The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-04-16
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philadelphia Correspondence.
U. 3. Bank--Mr. Biddle's Letters--Columbia
MISUNDERSTANDING Presidents Address.
PHILADELPHIA. April IL, 1874

PHILADELPHIA. April IL, 184l.
The affairs of the u s. Bank yet continue to api-
tate the public mind. A full development of the
causes of the fall of the Bank is now being made.
The report of the Stockholders Committee is regarded
by all disinerestrd persons a candid though severe
exposition of the facts and proceedings which have
produced the present disasters Of the Bank Mean
while Mr. Biddle has published two excuIpatory let
ers the object of the first of which was prove that
he gained personal advantage from the spec
ulations, and that, conducted BY him, they were
promotve of the welfare Of the Bank. The second
letter recites the history of his connection with the
Bank, defends his administration and concludes with
brief review of the errors into which fell since he
left it. The first blow the credit Of the Bank received
after the retirement Of Mr.. Bddle the protest of
the drafts upon Hottlnger & Co. of Paris These
drafts were made without aus.olity, nor were there
6und. tho hands Of the Hottingers to meet them.
The next was premature resumption.
s be denied that the disasters of the Bank
occurred during the administration of Mr.. Biddles
successors but the question at issue between him and
the stockholders is whether the Investments he made
and the settlement Of accounts allowed by him, in
stocks, that have since become almost worthless
judicous, and if they have not materially diminished
the value Of the assets of the Bank Mr. Bdde is also
accused Of favoritism to Corporations and Brokers
over business men. His defence amounts simply to
this He left the Bank in a sound condition-ergo its
ruin cannot be ascribed to him. The Encouragement
of the Bank, under the Dunlap administration, has
displayed ncapacity, and immehodical mode of
transacting business that is astonishing Mr.. Biddle
should be heard with imparality, but he would be
more clear and satisfactory he more particular
in his proofs. Bold generates are deceptive, they
strike the vulgar mind, but alarm the judcious.
Mr.. Flennlken has reported to the Legislature bill
authorizing the leasing of the Columbia Railroad to-
geher with the olive power and fixtures thereof for
five years Made the order for to-mo 1t is a
serious question this The Erie Canal is a source of
profit and more than pays the interest Of its cost Our
brokers have paid the interest Of their first cost
They are grevous burden but it is in great
measure owing to thei prostitution to party purposes
This State has suffered greatly from the fanacism of
parties and party The fault lies with the peo-
pie. fthey will not send of capacity and cha
racter to the Legislature, they must expect bad legs
lation. The Philadelphia county delegation, composed
Of Loco Focos, satire the intelligence Of
citizens. The only talking member among them is
Mr.. Penniman, and the only thinking member, Mr..
Blown of the Senate
We have been visited to- day with furious storm
of snow, which has occasioned the postponement Of
the Funeral Ceremonies in commemoration of the
death of Gen. Harrison, until to morrow week
Stocks have improved. To-day U. s. is quoted at
10 IL, Grard at 81 Wilmington Railroad at 35,
Vicksburg6.
The address Of President Tyler is no less admirable
for its terseness and vgor of STYLE than for its candid
exposition Of principles, and its orthodox doctrines.
We look for firm dignft constitutional, temperate
and beneficial administration of the Government by
President Tyler. Mr.. Van Buren, displayed nothing
more than the sagacity of common lawyer. He was
of very petty order of mind and magnanmity was
as much stranger to his bosom, as dupcity and
foreign to the bold and manly character of
John Tyler. Ir
nTOur exchange papers from every part of
the country in which the mournful intelligence
Of the Presidents death has been received, are
crowded with official notices Of the tokens Of res
pect paid to the memory of the Dead by the va
rious societies, institutions and associations, CT
vii, military and religious, in the towns and
states from which they come. The legislatures
in session have all adopted solemn and impress
sive modes of signifying their mournful sympa-
thy with the people under the common calamity,
and their veneration for the character Of the
late Chief Magistrate.
Gov Chambers and Col Todd have ef, the city for
their homes in the west.