The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-04-17
philadelphia Correspondence.
u. 8. Bank--Mr. Biddle's Letters--Columbia
MISUNDERSTANDING Presidents Address.

PHILADELPHIA. April IL, 1S41.
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 disinterested persons candid though
exposition of the facts and proceedings which have
produced the present disasters of the Bank Mean
while MI. Bddle has published two exculpatory let
ters the object of the first of which to prove that
he gained no personal advantage from the cotton spec
ulations, and that, as conducted by him, they
promotive 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 into which it fell since he
left it. The first blow the credit of the Bank received
after the retirement of Mr.. Bddle was the protest of
drafts were made without authority, nor there
funds in the hands Of the Hottingers to meet them
The next error was premature resumption.
1t is not to be denied that the disasters of the Bank
occurred during the administration of Mr.. Biddle's
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,
judcious and ifthey have not materially diminished
the value of the assets of the Bank Mr. Bidde is also
accused of favortism to Corporations and Brokers
over business men. His defence amounts simply to
THISTLE 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 incapacity and an immethodical mode of
transactng business that is astonishing Mr.. Bidde
L..a l. 1
mole clear and satisfactory he more particular
in his proofs Bold generalities deceptive, they
strike the vulgar mind, but alarm the judicious
Mr. Flennlken has reported to the Legislature bill
authorizing the leasing of the Columbia Railroad to-
gether with the motive power and fixtures thereof for
five years Made the order for to-mo' row. 1t is a
serious question this The Erie Canal is source of
profit and more than pays the interest of its cost Our
brokers have never paid the interest of their first cost
They are now grievous burden but it is in great
measure owing to thel prostitution to party purposes
This State has suffered greatly from the anatcism of
parties and party men. The fault lies with the peo
pie. If they will not send men of capacity and cha
racter to the Legislature they must expect bad egs
ation The Philadelphia county delegation, composed
Of Loco Focos, satire on the intelligence of our
citizens. Tie only talking member among them is
Mr.. Penniman, and the only thinking member, Mr..
Brown of the Senate.
We have been visited to-day with furious storm
IF snow, which has occasioned the postponement of
he Funeral Ceremonies in commemoration Of the
leath of Gen. Harrison, until tomorrow week
Stocks have improved. To-day U. s. is quoted at
10 1-2, Girard at 81, Wilmington Railroad at IS,
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 dignif,d 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 magnanimity was
as much stranger to his bosom, as duplicity and
foreign to the bold and manly character of
John Tyler. II
~Our 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 thew come. The legislatures |