Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-23
POLITICS.
from The Globs.)
BANK OF THE u. STATES.

believe there arc several of great moment to
require the true condition Of the institution TO be lad
before the public 1t mods to its fall and innocent
people should be put upon their guard against buying
its stock or holding its notes The capitalists Will take
care of themselves but the innocent and ignorant part
Of the community will be imposed upon, and become
the victims of their creduy unless independent pa
pcrs warn them in time of their danger This IS one
reason for exposing the falling condition of this orclgn
and rotten institution. Another that The attorneys
debtors borrowers and old friends OF the Bank are now
in power-men who in the halls OF the two Houses :"
CONGRESS- have aShed foul linen Tor that institution
for long years and received pecuniary avors from her
10 immense amounts These men are now IN power,
and openly propose another bank while believed 10 be
in favor of building it on the present cne Here, them
are me about TO build another bank, who have been
identified with the present one; and nothing is more
fair or more instructive, than TO what their first
Bank has come before they begin to built the Second
one They never praise the proposed ility NH
lion bank more than they have praised the thrlytve
million one; they never and new President more
than they have done The old Presidential Bdde; they
can never vaunt the purity the honor the solvency of
the new proposed bank more than they have done the
prescnt rotten ruined, corrupt, disgraccd and nfa
nous concern. They promise nothing 10 the coun-
try which they have not promised heretofore; and now
lei MS the end Of their promises Let US see what
all their idolalrons adulaton Of Bidde's Bank has
come to- and what is the condition Of the REGULA-
TOR which was 10 rule all other banks and all the mo-
neyed and commercial concerns of the Unon and keep
the whole in the safe road Of honor honesty sovency,
and punctua payment Of their notes. Let US see this
lei us see the actual condition Of this boased vauned
worsh;pped idolzcd, adorcd REGULATOR, before
they create another either out ut the runs Of the old
onr, or out Of new materials, foreign or domestic.
In looking over the extracts it will be that the
Morris Canal is the tender Of the Bank Of the United
Sa,es-iha il also is forcsn-that II is nsolvent-ihat
lis Directors were United States Bank mon, and lis late
President (Nlr Sorihard) member Of The United
States Senate, while President at S6,oOc per annum.
From Beanetts Herald, Ian IL
The rate Of foreign bills remains about The same, q
n - premium. The rcmittances yet small. The
arrivals of foreign goods have become argc and every
racket brings valuable cargocs This must soon lead
10 revival of the demand for bills. The shipments OF
specie are uninportant and the arrivals from South
America large. Any advance on the present rate
OF bills must lead to renewed shipments The produce
Of this country is going forward but slowly, and ii is
nnon its proceeds that tie chief reliance must be placed
The foreign market offers very little 10 encourage the
idea tina; credits lie opened State Stocks or other
securities against which TO draw 10 any extent The
banks are, therefore, doubly cautious not TO expose
themselves TOO much at least while the u. S. Bank is
nuctuang in lis socket like an exhausted lamp 1t is
felt that the institution is at the crisis Of IFS fate, and
has been widely conncced the foundations Of lis
credit deeply dug and too many interests are
connected with lis fate, for II 10 meet It's destruction
without creating wide spread commotion.
The examining committee to report in April, If they
faithfully perform their duty, must bring 10 light The
secret agency of the in all those vast bubbles
and specuations that have ruined many in the last
few years One of the most notorious Of these
the Morris Canal and Banking Company That
Germ is now bankrupt to the extent of many millions Of
dollars and has foreign creditors TO the extent OF 81
900 900 The proceeds Of these lost sums have passed
INTO possession Of the United States Bank, and the pub
lie want know the facts OF the Many names
that stand very high in this city implicated, and
both by law and equity personally responsible for
the funds msapped under their direction The Morris
Canal many years since contracted debt in Holland to
the amount Of 74s, $50. After that the following gen.
tlemen became directors:
Edward II. Bddle, Henry w. Hicks,
Thos. G. Cadwallader, Louis hcLane,
Jonathan Goodhue, Stephen Whitney,
Simeon Draper IT,. Peter NJ. Rycrson,
James Is. Murray, Edwin Lord.
Many of these gentlemen allowed their to be
used rs directors in the concern, order to give it
character in London, without which their proposed
loans in that market could not be effected The con-
sdcra,ion for this Of their stock given to
them at half price, that is $4,000 OF stock issued
10 them for 100000 At the time these names were
given to the world the managers of the concern the
Holland loan fell due-July ls 1897. The Legislature
Of New Jersey then passed law, allowing the CON-
pany TO extend its capital 81 100000 the express
condition that the proceeds should be applied the pay
ment OF the Dutch loan The money obtained and
applied to other purposes and the Holland debt, TO
the eternal disgrace Of all connected with it, has not
been paid TO this day. II is well established point of
law, lnal WNere luEGS III HllSdppHcu,
rectors personally responsible for the money These
gentlemen by accepting the trust rs directors OF the
Morris Canal made themselves responsible for the
per application of the loan. Mr. Wnk, as the agent
for the Dutch creditors, has remedy at law against
each of these persons. The two first the list
put in by the United States Bank, which concern sub
scrihcd largely for the stock. The first is
phew Of the exPesdent and the other is, we believe,
the attorney Of the Bank
With the downfall Of the United States Bank, the
| whole M be rpvoluODIZeu Men taking
upon themselves the responsibility of directors of mo-
neyed Institutions must be made 10 feel that the public
will hold them accountable as well for neglect OF duty
as for misnanngement. The United States Bank has
for years exercised a controlling influence Of the fnan
ca affairs of this country In the days of her power,
no rival could attempt to compete with her. During
the last few years, however, when, by mismanagc
ment, she has been gradually losing her prcdomnance,
rival interests have grown up and exhibited great hos
tity many occasions. The most influential of these
have been the agents in this city of the London house
of Barring Brothers. and Co. This concern, by under
hand means, contrivcd to get control of the financial
affairs of this State, under the present Government;
and their influence will yet be felt TO the heavy loss of
the people Of this State. This interest is the basis of
the cxtravagant notions of the Executive in regard to
loans. From the same source originated the famous
proposition for the United States TO the debts
Of the several States.
This concern has been the most determined opponent
of the u. S. Bank, well Of all interests in this
State which il anccd stood in the way of its own pro-
jects. 1t particularly opposed the U. S. Bank, until
recently becoming convinced that the power of the
Bank completely broken, or would become if
forced to resume, it changed its policy If the Bank
forced into liquidation, the result might be disas
trous 10 their interests by the effect il would have
upon American credit abroad and the great commotion
it would create here. If however, the institution could
be obliged 10 curnil itself and fall back into mere
State institution, and still maintain its existence, the
field would be left clear for the financial power hoped
TO be created. Apparently in the spirit of this policy
the House assembled those disposed to become parties
means required by the Bank TO resume, as follows;
Sums raised to sustain the I. States Bank.
Bank of Commerce, n York, $4,000
Mechanics Bank, 100000
Bank of the State of N. Y, 10000
Manhattan Company, $4,000
Union Bank, $4,000
Fulton Bank, $4,000