Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-04-17
LETTER rRox NICHOLAS RIpoII:.
TO THE non. JOHN VI. CLAYTON

81. ~ AN IaHNAN' III NfN.NnE tn
'I' ,s'e 'accuns oitic S.ockhuldcrs orihe Bank of.
49, h'c" Stale. For sixteen years had been thg
''>'"'N' "' Ili m,iiiuiigH, which ~ TO tl.e hour
'"iT'' a 'otS career OF pro.prrtv. Two
l'''S ahcr"aolSit tell Ini, great trouble. and A. seems
y . "v etsi''o1th those uoN c,nacc,cl i.hiJ;uu -,rbc
al MS nisipriuues i~Hcluliug thc fatal r.Sunptr,u ,
y "c'"S ago entirely 10 nay administration. IhI
'hlS Nccn done lu a isr and upcu AMI mIuIv WAY.
'"N'C "oHH have been IA re ready than myself 10
meet Uh'i question. Bat instead ui thar. Whit ,yas
"N 81" pursued. \ committee ct s.uvNuul!cr>
ans been Tor three month, az work with ali the book,
'u P'ies "i the Bank uuirr their control. uhiur
up t'"'y ii,ns which bt dist uJun may mjIrc my al.
7" -a'''"'"' H'Nc"g' their oyyl res N al -r.cis, or
= '"''f '"i'e insrh1d al = tie which prevails abroad
''' "i''N, anu those connected with tlrcm. From
'' ''inis Siicl'iuu with that "a lui,I Oral ia, IA NJ.
cAciCd"i' and ! understand thai a promo.
~ '"''C my "ichdtncr or 90 apgrz. me of what
"'l N're Gong. was rejected. Tiry ended nj last
p. ''t'tI'Hs cNlarie an partial sia'ctnCals IA regard
u" ms sell, aud, a, you saw 40 the m ,rtrp-. n, o,,,-.
'"""y was gwen Iu let the accused be hel-l b..,,e
&c Was condemned, and The report Is widely cir.u-
"'''u win al ar q! "iir'al authority in Il stlui pla-
'r'' where no explanation OF mine can ever follow,
o.. Now all thi, seems io me a signal art of iui,,.
nee. ] know that misfortune hasa right To- hr amer.
u'"'-uul ihiS summary condemnation NiIhput a
,h'"cc "i explanation, or defence. a privilege never
denied 10 The humhlcst crninal, Cannot foil To be
regretted even hy those who have io:ued IN II when
lac rlssI"us ofthe moment shall sub.idc. I deeply
regret i-lcSS on my own account. however than
han because ! think such an act Of iuius ice inficis
% severe ryury on the Bank itself rc.rei II ,tilI
more because although pcrarcd .rum The Ba K. | felt
tsiuCcrr interest IA IT, tate and hid prcpar4L with
great industry What deemed ,Ac means orreyiyinr
us prosperity, which ! meant 10 suJgI 1t 20 tho stJcs.
holder.
All that, Of course, is over now. Bat as I know
rod are DESTROYS Of asccG .iuir z the truth. shall
Pr'cccd Q" explain 20 yOI as a p-rsnnl III, nd Aeycral
rnaiicr-, very sim. lr in themselves, hut which have
'"cn strangely mi>rcprrScuIcI. For n-tluce.
You beard 90 the report a long aal comnliraicd
,'"'' a''H' c'iibn purchases, AMI Il Is - uiirn sli!.
That rntny begin TO believe ii-ihai the Bank of The
luiicd States specialized largely IA Crtan. arI lost a
great aI III nancy hy ~. ItScpms uuLIud t. dis
iur5 - established a ft,i-but the truth -, that Lu.
ring M connection With the Bank. II never owned a
bale ui I"iIsH-aul will Mt ] believe lose a dollar
~ any operation IN Cotton, ualcs- 10y great rpisnlu-
'geI"c|t hereafter, That whole mrtIcr has always
zee" 10 ac a source u! - much PRIZE. from ls hcuc-
as 20 ilc Bank AMI To the colnirr, that | take plea
sure IA stating thc rcalhi.io-y OFT.
In the year 1897, the Bluk went to The relief al
ne Iny OF New York. 10y issuing is bonds payable
IA London The question was how tn provide the
IA ans oi paying N sc bonds. Hitherto the only mode
at d"ttg II WAS ny the ~pIrchlse uf bills drawn nj the
sum On shipments of Irpiuce-bui the difficulty
h'w was that In ,hc general pro irIiiln ufcrcdit AZ rhe
N'ti!' There wIs great danger IA taking private bills
iTaWn 'icEc-NhIic Hauy Of tho Liverpool Umscs
Wil'!a Ih'sc bills were ASA Ally drawn we're .lcus Ives
embarrassed. 10 occLrrcd Ia NC, therefore. ,i.al
dic oHIy m'Ie OF avoiding llcs- dangers was . par
chase un HtHs al n! except tpuudrI on diroci ship.
nrnia ui prod ace urder the cuu,rl. Of The Bunk. |
t'c1riiuEty urged the mercantile plu 81 the Dircc.
''rs 10 "uS'sr a. that op.rI - ia ling uolr at
the" disposed 80 large operations. / determined HAT
as % mus; bo dIIa I would 30 u myself / according.
~ 'cI"c''c! AIcsS-s. B,van & Humphreys 10 carry
'"' M plan. wh''h was s':u?,y % let ihc.r Agents 40
'h' So.ih d"iW "n thea domestic blk, for whirh
lIc} Wp".! receive IHc mics Of The Bank, purchase
luF fE 20 zoe af! send n Ia F'-lfsa url H'-tv',.l. rIr,
Is iie'r domestic bill rIm, To- maturity ia PhIlllrl-
pho 10 lay ic Bank, by sterling bills on The Houses
D" f''g'nTG All Franc, To whom The prrlgce was
-en'' AM h. WhFn u was sp!l. tbs was the whole
t"rtlinn, ~tich lasted from "a" sumner Of ls91 10
me ia'l "i le3S. TWAS unicr'ak ~ wiihuu, he leaf
idea uinuy Ircuaiuy advantage, and the only under.
10" iHs 'n that subject was a mere re bal ass n Icc
rum me-IAai a. after ]repryiur these advances To- the
''HN mere sapnli ~ uuF excess, is thc Bunk could
npi by TIA charter bay has produce, or of course take
my VrpIls airs ng iIuin b., such excess slouii bc ciy.
en u ihn~c who encountered The trouble and ihs re-.
'f"lNi'i"y. Nor was here tic slightest desire Ia
"rto"'l e. On tIe cp.tFIry al! The corrrsprl Ieucc
'"' r"ines ! hriic'c passed through Tho EruS-u
"n' announced over AMI over agtIH IA pulirai.pu,
A"'Nn To- com" from the bauk-luI II was p!riru.
lady described ~ a published letter of mine 10 Nh
NL'h' "i ia" lDih oI Dec-InbCr, 1883. Or winch The
following d au cNigcl:
In ISe manner The arrangement oC tic currency
PHr'd Ihe staples %. ra- : ,ulh entirely at Ia, Mercy
~ HNAN YUM lNaaH q 20 a.. NNH
terms % sale io The Frustrated planter. Il was thought
proper i"a'cT 'iai evil hy employing "a large pr.
'r'' I'D ne capitol OF th" B tuk mmlfru., advance. OF,
S'' "a'" pr'Ijcc. Iuls Ind Two elects. The Gu;
IT, "" r''"NituccS - pa - own bonds il
''s''''" IS'I"d iD.Ncw YORK. mcr,HIut, IN their eX.
IRENE distress, for ~ the Bulk c5IlI uut r.trl,,ss
''"e staples u made advances upuu them m the
Sum. receiving ip Exchange bills ON Eur,ur- ;he
second was 20 mirdIcc iHIo market a new cumuc:i
i'' ana mus prevent The uucoud iiJnal subircll u oil
D NIH F|IIf|F ia HL-f 800.
'' ''' "'ds not as u past years on The mere per
'iIi security % lhc merchants. which the cpuil,fD.
% AN private credit would have rendered too hazI rI
"l-HUi on The actual shipment Of the prplure +, 1r
N''.""h House 90 England willing md able 90 nr.
i"'' Nm'Htan properly from rhc reckless wish t,t.i.l
% h1s been oIcH thrown iurU rhc mursc, with lu en-.
h'r disregard OF all Ana. rcad interests. T,. D,UlI.
""i'h "i htsr clGsrs-tHc u, lIcaiIpu Of cIB.ilI u,
'"iS s'dc' AMI The rIlrui reserve on tho oilcr-h4s
q" 20 HiIlri"- interest au auIJuut Sc hi,h its d..i.
" '''i'' "' below ten uf fifteen mIilIJus ufdYlllrs
"'IfNf lp'. That uclris one hllf Of the r,nm,r.i,I
d''i" i ihls cH.uiy To- Europe Ia. been rsia ly tl,
mere difference between rhe actual sllrs uIh, seen.
,'.F ''" Shapes, and ihc prices ihr, would have re-.
az % "nI they Jeou thrown unprotected .li, the
''l'S % Europeans These measures were essen.
'"''y "' % i"Tp.rt.y u-'IEc-'bcy were measures of
'''' '''i"P..I 900 tie m.iS. o. public r.IlmiI.
'"I ID 1r Discontinued with Ihr necessity ,yb.,L, r,..
' mem. ~ soon, hcrcior,. rs ihc capital and in.
~ 'W' country bad uus 90 yuhsiIc i.,, heir
"'''' channels, these opcrJfiuus were rsln-
.'''' aud now they have totally aud finally ccas
~ '1' meantime rhr benefit was very GREAT alike
y 200, a'nt '"I tD tio country 10 o. q 5lpk because
I. u zoe advantage of large cuuItrg, orr- p,t..
-' Toe prem um ui b. drafts from the SINH. n ,,,
p ''''. Oh" Europe without the lal.t risk. and u l,r,,
'''''''N "i is s1uiIrm debts. NT,,f b. ,,r. h.,
p'r'ani SOL. fIa rns.,,s.a of those r.rEs d. ="
p ,''i' OBJ pri.clwg agl saving the agent of tmo
~, '"' 'i ,"1r-r tlr buk riraIL frm rr-fr.rop
h" 'a mH,. decisive ,,iIarrc b. "a g,,f,r+,,,
~ .t 20. l]r.suIra' 1l rha 1luE hu,.efL rp, Ir,,r
.I-tI ".',n 'ni Humphrey. ul Co., 5HI Frlrlary.
.' ''' .'HN 'n N.srs Humphreys aud g.Jgr ,r
p ''. .'"" ir some rur the subject a. .r.,f
'... .u'I"u"H ha'r. with 90 z.T DOB G.gr