Litchfield enquirer., 1834-03-20

$p SS counted at our banks. By thus anticipating the avails, they are enabled 4iO 1t out their vessels on siheF voyages. Our maupGactair-
 CTS ship their goods tO Southern ports, and draw On their agents for the probable amount.
 payable at future day. These drafts are discounted at our bMnkss By these means, they aFs enabled tO supply their Inanufac,os ries with stock, and to pay their wOrkmen.
 When the notes and dtaits cune to ,naturi- ty, they are paid sin full. This course .,f b0- siOess Is mutually beneficial tO the banks and to their customers. In the present derange-
 meut of business, the merchants in New. York dare not purchase And give their notes payable at future day, fraflAg they may
 not be able to honor them when due. And, if sales could he effected, coR6deRce is so
 much impaired, that our merchants w0uld not dare to sell on credit. And further, if their Detes were given and received, our
 Danks could not, in the present state of things, discount them. Nor can they discount the drafts of our acknowledgements The whole eOnrse ofiour hllsinass is thus jpterfaptyd, and business itselfs n . great taseas1se sdessrhTed. 1t is impossible to see such condition Of things without being convinced that distress prevails to very great extent, among our citizens tn Connecticut. <. # e4 Aga;n !: the. direct testimony on this sub. ject of the uniyefsal prevalence oE distress, coming bg way of petitions, under tue. weight of which your table grOans, must De .suffi- eieht to satisfy every body that great and sn- paralleled distrcss prevails throughout the country.
 That the distress thus described has been caused by the removal of the deposites. no one can well doubt. At the time this order for the removal of the deposites was given. the country was in an unequalled condition of prosperity. Every branch of business AoOrished in a manner beyond any former example. Immediately after the order of removal was given, coafdence was shaken {; alarm was excited, and the business of the country was entirely paralyzed. To what cause are we to attribute this sudden change Gentlemen seem to suppose that it is impos- sible such disastrous events could result from the mere removal of the money from 6pe side of Chesnut Street to the other. He would remind these gentlemen that few sparks of fire, applied to mass of combus- tible matter, would soon mount into blaze, and, extending with the rspidity of light ming. would wrap whole city in flames, thus illustrating the passage, Behold how great a mattera a little fire kindleth." No Oth- CT cause exists; and this is quite sufficient to produce the efect. The call was sudden, and well calculated to force in upon the Bank the vast amount of its indebtedness, in bills and depUsites, amounting to not less than six. ty millions of dollars. The Bank would be unable to meet this vast amount upon n call sss sudden. The Government assumed a hos- file attitude towards the Bank, manifesting tOtal want of confidence in that institution. The People took alarm. The State Bapks, and all others, put themselves in an attitude of defence tO resist the storm. Individuals also tOOk the alarm, and carried in their bills tO the State Banks for redemption. Who can reflect upon this state of things without astonshment, that an act so calculated to de- strOy the Bank, with its immense indebtcd- ness. did not accomplish the object? l can tell you the reason why it failed: The Bank had been, before that time, assailed from the same qnarter. Its affairs, in consequence of these attacks, had been fully investigated by Congress and the Bank had been guilty of the enormous offence of causing reports and speeches, made by distinguished members of Congress. to be printed and ddistriBUtedNmong the People. From these circumstances, the great hOdy of the People had been enabled to examine the concerns of the Institution, and had become satisfied that it was founded on rock, and could not be shaken. ln my Judgment. it was, in great measnre. owing to these circumstances, that the premedita- ted effort. to destroy this Bank, fsiled. Wilb- out looking at all into the question, whether these publications did treat the President kindly or not; whether the Bank can or can. not find justification for alI parts of these productions; may be permitted to remark, that, in the minds of all candid men, the Bank will find an apology for a course, with nut which, it's Ow n ruin must have been inev. table. To my mind, it is evident that, if there had been no former attack on the Bank, and the Bank had not been thus put to the necessity of declaring its true condition, such an attack must have destroyed it. Many of the most intelligent men cOualdered the act Of removing the drp0sites,as'a violation of the charter of the Bank. and of the faith of the Government. This circu,nstanee gave a tremendous shock tO all confidence, both public and private. Those who wanted monsy could not borrow it, except vt exof- bita0t interest; every article was SdepFeciated in value; there was c general stagnatiOn oE business, and nothing but widespread ruin vas presented io sur view. When the fact was announced, that it was the intention of tine Executive to commit the funds of the Government, aDd the 60ances of the country, to the management of the State Banks, and thae this was determined oO as a permanent measure. the public mind receivedsan addi- iional shock. The People saw that we should z n