The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-06-04
THE UNITED STATES BANK,

dncl Of the officers Of this institution, are now &C
knowedsed on all hands. Even the wing papers,
now that the truth can no no longer be concealed,
admit that the Democrats were correct in their de-
nuciatons of the monster. report made by
committee appointed to investigate It's affairs, has
recently been presented to the public, ltom which
it appears that the officers Of this institution have
been guilty of most slupendous system OF fraud
and viainny, the parallel Of which the history of
the world cannot furnish We copy below some
remarks upon this Report, from the New York
Herald:
"The developments made at the meeting of the
stockholders Of the United States Bank, have been
such US are calculated to destroy forever all conf
dence in monsd institutions. The mapractices,
corruption and dishonesty that have crept into our
Banks Of late years, have extended themselves into
all branches of society. Transaction daily take
place wilheat creating surprise, any one of which
in former years, would have thrown the commnn-
~ iuo state of Consideration. The revolution Of
the credit system has exposed many TO temptation,
and their example has furnished excuse for
others, until all have become debasCd. Within
few days, member of Congress has unblushngly
avowed in The public prints, numerous iorgerles.
Wall street editors have perverted the dying words
Of tina venerable President of the Republic, at the
moment of his DEATH in order to make political
capital of them. Jersey city is notoriousy ruled
Judges, and laws Of the country, and smother the
public press by means of their corruption. So low
has the public press fallen, they not only at the
command of cliques Of rascas for pay, but they are
aware of an instance of a Wall street editor, who
clamors the loudest for a National Bank public
confidence and 'the credit system that having
given his note for a debt notified the person in
whose favor it was drawn, that he could not pay
it at maturity. Tho person having passed it with
4 ha ,voula thar tha
money than have it protested, and gave the amount
TO the editor to take it up, lie applied the money
to another purpose, and let the notes lay over after
all. This is the common practice with set OF
men who are continually pulling the rotten banks
and endcavoring to build up an artificial prosperity
on a ialse basis. There is no doubt but that this
moral dcbasement has ginaed with the U. States
Bank--ihat concern began the initiation of the cur
rency, promoted speculation and lostcred the dis
position to gamble that have destroyed the sense
Of honor in the public mind, and have led 10 the
legalizins of suspension - the States, and produce
that axiiy of morals apparent throughout oil the
different clusses of society,"
"At the meeting of tho Stockholders Of the
Bank partial developments only were made, but
there were enough to excite the worst fears orthc
friends of the country. The report acknowledges
the loss Of $40 100000 In letter from cor
respondent, which we publish tomorrow, expos
ing the channels through which part Of this has
gone, we find that Bddle, Jandon, Copperthwaitc
and ). V. S. Wilder, have gone oil with near 81,
900 000 but this is very small item. The pub
lie have right to know, and will know by whose
direction and agency the whole 100000, 600 has
been lost. How did those fancy stocks come into
the possession of tho Bank Who is accountable
And who is to bear the responsibility of this onor
nous niquy! So far the committee have thrown
no new light upon the Banks condition.
"The report published il, without exceptlon,th
most miserable attempt at lubuggng the public
that has been made for muny years, even by the L.
States Bank. THE bank statement is the Identical
report made public on the 2st Of December, and
contains nothing new. The committee have only
attempted 10 make an estimate. of the value OF the
stock p.edcacd on that statement. The result Of
their estimate is precisely the same as that made
by US in our article of the 5,h,January which arii-
Gle, on reaching London by the Columbus, first
opened the eyes of the London stockholders 10 the
desperate condition Of the Bank.
Here it is seen, our estimate made on the 9Th
Of january, is written 81 cent per share Of the
Same amour, as tina, Of the committee made on the
same date 3 months afterwards. The difference be-
tween the gross asserts in the committees report
and in our report, arises from the fact that the
mitlec have deducted, at their per value, S2,I7l
900 Of L. States Bank shares held by the bank,
from the gross amount of stocks and OBSTINATE the
remaining 325, 1856 shares, at SAG % 100 each,
which is about 43 per cent on the whole capital,
making the total loss $40 1922, $50. For the pub
icalion Of Jour estimate we were attacked and
abused on all sides, both here and in Europe As
we stated, our estimate created great sensation
in London, and to counterac its effect, Mr. Jaudon
published in the Lopion .MOrniag Chronicle
contradictory account, and the letter writer rIhat
unprnciplcd concern, Courier and Enquirer, hes
italad no, to call in question our accuracy.
SIT will readily be seen that the estimates
formed on the date Of Jan. lst, are fillacious now
All descriptions of property have greatly deprecla
ted since then and no one believes that the stock
il worth any thing. Instead Of long speculative
reports and comments npon the conduct OF former
officers, the public and the stockholders wants
facts Of what docs the 81 100000 of CONNER
cal paper consist who are the drawers and en-
dorsers? what are the dates and amounts what is
the character Of the SO, 900, 900 due from State
Banks what are the amounts, and which the in
deb,ed banks A simple list of these facts IS all
that is required. The public will then form their
own opinion. Having given these items, let the
committee go into simple detail oil the mo1us OPP
srand by which the fancy stocks, accommodation
paper banks debts and doubtful asserts Of all kinds,
came into possession of the banlt---under whose
management-by whose advice, and whose conni-
vance, was the stockholders robbed Of $40 900,
600. the currency Of the country derangcd, It's
credit overthrown, its trade interrupted These
are the weighty questions that tho committee, in
accepting their appointment, have undertaken TO
answer, and they cannot expect to do so by hum
busging estimate based upon an Old report Who
are the men tina, have got the $50 100000, and
wish to screen themselves by raising clamor
against Biddle, Jaudon SC. that have got but 81
500 900! These men, at least have done the work
Of the bank-but who are those that have made
them their instrumental The public interest re-
quired these developments. What editors? what
members Of Congress what tools and agents to
act upon public opinion, figure for loans upon the
books Of his concern' These things must be
brought out. The citizens of PENNSYLVANIA will no
longer submit TO be the dupes Of this sink Of mi
guilty" g..