Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-05-02
CONGRESSIONAL.

of certain Banks ta me DtSHtes " o os""
Mr.. HARDIN addressed the House as follows
Mr. Speaker: | would not trouble the ROUSE
with any remarks upon the resolution under
consideration although that part OF the resolu-
tion which proposes to inquire into the situation
of the Metropolis Bank, and which has given rise
tn the debate, had been offered by myself and
accepted by the mover, MR. JARyIs,) were It not
for the personal and pointed observations al
rected towards and levelled at my honorable
colleague. (Mr. ALLAN who stated that the Me
tropolis Bank, which is one of the pets, had not
dsnosable funds immediately under It's control
and at its command, to meet its paper in clrcu-
lation, and the Government and individual de-
posites NV colleague made this assertion up
on his own responsibility, and ayerred he could
prove it, if the House would give him an impair
tial Committee--an unpacked jury.
The gentleman from New York, Mr. Boards
lev in his reply seemed to question the truth
of the statement, and his remarks were, as
thought, somewhat personal. My colleague mas
not had an opportunity to get the moor since;
and, as have it now, think it incumbent on
me to stand by my friend, and make good the
charge. which, flatter myself shall do, not on
lv To the satisfaction of the House, but TO the Sa
tisfaction of the gentleman from New I ofk; Tor
| am not unwilling to take any man Tor Juror
whom New York is willing to make Judge OF
The gentleman says we have no right TO IN
uuire into the situation of the Metropolis Bank.
TO that answer, Congress incorporated the
Bank which is nothing but contract between
Congress and the corporators; and, as party
to the contract, Congress has right to inquire
into the actings and doings of the other party.
in relation to, and in fulhlment OF the agree
ment.
One other reason, which, to my mind, is I'M
answerabe is that the Bank has agreed with
the Secretary of the Treasury TO take the pub
lie money on deposite. Does not that confer
the right upon the Government, while the mo-
rhoth &c % or
Besides in the language of the gentleman from
Indiana, (Mr. LANE) no Bank ought to be per
mtted to keep the public money one day, II 1t
should refuse and deny to Congress the right
and privilege of making such examination; 1t
would manifest too strongly the CONSCIOUSNESS
i'm the Directors of its want Of soldity, nay, It's
insolvency. Congress to permit the public mo-
ney to remain any longer, after such refusal,
would betray its trust The gentleman says
that after a Bank in the District breaks, we
have then the right to inquire into the reasons
offs failure. had much Father prevent mis-
fortune from happening, than to ENJOY the me-
lancholy privilege of weeping over it after it has
occurred.
Before Mr. Speaker call the attention of the
House to the Bank under consideration, beg
their indulgence while state and exhibit the 81
tuation of all the pet Banks; those favored Banks
which have been made the repositories OF the
public money-that this House and the nation
may see and Judge whether the public money is
safe or not in the places where it is now depo-
sited The statement shews the situation of the
Banks about the 1st of February last. This la
bic, which have made out believe shews cor
rectly the specie on hand in each Bank, the pa
per of each Bank in circulation, and the amount
of public deposites. The statement is as fol-
lows:
There MIR. Hardin exhibited statement of
the Public Deposites, Specie, Bills in circulation
&c. of the new Government Banks.
f1ol0~
MICS Bank, New York; Manhattan Company,
New York; Girard Bank, Philadelphia; Union
Bank, at Baltimore and the Metropolis Bank,
at Washington, have public deposites to the
amount OF S7,473,33o 50
Specie in vaults 1884, All %
Circulation 2,OS1, 056 10
Recapituation of the above banks, $6,1SS, S5S
65 more deposites than specie; 50, 392,279 Is
more deposites than circulation of their olrn pa
per; and only $796,579 so greater circulation
than specie.
REHABILITATION q
These several banks have 49, 1O9,2l6 35, more
of public deposites than specie. They also have
81 ,2S2, $50 4S Of public deposites more than the
circulation of their otcn notes.
They also have S6,S26,6S 81, greater paper
circulation than specie on hand.
This statement does not include the individu
al deposites, which generally are large owing
to the fact, am told, of the Banks paying in
tereSt on the individual depoSltes. Those de-
posites, and the other debts and liabilities of the
Banks are equal to their other disposable funds,
and the difference between the specie on hand
In. each Bank, and the public deposites and pa
per in circulation, can only be met by calling
in the notes under discount which cannot be
effected within the time, the Government will
want the money. This will be the necessary
consequence when the Banks are solvent but /
am fearful number of them will prove inso-
vent when the demand for the money of the
Government shall be made. That demand must
be made this year, to meet the current expenses
of the year. 1t will be recollected, all CONNER
cial generations are paralyzed, and that, in all
probability, the Importation of goods subject to
duty, will fall short thirty or forty millions this
present year. If that event shall happen as a
part of the fruits and blessings of this glorious
experiment, the President has been making for
the last six months, then the public deposites
will all have to be called in from those pet
Banks to meet the current expenses of the year;
but am afraid the call will be met by the Banks,
as the shirts met the call To come from the vas