Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-27
POLITICAL.
from Philadelphia National Gaete.J
BANK OF THE UNITED STATES.
Second Letter from Nicholas Biddte, Esq, to the Hon
John VI. Clayton.

7s3s% = e F' 4T S Nei.1,s Hr esfi!s
Second Letter from Nicholas Biddte, Esq TO the Hon
John " Clayton.
ASDALUsIA, Bucks County,
April 9, 1sll
Dear Sir-You are aware that 1t is now two years
since the state of my health compelled me to leave The
service Of the Bank. From that moment have been
wholly occupied with other matters and have not the
slightest direction of its affairs, both my inclination
and my duty concurred in the proPrlety OF leaving 10
those who had the responsibility, the entire control OF
its management. This total abstinence OF mine does
not seem 10 be understood or appreciaed for since the
msfortunes of the Bank find myself Reproduced Tor
things Of which knew nothing and denounced as the
cause of all the troubles which have bcfaen not only
the Bank Of the u States but every man IN the whole
country Being very indifferent to popular clamol anu
never suffering myself to be Influenced by 1t to DO
what disapprove, lave contradicted nothing and ex-
planned nothing because could do neither without IN
Jury the of the Bank but its present pros
traon relieves from that tasdousness, Tor lis Pc
cnniary affairs will scarcely suffer from any expiana-
,on of NINE Accordingly, | now feel at liberty to
say and to prove you that when left the Institution,
two wears ago il was safe and prosperous situation,
and that whatever msfortunes have since come upon
IT, my administration can IN no wise be charged with
them.
To this now proceed.
For thirteen years from 1928 to 1885, Presi.
dent Of the Bank Of the U. 5. The great object OF
my labors the whole country the bless
1ng6 OF S0unQ anu UNIFORM INV, tho'
the subject is historical think may venture TO say,
that the currency and the exchanges OF the u b at
tanned degree perfection scarcely known elsewhere
It of that system the Committee of Ways and
Means of the House Of Representatives of the U. s.
said in 1880 sit may be confidently asserted that no
country in the world has circulating medium of
greater uniformity than the United States. And
again at gives 10 the national currency that perfect
uniformity that ideal perfection TO which currency
of gold and silver in extensive country could have
no pretensons.
II was of that system that the Committee of Finance
of the Senate of the u. S. said
"That the U. S. are in the enjoyment Of uniform
national currency not only sound and uniform IN Itself
and perfectly adapted to all the purposes OF the Govern
ment and the community, but more sound and uniform
than that possessed by any other country 1t is not
easy imagine, it scarcely necessary TO desire any
currency better than this
The Bank closed its affairs in lo3G-when a Board
Of Valuation Of the Stock formed, composed OF
committee of the late Bank of the United States, con-
sis,ing of Caleb Cope, Robert Raston, Jr, and John
Bohlen, and
committee Of the paesent Bank OF the U, S., con-
ssting of Ambrose White, Matthew Newkirk, and
Richard Price;
Who called to their aid three dsinteres,ed citizens,
John Moss, Benjamin w Richards, and Robert Toland
This Committee, in its negotiation with the Commits
soners of the Government began by offering for every
share of SiO0 the sum Of Sill AZ. The Commission
ers declared that ,hey estimated the stock to be worth
Sll5 81 per SHARE cash valuations adding, "that this
considerably below their former estimates, and
positively the lowest point al which they would fix the
valuation" Finally the Bank agreed to pay Sll5 So
per share. This was done by Board of Directors
consisting of
Joshua Lippincott, Caleb Cope,
Manuel Eyre, John Bohen,
John r. Nef, Thomas Dunlap,
VIM. Platt, j. J. Vanderkemp,
Ambrose White, May Humphreys,
Matthew Newkirk, Cheyney Hickman.
Richard Price,
Thus far at least, every thing safe and prosper
The Bank then became merely State institution ];
and although it had to encounter the hostility of the
dominant party Of the United States, and the violence
of local and rival opposition still it able to main
tain itself against all these obstacles with unmpared
and credit. This will be obvious by exa-
mining the statement Of its affairs prepared about the
time left the Bank, is reported by this Commit
tee.
Dscarding array of figures which would not be
ineligible, that statement shows clearly these results
Its whole liabilities were the first Of April 1889
For Circulation, IL ,o7l l24
Deposites, 4,473,595
All other debts, 19,376,o92