The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-04-20

49, A-NS VI = haitA VI hAC 1Mitru
States. AMI the Dcposite Bank system as
recommended by General Jackson; and
with this view we make a re-statement,
thus:
Losses by the Government by dspo.
sitting "a haaks, prineipal and iale-
ret, from 1874 a. 1917, sl,s92, 6i2
Depreciation 81 bills Errrived E. paid
cut, from 1914 20 1917. 5000 coo
Bills OF broken backs now On hand,
interest thereon not computed. I75,470
Losses By individuals. from IsI4 10
1917. supposed equal to Govern
meni, 5000 030
Total, l4,07I,II2
Here is exhibited loss. sustained by
the government and iniis iiuals. OF more
than fourteen millions Of dollars, and all
this within the short space OF three years.
Now the first Bank Of the United States
was in existence from 1871 to 1911. and
the second, from 1916 to 1896, making
together period Of forty years, embrac-
ing the whole period from the formation
of this government, TO the present time,
with the exception Of nine years. At the
end Of forty years, then, what have been
the lusscs sustained by the government
and individuals by these two institutions!
Let US sum them up. 49,. ...-.
Loss to the government BY deposit.
ing in the United States Bank, from
1871 t. 1886. so.o,o.OoO
Deportation nf United States Bank
bills. received and paid out, from
1891 to 1850. oooo.oOO
Worthless bills Of the Unifd States
rest, 600, 900
Loss to iaiivijai's. supposed 10 be
equal 10 government, Oooo 600
Total, 90 600. 900
We might add TO the above the sum
Of 233,422 dollars, which Mr.. Strange
has pu. down as list to the government,
being the principal and interest Of the
amount withheld by the Bank to cover
the damages on the French bill Of ex-
change bought OF the government But
this il would not be right to do, if the
Bank is legally entitled to the money;
and if she Is not, the government knows
very well how to recover it. A suit in
the Supreme Court of the United States
would soon settle the question. II can
not, therefore. be put down as a loss
chargeable to the Bank Of the United
States.
Here, then, is furnished a ratio for the
comparison: Loss by State Banks in three
years, l4.O7l,ll2 dollars; loss by the
United States Bank in forty years, NOT
one dollar. And 10 add strength 10 the
comparison. il may be proper TO state the
fact, that The ruinous losses occasioned
BY the inequality Of exchanges, were al
most entirely dispensed with when the
late Bank nf the United States was in full
operation. BY its agency funds could be
Transmitted to any part of the Union at
less than one per cent; thereby render
ing i. unnecessary 10. transmit bills Of
state banks 10 distance from the places
of their location, and consequently pre-
venting that depreciation in their value,
which was so seriously felt between the
years 1914 and 1917. and which is now
again operating no less seriously. But
we intended only 10 give a few hints, and
therefore shall not prolong this article.
a letter from the Secretary ofthe Frea-
sury, Of the 18th Of March, has been pub
lishsd in the New York papers, in which
he states it to be the settled policy Of the
department 70 promote the resumption Of
specie payments BY the banks, BY all the
means in his power; consequently it will
not purchase specie beyond what may be
needed for immediate disbursement; viii
neither horde it, nor compete with Others
for its possession. What is received in
any way. will Immediately be paid out
again to defray appropriations. These
statements, he says, are made, that no
injurious apprehensions may be enter
tanned as to the financial operations Of
the government.