The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-11-14
From the National HtelLigencer
THE UNITED STATES BANK AND THE
lHi OVERNMENT.

',nasure which has been productive of consc-
nnenccs so detrimental to the People and to the
Tovernment The main allegation, we need hardly
remnd them, was that the public money was moi
safe in that bank, and that it would Ibe more safe
in banks selected by the Government, by whom
also the public business would be tran sacted with
even greater facility and convenience than by tha
institution. Upon this ostensible ground we have
seen that the Government has followed out its ex
pertinent, until it has landed us.-just where
we are.
The public money has been so well taken carr
off, that the Government cannot touch dollar OF 4
Treasury balance of some fifteen millions OF dollars
and Congress- having been specially called together
for the purpose, at an expense to the people OF per
haps half million of dollars, has been obliged 10
uuthoriso Loan (by another name) of ton miiliohs
of dollars, after dshonoring the Government opli-
CATION the States to the amount OF nine mIlions
more and has besides, by law gwen induiseno o
TO the delinquent hanks which hold the public mo-
new to paw, bv distant instruments, the amount
which they owe. The circulating medium, IN the
mean time has deterioated from being the best
possible, and Of equal value with specie all over the
world until we have a medium which has aim ost,
no circulation all, with which, for the most part,
YOU cannot pay n turnpike toll, at the distance OF
one gate to another, from the place OF It's issue;
The very mendicant in the street OF one town Will
not accept as aims the paper issued and circulated
as money in the town adjoining
On this state of things we shall not eXpatlate,
having desire here to eXaggerate the evil, or IN
fame the very natural dissatisfaction of the public
with the authors Oft.
Whilst, however, the Executive measures have
placed the public money in jeopardy, and spread u
degraded currency over n half ruined land, lime,
which tells the truth of all human specuatons, has
quietly exposed the fallacy of all the grounds, pre-
tended or supposed iupon which the late President
of the United States, and the Cabal by which he
surrounded, undertook to tamper with the cur.
rency, and to and abuse the public money. The
Bank of the United States, after refusing to bend at
the footslool of power, has not gratfed ''the Gov
eminent by breaking. 1t has pursued the even
Of is IN
ment, and met its obligations, with as much pune
tuality as though the Government had not broken
its faith with it.
More recently, it may be rccollectcd, the same
institution has been again vndctively assaulted by
the Government press, upon allegations Of its un.
willingness to settle, upon equitable termS with the
Government for the amount of shares OF ITS capital
stock, belonging to the United States. An agree
men finally actually made, by which the Bank
agreed pay and the Treasury t" receive, in four
annual instruments, one hundred and fifteen dollars
and fifty eight cents. for every hundred dollars OF
the nearly seven millions flhe Banks stock belong
ing to the GoVernment-thus securing to the Gov
ernmont clear profit Of more than fifteen and
half per cent on the amount of its stock in the Bank,
IN addition 10 the amount of profits which it has
annually received in the shape of dividends
We come now to the point to which we propose
to ask tic renders attention.
The first o! The instruments, thus agreed upon,
has just fallen due. The date Of the contract be-
tween the bank and the Government, under which
it was payable, let it re borne in mind, was long
before the suspension OF specie payments, and the
Bank Of The United States might, if it chose, have
answered the demands of the Government for per-
iOrmances OF this contract in the same manner as
the dcposi,o banks did when asked for payment off
the public money But did the Bank act upon this
pnpIpc? Far from it. Long before the install
ncnt became duc--that is to say, five months ago
the bank being called upon the Navy Department
10 herlt out of dhemn,rby an advance of money
on account Of this contract promptly agreed to do
SO; ara ana advance the money, to the amount off
haf million Of dollars, and placed it where the
department bad occasion for it; asking and receiv
ing Tor tins service only the same interest on the
sum advanced as the bank itself had agreed to pay
uPeh It's contract debt to the Government.
IL has Just come to our knowledge that the re-
m"ln"er OF the amount of tho first instalment, due
ny 'he 6ank, has been paid within the week before
!aS and In manner so honorable to the bank that
II deserves to be mentioned to its credit The a
mount paid in advance, above, Gncluding inter
Cst)tior the of the Navy Department, was $51O,
Jo3 30. The amount paid in State transfer drafts
and Treasury warrants, received by the bank in the
course of its dealings 81 ,l45l5O 10. The bal
ance or the instalmcnt, amounting to $500 AGO II
was PAD IN specie making Il total amount of two
million one hundred and seventy thousand nine
hundred and sixty three dollars and seventy seven
cents
We confess our qualification at being able to state
these facts, so honorable to an institution ag1inst
Whlch all the malice of party and ali the power of
inc Government have been directed for the last five
years In the particulars of this transaction we
nave noble and eloquent reply to the caIumnators
OF tho bank, and further confirmation of the argu-
nents of those who have maintained the right a.
ga!nst the wrong in all this controversy.
we say, the right against the wrong, and we say
II confidently for whatever doubt may have here
.1iore existed as to the right the wrong side of
ee question OF the utility and the value of Bank
y. me United States, it is impossible to resist tho
oVuence OF successive facts, such as those which
we have stated. With from fifteen to twenty mil
ions of money in the Treasury, cannot be denied
mat the Government was obliged to invoke the aid
81 81, the prescribed bank to make payment Of only
ni In Nnrn IL ho 4
amer the Government has by law recognized the
inability OF the Wanted deposite banks to pay over
single dollar of the public money in any funds
Mnch It can use for its purposes, the Bank of the
United States pays in specie at rate lar beyond its
f"r value, Tor the Government shares of its stock
i Ga which the bank originally received from the
government only five per cent. stock.
comparing and estimating such facts as these we
t he enabled at once to estimate at their true value
no stoss misrepresentation with which the public
so mas been so long abused and the public opinion
,a' mlsied, In regard to the merits of that calum
''"'eu institution, the Bank of the United States
&