The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-10

S~4lUu1 IN Ausls2+ u Is D1ElC1Sl now AlN tta1
ooss here viii pay all, or very nearly all, Of their
liabilities
MEMORIAL OF THE PRESIDENT AND d.
RECToRS Of THE BANK OF WASHING
TON,
PraFiag an extension Of its charter.
The President and Directors OF the Bank Of Wash
ington, in soliciting en- extension OF It's charter,
RESPECTFULLY REPRESENT: @... .s.sa.
That il was the FIRST bank in the city OF Washing
ton having been established in the year lSO9, on
sold bona file capital.
That il has discharged its obligations with ide-
lily.
THAT, although compelled to yield, with other in
s;tutions the pressure OF the times il has returned
10 its ordinary course Of business with the least pos
sible delay, and has in no instance infringed the
rights OF those with whom il had concerns.
That coeval with its establishment originated the
most important internal Improvements OF the Dis
trict, including roads, bridges, and canals which
would not probably have been effected without the
liberal aid furnished BY the bank TO the individuals
who accomplished these objects.
Thai large portion of its capital stock is held by
widows and orphans and, in many cases, it consti-
tutes their principal property.
That during the darkest period Of the late war
with Great Britain, it made loans to the Government,
at legal interest," to amount exceeding three hum
bred and fly thousand dollars, being than two
thirds OF its capital.
That to strengthen the basis OF its operations, and
TO entte it TO the confidence which il now claims it,
for several years past has not only RETAINED from
declaring any dividends, but, by constant and siren
uous exertions, and without distressing its customers
instituting single suit for the recovery of debts
has been giving to It's dormant means active bust
ness form, by which the commercial transactions Of
the place have been emineny promoted.
That when the banks throughout the Union, in
May last generally suspended specie payments, it
was among the last that yielded, and not until its
circulation had, in seven days, been reduced from
$l06,395 10 S57, $50. ,".
hat an arly nerin ri in 4 need To rn-
issue any Of its notes; and since the lt day Of
September, has been paving its notes Of every demo-
mination in gold and silver.
That on combined view of these and other facts,
the institution will not 1t is conceived, suffer on
comparison with any banking establishment in the
country. .a
And that, 10 test the accuracy of this statement, a
strict investigation Of all its affairs, by any commit
tee Of Congress that may be appointed, is invited
The capital Of the bank authorized by the original
act of incorporation, having been half million of
dollars, it is respectfully requested that this amount
of capital be still continued unless Congress should
see fit to enlarge it, subject to the condition that
far as the present capital falls Short the deficiency
may be supplied by new subscriptions in specie.
In discharging this duty behalf Of the stock
holders the President and Directors may be permit
ted to add expression Of their conviction that their
application to your honorable bodies is in accord
ance with popular opinion and that nothing could be
more disastrous to the general interests of the city Of
Washington, than the Withholding from it the bank
else, throughout the United States
WASHINGTON Cry, Dec 26 1857.
The New York Times, which represents portion
of the Administration party, thus comments upon
Mr. Wallis speech:
A Mystery ExPLAlNED-No mans vote surprised
us more than Senator Walls, on the passage of the
Sub-Treasurv bill in the BODY of which he is a
member. Recoecting his vote for Mr.. Granger on
the election for Vice President and his explanation
that 1t was in accordance with the voice of his con-
stiuents, which he could not, and would not disre-
gard, we had formed the conclusion that Mr.
Wall was conscientious, and consequently a con-
sistent man; and that he would not msrepresent the
people of New Jersey, expressed by their repre-
sentatives in the State Legislature, and by other
means not less unequvocal and decided. We were
disappointed therefore when he violated their will
by his vote, and declared himself above their con-
troll. We were mortified TO witness the great prin-
ciple Of the right Of instruction and obligation of
obedience trampled upon by Senator who professed
to belong to party which had established il an
integral portion Of their creed and who had himself
bowed to its supremacy on former occasion But
the course of the Senator has been sufficiently ex-
planned. We find the following extract from his
late speech in the papers, and we understand per-
fectiy now why Mr.. Wall could not obey the ins,ruc-
tions Of his constituents. Here sir" said he, in
his speech, Il avow that was Etdcrdiia and
acted with that party jealousy and actively long
as their flag waved in New Jersey"
Loco Foco DocrRINE The whole substance OF
obtained by the Administration, are SO well stated in
the following extract of letter from Mr.. Cambre-
eng to the New York Evening Post that we think
it entitled to conspicuous position.
"The great principle Of the divorce of Bank and
State on rhich the administration hare SQked their
popularity is as certain to be ultimately established
as that May will succeed April; and with It's csab-
lishment, the DEMOCRATIC AscESpENcY viii b. PER-
PETUATED."
The correctness Of the concluding remark no one
will deny and its avowal is credtable TO the authors
sincerity That with lis establishment the Ad-
ministration "ascendency will be pcrPetaated," no
one can doubt; Tor with such a mighty engine OF
despotism fixed upon us, we would be subjected TO
tyranny far more odious than that of any. limited
monarchy in Europe. But the people understand
the question, and they taking care TO PIT IL al
rest where Il will stay PIT.
Sun TREAsuRER.-Allen HutchnS, Receiver Of the
Land Office at Iona, has retired in DISCUS" from
his office, with ab)u $4,000 Of Uncle Sans money,
and started for Texas on visit TO his friends Stop
him - Gaxsfte