The Arkansas advocate., 1834-01-31

I.44,geen siz ana seven n9illiens of dollars. as! saAs. sir. the faet is, that the BafS, from 4s.a let of !Auenst to the lst oi 0et9ber, reanned ifs discounts only 10 tho extent afz one milton and ten thousand dollars [ ganeet that the discounts of the Bank IT speak teehncaily,) were, between the dates referred 10, reduced oaiy $ ,01e,0o0, and that the wl4oleof the reduction of the Bank loans, if you choose to#afply that term, also, te domestic bills of exchange, was but very littie more than -four lahiioiisz of dollars. Yet, sif, ia tbe face ot tins fact, we are officially informed by the Sec. retary of the Treasury, that tile reduction of discounts by the Bank, Cor, 10 use his own peculiar language, the collections oi the Bank from inc coasaunity,1 from the lst of August to the lst oi October, amount to upwards of sixsaasllisns of dollars! And how. ST, Is fhis made out! ' i5 worth wliile, ia order 10 ilne# how to estimate the weight of these official statements to look q E!;i!.i!e i..ta the mode and manner n winch fhe Treasury Bepaitaeilt oonies to its isz nancial result. We ind, then, ST, that tllese S6,334 ,000.set down asthe amount cf the curtailments of the Bank, are made up of the amount of the reduction Of notes dis Icaiinted and Ehiiis zof eYcfaiaas fss.ifi. ifi
 which the Secretary ct the Treasury atias the increase of the amount of public dcpo- sites in the Bunk of the United States from August to October; and the agefe- gate of these items is set down by the se- efetary of tie Treasury, as the sum winch the Bank has seolectei from the c0mmuni- ty,n h the form of reduction ef ita dis- counts. This statement of the matter, whether considered technically, of by the rules of common. sense, can be regaftied as nothing less than a gross attempt to inl- pose upon the community. What are We b believe Of the truth of public documents, when such statements as this are soiennly put forth from the Treasury of tie bnted states3
 Rr. MD. then went oh to explain the true state of facts in this case. He would admit, he said, fof tie sake ol argu- .ment, though he did not know how the iaet was,) that the public deposites in the Banl. of the United States had increased, wiih- in the dates referred to, to the amount of two millions of dollars. ' hat was, ii effect, the argument of the Socreia- ny of the Treasury on this faet |thy, that the Bank of tle United States was bound in good faith to extend is discounts n proportion b tie increase of deposites. Yes, the Bank, which has been denounced fer having extended is discounts foo far, and having thus inteffefed with the politics of the country, was nov denounced by the sane authority for net having extended lsz discounts as far as Il onght to have dGae u3- on tle credit of the depo4ispa? Gslliti ;fa. thing be more unjust, more eapIieious, more characteristic of the iron reign of dcs- potism, than these contradictory accusa- Htions, all sroandless, and directly reftitiHa oae another! Tho Directors of. the Rank would have des0rvcd fs3 De t,es55f4i7y5-e-zsy they had 5one as the Secretary had ar gued that they should have done; yet here it was. gtavely set down. as a proof that 1 tie Bank of the United States hadproduc- ed the pressure on the commercial conn munity, thai they have eurtailed their ac- accommodations 5o tlhe extent of the amount of the public money received on deposite.
 Mir. MD. then proceeded to answer an- other of tie charges against the Bank, to wit.--that of having made discounts by the agency of an Exchange Committee, con- sisting of less than seven members. lie showed that this arrangement was as old as the administration of Mf. Cheves, and that l it did not at all conflict with the provisions of the charter which requires seven mem bers to constitute quorum of the Board of Directors.
 Mir. MID. here entered into vindica- ton of the conduct of the Bark, in rela- ton to the payment of the three per cent. debt, and the claim of damages upon the return Of the protested billupon the French Government, upon each of which points he made an argument which want of time obliges us reluctantly to emit for this pa- per.
 But now, ST, come to that charge which, l presume, has been the governing consid- efation of the President, in taking this inlz portant step. The Bank, we are told, at tempted to acquire political influence and power. That is the charge. Now for the proof.
 Tine first proof adduced is, that the Di- reetors of the Bank passed a resolution enl- poweing the President of the institution, to expend the money of tie Bank ia the publication of documents of public na- tnre relating to its afiairs. And as this is a very grave ehaige, il the opinion of those who have brought 1t forward, call the at- tention of inc House to the resolution itself viii read 1t.
 " "Resolredg That the President is here- by authorized to cause 10 be prepared and circulated, such documents and papers as may communicate to tho people, inlorna- ton ip regard to the nature and operations Of the Bank"
 Ihis, sir, on the readiilr of f. mollla