Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-04-17

Merchants of New York, addressed letter to Mr. Bid
dc q'estng that the Bank would its loans
hye or ten millions of dollars.
To this letter Mr. Biddle replied. and among other
things, said
"The adjournment of Congress without adopting any
measures, either OF redress the Bank relief the
community places both the Bank and the community in
new relation with each other, and imposes upon the
diminished ability of the Bank extraordinary demand
Tor assistance. The more prudent course of expan-
sion, II IT be necessary would be to increase the loans
cautiously those points which most REQUIRE relief
10 such II policy the board well disposed, and they
VIII proceed to the consideration of your views with
every disposition TO concur in them far the of
he institution, and the principles which they think
1t prudent to conduct its affairs will permit"
NOW, mark the declarations in these various Bank
the Bank
an is ne duty eMc Banh 10 lessen tie claims upon it
0y continuing 10 lesson its BUSINESS"
'H (thc Bank) became The property Of the Stockholders
ana ichtfheT H'dt property Shond continue 10 be lent
should DC recded rO die Jorrocers greater less
1.c9 '''' "@ for thea" and item alone 70 de-
At the very time that the Bank was holding forth this
haoghty arrogant language, the Government with
Out single Director to represent the interest of
ton, who one-flh of the stock of the Bank To
the Bank language again.
10 Ne n6e 10 ciHd its business during The continuance
and h0ifa fnOnth"
Tho Bank has not Jee,, redrcssed-he community has
"o zee" Tcered6 y Congress Ane'o relation has been
a6i'Shed 'rhich imposes upon The dniaised ability an
traordiHary demand for assistance"
Inc prudent course tor the Bank aoM be to increase
re fo0"S at those points arheh require relief To
such lie hoard is ,oe disposed, so far as The
suite ce Institution and tie principles in chieG eu think
IL PI7ndent to conduct It's affairs ,oH permit"
What mockcry Gould the Bank managers have sup
posed The People of the country fools, thus
tempt by such ilimsy means TO impose upon them.
But let us what the course which the Bank
pursued after these various and contradictory decara
tons On the LIST of July, the loans $5l O24 972
from which time to the LIST of November, il
failing constantly when they reduced to S45, 754
POI; making reduction during those four months of
$3,E7O,4u. Here the loans to their minimum
again The whole curailments from the LIST of August
1888, To the LIST of November 1894 period of fifteen
months having amounted to SIS 400, l4S!!!
What other commercial country under the light of the
sum- could have whsood the shocks which such repeat
ed expansions and contTacons calculated inevita
bly, to lead to?
History gives evidence of greater commercial nations
than ours having been convused from the to the
borders, by contractons of the circulating medium to
an extent much interior to those which we have de-
scribed.
And what was the Of measures pursued by the
Bank after the first of November last Did 20 on cur
failing its business in anticipation of the expiration of
its charter, for the purpose of winding up its business
No IT began most extraordinary uncalled for and un
necessary expansion of its business which il has con-
hnued ever since, Notwithstanding its former and
Peated protestaons during the panic that it must
go gently and ''steadily ''essen it's business
at the rate OF 1.-TWO millions and half every month";
ill the end of the charter.
On the LIST November last the total investments of the
Bank amounted To $45,754 POI and the LIST of April
Qnst) they amounted TO 500 00,2l6 mixing cxpan-
SION of lis loans within that period of five months of $4
3iGO3 The circulation OF the Bank during this period
was also increased in proportion On the LIST of Novem
be IT was i3,S6573l, and ON the LIST OF April, $780,
1I4,13o being increase of put in circulation
IN this short space, of 81 ,576,00I
TINS Is not all The rapdity with which, the Bank has
extended Its operations, are worthy of remark, well
The effect produced by them.
On the LIST of November last the State Banks were
indebted to the Bank of the United States aggregate
balance of million six hundred thousand dollars On
the Let Of April the Bank OF the United States
dcbtcd to the State Banks balance of than four
millions OF dollars of which, there due to the
Banks in the following cities, viz
Charleston, balance OF $751. 600