Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-03-29

craving, &c, nor the high and exorbant saaries sJ IA
officers well immense sums paid q vsros MIS-
sionaes bank agents, who despatched 10 Ns y
and other places at the instance Of the banks
The Real Estate Bank founded the value mainly Of
icid lands Many Of the lands which stock was taken II
that bank, would not bring onetwelth Of their valuation
which resulted from the rule adopted in granting stock II IN
individual had small improvement he could put the land IN
as stock which his improvement situated, and thu
add all the wild lands he could obtain and by getting high
and favorable valuation those wild lands, he would be
bled TO become the proprietor Of pretty comfortable portion
Of stock and, the money obtained the
state bonds issued the credit Of those valuations Of wild
lands, he could draw onea Of the Of his stock in
dollars out Of the original capital In this way half the og
mai capital was absorbed and the other half
o the hands not only of ordinary borrowers bu also of d.
and stockholders the later had the privilege MT
Draw ha as stockholders but also TO take ordinary
and having the power they never failed to q, Ell
eise SO valuable privilege The State Bank with three
a was emphatcally called the peoples bank, and,
m ~; o,y hcein was called for, and loaned gene
original capital, therefore, was soon loaned out e.cep,no
about OOO which retained after the SUSPENSION Of
spece pu. which was used up by two Legs
sixty thousand dollars of the original capital which was
obtained from the North American Trust ami RsrL;n Co
pany who were the original Purchasers the bonds This
the North American Trust and Banking Company have Ion
since entirely failed except also $500 oOO-beinp ha
portion the original capital of both banks which was an
piled pay interest long the capital lasted These are
than We not in the situation Of PENNSYLVANIA and
Illinois We have not their population neither have we
like hem public works to give creditors and there
with make compromises with them, We have neither rail-
roads canals, urnpike-road, any p>lI.
works, either begun contemplated therefore sin
ceey believe that neither the bonds the interest will
be paid. With present population, tenths Of whom
remarkably poor, the thing Impossible besides, is
well known that bonds have long since passed from
the original purchasers into the hands Of pecu
ators and gamblers, who have procured them at great dis
count and, population million, instead Of about
serent-nine thousand wte people, do not believe any Lee
gislaure could be gotten together who would lay tax the
people for the benefit of spectators and gamblers who had
bought those bonds at about thirty the dollar The
only ground of hope therefore, for the holders Of the bonds
Of this State is assumption Of the debts of the States by
the General Government This, however, is weak ground
to depend few Of the Wing party and still in
favor Of it. majority Of them, however, with Mr. Clay at
their head, publicly disavowed the doctrine The whole Of
the Democratic party who in the ascendant with
Mr. Polk their President elect at their head they
have always been, against it.
Your obedient servant, X Y.