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purchased on credit in New York, Philadelphia, &c., and invested the proceeds in the public lands, and thus deprived themselves of the means of paying their debts, although they might be perfectly solvent. These operations have been in progress for the last twelve or thirteen months. Their ultimate effect every thinking man ought to have anticipated. Under such circumstances, the money market became sorely pressed, and it was utterly impossible for the merchants to have continued their payments much longer, either at home or abroad, without some relief. That relief, for foreign purposes, could not be had in the form of metal, because the great bulk of it is in the interior of the country, and cannot be transported to the trading cities while the rivers are closed, but at great hazard, great expense, and a tedious journey. The relief could not be granted in the form of discounts, by the local or state banks, because the proceeds of such discounts, it was apprehended, would be drawn in specie for the payment of foreign debts. In such a crisis, what was to be done?

"A committee of merchants from this city, invited Mr. Biddle to New York. They submitted to him their case. He became satisfied that without relief they could not promptly meet their engagements. At the same time he was equally well satisfied, that the great body of them were not only solvent, but in many instances opulent, and that all they required was time to collect their debts. The Bank of the United States was in a condition to grant the requisite relief. Its board of directors had hoarded, with the caution of the miser, the credit of the institution. That credit is placed on a foundation so deep and so broad that it cannot be shaken. The bank has finally settled with the government for the seven millions of stock, which it owned in the late United States Bank. It had just received a decision of the Pennsylvania legislature, (a majority of which was elected as its opponents) by a vote of sixty-one to thirty-one, declaratory in substance that the state had no right to interfere with its charter. In short, in every point of view, in the language of a sailor, the bank was sailing before the wind with a free sheet.

"Under such circumstances, Mr. Biddle has agreed to exchange the credit of the bank for the credit of the American merchants. This evinces his confidence in their stability, and it affords them time for the collection of their Western and South-Western debts, which collection, in many instances, will be made in specie. This specie, if found necessary, will be shipped to England by the United States Bank, to meet the payment of its bonds, and thus the balance, if any be due by this country, will be liquidated, and trade flow in its accustomed channels.

"The scarcity of money is already operating, both upon the price of produce and real estate. It will continue thus to operate, until things have found their proper level. Every species of property is falling, and a strong disposition pervades the trading community to limit its business. The rage for speculation is at an end; and in the midst of all the present agitation and turmoil, to my view, the prospects are more cheering than they have been at any period for some months past. I do not mean to be understood that there will be no more

failures-I wish I could think so. What I mean to say is, that the relief, in my opinion, which has now been granted, will not only facilitate remittances, and thus sustain the character and credit of many commercial houses, which, without it, must have suspended payment; but that it also made certain, during the present year, the exportation of sufficient specie to balance any debts or obligations due, or to become due, from American citizens; and this specie will be drawn from a section of the country where it is of no use, and shipped, without producing injury, or creating inconvenience to any other section of the country.

"I have extended my remarks on this subject, because I consider it of vital importance to both Great Britain and the United States, and because I have long apprehended and prognosticated the most disastrous consequences in the money market. I frankly confess, that I could not discover the source from whence the necessary relief was to be derived. But the Bank of the United States has generously, and I think wisely, stepped in, and done for the American merchants, what the British Government most providently does for the same class of men-loaned its credit. The British Government grants exchequer bills; Mr. Biddle in like manner has granted the bonds of the bank; and although he may, and probably will, sustain some loss by the transaction, yet he will have earned for the institution so much good will, and such kind feeling, that it must ultimately prove advantageous. Exchange from 11 to 12 per cent., say 11 or 114. Southern bills, endorsed in New York, from 9 to 104, according to the degree of confidence in the endorser.

66

"A GENEVESE TRAVELLER."

An Average Quarterly Account of the Liabilities and Assets of the Bank of England.

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No. II.

A List of Private Banking Establishments, which have been merged into Joint Stock Banks: arranged by Mr. W. T. HENDERSON, Sub-Manager to the London and Westminster Bank.

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24 Colebrooke Dale.
25 Collumpton..
26 Coventry..
27 Ditto

28 Crewkerne
29 Darlington
30 Daventry.
31 Ditto

32 Denbigh 33 Dewsbury

34 Dobcross. 35 Dursley 36 Ditto

37 Ditto

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Firm of Private Bank.

...

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Jones and Davis
Benson and Co.
Buckley and Co...... Saddleworth Banking Co.
Chapman and Co.... Coventry Union Banking Co.

Monmouths. & Glamorgans. Bkg. C. 1836
North and South Wales Bank

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1836

1833

1836

Skinner and Co....... National Provincial Bank of England 1833

Pyke and Co.........

Hutton and Co...
Rotton and Co.

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Swaledale & Wensleydale Bkg. Co. 1836
National Provincial Bank of England 1833

Stuckeys& Woodlands Stuckey's Banking Co.
Stuckey, Lean & Co. Ditto

Elton, Baillie & Co. Bristol Old Bank.

Cave, Ames and Co. Ditto....

1826

1826

1826

1826

Haythorne & Wright National Provincial Bank of England 1833
Stuckey Nephew & Co Stuckey's Banking Co....

Pitt and Co.

...

Grundy and Wood.
Towgood and Co.
Wakefield and Co....
Hartlands and Co....

Pitt and Co.

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County of Gloster Banking Co....... 1834

Jones and Blewitt... Monmouths. & Glamorgans. Bkg. C. 1836
Gundry and Co...... Wilts and Dorset Banking Co.

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Skinner and Co....... National Provincial Bank of England 1833

Watkins and Co...... Northamptonshire Banking Co....... 1836
Perceval and Co.

R. Sankey

Northampton Union Banking Co.... 1836
North and South Wales Bank.... 1836
Hagues and Co....... West Riding Union Banking Co...... 1832
Buckley and Co...... Saddlesworth Banking Co.
Vizard and Co. County of Gloucester Banking Co... 1834
Wood, Pitt and Co.... Ditto.....

1833

1834

Bloxsome and Co... National Provincial Bank of England 1833
Hartlands and Co.... Gloucestershire Banking Co.

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Rawson and Co....... Halifax & Huddersfield Union Bank 1836
Jones and Co......... Herefordshire Banking Co.

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Rawson and Co....... Halifax & Huddersfield Union Bank 1836 Wilson, Sons & Co. 1832

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