The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-15

doubt Of its certain truth The bank may make money
for year, but it would be only by good luck It's bust
ness will DO badly managed and more expensiyely by
what would constitute the difference between loss and
Proht IL can neither buy cheap sell dear as
an individual and this bad mans cement win equally at
tach to Its business whether IL act principal in the
purchases, or only commission merchant IN making
advances. But the bank has not made money at all
on the contrary i the opinions Of those who know
about the matter TO be relied on it lost million ut
least the irst year. We say, that If il goes
on as the belief is that il has begun will lose FIVE mil
hons the coming year The advances Of the bank last
year kept out some six eight millions Of the old bills
ms year the business, supposed to be the same, 10
conducted by means o! drafts upon an individual here
a. sixty days sight In this way twenty millions may
be put soat or even thirty. and then it, when the cot
ton 10 shPped, the bills Of the bank are be drawn for
me proceeds an enormous and dangerous amount
Of The property Of the country is made to rest on tho
credit OF this one institution To take such respon-
slbty at this time the bank Is in poor condition. II
Is already inflated beyond the bounds Of prudence -
Nothing less than nation and that great one ever
before borrowed so enormously Its bonds have been
urged upon the market until they will longer sell at
the rate OF seven per interest," and until many Of
our most sagscous capitalists decline touching them
The government treasury notes bearing sir per cent.
interest," sell at par and fraction more and the u. S.
bank stand as ought, its bounds. il by chance they
were issued at all, would command at least as high
pricc as those OF the government The hank lives upon
its credit, which yet strong though the market price
Of promises ess,ibly proves that il does not stand
unmpaired The London market has also been sup
Piled with bouds 70 quite the extent Of prudence They
have been put in fact, into all sorts Of shapes until
hear often said, there no funds any where which
they have not soaked up But after ALL this borrowing
who holds the business and the exchanges Of the
country No, this bank We have no, known Of It's
making new Discounts in this way TO any considerable
extent for two years past On the contrary the bills
drawn as supposed for its cotton operations cons,i-
tue, the banks here say, THIRD their offerings The
active vigorous business paper Of the merchants which
will be all promptly paid at maturity, held by this
great bank Every body ought to the bank and
the bank to owe nobody But exactly the opposite Of
this would TO be the Is this an institution
we ask, which shall undertake carry the world on its
shoulders when il only stand itself by such liberal
help As we said at the outset If the bank would set
itself zeaously to get out Of its endorsements, it
would be the duty of every good citizen to lend his aid
But if the bank undertakes throw thirty or forty or
fifty millions more Of its paper upon the country by the
purchase OF the cotton crop, will cry mo p puny
though our voice may be and trust the merchants
and the banks every where will put their united and de-
cislve negative npon the procedure.