Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-06-21
From the New York Times.

u. S. Bank.-Ihe following extract |
from an article in the Globe, gives gloomy
picture of the probable condition of an insti-
tuition, the loss Of which as general "regu-
lator of the currency" is SO much lamented |
by the whigs:-
"The Bank of the United States has nomi-
nal capital of thirty Eve millions-more than half
of which is in the hands of corporations and in
dviduals to whom the effects Of the several
branches were sold on long credit at low rate
of interest Little of this large portion of its
means can be realized for years to come, if ever.
The balance of its capital is invested in-paper,
which, as the times go. may or may not be paid.
A great portion of II may probably be placed in
the category of "funds unavailable" 1t has, or
rather had, on the day il stopped payment, an a.
mount of specie ON hand, somewhat less than
million Of dollars, upon the best authority. On
the other side of the question is to be found cir
culation of nearly ten millions and depostes Of
bout two. Its immediate means, including bank
balances-''debts due from the Treasury Of the
United States" upon which the manifesto of the
bank dilated in explaining the reasons for stop
ping payment, and Of which we should be glad
for curiosity's sake, to see a specifcation-and
all other cash items, compared with its immedi-
ate liabilities, amounted on the day of its stop
ping payment to the proportion of about one to
eight or ten. The rhomontade of its managers
that had the bank only consulted its own strength
it could have continued specie payments, was the
most barefaced attempt to impose upon public Gre
dulity ever promulgated. There probably was
not at that hour single bank in the whole coun-
try weak in actual means to meet its immedi-
ate liabilities. 1t was undoubtedly strong in the
opinions of the commercial community. We
freely admit that its credit was higher than that
of any institution in the country But crisis
had arrived when credit was no longer useful
Bank promises were no longer cash, according
to the doctrines of the "bullionist," Mr. Webs
ter, many a poor wight too suddenly found
who had placed implicit reliance upon the unri-
vailed sagacity with which the bank was pretended
to be managed. The declaration that it was only
on account of the interests of Philadelphia that
the bank had been induced to stop payment was
positively insulting.
But in view of the plan proposed by the Exam
liner, what are its prospective liabilities To its
foreign creditors not short of ten millions--in.
| GLIDING Mr. Jaudon's loan and its debt to the Ba-
rings for bills drawn. This debt, according to
Mr.. Biddle's doctrine in his late letter to John
@. Adams, is entitled to priority over all other
claims. II is indebted to the United States about
eight millions, to be paid in annual instalments
and to the State of Pennsylvania about five
millions as the price of its charter. After pay.
| ing these debts, redeeming its circulation, and
satisfying its depositors, the proprietors of the
capital stock will find great portion of Their
property returned to them in the shape of bills
and notes of the Josephs and other houses, whose
immense gambling spcculations were carried on
by means of the facilities afforded them by Mr.
Biddle, unless the government (meaning of course
| Congress) shall choose TO surrender the people o.
the United States to the shears, for the purpose
of sustaining the credit of this bankrupt corpora
| tion."
We enquired earnestly the other day
whether any body had any notice of the
way in which relief was to be afforded by
Congress at the extra session-if they could
say how it was to be done? No answer, nc
exposition has yet appeared, and we have
in truth, very little hope Of obtaining any
from those who demanded the session.
is quite doubtful whether the President wher
he issued the order of convocation had any
clear ideas of the nature of the Legislation
by which Congress were to make none,
abundant, and relieve the country Of the in
debtedness which is expressing it but pub
lie opinion seemed TO demand the measure
and, as it could do no harm, the wish of tn,
people was reason enough for the adoption
of it. But, as this was the grand panace,
prescribed by the opposition, and as legis
lation is generally more useful when legis
lators know what they are about, it is WEI
that the matter should be thoroughly dis
cussed, and its merits developed, before the,
are called upon to act. Let us tell Congress
what we want now let us previously fin,
out what that is and let that august bod,
assemble with some definite notions of wha
is expected Of them, with some perspicuou
views of the course by which they may sub
stitute ease for embarrassment, cheerful
} ness for despair, and prosperity for adver
sity. Calling upon Hercules will avail no
thing, unless he knows, or you can tell hin
how to aid you. The Hercules summone
, by us is powerful, and most willing to serve
, but he must learn the mode by which it ma,
be done.
Shall Congress repeal the specie circular
If they do the money will rush back fron
, the interior, and be sen: abroad; and eve
ny bank that has suspended will tell yo
and convince you, that its retention afford
the only hope and means of resumin,
cash payments or continuing their ordi
} nary operations, without which the Who'll
,, business of the country would 60 to ruin Q
|, once.
Shall they postpone indefinitely the col
lection of duty bonds or in other word.
cancel them? You would hardly advise @
sanction that! The Treasury Departmer
has already given extension to the utmos
limit of proper indulgence.
Shall they sanction the suspension of spe
Gle payments by the banks-shall they o
mend the precious distribution law, owe
which the wings boasted so much, and a
low the deposits to remain where they arr
though the bank may have stopped for tn
present? They must do that-or we sha
! have tenfold worse times than when the de
posts were removed before. We must Q,
rid of that beautiful specimen fwhig state.
manship, or the business of the country mu
! stop.
Shall they repeal the law forbidding Ii
receipt of aught but cash or its equiyaleI
for governm ent duesl If so, what sha
they allow to be received-what otht
safe representation Of value would you r,
! commend?
a But pray tell us what action you desil
: and expect from Congress, yourselves.
s is your measure-show us how it is to OPT
n rate. lave you really any notions of yo,
!, own as to the course by which Congress
| is TO relieve us Or do Won hone merel