The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1835-08-19
NEWPORT PANK.

modest assurance, we think, 10 deny, VIA, isc
been asserted, about the removal Of the Revenue
Deposites, having been made in consequence Of no.
tice given to the Department that the Newport Bank
would no longer be the Depository Bank and with
equal modes,y vouches the Cashier of that Bank as
authority for such denial Now Sir, will you be 60
kind as to re-publish the following from the Globe
Of August llth, lS35,-(published at Washington
one day before your paper, that contained the ar-
Gle published in Newport) containing the Resolu-
tions of the Bank, communicated to the Treasury
Department, by its President, received on the 9th
July and extract Of the letter in reply, OF the
same date, to the Bank, requesting them to discon-
tinue the further receipt of any such deposites on
account of the Government.-You will also bear in
mind that Gentlemen in this town have seen tpo
other letters the subject, of the same date,
and as far as circumstances justified, couehed in
the terms, that written to the Newport Bank
and you will also be pleased to remark, that to give
point and effect to the Article in the NewYork pa
per (he Courier q Enquirer, 1.-THE capital stock Of
the Exchange Bank is incorrectly stated at 81 81 900;
instead of 5O,O0O-with power to increase it at the
pleasure of the Bank to $500, ,OOO.-Quare, wha,
will dame Grundy say next A FREEMAN.
From the Globe.
THE NEWPORT BANK.
From New York paper we take the following
NEWPORT, Aug. g.
ProscriptiOn,-The public depostes of the Unit
ed States have been removed from the Newport
Bank, to the Newport Exchange Bank in this town,
Bank recently established, with capital of fifteen
thousand dollars. The deposites of the War De-
partment removed by order of the President,
tha tLa Roya
Department, on the 3Ist ult. The President ofthis
new pet Bank had the honor of being of the
Delegates to the Baltimore Van Buren Convention.
This gentleman has stated that his Bank is indebted
to the special nterpositon of Dutee J. Pearee for
the peculiar favor thus conferred upon 1t.
! The Newport Bank has uniformly been the place
of deposte of the National Government, under all
administrations, for 33 years past. During the late
war this ancient and highly respectable Institution
loaned large amount of its capital to aid cOun-
trys cause, and through its agency large subscrp-
tons were obtained to support in this trying crsis.
From this brief statement of facts, twill fully appear,
that the Treasury of the United States is made the
sport of reckless political managers, to perpetuate
themselves in power. For what other purpose than
to influence an important election, did President
Jackson, and his obsequious lackey, the Secretary
order the removal of these depostes ut this time
Every freeman not under the influence of "the
spos of victory" should seriously consider the OBJ
jcct and tendency of such measures.-Herald.
We have made inquiry in relation to the above,
-c+s"'y department selected State Banks to re.
ceive the public revenue, in place of tile Bank of
The United States and Branches it found the New
f port Bank employed at that place. That Bank
was continued until the month of March last, upon
the same principle as it had acted prior wien
upon signing similar agreement with the Treasury
t as all the other selected Banks had done il W.
placed upon the list of selected d. posite Bank, bv
the Secretary.
The dePostes of the disbursing agent of the War
department were deposited in another Bank at
Newport, some time thereafter; the circumstances
VI ',G newport Bank being the selected Bank Of
the treasury Department. not being considered a,
giving 1t any superior claim; as the Act of Con-
grcss OF lS09 In relation to all dsbursng agents of
jpubic money, military" as well as others nro.
vdes that they shall, whenever practicable keen
the public moneys in their hands in some incorpo-
" rated Bank, to be designated for the purpose by
g the President of the United States"
The account of the Treasurer of the Z. States
was continued with the Newport Bank until the 9th
Iult; on which day, the Secretary of the Treasury
received communication from the President of that
Bank, enclosing resolutions of the Board of Drec-
tors, the first of which commences thus:
Resolred, That this Bank cannot comply wuA
" the agreement made nth the Gopernment on the
|" 2Sth March last" &c. &c.
upon the receipt OF this letter the Secretary Of
Treasury wrote in reply, that as the Bank has
thought proper to rescind the agreement entered
" into with the Department, have to request that
the receipt of future deposites bv the Bank to the
credit of the Treasurer Of the United States, may
|" be discontinued"
This is the true history Of transaction, which is
rung forth and headed in garng letters, &" PRO-
SCRIPTION!" !" For this, is the Secretary Of the
Treasury styled the Il" obsequous lackey" of the
President
Why this charge of prescription upon the Gov.
ernment, when the Bank prescribed itself, by an.
nung the contract with the Treasury Department.
which it had made but few months before, {, Fo,