The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-18

two statements there appears to us something o.
discrepancy. The letter speaks OF employing
large portion Of the capital OF the bank IN making
advances on southern produce !" and soon ailer'
says, "as the bank could not, Of course, purchase
these staples (cotion) Il made advances upon them
in the South, receiving in exchange bills on Europe
Now, for the life Of us we cannot discern wherein
any capital was required in the course oil TINS opera
ton The bank took the cotton, received bis drawn
upon il, payable in Europe, and advanced us own
notes in the South. Such a course oil business
would be more likely TO create, temporarily, caPi-
tai, than TO call for any outlay.
For the first time we are officially informed who
became the purchaser of the Bank Bonds, sold by the
Treasury Department The Secretary OF the Trea-
sury, AFTER speaking of the instructions on the sale
of the bonds OF the United States Bank the want OF
power to guaranty their eventual payment" &C., re-
marks, "the sale however, Of one, becoming expe-
dent il was effected without the limitations presen-
ted" Speaking of the same transaction, Mr.. Bid
die saws " in the month Of July, the Government
agreed to receive an anticipated payment of the bond
of the Bank to The amount of between four and hve
million Of dollars on a credit to the Treasurer on
the books of the Bank-and arrangements were
made for the more distant public disbursements ID inc
" notes Of the Bank" II would seem from these
two statements, that the Secretary considered II an
achievement deserving some credit that ne socceeoeu
in dsposing of the bonds within The restrictions ana
that Mr. Biddle looked on II as favor TO the BANK,
by the Government, that it "agreed to receive an
anticipated payment" Of those bonds Butto the as
tan public disbursements In the notes oil the Bank
Senator Benton in his letter, recently Pnoiisneo
complained TO his constituents that their state was
"inyaded by the notes of the Bank now usurPihg
the name Of the United States Bank" i VIII not
be- probably without surprise the Senator VIII no"
learn that these notes have been sent hilher under
an arrangement" made for "the more distant
public disbursements" We will leave him and the
administration TO settle this matter authorised by
one and condemned by the other.
We hardly think, that part Of Mr. Biddle's letter
which relates to the honor and integrity OF the Eu
ropean Bankers and Merchants, viii be very cordi-
ally responded TO in those quarters The es'ablish-
ment of an American house. as IS stated IN enec'
"to protect American property from the reckless
waste with which it has been too often thrown 'nto
the market, with an entire disregard oil all Ameri-
can interests" and thereby an estimate sum not
I" below ten or fifteen millions OF dollars" saved
"between the actual sale Of the securities ana
staples-and the prices they would have reah@ea nao
they been thrown unprotected into the handS OF Eh
roneans we should think might raise up feeling OF
nnfriendliness broad that may lead defeating what
in part we think, MIR. Biddle seeks to accomplish
there. ".'
| II would be not little amusing, 10 say the least,
it. among the changes which time and circnm-
stances effect, we should soon see BY an "insensoie
process" Messrs Benton, Blair, Kendall, and our
venerable and worthy friend Of the Richmond En-
,;rer and aruE MONSTER !" hand and glove together
with 'no longer any controversies" As strange as
il might appear, it would not be more SO man 10
witness, as we now do, some of them advocating the
sub-treasury scheme. Such is the mutabiliy OF all
human affairs!