Litchfield enquirer., 1834-02-27

fallen on inc country, or at least of mitigating | its severity.
 No,hinr could have been rationally expect ed hui that inc bank. deprived of inc depO- | sites. and denounced by lhe Executive Gov eFOment. would feel itseH called on to take just care of it's own interest and its own eTed- | it. Ofthe means necessary to the attafnment of these ends. the directors alone were Judg- es. and the committee have no evidence he ! E,re tI,em ,n show they have not exercised their judgment fairly, and with real sOlici- tude to acc,,nI,nod ate the ecommerclal c0mmu- nity ir the altered state of things as far as has been utaeticable, consistently with the sccurl- tv of the institution which it IS equally thelr duty tD the public and the stockholders to manfain. They are certai0ly under every obligation of cIty, in the present distressed state uf the country, tO dO every ihlog tOr the public relief which is consistent with the safe iy ( f the bank, aud with those consider atIons which the approaching expiration ot us char ter makes il important for the directors tO re- gard. as S are causes entirely sufficient, in the judgment o the committee to produce all the consequences whlch the country has experienced, and is exi'er'e"csng; and
 these consequences ihey 'G,nk' are 'o ne %
 these causes iher just origin. How could any "sh- CT result have been expected The amount 1Lme deposites was nine millions o dollars. On this amount in deposi,e there was susalas q" doubt, alseo9m @ of far greater magnitude. The withdrawal of th's stun oG nine millions from the bamk necessarily com peIled it to dainish discounis 10 the u exte"foi all that part which may be supposed to nave pees s. sustained by it. It be remembered, too. thai this was done ut a nib,eni when businfss ol every knd was pressed with greai activity. and all the means of The wi,hdrnwinr ot so large an amount at such time, from lands actually loiag and using Il. cod not bus produce Arrangement and pressure, even had been immediately placed n other banks, and no
 liaF no nfD nafif
 tended the transaction. But is quite obvious that the opefiion which the Secretary has resor,ed has been attended with both these additional and power
 ul causes ofdcrangemeni IL has created nDfriendy feelings, and t has dm.Inished eohh his change ot-the deposes is nude on the strength of ehasges against te hsnk Ofa vesy grave and aggrava- its credit for solvency and stability. s procime to the whole world as having converted iisef into political partisan, niisapplief jts fBnds, neglected it's highest duties. and eniere acareer of eleconeer- ing against the gOvernS1sent OEihe county.
 Ihcse Serious charges necessarily put the bank on its defence aud tie exr@srlnary spectacle ,s exhibit, National Bank twthsanding that the GrOyernment
 s itself great propsieor in the bank, aud noiwii- standing that the notes bank are the currency in Which tle rescnues of the country are by law ceiSdiie. @3b' Ht3l-l 3sft The true and natural relation between ,he Govern men, and be bask is altogether reversed astead oi enjoying ike confidence ofhe Goyetnn,en it IS obliged sstniH 0fcia; assaults, and to main
 tain itself agansi its denudcaiiona The banks se-
 leced ny Goverahrat as- it's agents are themselves
 thrown perhaps dnWilhngy, into altitude af leal-
 onsy and susreion with ,he Bank of the United States.
 They become caiiehs and iearu therefore, n afpro-
 ceedings; and thus those who shoald co-operate to relieve tle pahic pressure, are considering mainly
 ,cir own safety. Fearful of each other, and fearful
 of the Government, they see the dis,ress continue, | with no power 0i bebefcial iniefposiion. 4.t' It may be asked Nhy not these deposite hanks
 able o inanain as large circuaiioh the nine mill
 ons of deposiies fle Bank of the Uned States F.
 And wl they nU, be thus able whe1 the presen, pad-
 c shall have svbsided1 The cOmuNiee think bOia ot ! the questions easily answered.
 The Bank of the United States has a credit more general n may be said more Mniyersa. haD any State
 bank does pos.ess. The credit of the Bank Of the Usti,ed Staes is equally solid, ts bills and notes re-
 eeived with equal confidence for the purpose 0fcitcu-
 aiion and remittance in every quarter ot the couniry.
 No paper circulation, so ia: as the committee know, which ever appeared in the world, has approached
 nearer 10 the value and uniformity 0f specie clrgen- ey than and hilis of the Bank of the Uailed
 performed ths office oT specie All the State Baaks have discounied upon the possession of ahem, with the same freedom and boldnsss as they would have done on an equal amount of precious metals. Tine rurtaileni oftheir crcalation therefore. is ly withdrawing of the, amount cnrtailed from the general mass of circulation is removing, rather 10 the amount curtailed the basis Of the general ercUa- ton and although the actual amount of. notes and bills has not beea recently greatly dianished there is reason to suppose that the anount held by the State banks has beea greatly diHinished., lfs astsY g The removal of the dep0sles has operated directly on the amount of the circulating medium at moment when that amount could not bear any considerable dnctop, suddenly made. wilhout producng sensible effect. lt has dminished p,ces, and. in some insan- ces, it has had this effect to very material degree.- 10 has operated the internal exchange, and has manileslly beea attended, with very serous and heavy incOnyeniences in that important branch Ol lhe na- tionai interest," More than al i hs acted on oiiin- ion; has disturbed the general confidence, it has weakened the public faith in the sounJness of the rency, and it has alarmed for the security of pro- Perty. Az yet, we hardly know it effects the credit 0fthe country in Europe. Perhaps 1t is not easy to anticipate those etfects but if causes which operate here should be found have been efficient there also still greaier degree 0fpressnre and distress than has yet been felt may be expected. I mova of the dei,Dsiies, on the whole, as a measure highly Sexpediea, and altogether uajasliiable The public mcneys we've safe in ll,e bank. Tbis Is adm
 ted. All the duties 0i the hank connected wih these public uoneys were failhfnlly dischargsd This too is admitted. The subject had been reGenily before the Hoase of Repressntaiives,, and that House had made its Opnion against the removal known by very close as baud; wheR ths whols mhtsers ~osd aaaia come before is. Under these circumslaHces, aake ete remosat with the certainty of creating mach aArs and 0f producing much positive evil and su terng, sach eransement of the cusrency, such prss sure and distress in all the bFaaches of the business of EriSate life, is act which the commtee ihAk the Seaaie is caled on to disapprove. as The reRsons ceediags of the Secretary relating to the public sepo- sites and make it 1Anecessary lO consider whether sbege De aAy difieFsnce between hs power over mo- neys alreay in lhe bank, and his power to suspend tature deposites. The committee forear, aiso to canaier the Eroprieay. the meaaare Ndopled hy the Secretary, tor Inc safe keeping cf the pnbc moneys s'nce their withdrawal iron, the bank. They forbear.