Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-21

April y, lS4l.
Hon John NJ Clayton, Dover, Delaware;
Dear Sir-You are aware that II is now two years
since the state OF my health compelled me to leave
the service Of the Bank. From that moment nave
been wholly occspied with other matters ana nave
had not the slightest direction OF its AFFAIRS as both
my inclination aad my duty eonSu,reo ~ 'ne pro
priety of leaving those who had the responsiol.
w. the entire control Of its management. THIS total
abstinence OF mine does not seem to be understood
or appreciated, for since the m'siortunes OF the
Bank, / find myself reproached for things oil winch
knew nothing, and denounced rs the cause OF all
the troubles which have beiallen not only the Bank
Of the United States, but every man in the whole
country. Being very indifferent TO popular eiamor'
and never suffering myself to be influenced oy II 10
dfSwhat disapprove, | have contrddicted nothlns
and exclaimed nothing, because | could do neither
without injury TO the interests OF the Bank but It's
present prostration relieves me from that tasudlons
ness Tor its pecuniary affairs will scarcely suffer
from any explanation OF mine. Accordingly, now
feel at liberty say and TO prove to you that when
left the institution, two years ago, was IN safe
and prosperous situation and that whatever mistor-
tunes have since come upon II, my administration
can IN no wise be charged win 'ne"i'
To this now proceed.
For th;r,een wears from 1928 to 1856, was Pre-.
sident of the Bank fthe United States The great
object of my lsbors was to secure to the whole
country the blessings Of a sound and uniform cur
a,s, ,l~ -~hs - historical, think
may venture TO say that the currency AMI the
changes Of the United States attained degree Of
perfection scarcely known elsewhere. IL vas Of
that system the Committee OF Ways and Means Of
the House of Representatives of the United States
said IN 1880: at may be confidently asserted iha,
country in the world has a circulating medium Of
greater uniformity than the United States" And,
again, "t gives TO the national currency that peTiec
uniformity, that ideal perfection TO which currency
OF gold AID silver in extensive a country could
have no pretensionS'
twas Of that system that the Committee OF Fl.
nance Of the Senate of the United States said:
THAT the United States IN the enjoyment OF
uniform national currency not only sound and
uniform in itself and perfectly adapted to all the
purposes Of the Government and the community,
but more sound and uniform than that possessed by
any other country. Ii not easy to imagine, It IS
scarcely necessary TO desire, any currency better
than thisr
The Bank closed its affairs in ls36-whsn /
a Board OF Valuation of the Stock was formed, |
composed OF a committee OF the late Bank OF the |
United States, consisting OF Caleb Cope, Robert 1
Ralston, Jr., and John Bohlen, and
committee of the present Bank OF the United l
States, consisting OF Ambrose White, Matthew |
Newkrk and Richard Price;
Who called 10 their aid three dlsnterested cii- /
1ens, John Moss, Benz. w. Richards, and Robert /
Toland.
This Committee. ia its negotiation with the Com /
misSioners OF the Government, began by offering /
for every share of 500 the sum Of Sill AZ. The !
Commissioners declared that they estimated the !
stock TO he worth Sis 90 per share, cash valua-
tom adding THAT this was considerably below
their former estimates, and positively the lowest
point at which they would FIX the valuation."--
Finally the tnk agreed 10 pay Sis 5S per share.
This was done by Board Of Directors consisting Of
Joshua Lippincou, Caleb Cope,
Manuel Eyre, John Bohlen,
IN r. Ntff, Thomas Dunlap,
Wm. Pau J. J. Vanderkemp,
Ambrose White, May Humphreys,
MsiIhew Nswkrk, Ckeyney Hickman.
Ri-hsud Price,
Thus FAR. least, every thing was safe and pros.
PsrouS
The Bank then became merely State institution
and although It had to encounter the hostility Of
the domnant party Of the United States, and the
olenee OF local and rival opposition, still 1t able
maintain itself against all these obstacles with un-
impaired resources and credit. This will be obv-
Gus by examining the statement Of its affairs pre-
pared about the time left the Bank, 1t is repor
ted by this Committee,
Descending an array of figures which would no,
tie ineligible, that statement shows clearly these
results
Its whole liabilities were, first of April,
1899
For Circulation, II,57I,I2i
Deposits 4,4735s5
All other debts, IS, 3T6, sS7