Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-02-25

BANK or TnL UNITED STATS s-The Phla.
delphia papers publish a men orial from the
President and Directors of the Bank of The
United States 10 the Legislature Of Pcnnsyl.
vonia, praying that The relief granted by the
resumption resolutions may be- continued Ia
that bank, III common with the other banks oi
The State, and that distinction which s0'ne
have proposed. m-y not be made To the dis.
advantage Of that bank. The memorial pre-
sents recital of the efforts which have becn
made by The hank TO comply with the resou.
tons requiring payment in specie, which they
did from January - to February 4. Daring
that period The bank had pa id out upwards of
six millions Of dollars in specie, or funds
equivalent to specie.
| The bank has paid to the State, in The form
Of bonus for ils charter, the sum Of SO 022 =
6G2, II has besides subscribed S4l5 600 to
Railroad. Navigation and Turnpike Conpa.
MES, as required by its charter. md has paid
by voluntary subscription. S97S1J9 10 pro.
mote public works Of like nature. II has
loaned 10 The Stale at different times since
November. 1896, the sum Of $500. 900, of
which s33C0.OO0 have been loaned since
January 23. lsd0. 1t has thus applied up.
wards Of Sl2 600 COO of its capital directly to
the purposes OF the State, and nearly n mil
lion more TO works of public concern. More
than 81 ,50O,O00 Of this sLm have been loaned
to the State within tn. last two years, peri
cd of unexampled difficulty in the negotiating
Of money. These contributions are repre-.
sen,ed as contributing reason why the bank
should not be denied the common relief that
is now solicited at the hands of the Legisla
ture, for all other banks.
The memorial represents further. that If
the relief prayed for is refused, il will cause
great sacrliice Of public nnd private inter.
csis. The Directors do not ask TO be relieved
from the payment Of their debts, but TO be
exempted from penalties imposed by the
Legislature, which if inflicted, will inevitably
relnrd the payment Of their debts, they say,
"l'he sulficiency Of the assets Of the bank
to meet all her engagements IN creditors Is
in the opinion Of your memorlalist as much
matter of moral certainty, as that the assets
Of any bank in this State or elsewhere, are
sufficicnt for like purpose. II, through
measures OF folly or madness, all personal
securities shall be nnnihilaed, and real estate
be made dead in the hands Of those who own
IT, tho calamity will not be confined in its ef
!ecis to the Bank Of the Unicd States and
unless they are so onnlhilaied, the suiiiciency
of the Bank assets is morally certain"
The memoTalsts represent that the stock
holders have done nothing that should sub.
ject them 10 the public resentment. II there
has been error and mismanageincnt IN the
bank, II has not been theirs.
They submit also 10 the consideration Of
the Legislature, iie effect which the adoption
of n course that viii 'throw the bank INTO
Iiquidation,' will have upon the interest and
credit of The State. The evidences Of the
public deb, of The State, 10 the amount Of
more than eight millions Of dollars, are owned
by the bank, and pledged for the repayment
of money borrowed. Whatever throws the
bank into liquidation, leaves these securities
of the State ut the mercy OF those 10 whom
they are pledged, enables them to throw
them into the market upon the de'nut Of the
bank, to depress them III price, and TO become
purchasers of them at an immense sacrifice
"ln the face Of this contingency" the me
morlnlists ask "what is 10 be the market price
of the public debt Of Pennsylvania, held TO a
great extent by her own citizens? Wha, is
to be the ability Of the State to complete md
to bring into profitable operation her public
works. What are To be the consequent cf
tcc's upon nlI property in the public debt or
dependent upon IT,"