Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-22

e remain in the hands of individuals reno
t from the branches at (which they are pa
/, able, their immediate depreciation wi
[ subject the holders to certain loss. Thos
payable in the principal Commercial c
e ties, would perhaps retain nearly ,hei
nominal value; but this would not be tn
r case with the noies OF the interior branch
{ es, remote from he great marts of trade
[ and the statements Of The Bank will shov
! that great part Gifts circulation is com
: posed of notes OF tits description. TIL,
: Bank would seem t5 have taken pains I,
Introduce into common use such descr in
, lion of paper, as it,could deproeiata q,
raise TO its par value, as best suited it.
own views; and it is of the first impor
lance to the interests OF the public, tina,
these notes should all be taken out of cir.
culation before they depreciate in the
hands of the individuals who hold them
and they ought to be Withdrawn, and theil
places supplied, as they retire, by the
currency which will become the substi
tute for them. How long will it require
for the ordinary operations of commerce
and the reduction of discounts by the
Bank, to withdraw the circulation before.
mentioned, without giving shock to the
tnrreLcy, or producing distressing pres
sure upon the community? am convin,
ced that the time which remained for the
charter TO run after the LIST of October.
| Che day OIL which the first order for re.
moval took effect,) was not more than was
proper 10 accomplish the object, with
safety to the community. And if it had
depended upon my judgment, at an car.
her period, should have preferred, and
should have taken, longer time. E.
nough, however, is yet lett, provided 10
measures are adopted by the Bank for
the purpose of inhicting unnecessary SUI
lerl"g upon the country. Apart, there
fore, from any considerations arising out
OF the conduct of the Bank, and looking
merely TO the near approach Of the day
when it would cease to exist, the with
drawal OF the deposites appeared to be
required by the public interest at the time
when the first order for removal was given
by this department.
This opinion is confirmed by the ground
taken in favor of the renewal Of the char
ter at December session, 1881. 1t was
then urged that the short period which
yet renamed Of its corporate existence,
and The necessity preparing TO wind up
It's concerns, if the charter was not to be
renewed, made itproper that the question
should al once be decided. Very little
more than half Of that time yet remains.
And although do not concur in the
opinions then expressed, ard believe that
the application was i'll timed, and prema
ture, yet the arguments then relied Oh by
many whose judgment is entitled to res
pect, afford strong grounds for concluding
that the measure now adopted is not OBJ
jectionable on the score OF time, and that
ii the deposites were not to continue in
the Bank until the termination of its
charter, their withdrawal could not with
Propriety be longer delayed.
There is howe an other view Of this
subject, which in my opinion made it i'm
possible further to postpone the removal.
About the first of December, 832, it had
been ascertained that the present Chief
Magistrate was reelected, and that his
decision against the Bank had thus been
sanctioned by the people. At that time
the discounts Of the Bank amounted TO
Sc ,57l,625 &C. Although the issue,
which the Bank took SO much pains to
frame, had now been tried, and the de-
cision pronounced against il, yet no steps
were taken TO prepare FORTS approaching
end. On the contrary, it proceeded to
enlarge lis discounts, and OH the Cd Of
August 1888, they amounted to S64, l6O,-
"a? IA, being an increase Of more than
two and half millions in the months
immediately following the decision "a
gainst them. And SO far from preparing
to arrange its affairs, with view to wind
up its business, it seemed from this course
of conduct, to be the design of the Bank
TO put itself in such an attitude, that at
the close of its charter, the country would
be compelled to submit to its renewal, OF
to bear all the consequences ola curren.
cy suddenly deranged, and also a severe
pressure for the immense outstanding
claims which would then be due to the
corporation. While the Bank was thu,
proceeding to enlarge its discounts, an a
gent was appointed by the Secretary o
the Treasury to inquire upon what term
the state banks would undertake IL