Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-27
MARYLAND BANKS.

In the Senate on Tuesday, Mr.. CLAY rose
and said that he had heard, and he presumed
that every member of the Senate mao also
heard. that, yesterday, a Bank chartered by the
State of Maryland, and situated in Baltimore,
had stopped payment. The evidence OF the
fact was to be found in the public prints OF this
morning He had further heard, as he also pre-
sumed most of the Senate had heard, that, In
consequence of a connection, supposed or &C
tual between the Bank of Maryland, which had
thus exploded, and the Union Bank OF Mary
land, one Of the Banks selected by the Treasu-
ry Department as depository OF the pubic re-
venue, there was yesterday, an immense run on
the latter Bank The Information which reach
ed him was, that the streets OF Baltimore, IN the
vicinity of the Bank, were yesterday croWoeo
by People pressing to obtain metallic currency
for the paper in their hands The connection
between the two Banks was so intimate, tnat
great danger was apprehended as to the staDlii-
ty of the Union Bank.
In this Union Bank it appeared, from the re-
turns made by the Treasury Department that
the Secretary of the Treasury was hlmse1
stock holder To what extent the secretary
was stockholder did not appear but MS name
was to be found on the list OF the stockhodeIs oI
the Union Bank, one of the Banks selected Dy
him for the reception and charge OF the puphc
deposites. He had heard that the Secretary
was a stakeholder to considerable extent, lie
had heard that the stock held by the Secretary
in that Bank constituted considerable part OF
his property, and that he had been for some time
a Director in that Bank, pevlous to his femoVal
to this city.
He hoped that it would turn out that the
Union Bank was in safe condition; ana thal
there were no just grounds for the apprehension
which seemed to exist as to its safety. lie mop
ed it would turn out that the Secretary OF the
Treasury was not stockhoder in this Bank TO
any extent which could authorize an impression
that he had suffered his own Interests TO enter
into the considerations which had led him to sc
ect this Bank as one Of the repositories OF the
public money. =,
He had also heard this morning, but he would
not undertake to vouch for the truth OF the ru-
NOR. that in consequence Of the conneXon be-
tween the Union Bank and the Bank OF Mary
lank, Treasury draft, or Treasury drafts, to
the amount of $50 900 dollars, had, in the course
of the last few DAYS. been furnished to the Union
Bank of Maryland, by the Secretary of the
Treasury. He did not know how far this ru-
NOR was founded in act, but he did know
that it was the official duty of the Senate to in
oure into the fact, whether there was any" dan
ger to the public interests which was likely TO
result from the circumstance OF the public mo-
ney being in that institution.
After these remarks he would submit the fol-
lowing resolution, and would ask that it might
be considered at this time, in order that an early
reply might De received lIOul Lle NeCICtd y
Resolved, That the Secretary OF the Treasury
be directed to report to the Senate what amount
of public money is now on deposite in the Union
Bank of Maryland, and on what account 1t was
deposited; and whether any Treasury drafts,
contingent or other have been, during the month
ofMarch, 1884 furnished to the said Bank to ena-
bic it to meet any demands which might be
made upon it.
The motion to consider the resolution requir-
inc the unanimous consent Of the Senate
Mr. FORSYTH rose and said thatif the gen
teman from Kentucky had introduced the resO-
luton without any remarks, he would not have
nterposed any objection to its adoption. But
after what had been said, he thought it was due
to the Secretary of the Treasury that he should
have an opportunity of seeing the resolution
The fact ofthe Secretary of the Treasury being
a stakeholder in the Union Bank Of Maryland,
was on record but the extent TO which he was
interested was not known. He did not imagine,
however, that it would be found, on eXamlna-
ton that the Secretary held sufficient stock to
render it an object with him to select this Bank
for the custody of any part OF the public money.
He objected TO the consideration OF the resolu'
ton at this time.
Mr. CLAY said he would make one single re,
mark AS he had already stated, he did not
know the amount Of stock held by the Secreta-
ny in the Union Bank. He had heard that it
was a considerable sum, and this he had heard
when he was in Baltimore The fnct, however,
was apparent that he had stock in the institu-
ton, and therefore the inquiry was proper one.
The resolution was then laid over.