Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-22
S2,675,031 SO
Collections in 8 cities

] 1t will be perceived, that it was solely
Through the increase Of the public dcpo-.
sites, that the bank raised balances against
the state banks in New York, and was
placed in a situation 10 take from them,
ats pleasure, large sums in specie. And
when il is considered, that those curtail
ments and collections of the Bank of the
United States necessarily compelled the
State banks to curtail also. we shall be at
no loss to perceive the cause of The pres
sure which existed in the commercial cit
les about the end of the month of Septem-
Der. twas impossible that the CONNER
cial community could have sustained itself
much lotger under such policy. In the
two succeeding months, the collections Of
The bank would probably have exceeded
five millions more, and the State banks
would have been obliged to curtail IN an
equal sun. The reduction of bank ac.
commoditlons, to the amount Of nineteen
millions IF dollars, in four months, must
have aImst put an end trade; and before
she first If October, this pressure in the
principal commercial cities had become
so INTENSE, that it could not have been en-
dured mush longer without The most serious
em5arrassnents. 1t was then daily increa-
sing, and from the best information that
have been able to obtain, ! am pursuaded
that if the public moneys received for reve-
nue. had continued to be deposited in the
Bank of he United States for two months
longer, AM il had adhered to the oppressive
system of policy which ii pursued during the
two preceding months, wide spread scene
of bankruptcy and ruin must have followed.
There was no alternative, therefore, for the
Treasury department, but TO acl at once, OF
abandon the object altogether Duties OF the
highest character, would not permit the lat
ter course, and did not hesitate promptly to
resor, TO the former.
I have stated the condition Of the mer-
caniie classes at the time Of the removal,
to explain why it was impossible to post
pone il even for Il short period Under
other cireums tances, should have been
disposed to direct the removal to take ef.
lee, at Il distant day, so as to give Congress
an oonnrtI uity prescribing, in the mean
lime. The places Of deposite, and of regu.
iat,nn re securities proper to be taken.-
tits iroe. rSat the mower given to the Sec.
ret,rv of the rr'reasu'v to remove the de-
,.oaites from the b.. nix OF the United States,
10 ,essariIy carries VIII it the right to Sc
'ss =, = places where they, shaH afterwards
y, 70. naae The power Of re. -aos.~l cannot
10 axarc;se.I. without placing hem else
who're. and tie right to select is Thee
nee contained in .'le right to remove. III
y = also trne. that in ny Judgment, as has
,een already stated, NE public interest
would have been advanced if the change
had taken place at an earl.sr period
Vet asa few months would in ordinary
lines have made no very serious differ,
snce. and the removal had already been
delayed until the meeting of Congrass t
was approaching, ! should have preferred i
executing the measure in manner that b
would have enabled the legislature to act llp
IN the subject, in advance of the actual Il
cmoval, lift had deemed it proper to do II