Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-08

was ~. ~ a,o that he had read the pas
60 aes from their report and spread theii na .I
Ia7ore the Senate He would leave that &c, .asn
to all that portion Of the American p eG;ptt -
whom the moral sense was nut 20 s..o>aYalted
Tar different and immeasurably more eXai!eu
To-, a. h;s object II was to invoke the attenuon
Of ali the friends of free government III ne
would not limit himself to the friends anu st tt
norters Of President JacksOn,-lt was 10 Can 'no
attention of all good men, OF Whatever pay 49, ~,
country to the abuse which was laVlsheu upo of
the President of Republic, by the uli 49,
.lie ,oonaved institution under the assumed
nretext of defending itself against his assaullS'
but in truth and in fact, because ne was oPpo o+
Cd 70 the renewal Of their charter! having go
the attention of the people hxed upon thlo 8 20
fact, he would rely upon their lntelllgence, W
say if that not ELECTROMAGNETIC anu :pti
their patriotism to say whether monled liisti-
tuition which THUS electioneers, is not lncompa-
tible with the existence Of a free and popular
Government, and ought not to be put oowh.
NJ r had now examined the Banks plea
under the three-fOld aspect-lts right ITO u',i,
its manner. He had showed that II had ho llsl,
to make it; that its pretext was untlue, a, nd
that its manner of making it was revolving anu
atrocious. He had few other remarks OF
detached character to apply to this head OF the
argument. after which he would dismiss II
The first was the expense OF the pruning az
count which, for want of particulars, ne "ouio
only Judge comparatively, that is to say, by con
trasting the period of the Banks elecuoneelins
with the period in which she was attending 10
her own business This contrast would present
the following result that in five years OF eec-
pioneering, namely, from 1929 TO 1850, ilClu-
sive, the printing account was ABOUT poo,ooo
while. for the whole twelve preceding years VI
the Banks existence, it was only about $l2,uoo
being at the rate of $4,000 year while e t1
toneering, and s 900 year when not HIS
statement would speak for itself, and show that
money was applied, and largely applied, to the
press, to secure its aid in defending the Bank
against the assault Of President Jackson, that IS
to say, in opposing his reelection. The papers
published also speak for themselves, ana sho"
that they were for electioneering purposes. Inc
Senator from Kentucky (Mr CLAY had contin-
ed his justification of the Bank to the repubhca-
ton of Mr.. Gallatn's Essay on Currency, and
the Reports of lessrs Smith and McDutflc; but
the LIST of papers published will show that these
items made but a small part OF the pruning
done There were, for example, about 'o,ooo
copies of paper entitled address TO Stdte Le-
gisIatures, which were dispersed through all the
States on the eve of the Senatorial elections;
and not only sent to the members OF the Gene
raj Assemblies but into all the counties, and up
the creeks and into the gOrgeS OF the noun
tains, to citizens apparently obscure, VINO were
astonished at the honor done them by the Bank
of the United States, and sadly at loss to know
marble palace of that institution, came to ind
out their humble names and slr-names, and the
name OF the creek, cove, and parish, IN which
their humble dwelling was situated. asst num-
bers Of these addresses were sent TO the State OF
Missouri for the benefit of himself, (Mr b.
whose election was then coming on; but they
happened to work the contrary way from what
they were intended, among the men OF the rifle
in that young and noble hearted State The OBJ
trusion of the Bank addresses was received as
an insult Instead of defeating, it hastened his
election The Legislature of Missouri rebuked
the insolence which would dictate to them, by in
stantly electing the man they were intended to
defeat. But in some States 1T might have been
otherwise. One third Of the Senate was renew
able that year; out OF SO many, and IN States
where the balance being nearly even, the Bank
address may have turned the scale. Mr.. b. said
that the names of the persons to whom money
was paid for printing, would also speak Tor
themselves, and show that some received mo-
ney who were neither printers, editors, nor pub
fishers, but who were treasurers, as he was IN
formed, of Election Committees opposed to Pre-
sident Jackson. Ofthis description he was told
was Mr.. E. Olmstead, of Philadelphia, who re-
ceived 81 81 and cents and MIR. Riddle, OF
the same place. who received s., 5S3 and 80 cts.
But Mr. B. would not pursue these items: though
large in themselves, they were small compared
TO the immense sums lavshed by the Bank, and
ed. He had general and comprehensive
view to take of this point; it was statement Of
the gross profits received by the Bank, and the
nett amount actually divided by the stockhold-
ers. He had the hal-yearly statements of the
dividends, which would show these amounts
from July 1929, to July, 1881, after which slight
operation in arithmetic would show the amount
that remained undivided, and Of course went to
the expenses of the institution and to such other
objects as the Directors would direct Mr.. b.
exhibited the statement.
Gross Profits Dividends
July, 1929, $1,692, SIS $1,225,000
January, 1880, l,693,975 do
July, 1880, l,743,43O 90
January, 1881, 1,7179o5 40
July, 1881, 1,943533 40
Mr. B. remarked upon this statement, that
while the gross profits rapidly increased, and
advanced near 100000 in the half year, or
100000 in the whole year, the dividend re-
manned exactly the same before and after the
increase. The dividend was still 81 ,225, 900 for
the half year when the half yearly gross profits
had risen from $1,6s2,00o to $1,943,000. The
dividend was still at the rate of only per cent.
when the gross profits were about II percent
The sum undivided in the whole wear 1929 was