The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-12-06
Fran the W Y. Herald.
FRAUD-TflE EFFECT OF BANK SUG-
SINN

-. SsszFENSlON. .....
We recently all led to the attempts that have
been made since the failure ofthe Z. S. Bank, by
the parties indebted TO ITO depTec:ate the liz
bties of theiHstitution,sin in order that they may
profit by the fallsin the discharge Of their obgi-
tons to the Bank. For that purposaa powerful
combination vas cot up BY the former conduct
ors OF the Bank and their friends, having m"iew
the sole object OF dischargiug their debts TO the
Bank, at the expenseaof the deluded holders OF
its liabilities. This has been backed by other
parties for purposes Depreciation In illustra-
ton of this position, we Will give the recent
movement in U. S. Bank notes. Itiswell known
that during the past week the circulation bllls Of
the Bank rose ~ cents discount 10 So 70 cents
on the dollar in two. days-a rise Of % Or 30 per
cent. This fact was sGficientto show that a
corner had been geGupi it. At the time Of the
suspensionsof the United States Bank it is well
known that the Girard Bank was the only iEsti-
tuition in Philadelphia that held none Off bills.
Its cashier, Nj. Lewis, plumed himself for his
sauacity good dealupon the occasion, and used
strong efforts to raise his own institution at the
. expense Of the fallen monster. A clique was
then formed with certain parties in this city; Mr..
Biddle, Reuben II. Whitney,, and others, in
Philadelphia with the National Gazette, re-
modelled for their organ, to decry the, Liabilities,
heavy sales of the notes at go 80 days were
made in both places, 1t then appeared that the
Girard Bank was in possession of3 to S5AG0,000
of the notes'of the United States Bank. As the
Girard had none, of these notes at the d2te otsus
pension she must either have acquired them by
purchase or by special deposite, from individuals
having obligations maturing al the q. 5. Bank.
These notes were lent Quito brokers, WHO, by
throwing them upon Inc mlrket, caused, in con-
,necton w!th the recent efforts making by the
Clique, fall TO fifty cents ON the dollar in. the
value of the NOES. At-this ra;c, Mr.. Bjdde
purchased and paid into the Bank over Sl0000U
and others, making $600,00O paid in on the last
assignment within a short time. Notwithstand-
ing their payments, the bills continued at low
rate until one day this week, when the Girard
Bank called IN the notes lent. The result was
that the notes were not to be had, and the price
rose 20 per cent. in day, and would have gone
up TO par, but the borrowers Of the notes be-
come panic struck, and two brokers went 10
Philadelphia, TO ask for time to buy them up
This was granted, and the matter being kept
quiet, the bills have remained firm The object
is now to buy up the notes quietly as fast as
possible but the probability is thatthe notes arc
not to be had. This operation ihfthe notes has
had powerful effect upoIsthe stock of the Bank,
both here and in Europe, as when its value is
discussed, the great depreciation in the notes is
appealed to as conclusive evidence that nothing
remains to the stockholder. The terrible des-
truction Of property that has taken place, through