Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-04-24
THURSDAY, APRIL "a, 1884.

the country. They had seen the tru
tees OF that bank pay every dollar of i
debts instantly upon demand; and 6na
! ~ they had seen that demand so niue
behind the ability ofthe trustees to NEE
IT. that Its tardy approaches were qucl
ened by repeated public notices to com
Ia ahd relieve the trust, by presentin
the notes Tor payment. And what di
tue congress Of 1915 provide, or mea
to provide, for the occurrence of lb
| same day in the career of the presen
Fl bank? Did they mean to provide fo
an apprehension which they knew to b.
IchImerlcal? Did they mean to Give
occasion for actual apprehension and
Idismay, by authorizing the officer at the
mead Of the treasury to declare that
there was cause for them, and BY hi:
very declaration to create them? Or
Ilhe contrary, they negative all such fears
and suggestions, by adding two years
more 10 the corporate existence of the
bank, for the very purpose of enabling
1t to llquidate its affairs after its bank.
ing powers were at an end.
The minority deem it expedent TO
add summary statement of the cond-
lion of the first bank of the United
Estates on the lst March, 1911, two DAYS
lbefoTe the expiration Of its charter,
and at two semi annual periods after the
expiration, and TO name the tables from
which they are derived, that the benefit
Iof the facts may avail hereafter, if IN.
fortunately they are to be lost to the
country for all purposes of present
good.
On the 1st of January, 1911, the s,,ua-
ton of the Bank was as follows:
Notes discounted and loans S17,759,OOl
Specie 5,317 $50
Public depositcs GAIA 400
Private depositcs 1855, 492
Notes in circulation 6,070, 1888
On the LIST of March, 1911,
the same items stood thus:
Notes discounted and loans IA,567,I34I
Specie 4 ss5,1OoI
Public deposites 1874, $50
trivate dePostes 3,5s3,596I
Notes in circulation 7,552,s
On the LIST of September,
1911, the same items stood
thus
Amount of discounts and
loans 7,I52,78GI
Specie 4,5OO.527
Public dcposites SAP $40
Private deposies 449,l2
Notes in circulation 2.0j3.2OOI
On the lst of March, 1912,
twelve months after the oxpi-
ration OF the charter:
Amount Of discounts and
oans $500 015
Specie 6,I15.776
Public deposiles Sl,5I7I
Private deposites 23.A4e
Notes in circulation l,O1O.459i
1t is unnecessary to suggest the inieren-
ces to which these statements give rise. |
BY adverting to the ratio which the capital
of the first bank, ten millions of dollars
bears to thirty-Gve millions, the capital of
the present bank, and by applying the same
ratio to the Liabilities and resources of the
two banks, it will be easy to perceive
whether the case of the first bank was, or
was not, of character to allay the alleg-
ed apprehensions of the secretary.
7. The remaining suggestion of the Sc
cretary, under the head of time, is the ne
cessity or expedieney of providing the
country with paper currency from the
local banks, as a substitute for that of the
bank of the United States.
The minority have understood the com
mittee to say that they do not claim for the
secretary power to remove the depostes
for the purpose of regulating the currency.
The question is what the secretary has
claimed for himself; and that there may
be no misunderstanding about it, extracts
from his letter are given, that it may be
seen not only that the secretary has claimed
this power, but that the effect upon the cur
rency was the great public and political
purpose of the whole operation. Nothing
can be more distinctly and literally avowed.
at is obvious" the secretary says, 'that
the interests of the country would not be
promoted by permitting the deposites of the
public money to continue in the bank I'M
til its charter expired. Judging from the
past, it is highly probable that they will al
ways amount to several millions of dollars
1t would evidently produce serious ncon
venience, if such large sum were left in
possession of the bank until the last mo-
ment Of its existence, and then be sudden
Ix, u,;thdrowp xyhap tie ,,nrnoneo c,rc,,la