Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-27
Political.
REPORT.


eslts.'F
"Our reception was courteous. Az.
ter the usual common place remarks,
the President proceeded to notice the
existing complaints Of pecuniary dis.
,ress--"TheN Bank had, without any
necessity, cut offthe usual facilities in
..tbe west, by refusing to buy bills OF
exchange except on the eastern cities
-4-tiscre was no necessity for tbis-the
bank had ample means TO relieve the
sommunity--ten millions OF specie;
when Mr.. Biddle ACKNOWLEDGED before
Congress that six millions we're enough.
The Bank had begun to distress the
whole country by calling in too soon
TO protect the State banks, | directed
the depositcs to be removed TO them
il the deposites had not been moved,
the State banks would have been crush.
ed before this time"
The President said--'sthe Bank was
calling in too fast.--Look at the reduc.
ton she has made in the west, without
any necessiiy-refuse to buy bills OF
exchange on New Orleans. She has
ample means to relieve you-ten mil
lions of specie-when Mr.. Biddle ac-
knowledgcd that six millions were c.
nough." The chairman was going on
to explain why, at Pittsburgh, the re-
auctions ofthe Bank we're so great; and
why, for a time, the community met
those reductions. He said that the
reason why there was no great cry of
distress, before Mr.. Wilkins left home,
was, the introduction Of what was to
us foreign capital, in the stock of a new
Bank, the principal part Of which had
been taken in Philadelphia, and the
increased capital Of the Bank of Pitts.
burgh. Mr.. Wilkins here interrupted,
saying, gentlemen, you have taken
a wrong view Of the subject-you i'm
pute your distress to the wrong cause
you blame the administration, in
stead OF the Bank. The Bank began
to call in before the removal of the de-
posites. He was going on charging.
when the chairman stopped him, saying,
"Mr. Wilkins, am not capable ofma-
king set speech, in reply to what you
may say, and beg to be permitted tore.
ply to what may be said as you get a
long, in the conversational way. The
value of the Presidents time will not
permi, long speeches-we have not
much to say, and / beg that We may |
not be interrupted. while saying
this, the President said--Mr. Wilkins |
is right---Mr. Wilkins is right--he
takes right view of the subject" Mr..
Denny here remarked that ''the Bank
very properly began to call in, when 4
it learnt that private agent had been
sent to sound the State Banks" "a
private agent-a private agentw said
the President, sit is not true, sir, that
a private agent was sent to the State
Banks; whatever did was done openly |
no concealment, sir-the agent was
a public agent" ..'Public, or private
AGENT" said Mr.. Denny, by me, and |
others, he has been considered pri-
vate agent-no public notice was given
of his appointment-the Bank was not
apprized Of it officially-the Bank be-
lieved the deposites would be removed
she was right-right to prepare for
the event." Mr.. Denny made some
remarks concerning the condition of the
Bank of the United States and State
Banks, the particulars Of which we
cannot recollect.
The President said, in reply, look.
ing at Mr.. Denny, no man in the coun-
try knows better than myself, the state
of all the banks and all Interpretations
i receive monthly statements from
all the banks, and know every thing
concerning them-I cannot be mista-
ken; you can't know all these things
as we'll as do. II is impossible that
you, at"--after moments pause,
he was proceeding to speak ofthc enor-
mites ofthe bank, and his determine
ton never to re-charter her; when the
chairman interrupted him so far as TO
say that the question Of re-charter was
not now the sublect-ths was subject
that had been discussed by others; we
could scarcely agree upon tit would
be Improbable to take up his time with
it-that the evils now felt were not
Immediately produced by the refusal
TO re. charter.
"But gentlemen" resumed the Pre-.
sident, show am | to know the true
state Of public opinion with ,youl You
tell me Of great distress, and hear of
large memorials on one side; on the o.
Their side, have received an account
Of a very large meeting, approving of
the removal Of the deposites! How am
to judge" "Permit me-" said the
chairman, "here to explain to you,
how Congress and yourself are impos.
ed upon by misrepresentation; a me-