The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-14

tained, and The manner in which appreciated,
from preyions experience thai il woald b. carried
ino execution, led me 10 prophecy ~ thai Time, the
coming Of the eYii1 which have since oyertaken US.
Resolved 10 omit nothing which believed could
b. rescued TO- 10 arrest the evils which feared and
dreaded ON The 26lh June, lihree days amer The
passing Of the act) addressed letter 10 the Presi
dent, from which make the following extracts
The deposiie system has been declared by Won 10
be your own measure. In carrying Il oui, others
have become deeply involved IN iis success or iai-
ure The public has identified me among those
individually whether justly or not Il is NOT my Pur-
pose 10 stop 10 examine.
Nearly three years have now elapsed since The
adoption Of the system The most perfect success
has attended il, Notwithstanding fierce war has
bcen kept up againsi the Administration the sup
Poriers Of the measure and against The Deposi'e
Banks themselves Legislation has at length taken
place bni moi Of that character 10 promote
and facilitate The future operations Of the system
but the contrary 10 throw embaTrassnents IN the
way, impose restrictions, onerons duties and even
taxation on the banks, OF new and unheard Of cha
racter in this country. The objects Of some OF the
movers cannot BE- doubled. To defeat those OBJ
ecis and preserve the system, requires, in my OPT
MON, GREAT DENOMINATION, MUCH REsoLuTios and
ready willingness TO ASSUME RESPONSIBILITY. With
the exercise of all these qualifications, there is
great danger OF total overthrow of The system, in
which the recharter OF the Bank of the United
SAFES will inevitably follow.
There are Two principles which, in my opinion,
must be adhered TO as the Polar Stars
FRS. That not a single bank shall be selected
beyond the number actually called for TO meet the
acquisitions in the act Of Congress.
Second. That not single bank shall be selected
for the purpose Of gratifying political friends under
any circumstances whatever
In regard to the number of banks that II will be
necessayo select in addition TO those now employed
To comply with the ac am convinced, thai beyond
one in Florida one in Kentucky one in Illinois, one
in Delaware, one in New jersey one in Boston, and
some in New York. there is not another place where
a new selection will be required
"Circumscribs the number as much rs practicable,
there have been so many emb1rrassmenis thrown in
the way by the act OF Congress that without ready
willingness TO assume responsibility, and extend every
iberal;y 10 the banks consistent with and permitted
b. the act, there will be great danger OF bringing
upon the system serious impedments."
The whole number of banks employed al the time
Of the passage of the act, was bat thrty-six. The
whole number 10 which they were increased was
eighty nine, making the number of new selected
banks, after the passage OF The act, hfly-three.
One OF the FIRST banks selected Immediately alter
the passage OF the Art Of Congress and think the
very first one was the Agricultural Bank, which,
for nearly eighteen months previous had ariyen
against partly on account of It's extended condition,
and partly because did not conceive that II was
called for. The same objections existed, in my
opinion, at the time il was appointed that had pre-
viously existed. Il had al thai time, notes in circu
lation, TO the amount Of 81 600 and owed TO other
banks balance of about Si00 900 making an aggre-
gate Of nearly two millions; and il had but SlOI,OOO
in specie with which 10 meet that debt. Nor was the
selection called for on account of the capital OF the
Planters Bank, which was four millions of dollars,
three fourths of which belonged 10 the State.
This, apprehend, is the most appropriate place
10 dIpose Of the Agricultural Bank LIS fate was TO
BE- the first bank that taiied in the Union, in May
last. II stopped the 9Th day Of May, with eleven
hundred thousand dollars Of the public money in its
hands, o. public draft Of Sl50O00, which il could
not pay either in specie the notes Of other banks!
In my next paper shall pursue this subject.
With great respect,
Your most obedient servant
R. NJ. WHITNEY.
Washington November Is, 1897.