Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1835-01-26

'"''shable un'crt g ltW"
nose who n,intoin the legality Of these is
''es, ar" sustained by high legal en,n,on mi IN
s'e'' d'grrc, 10y the iac', that Tor yrnrs p,st III
'''''nmen' has taken these drafts, uniformly. n
"""'V Ia The payment OF ia dues thu. virtual,
! I""" inc onhk from all liability 10 forfeiture
s''''g the u,a' them selves The Impress of I
S" CURRENCY Nor d' they perceive III II the conn
| ny mas ny hat preceding on the part of ,ne Go
''rhmen', srs "ned any toss. rhes, drnft. mr.,
very where curren', are rcdccmel by The b,nL
WIN promptu ic nnl rea liars and oos>ve, :,
W '''e'ce all the purposes of an objectionable le
al currrucv'
3. me Contract Nth Ncssrs. BARNES.
All this is cxplancd-anl the absur l,ty
OF considering 1t violation of the charter
y ahundantly shcwn. On the whole, they
conclude thus
s"rrnirr of The COZ ificatrs of III, stock wns
made as is said by the Committee OF WAYS AMI
Means ~ ia report To the House of Representa-.
III 10 Al a" earlier day than would probably hnvr
"''rw'se been d'nr, hal the agency Of the Barlngs
never bee" invoked So TINT in ,rutl, III Govern.
mon "as rather benefited than Injured by these
opc -ationS.''
The second general head of enquiry is
TIE SAFETY Of the Government Deposites in
the Bank. This they shcw by demon
stratng the state of the Bank, whcl, IL u
nlversally known to be strong and pros
porous.
Alter this exhibition Of the condition of the
bank tn" committee night ~ ell ttlte leave of this
branch ot The subject br they would bul ina1e,.
Gully n quit 'hrms Ives Of he,r itg # they over
looked her imporan, fats winch have a Direct
bearing upon his nq,lry. F,on the fail Of the
year n.y. the credit ii" tn: lns tuition has bnea nnt
20 the sever st =, t."
Alter mentioning the attacks on the
Bank, by the Secretary Of the Treasury
ana minority report in Congress-, they
proceed
II TO these he added, the efforts c Continually
made TO excite doubts and susplcon, IN the public
MIMI "s 70 the entire solvcncy of The bank the con-
oer'e run maize against the Lex ngton branch IN
The yrnr 1882 the cous .rt agitation of the public
mod Tor som mon rs anterior TO the / 81 of Oc,,-
Der, 1888 the actual wlhdtaw i Of the pnblre mo.
neyS from the custody Of he inst,ln ,n he uncei.
thinly winch has since involved measures which
ne Executive might adop, against II the deci ra
lion by Mr.. Duan', til It the admin s,,aflvc depart.
m"nt was nctu,re1 IN all rs measures towards il
by spln of "vndct,vcncss," anl The circum.
stances Of the tunes, II may be MD with every con
the most severe aud concr, alb L kni have been an.
pI'"d 10 ascertain IT'S solven,v. JVhefhe, onV ofher
moheyed c"po'ati0n an Tie nm, IL. coaLi harc sto1d
npngoiHS MATS SO seueye, is IN t4e hi.hea deg,se
qncat0n0blc. The loss of con Ienre by the pubic
IN the credit ola m'n"ycd institution Is the i,va-
riable rccusor Of lis downfall, md pancs against
banks, arising of CT from nns ren and unk no N
causes, have over nni over az I'm, produced then
overthrow How deeply rooted rhrn must be the
pubic CO.. icncc in The solv' ncy of the u. States
Bank and IN the skill with which its nfl,rlrs h.yp
on conducted, when the donbIs and suspicious Of
the Government rscli, partncr in the Concern fo-
l'"rd uP by the most hostile ocIlou lns not only
no shaken the conh icnce OF The btc IN rs respoo
81 'tv. bu; when is notes are now rs eye "
sought after as AT any 10 m period lis exisreact
These fac's need no c'"nn nl,ry ID IN, eoncln.
Son Is r"ss'less, that 'h pu 'llc moneys dap,,tc
~ the bank are nj, 'nhhntly >nfr.
Next is examined the con lucl Of the
Bank since 1892, IN regard to tic extension
anil cnrtailmcnt Of It's loans. The state
ments on this head show how utterly
groundless were the reproaches against
the Bank for having excited IL panic by
severe curtaiments, and we arc left in as
constituent how the Bank was able with
so little curtailmcnt to resist 50 great a
pressure upon it.
1t seems that from January, 1888, 10
September, 1888, tbs loans had actually
increased instead of being lcssened On
the lst of October, 1888, the deposites were
removed. Then, for the first time, was
any curtailmcnt ordered and, strange rs
1t may now appear, the whole curtall-
mrnt under the orders Of the Bank was
not equal to the amount ofpublic depositcs
actually Withdrawn. Thus the Committee
say
1t remains to the extent of tho reductions
Icrc and III extent of reduction, eff ,cled AT.
ter he drposItes were actually removed reduc.
on was ordered, and not bllorc.
The public deposltcs hon amount
cd to $),SCS435 SO
The reduction ordered in Octobc,
to 5s25. oo6 "A
Being less than the dcpositcs Ivy $i0i2 523 81
On the % Janu'ry. 1891. IN cons qaen e, Is
alleged not uf the rem wal of the drpostrs, but o
other expected acts Of hostility thu pnrl of he
Executive, u further reduction of $500 900 was
directed
TINS male the whole reelection or.
dcrcd Soli5 DOG II
The drpusles amounted 10 0aj5 i35 53
Tho whole reduction ordered bcin,
less Ivy 1883 81
,han the actual amount Of public dcposites
b, the Isl July, 1884, the comparison of tho re
dIcon stool as fooAs
| total TcJuc ION ordered S9iiJ,9o6 81