The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-05-16
S32,I26,O5S


J. nc IOHOWiup pdHkS nave drdlleu tnem
!. selves Of the act of the 18th Of October las
: "by giving bond with the requisite securi
. y."
Commercial Bank, Buffalo, ~ Y. S24,s
D Agricultural Bank, Natchez, Miss. 1871
Union Bank Nashville, Tenn. 1851
Bank Of Kentucky, Louisvia Ky. 529,S2
Bank Of Wooster, Wooster, Ohio, 1893
81 Bank of Michigan, Detroit, Mcbs 4S9,03!
The following have claimed the benef
of the act of the 10Th Of October, sand
) bonds have been sent to them, which are,
il is supposed, in the process of execution" "
Branch Bank of Ala. Mobile, Ala. $685. ,s9l
Planters Bank, Natchez, Miss. 664 400
! Planters Bank, Nashville, Ten. l0,30f
Franklin Bank, Cincinnati, Ohio, 32S, ,92i
State Bank Of Ind. Indiana 377,76
Farmers & Nee. Bank, Detroit, Mich. 243,930
The following banks have been sued:
Commonwealth Bank, Boston, $39636
Franklin Bank, do. I6,s00
In the same report, the Secretary states
that, several of the banks still held balan-
ccs at the credit Of disbursing officers"
which "nere in the course of being paid
out from time to time, as needed"
This is the history of the much abused
deposite bnnks. OF thirty-two millions
which they held at the period Of suspension,
about twenty seven millions have already
been paid by them; about four and u half
millions already and in the progress of be-
ing amply secured under the act Of Con-
gress, and only about fifty thousand dol
lars placed in suit. OF this sum, Sl6 800 is
in bank selected in 1886, under circun,-
stances as lately elected in the investiga-
tions at Boston, of not u very reputable
character, and the entire balance due from
the other appears to have been placed there
since the Ist Of October last, as at that date
the Secretary reported the bank to be over
drawn to the amount Of so 600; therefore,
if any thing shall be ultimately lost by either
OF these banks, common justice could hard
Iy attribute it to defect in the system.
Thus, it is shown by the Secretary OF
the Treasury's own report, that after all
the outcry which has been made, not one
dollar will be lost by the banks, unless by
the last mentioned !--M0disonian.
Having inserted the above at the request
ofa highly respected subscriber, we would
offer few comments upon it, which ap-
pear to us necessary to place the subject in
its true position.
The above statement has reference solely
to the liquidation of the debts due
to the Government by the late Deposte
Banks, and we are happy to perceive that
SO small sum is considered liable to be uI-
tin,ately lost. That this favorable resul, is
mainly owing to the careful manner
in which the government funds have been
Withdrawn from some Of the Banks, and
lime allowed to others in which to pay, we
presume will not be denied. But the at
empt to draw from the circumstances of
he ultimate liquidation Of all the govern
nent deposites in the banks, an argument
n favor Of renewal of the connection be-
ween them aud the government, does not
meet the question at issue before the peo-
,le. The plain facts Of the case, as they
appear to US, are these-the government
deposited in the bank specie or its equiva-
ent, with the express stipulation Of its re-
payment, when called for, in the same me-
lium.-The banks suspended specie pay
nents, and refused to pay the government
md other creditors, in any thing but irre-
leemable paper.-Thc governments is bound
y the laws to offer nothing in payment to
is creditors but specie or its equivalent, and
" this act Of its agents, the banks, was
hus rendered almost totally unable to com.
'ly with the requisi,ions of the laws; but
traits were as usual given on many of the
leposite banks, and the government credit
n had the option Of receiving deprecated
'ank paper in payment, or Of protesting
lis draft, aud waiting an uncertain period to
'btain his dues from the government. in the
egal currency. Most Of these creditors
preferred the first course, and in this way
many Of tho depositc banks paid all their
lebts to the government, while others have
been unable even so to pay, aud, on the
recommendation ofthe President, have been
allowed several months to NEE, the demands
If the Government upon them.
We have thus briefly stated the facts, and
remains for the people to decide if sys-
en-, which has brought dlscredit and en- 4
arrassment on the Government, and loss 9
. the public creditor, is worthy Of renewal
ven il no loss is ultimately sustained by
he Government from its connection with '
he banks. 4
A water spout passed over Sullivan's