The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-06-04
THE EXPENSES OF THE L. $. BANK.

THE gross prohigacy Of the United States Banl,
in lt' expenditures, standing alone, would furnish
n sufficient explanation for its failure. II il but
little while since our readers must have seen state
mcni, which has been the rounds of the papers,
that its Directors had discharged some twenty
clerks, and so reduced the pay of those retained,
as TO save 500, coo per annum We will venture
to say that they were universally surprised, by tho
evidences oGwasteluness exhibited by this eleventh
hour retIenchmeHt alone.
There are some further facts, which will throw
additional light on this subject.
We have recently seen it stated, that the new
President, Col Drayton, has consented to serve for
$1,000 per annuul, being $1,000 less than the SUN
paid to his predecessor, Mr. Dunlap.
In the same spirit of retrenchment, we see i,
stated that the salary of the Cashier is reduced 10
80 800 per annum. How much was it before
How was in those piping times of paper credit.
when this rotten concern was hailed us the great
regulator Of the currency We have no precise
means to ascertain. !, was doubtless large sum,
as at that lime the cashier Of the Branch Bank, in
New York received $4,000 perycar, a salary equal
to that paid to the Chief Justice Of the L. 5. Court
and the heads of our Departments.
In olden times, John Sergeant was sen, 10 Eng
land, as the agent Of this Bank. What salary did
he receive Why the handsome sum Of ireniy
thousand dollars per gear! Here then the ccun-
try saw the singular spectacle Of the financial agent
of bank, looking after its affairs in foreign coun-
try, receiving more than twice much for his ser
vices, as our Minister Plenipo,cntiary in the
country.
More recently Samuel Jaudon took the agency
Of this same bank in London. For less than two
years services he received compensation of moro
than three hundred thousand dollars. a compensa-
ton actually greater, than the American govern
ment was paving to ITS Ministers and Diplomatic
Agents entrusted with the management of its in
tercourse with every country on Tire globe.
How fully does all this Illustrate the superior
magnilicencc of the Bank, as contras,ed with the
humble government established by the people
What beautiful commentary does this afford.
upon the clamors of the gentry managers Of this
same Bank, on the subject of Government extrava-
gance!
Much has been said by the friends Of this Dsnk
on the subject of log cabins II might be n mat
ter of some little interest to the people Of this re-
cion, 10 know how these Bank log eabnites live,
and upon what scale of private expenditure these
liberal salaries ale founded.
One fact NAV give some idea Of the subject
When Mr. Jaudon broke up his princely establish
nent in Phadep ha. the Bank allowed him $4,000
for loss on the sale of his furniture. Allowing the
loss on tie furniture 10 nave neth 90 LIZ per cent.
certainly very reasonable estimate, its total value
must have been fifteen thousand doilarI
This is the way then, these Bank officers live.
One hundred and fffy thousand dollars year to
a mere Agent-and fifteen thousand dollars worth
Of furniture, for his mansion. The mansion itself
must be in keeping. Troned with marble, and
blazing with magniicence-s cellars filed with
wines at five dollars per bottle, its tables aud side
boards grooming with silver patc. It's halls rescund-
ns with music ard rc'clry-tho Palace Of an Off