The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-30
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Comparison Of Exchanges.
In 1884, Exchanges Of the Bank Of the
United States, sa256l7,elo
In 1896, by Deposite Banks, 420463,2ll
All other liabilities and responsibilities are
improved in nearly the same ratio. refer to
the last returns from the Treasury Depart
ment, and those officially published by the
different and most important banks, TO prove
that there has been general improvement in
the condition Of nearly all the banking insti-
tutions. have before me an official state
ment Of the condition of the banks Of Vir-
ginia, exhibiting an improved, and improving
condition, and entire solvency. might re-
Ter to others, but time will not admit. The
Treasury reports prove that notwithstanding
The suspension Of specie payments, the de-
bosite banks have rapidly reduced, and have
hearty extinguished their debt to the govern
ment. On the first day Of January last, there
was in the deposite banks to the credit Of the
Treasury, $42,46s,s59 81, Of this sum there
has been transferred and paid to the States,
under the .deposite act, s27,063, 430 80, leav-
ing balance Of sl5,405,429 II; of that
balance and of all the deposites made since,
there now remains only the sum Of sl2,41s,-
04l due to the government, Of this there only
remains ss,l66,492 IS subject to draft, drafts
having been issued for the remainder; and
do not doubt the amount is now much less.
Of this amount, there is due less than 81 ,OOO,-
900 from the banks in the Atlantic States
Since the lst Of May, about the time specie
payments were suspended, according 10 the
report Of the Secretary Of the Treasury, the
deposite banks have reduced their discounts
$20,3SS,776, their circulation S4,99l ,79l,
their public deposites $l5,607,3l6, while
their specie has diminished less than ST.
100000. The Secretary further informs us
that, "of the number Of eighty-six banks
employed at the time of the suspension, ten
or eleven are supposed to have paid over all
the public money, which was then in their
possession, to the credit of the Treasurer. In
the custody of more than half Of the others,
an aggregate Of less than 100000 remains
unadjusted. Several of the rest, still possess
large sums but many Of them have continued
promptly to furnish such payments from time
to time, for meeting the public necessities
Mr.. Chairman, these payments and these exer-
tons afford most conclusively, evidences Of the
frauds and insolvency ofthe local banks would
to God, all fraudulent and insolvent men would
furnish little more evidence of dishonesty and
insolvency such as this, sir. The Secretary Of
the Treasury from his report, does not expect
to lose single dollar of the public money, so
that the disconnection recommended, can
not have any foundation on this ground. But,
sir, the Treasury Department affords us an
other important fact, in its circular to the
banks Of the Sd Of July last, upon the subject
of the suspension Of specie payments, and ad-
ditional security for the public dues, he says:
at affords mo much qualification to nd so far as re-
CARDS the inquiry concerning the payment and security,
great willingness expressed to make the United States
amply safe for the eventual payment Of all that is due,
and strong conviction entertained by the hanks that
loss will be ultimately sustained by the Govern
ment" #a
Again he says,
"Another portion Of that circular communicated in
formation concerning the lenient mode which, under
the severe losses experienced by many of the banks
from mercantile failures, and under the endorsements
TO Others caused by panic and want Of confidence
contemplated to be adopted in recalling the public funds
That mode by such moderate drafts and transfers
as the public necessities should from time time de-
mand and an ear-es request having been made for
satisfactory compliance with on the part Of the banks
assurances have generally been given Of readiness to
answer those calls with promptude, and in an accepta-
BILE manner"
Again he says,
"The returns Of the condition Of the selected banks
which were requested to be continued, have generally
been made with promptitude and regularity But while
it very satisfactory to see, in most cases. reduction
in discounts and circulation, and which course is the
most efficient to Of the existing evils in bank
ing and enable the institutions which have suspended
specie payments to resume them at an early day, and
with much greater safety 1t is regretted that In few
instances this course has been adopted But when
departed from in such crisis the error has tended
and must tend hereafter impair the confidence Of the
Department in the sound management Of the institution
and to justify such steps may lead 10 more speedy
withdrawal Of the pubic money, to the procurement
Of increased security"
From these evidences, l take 1t Tor grai,eu'
that the deposite banks are solvent, anu ,l'a'
the government will not lose single uoiiar
by them