Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-22

tie MT. ID. WOulu not 90 lnto tIC mdt'oi, o"',
when he saw that the committee had struck ano-
Their blow at the pnrest man in America, he
felt bound to vindicate his character. when
the committee had brought out a decision a gainst
him on the general ground that he had alleged
that the Bank had violated its charter by Great
ing an exchange committee, he (Mr. b. would
tell them they ought to have made closer ex-
animation. Thus they had made false issue.
The charge wasAnot made against the Bank for
creating an exchange committee. without
which, he presumed no Bank in the world exists, }
but the charge was of an entirely different cha
racter; the issue ought to be correctly stated,
and met in the presence of the Senate and the
country.
He (Mr. b. had one single fact to present.
When the American people came to read that
elaborate report in defence of the Bank and in
culpation of the administration, he should then
owe il to them to show the truth as il appeared
on tie face Of the monthly returns Of the Bank
itself; which. when it should be confronted with
the statement made by the committee, would eX-
cite astonshment, not only throughout our con-
tinenf, but Europe also The conduct of this
Bank doubtless, had accustomed the pressure OF
the last year. Now, the statement of the Bank
showed to what extent they were liable to this
charge. He had taken from the monthly state
mentS of the Bank the following facts.
Here the honorable Senator read the state.
ments Of the various sums which had been trans
ferred by the Bank to their agents in London,
the gross amount of which was So, 4l5,3l3. All
of which, he averred, had been squeezed and
pressed out of a few Branches at the South and
West to be forwarded to their agents, in whose
hands it was to remain until the Bank gave fur
tber orders. By the last report it appeared
there was the sum of two millions remaining in
the hands of Earrings in London. Now, gen.
tlemen could not have looked-into the monthly
returns, or they would have seen that fact, not,
however, in the language which he had used,
but they could have detected it in the papers to
| which he had just referred. He would assert
that when the people should be IN possession OF
the facts which he had mentioned, it was impos-
sbe that the Committee could stand justified in
their statement that the pressure was notbrousht
about by the Bank.
Another fact was also shown by the monthly
returns, viz: that, during the panic of last win
ter there were two transfers OF specie from the
Branch Bank Of New Orleans, one Of about
| $500 900, the other OF 100000, making, toge-
lhcr a million and quarter. which was press
ed out Of the merchants OF that city, and which
accustomed a depression in the price Of flour,
and other articles, to about one-half and all
this was done under the pretence of supplying
the vacuum created by the removal of the de-
postes. No doubt that million and quarter
! which were carried away from New Orleans
was invested in bills Of exchange, to be trans
ferred to the Earrings. Would to God that he
had the-power to examine the report before the
American people, and to call witnesses, as he
could do, to dsprove at least forty Of the state
ments made in it, After this, he would ask,
must not the Committee feel the necessity Of al
tering the -reportl
Mr.. b. in conclusion, again repeated what he
could do if he possessed the power of examining
witnesses, and then resumed his seat.
Mr.. Tyler said that nothing would please him
more than to have the report of the committee
which had been so fufiously aSsailed by the Sc
nator from Missouri referred TO another com
mittee for their most rigid eXaminaton--and he
would like the honorable Senator (Mr. Benton)
to be one of the committee-IM Mr.. Benton rose,
and extending his hand to MIR. Tyler, and APP
preaching him at the same time, said, Z" Give
me your hand on that--I should like it too" and
took his seat by Mr.. L.
Mr.. Tyler proceeded. Let the honorable Sc
nator summon his Witnesses and take deposit
tons without number-et him then return with
his budget to this House, and lay them, with or
Without an air of triumph, on the table. But he
would find himself mistaken. All his witnesses
combined would not be able to overthrow the
testimony upon which the report OF the Com
mittee is based. There is not a single declara-
ton in the report which is not founded upon tes-
timony which cannot lie written documentary
evidence which no party testimony can over
come. In times like these the gentleman might
be able to procure witnesses without number,
but here (sad Mr.. Tyler, laying his hands on
the documents and papers referred to in the re-
port) is proof too strong for the most furious
partisan to assail with success. Upon it, he for
one, would rest.
The honorable Senator had denominated the
report "an elaborate defence Of the Bank
He had said that it justified the Bank in its
course of curtailment during the last winter, and
the early part of the summer Sir, if the no.
norable Senator had paid more attertion to the
reading, or had waited to have it in print, he
would not have hazarded such declaration.
He would have perceived that that whole ques-
ton was submitted to the decision of the Senate
The committee had presented both sides Of the
questionable view most favorable, and that
most unfavorable, to the institution. II exhibit
ed the measures of the Executive, and those of
the Bank consequent upon them on the one side,
and the available resources of the Bank on the
other. The fact that its circulation Of nineteen
millions Of dollars was protected by specie to
the amount of Sl0,000,000, and claims on the
State Banks exceeding $2,000.000, which were
equal to spece-that its purchase of domestic
exchange had so declined from May to October,
as to place at its disposal more than $4,000 900;
something more than doubt is expressed whe-
Their, under ordinary circumstances, the Bank