Liberty advocate., 1838-02-24
From the Louisville Journal.

COMMONWEALTH DANK--FUBLIC MONEY
SUB -TREAsURIEs.----The Commonwealth
Bank was the Government and the Gus
som house bank. 1t was controlled en-
rely by Loco-Focos, some of them officers
of Goyernment-by the men who cried;
down with the United States Bank 1.-The
public money IS not safel--remove the
deposites! and who since the suspension
have cried--down with all banks! With a
capital Of $500,000, the Commonwealth
Bank has extended its liabilities to ST.
100000. II is said that it now offers to
pay rs cents on the dollar, SO that the
Government will only lose rs per cent. of
the large sum on deposit. lT
One Of the circumstances, says the Bos-
ton Atlas, made public by the explosion
IOf the Boston pet bank, is the fact, that six
of the immediate friends Of the admins
raton in New England, namely, John X.
Simpson, Hall ]. How, Charles Hood, S. S.
Lewis, VIM. Parmenter, and Isaac Hill,
pre collectively indebted to the Common
lOealM Bank, in sum exceeding the whole
hmount Of its capital of $500,O0o." ia1
Just before the failure Of the Common
wealth Bank, the following notice appear
I'D in the Morning Post. The bank was
no less than the Commonwealth:
"NoTIcE-Persons holding checks a.
gainst the Custom-house, are requested to
present them either at the bank or at this
bfFice for payment Immediately
7s DAVID HENsHAw, Collector.
Jan. l1,n
Upon this notice the Atlas makes the an
nexed forcible and just comment:
SIS it not most remarkable that this mo-
tice, calling upon the holders of checks to
present them at 01-rHE Bank 20 for pay
qment, or at the Office, where we may fair
Dy presume they would have received the
bills Of the bank, should have been pub
lshed just thirty-six hours before the fail
are of the bank was made public, and on
THE very day that the directors determin-
led to stop payment? Why should the
holders of checks against the custom-house
have been called upon at that particular
and most suspicious time, to exchange
them for the bill of bank on the verge OF
bankruptcy What need was there Of a
public, imperative call upon the holders OF
Checks at that time? Did the Collector
wish to save further losses to the govern
ment at the expense of the community, or
did he wish to rid himself in the easiest
way of his own personal responsibilities!
The transaction wears bad aspect"
The Atlas further remarks:
"The explosion Of the great adminlstra'
ton bank Of New England naturally calls
TO mind on incident, to which we may
trace the origin of the financial disasters
which have harrassed the people Of this
country for the last three or four years
Il ,cas in his city, ,ohile enjoying the hospi
talities of our municipal authorities, ina
Gen. Jackson, at time when his physician
had despaired of his recovery from a pros
trating illness, signed in obedience 70 u
soliciious instigatioas Of Van Buren, Hen
sha,o 4. Co., the order for the remoraL Q
the public money from It's authorized Ptdc
Of deposite. 1t was in this city that tn
fruits of that detestable system have beel
developed in the overthrow of the bank
which was the first to solicit and contrac
for its portion o! the spoils. awe stil
have Justice here!n The bloody instruc
tions have returned "to plague the inver
tor!' The spoilers have been spoiled
The plunderers plunderedn' - sw
The fate Of the Government deposite
n in the Commonwealth Bank, and the us
which was made Of those deposltes give
foretaste Of the sub-Treasury Scheme,-
1t has ever been the aim Of the Jackso
party to control the public money VA
this view the deposites were removed irol
the United States Bank. 1t was not din
cult to find enough banks, like the Con
monwealth, ready to use the public none
in obedience to the wishes of the Pres
dent and his minions. The manner
which that money soas used is no long'
problem. II was loaned out by milliol
to the parlisans Of the administration
editors Of newspapers and active dem
gogues--no matter whether they lived
Maine, Georgia or Kentucky--no matt
whether single endorser residing m