Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-01-07
From the N. Y. Herald,
THE UNITED STATES BANK.

"We have the qualification to state,
that he atrocious monster usually CAL
led the United States Bank, agreed
Yesterday to loan TO the Insurance
Companies, on the collateral securities
of their mortgages, the sum of two mil
lions of dollars, at the usual bank lnte-
rest, for the purpose Of enabling those
institutions to pay the policies of S
ance, and sustain the general credit Of
the commercial community.
We are also informedtha the Branch
Bank here has received directions to
keep up the present line Of discounts,
and to extend still further their line of
domestic exchanges. A meeting, and
a correspondence between the COM
mittoe on the part Of the City, and Mr..
Biddle, the President, on the part ofthe
Bank, took place yesterday, and the
latter promptly laid the proposition be-
fore them, which was acceeded to at
once. The amount will be received
here in specie from the mother Bank,
before the close of the week.
Such, in the day of our calamity, is
the conduct ofthe illuminated, abused,
s~landered United States Bank towards
a city that has hitherto been bitterly
opposed to its officer, its stability, and
its reputation. Such is the conduct of
Nicholas Biddle, on whose devoted
head two thirds Of these atrocious Ca
dummies have been heaped. In our
hour of trouble, when we were on the
verge OF general bankruptcy, when the
merchant knew not where to lay his
heaI-and the houseless, unfed me-
chanic saw his source of existence
burnt up, this institution, under the d.
rection of enlightened and generous
men, come forward, even before our
own authorities have recovered from
their panic, and reanimate our spirits
by such conduct as our readers will
find recorded in the following import.
ant correspondence.
New York, Dec. 81, 1885.
Gentlemen--I have the honor Of re-
ceiving your communication Of this
day. Under the instructions Of the
Directors of the Bank of the q. States,
have come to your city to express
the deep sympathy, which in common
with all their fellow-citizens of Penn
~sylvania, they feel in its misfortunes,
and to offer any assistance in their
power to alleviate it. The arrange
ments for the approaching expiration
Of the charter, have as you are aware,
placed the means Of the institution less
than usual under its control, and con-
strain it to regulate its services rather
by its abilities than its disposition.
But all that it can do shall be done
promptly and cordially /; and as you
suggest that the most effectual relief
can be conveyed through the Insurance
Companies, | have requested the d.
rectors of the branch to make advan.
ces to those Companies on such securi-
ties as they may approve, to the amount
of two millions of dollars; for the per.
manent restoration of the prosperity Of
the city, you will soon find ample re-
sources, where they have so often been
found, in the extraordinary advantages
of it's position, and still more in the
elastic energy gifts inhabitants.
They can confidently rely hereafter
on every forbearance and every as
sistauce which the state of the bank
will permit. And if, in the meantime,
this effort to remove their temporary
embarrassment a be in any degree
useful, it will be very satisfactory to
the board of directors, and specially
gratifying to me as the organ of COM
m%unicating it.
With great respect, &C.,
NJ BIDDLE, P. b. U. S.
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