Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-22

e season; and 1T was proper that time should
: be allowed them to make ARRANGEMENTS
u with one ather throughout the country. in
order that they might perform their du-
: ties in concert and in a mannertba would
be convenient and acceptable to the pub
lie. 1t was essential that change so inn
= portant IN its character, and so extensive
!; in its operation upon the financial CON
Germs OF the country, should not be intro
duced without timely prepara!ion.-
There was nothing in this proceeding,
norm the condition oftbe bank that should
at that time have produced sudden and
entir" eL-"sn Nf lite policy For, in adj
dition to the ordinary receipts from bonds
given on account of previous importations,
the season was at hand when the cash
duties on woolleDs might well be expec-
ted to be very productive; and from these
two sources the receipts from the Gus
toms were in fact unusually large, and
the amount of the public deposites in the
Bank, therefore, al this time, to afford ia
cilities 10 commerce, was not only equal,
but greatly superior to what it had been
for some time before; and the nature Of
the inquiry made of the State Banks, con-
fined as it was to the four principal ,om-
mercial cities, showed that the immediate
withdrawal Of the entire deposites from
the Bank, so as to distress it, was not con-
templated. And if any apprchensions to
the contrary were felt by the Bank, an in
CURRY at tins department would no doubt
have been promptly aud satisfactorily an
swered. And certainly it was the duty
of the Bank, before it adopted course
Oppressive to the whole country, to be
sure OF the ground on which it acted. 1t
can never be justified for inf1ic,inga pub
lie injury, by alleging mistaken opinions
OF its own. when the means of obtaining
information absolutely certain, were so
obviously within its reach. The change
was always designed to be gradual; and
the conduct of the Bank itself has since
compelled me TO remove portion of the
|dePosites earlier than was originally in.
tended. There was nothing, therefore,
in the inquiry before mentioned, nor in
the views of the Executive Department,
nor in the condition of the Bank, which
justified a sudden and oppre.sivr change
in its policy.
The situation Of the mercantile classes,
also rendered the usual aids Of the Bank
more than ever necessary to sustain them
in their business. Their bonds for pre-.
vous importations were, as before stated,
constantly becoming due, ana heavy cash
duties were almost daily to be paid. The
demands Of the public upon those enga-
ged in commerce, were consequently un.
usually large, and they had IA Just claim to
the most liberal indulgence from the fs-
cal agent of the government, which had
for SO many years been reaping harvesis
lot profits from the deposites of the pub
lie money. But the Bank about this time
changed its course.
BY the monthly statement of the Bank
dated Cd August, 1888, 1t Eears that
its loans and domestic bills of exchange,
purchased and on hand amounted 10
S64, l6e,349 IA
By the monthly statement
of the Cd Sept. 1888,
they appear to have
been 62,t53,359 so
Reduction in two months 4D66, LAG 81
BY the same papers it APP
pears that thepublic de-
posites, including those
for the redemption of
the public debt, the
Treasurer's, and those
of the public officers
were,
In August S7,599,93l Al
In September e,lS2,l73 ls
In October 9,S68,435 So
Increase of the ppblic de.