Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-03-24

The immediate Liabilities OF the banks
amounted, il appeared, TO nearly seven
ty-two millions Of dollars, viz: the pub
lie deposites, $50, ,678 ,879 81 the private
deposites, Si5 .043 ,033 64, The bills in
circulation, SIG .543, ,683 SO.
The amount ut specie held by these
hanks, il farther appeared, was $40, 1884,
669 %; that is /" say, there ~ less ,han
one dollar specie i"i six dollars debt;
and there is due IN the government by
those banks more than three times the
anouD, at oil the specie.
There are other items The said) which
swell the amounts OH each side, such M
debts duo TO the banks, and debts due
from banks. Blu, these are only equal
ing quantities, and Of no moment in the
view / am taking of the question.
Among the means Of these deposte
banks 1 see an item Of "other invest
ments," of no less amount than S8,777,-
228 73. What is meant by these "oih-
er investments" am not informed. /
wish for light have my suspicious,
hut have no proofs. Sir, look at the
reported state OF the Farmers and Me-
charles bank cf Michigan, the last in
the list The capital Of tina, bank is only
$4,000. Its portion Of the deposltes
Is no less n sum than S784, 1854, 10
Now, sir, where IS Mis money! Ii is not
in specie in the bank itself. All It's spe
Gle is only S5l oil 90; all its discounts,
loans, &c. are only $500, 900, or there
about; where is The residue? Why, We
- a., ,nI sha .tu,
"due from other bonks S678,766 ST.
What hanks have got ihis' On what
terms do they take III DO they give in
terest for il? IL it in the deposite banks
in the great cilies' and dnes this make
a part of the other liabilities Of these de.
posite banks in the ci,iesi Now, this is
one question, What are these other labi-
itiosl But ms to these "other invest
ments," say again | wish to know what
they are. Besides real estntc, loans,
discount and exchange, ] beg to know
what other inrssimtnts banks usally
make.
In my opinion, sir, the present system
now begins to dcvelope itself We see
what n complication of private and Pc
cuniary interests have thus wound them
selves around our finances. While the
present state of things continues, or IA it |
goes on, tharc will be no lack of ardor in |
the land bill, or any other pro-
position for distributing or effectua!ly !
using the public money.
We have certainly arrived al very
extraordinary crisis crisis which we
must not irhc With. The accumulation
OF revenue must be prevented. Every Il
wise politician will set that down az
cardinal maxim. How can it be pre-
vcnted' For,iications viii not do it.
This l am perfectly persuaded Of.
shall vote for every pant Of the fortifica-
ton bill, reported by the military COM
mittee. And We, aW sure that, if that
bill should pass into a law, it viii not alb
sorb the revenue, or sufficiently dnin-
ish its amount. Internal Improvements
cannot absorb il: these useful channels
arc blocked up by vetoes.
How, then, is this revenue 10 be dis
posed OFF / put this question seriously I
10 all those who are inclined tn oppose
The land bill now before the Senate.
Sir, look to the future, and see what
will be the state Of things next autumn.
The accumulation of revenue may then
be nearly fifty millions; an amount equal,
perhaps, to the rhoic amount Of specie in
he country. What q state of things is
hat! Every dollar in the country the
property Of the government!
Again, sir, are gentleman satisfied with Il
he present condition orthe public money /
n regard to its safety Is that condition
afe, commendable and proper' The
member from South Carolina has brought
n bill to regulate these deposite banks
hope he will call il up, that we may at
east have an opportunity of showing, for
ourselves, what We think the exigency
equires.
Mr.. Benton admitted that he was
truck with the items as he heard the
Gentleman from Massachusetts enumer-
te them. His mind had been turned
nth some attention to the state of the
ublic money in the deposit hanks
heir condition had been bad but was
ow improving, two orders having re-
emily gone out from the Treasury de- I
artment. He thought that Congress G
hould do what they thought proper TO
,medy tho present state of things in re- I
ard to the deposit banks. He would 4
i've the honorable Senator his aid in hav- p
g an inquiry instituted in respect to p
'eir condition, and also for the purpose
holding them not only to prompt, but e
specie payments for every thing they r.
.ceive from the United States. I;
Mr.. Clay confessed ,hnt he felt struck
ith the total insecurity Of the public b