usual
commerce and trade. These of late have been
most Unfortunately interrupted, if not paralyzed;
and cannot be generally or usefully renewed,
except by the full and free cooperation OF the
United States Bank, now indicated, especial
ly by those who, although rich in enterprise,
~ ~, ocfo atyQf6
capital-a class which constitutes the bone and
sinew of our communicated is destined,' ere
long, unless prevented by continuance OF unto
ward events, to furnish leading men in influence
and wealth.
] BY such course, adopted by the United
States Bank, publicly proclaimed and jealous
| " persevered in, for twelve months at least,
(Which will afford ample time for any measures
of preeaution on its part prior to 1885, the
most beneficial consequences would be secured;
the almost extinct impulse of private credit
would be revived; many of the great evils OF
our present condition would be removed; the
usual facilities Of business in all its ramfica-
tons would be promoted; the recent lesson OF
suffering would be security against OVERHEAD
| ing; and the commerce and trade OF the nation
would at least measurably, resume activity, vi
COR and prosperity.
The intercourse of the Bank with its custom
ers would thus be replaced upon its former
footing of mutual benefit, and the interest OF
both be promoted by so natural and wise po-
licy; which, to be of the greatest advantage,
should be Of the longest possible duration, and
so be understood by all parties.
We have the honor to remain, with the high
est respect, sir, your obedient servants.
Signed, JAMES Brown,
JOHN HAGGERTY,
JAMES G. KING,
CHARLES II. RUSSELL,
GEORGE GRISWoLD,