trading and excessive importations, has been ment of the relative resources and responsibility the means of correcting and mitigating the of the bank in 1819, and at the present time, temporary evils and embarrassments which the report expresses the opinion that "at no these irregularties of trade would otherwise period in 1819, when the bank was very near have unavoidably produced. Suspending payment, was it less able to extend relief to a suffering community, as [than?] at the present moment." The minority of the committee deem it to be their indispensable duty to, notice that part of the report of the majority, which institutes a Now, the very complaint urged by a part of comparison between the resources of the bank the committee against the bank is, that it has and the condition of the country in 1819 and been too liberal in its discounts, or, in other at the present time. They cannot but regard words, that it has granted too much relief to a the comparison thus presented by the report, suffering community already; and yet it is here as unfair and partial, and calculated to produce set down, as a subject of lamentation, that the impressions on the public mind as absolutely bank is not able to extend this relief still further! erroneous as they would be positively per- The country has just been laboring under a connicious. siderable, but temporary pressure upon the If it had been the design of the majority to money market, during which the bank, with as produce a scene of general embarrassment and much liberality as judgment, has put forth all distress in the commercial community, in the its resources to sustain and relieve the commerabsence of any natural causes for such a state cial community. The crisis of this pressure of things, they could not have adopted a more has already passed by, and the necessities of effectual means of accomplishing such an ob- the merchant for bank accommodations are ject than they have done in this part of their gradually diminishing; and it is precisely at this report. point that a part of the committee, having comFortunately, however, for the country, the plained that the bank went too far in its accommercial community of the United States commodations when they were necessary, comhave too much intelligence to be thrown into a plain, also, that it cannot go still further, now panic by the loose, disjointed, and garbled that the emergency is passing away. statements, the crude speculations, and the ran- The actual resources of the bank will now dom conjectures, in which a part of the com- be stated, with a view to show its perfect abilimittee have thought it expedient to indulge.ty to meet all its engagements. The specie in If a general alarm has not ensued, producing a its vaults on the first of the present month, was ⚫ run upon the banks, a curtailment of discounts, $7,890,347, being upwards of a million more and a general scene of failure and distress, par- than it was in March last. ticularly among the government debtors in our There was due, then, from the State banks, principal importing cities, it is because the com- $726,196. The domestic bills of exchange munity understand the subject better than a held by the bank on the 1st of May, amounted portion of the committee, and have placed a to $23,052,972, ten millions of which will be proper estimate on their statements and specu-paid in the course of a month, and none of lations. which have a longer period to run than ninety There are no two periods of our commercial days. These sums united, make $31,669,515, history so utterly dissimilar as those which have a fund, the greater part of which may be conbeen selected for the comparison instituted by sidered as available for any probable emergena part of the committee. In 1819, the bank cy of the bank, as so much specie in its vaults. was engaged in the painful but necessary of These domestic bills of exchange are founded fice of currecting a redundant and depreciated upon the actual operations of our internal trade, currency, produced by political causes, and and are in fact drawn in anticipation of the having scarcely any connection with the state of southern and southw stern crops, which regu trade. larly arrive in the northern and eastern cities in At this moment, whatever may be said to the time to pay them. They are uniformly and contrary, our currency is in as sound a state as promptly paid at their maturity, without any that of any country in the world; and this is expectation of a renewed accommodation from conclusively proved by the state of our foreign the bank, as in the case of discounted notes. exchanges, and the relative value of bank pa- In addition to the sum already stated, the bank per and coin in our own markets. The foreign has good notes discounted on payment, and exchange is an infallible barometer to indicate other security, amounting to $47,375,078, and the soundness or unsour.dness of our currency. real estate and foreign bills, amounting to A reference to the state of the exchange be- $3,012,825. tween this country and Great Britain, at this The whole of the available resources of the time, will furnish a conclusive reply to the bank will be thus seen to amount to $82,057,charge brought against the bank, of having en- 438, at least one half of which could, on any couraged overtrading by excessive issues, and a emergency, be converted into cash, in the depreciated currency. In fact, specie is now course of a few months. On the other hand, flowing into the country, by the natural course the whole amount of the responsibilities of the of trade, a phenomenon which is utterly incon-bank, including the circulation, foreign debt, sistent with the alleged depreciation of our and public and private deposites, amount to only 43,685,603. currency. After making a partial and imperfect state- So that, instead of being reduced to the frightful predicament of having only "an ag- losses sustained by the bank have been owing gregate of $9,640,000 to meet an aggregate re-to the mismanagement of the branches. sponsibility of $42,643,000," which the author The opinion of Mr. Cheves was founded on of the report might well set down with two the peculiar state of things which existed at the notes of admiration, the bank has undoubted re-time. He felt the difficulty of controlling these sources amounting to $82,057,438, to meet a branches, of which, as he stated, the "direcresponsibility of $43,685,603. tors were frequently governed by individual In the actual state of the country it is visiona-and local interests and feelings;" and he came ry in the extreme to imagine the bank is in the into the administration at a time when immense slightest danger of being reduced to the neces- losses had been suffered by their mal-admini. sity of "suspending payment." The whole stration. But it is very important to remarkamount of its circulation is now only $22,000,- what the report does not bring to view-that al000, and this is the only portion of its responsi most all the disproportionate losses incurred by bility which can be properly taken into the es the branches were previous to 1819; and that, timate, in the view now under consideration. since the extension of the branches, of which The deposites, except in periods when all com-the report complains, they have not sustained mercial confidence is lost, so far from being greater losses, in proportion, than the mother properly regarded as a debt for which the bank; while nine-tenths of the commercial fabank should make provision, as for its circula-cilities afforded to the country, and nine-tenths tion, are universally considered by all banks, as of the profits secured for the stockholders, have a fund upon the faith of which they may safely resulted from the operations of these branches. issue their paper to an equal amount. What- The report makes reference to the obligaever may be the amout of the deposites, at tion of the Bank to transfer the funds of the any given time, it is a fair calculation, founded Government, to any point where they may be on actual experience, that it will be equally as wanted for disbursement, and seems tɔ have great at any future time. made the extraordinary discovery, that this operation is no burden at all, but an actual benefit to the bank! For the satisfaction of those who might be sceptical, the words of the report will be given : If this were not the case, the government de posites, about which so much has been said, would be of no value to the bank; but, on the contrary, a very great incumbrance. Upon the whole, then, the bank is not only fully able to meet all its engagements, but is in a state of the highest prosperity. And it is but bare justice here to remark, that its gen: ral operations have been conducted with singular judgment and ability, in those very particulars which a part of the committee have selected as topics of disapprobation and censure. "The largest portion of the revenue, particularly from imports, as is universally known, is collected in the Atlantic cities north of the Potomac. These cities being the great marts of supply to nearly the whole of the United States, and places to which remittances cen. tre from almost every part of the country, creates a demand for funds upon them from The minority of the committee will barely nearly every quarter, constantly, and generally advert to some of the other topics introduced at a premium. Therefore, so far as he bank into the report. larger the amount they required to be transferred by the Government, and the greater the distance, the greater the profit and advantage to the bank." is called upon to transfer funds from those It is alleged that the bank has given an un-cities to other places, it becomes a matter of due extension to its branches, and by some profit, and not of expense to it; and the greater process of reasoning, difficult to comprehend, the distance, the greater the premium; and the it seems to be inferred, that the alleged excess of the circulating medium, is owing, in part, to that cause. It is sufficient to remark, on this point, that the greatest improvement which If these views of the report be correct, the has been made in the administration of the bank is certainly an invaluable institution. It bank, and that which gives it its true federal has not only annihilated time and space, but it character, has been effected by the establish has done something more. It has produced ment of branches wherever the commerce of such a state of the exchanges, that it is much the country required them; and by the system easier for a man in New York to pay a thouof exchange operations, which these branches sand dollars in St. Louis than to pay it in Wall have enabled the bank to carry into effect. street; and in which, consequently, the New The whole business of dealing in domestic York debtor actually makes a profit by being bills of exchange, so essential to the internal required to pay his debt a thousand miles off commerce of the country, has been almost en- instead of paying it a this own door! If this be, tirely brought about within the last eight years. a correct view of the subject, it is undoubtedIn June, 1819, the bank did not own a single ly one of the greatest of the modern discoveries dollar of domestic bills; and in December, in finance and commerce 1824, it owned only to the amount of $2,378,980; But the minority are still incredulous. They whereas it now owns to the amount of cannot understand how it is possible for the $23,052,972. The opinion of Mr. Cheves, in 1819, is ad verted to in the report, to prove the impolicy of increasing the number of branches; ad the fact is stated, that a large proportion of the bank to make a profit by transferring funds, when it is expressly stipulated that they shall transfer them for nothing. Nor can they well conceive how the loss which the bank sustains by the operation of transferring funds for the government, can be less than the difference tors with very great ability, and with perfect between the "nothing" which it receives from fidelity to all their obligations to the stockholdthe government, and the profit which it would ers, to the Government, and to the country. derive from the same operation, if performed They regard the bank as an institution indisfor individuals. pensable to the preservation of a sound currency, and to the financial operations of the Government, and should consider the refusal of Congress to renew the charter as a great national calamity. If the government collected its revenues in specie at New York, and had occasion to ex pend it at St. Louis, it would certainly cost it something to transport the specie from the one place to the other. If, in the absence of a They will add, in conclusion, that they are Federal bank, it collected its revenues in the equally decided in the opinion that Congress is bills of State banks, as it would be obliged to called upon by the most weighty and urgent do, the operation of transferring these funds to considerations to decide this important question distant places would involve a still greater ex. during the present session. The uncertainty pense. But under the existing system, the which prevails on this subject, is calculated to bank is responsible for the safe custody of the exert a very pernicious influence over the ingovernment funds, and for placing them dustry, enterprise, and trade of the country. wherever they may be required, without any If the charter of the bank is not to be renewed; expense whatever to the government. if the tremendous operation of withdrawing If, then, the bank has not "aided the fiscal from the community fifty millions of bank acoperations of the government, as the report commodations, and twenty-two millions of its seems to intimate, a uniform currency and a circulating medium, must take place, it is full revenue safely kept, and universally transferred time that it should be distinctly known, that at the risk of the bank and without expense to the shock of this operation may be mitigated the government, affords no aid to its financial by timely arrangements on the part of the bank; operations. and that the community may have time to pro The report, adverting to a letter from the vide the necessary substitutes. Considering president of the bank, of the 29th March 1st, the immense ex'ent of the operations of this inin which he informs the Secretary of the Trea. stitution, the time which its charter has yet to sury, that the collector of New York had re-run will be scarcely sufficient for winding up quested the "bank to authorise an extension its affairs. of loans in that city, in order to assist the debt- To the report of the majority is appended a ors of the Government," and that this had been great number of questions, proposed to the promptly done, gives a view of the discounts president of the bank by a member of the comof the office at that place, calculated to make mittee on the general subjects of banking and the impression that no extension of loans had currency. As the questions alone throw very GEO. MCDUFFIE, J. Q. ADAMS, JOHN G. WATMOUGH. taken place. This is an error. It proceeds little light on these matters, the answers are from confounding notes discounted with bills here with submitted for the information of the of exchange purchased by the bank. It will House. be seen by the weekly statement of the New York board, that the amount of notes discounted on the 1st of September, 1831, was $4,103,134, and that on the 21st of March, 1832, a THE UNITED a few days before the date of the president's letter, the amount was $4,834,917, exhibiting an increase of $731,782, in a little more than six months. STATES' TELEGRAPH Washington City, upon the following Terms ....... .... Payable in advance. 5.00 3.00 2.50 If the amount of domestic bills falling due at a distance, during the same period, were larg. er than the amount purchased by the bankthis fact has nothing to do with the extent of the accommodation afforded by the bank to the merchants of New York. The true measure A failure to notify the Editor of an intention of that accommodation is the amount of domes-o discontinue, will be considered as a renewal tic notes discounted, and not the amount of of the subscription, which will not be disconthese notes united to that of the domestic bills tinued, except at the option of the Editor, until purchased all arrearages are paid. That the bank has relieved the commercial Where five or more subscribers, at one post community of New York, during the recent office, unite and remit, at the same time, two pressure, is a fact well understood and practi- dollars dach, that sum will entitle each to recally felt by the merchants there; and it will ceive the weekly paper for one year. be difficult to reason them out of the convic- The price of the weekly paper being two dol tions of their own experience by artificial state lars and fifty cents, cannot be remitted by mail. ments and conjectural inferences. Upon a To avoid this inconvenience the receipt of review of the whole ground occupied in the any Postmaster will be considered as cash; examination they have made, the minority are and all Postmasters receiving money on our of the opinion that the affairs of the bank have account, will be recognised as Agents to remit been administered by the president and direc- the same in convenient sums. MR. PATTON. We yesterday gave a tabular criticism on Mr. McLane's late report. Our country readers will find it in this day's paper. "Upon a review We insert to-day the remarks which this of it, we can detect no error. This statement gentleman delivered on the floor of the House, shows, that upon the data which Mr. McLane as his vindication against our commentary on himself assumes, the reduction will be but his attack upon the liberty of the press, and $6,310,257 on the present tariff; and that, upon the character of this press in particular. without making an allowance for the increase. We deny that he has either been misrepreof the customs, which must follow a reduction sented or abused. He says that he understood, of duties, there will be a permanent revenue of for he had seen but one number of the Tele$23,789,743. graph, and that by accident, that his remarks Mr. Ritchie, after insisting that the south had subjected him to the almost daily out-pourshould be satisfied with nothing short of a ing of abuse. This our readers know to be reduction of the ́revenue down to the econo. untrue. The gentleman gives himself too mical wants of the Government. has boldly much consequence. Except for the accident verified our prediction, and denounced all those of his being a member of Congress, and his who will not receive Mr. McLane's bilf as a setting up to be a leader for the kitchen cabinet measure of compromise. We expected this,the leading advocate o club law-be would but not so soon! Now, let us see with what not have been noticed by us. We have much propriety., more important matter before us than giving Unless we have misconceived Mr. McLane's him notoriety. We have spoken of him but as project, (and we challenge a correction of our an incident, and as such only will we treat him. statement)it will leave a revenue of$23,789,743. We will, however, strip him of some of his The expenditure of the Government, exclusive borrowed plumes. of the National Debt, was, in -1822 1823 1824 1825 1826 1827 1828 1829 1830 1831 $10,508,017 81 13,216,650 86 $124,275,720 38 He complains that he was reported to have said that to Yesterday, or the day before, one of the papers of this city contained an editorial paragraph, purporting t give a statement of the facts connected with this al eged outrage and breach of privilege, That statement was obviously, and on the face of it, highly discolored and exaggerated, and, as he had since been in. formed by one of the parties implicated, grossly false in all its essential particulars. He, (Mr. P.,) knew not if it was so." And says that he said-" I had been inform, Making an aggregate of $124,203,720 38 in tened that the statement was alleged by the accusyears, of an average annual expenditure of ed lo be grossly false.* A $12,420,372 04, which, deducted from the When the reader comes to compare our rerevenue which must accrue under Mr. Mc-port with Mr. Patton's own version of his Lane's bill, will leave an 'anoual surplus of speech, he will be at a loss to ascertain the $11,369,371. cause of the gentleman's extreme sensibility. Ayet M. Ritchie, who is opposed to a s ir- Where is the difference between saying that plus-who would not be content with any thing he was informed by the accused," and that it short of a reduction down to the actual and was alledged by the accused." The only differ. economical wants of the Government, denounces ence is that Mr. Patton suggests that he ought all opposition to such a scheme as factious and not to have been in consultation with the disorganizing! Oh thou pure, thou consistent, accused after his arrest. And where is the disinterested patriot!! Art thou not incapable difference between being in consultation of shame? No one suspects you of ignorance with him, nnd with those who did consult What can have seduced you into such a shame with the accused. Of what use is it for Mr. Patton to say that he did not consult with NOTE-This sum was increased about Houston, when he openly appeared on the $500,000 by the payment for deported slaves, floor as his partisan and advocate? If his which should not be carried to the account of opinions were the spontaneous offspring of the ordinary expenditures. his own mind, and the result of his own con ception on the case, there would certainly have It is difficult to probe the motives of menbeen no more impropriety in consulting Hous but there are some things so plain, that the ton, to ascertain all his views and explanations, blindest can understand them. Mr. Patton re than there was in advocating him on the floor presents a district composed of high-minded, of the House. Why then did Mr. P. not see honorable men, friendly to General Jackson, Houston? but a majority of them holding in contempt We have Mr. Patton's own words to sustain Lewis, Kendall, & Co. Gen. Dade, his comus in asserting that his solicitude manifested on petitor, was preferred by that influence, and the occasion, proceeded from no desire to Mr. Patton came,to congress with a knowledge serve Houston personally. He cared nothing that he was expected to act an independent and for the accused. His efforts were intended to honorable part. Hence his extreme sensitivepropitiate much more important personages ness when he found that he was noticed and unWilliam B. Lewis, and John H. Eaton, and derstood. And we verily believe that his conthrough them, the kitchen cabinet were involvstituents are chiefly indebted to our intimation ed. Houston had appeared as their champion that he had enlisted in the service of the kit-the defence of Houston was the defence of chen cabinet, for his refusal to attend the Balti them; and we greatly err, if Mr. P.'s change of more Convention. That intimation drew upon opinion, and his zeal too, are not both to be him the eyes of his constituents; and we know attributed to this cause. We say change of opi-that he was admonished that Judge Barbour wes nion, because he admits that he at first believ-their choice, and that he would endanger his ed that Houston had been guilty of a breach of re-election by openly taking the bounty from 'privilege. Van Buren. Under this impulse, he penned his But Mr. Patton complains further that we letter published in the Globe. That print adhave given a wrong interpretation to his refer-monished him that Gen. Dade would prove a ence to the "facts connected with this alleged faithful delegate; and Mr Ritchie, coming to waylaying and assault." Now the reader, if its aid, gave Mr. P. to understand that he would he goes back to this paper of the 16th of April, be treated as a rebel, or disposed of as a desert. will find that we spoke of the alleged out-er. What was he to do, under such circumrage and assault, as follows: stances. Turn upon the Telegraph, and propitiate the venal hirelings of power, by using his privilege, on the floor of the House, to say that this paper is "regardless alike of truth and decency." He wrote his letter to propitiate Mr. Barbour's friends, who control his district-he made his cowardly attack upon this press, to propitiate Amos Kendall, William B. Lewis, F. P. Blair, and Thomas Ritchie. On Friday, about 8 o'clock, Mr. Stanber ry was assaulted near his lodgings, in the man ner as he has stated; knocked down with a bludgeon, and much and severely injured-his right arm being ilisabled, the left hand severely fractured, and his head and body much beat en and bruised." ; And if he will refer to the evidence of Mr. Buckner, he will find that it is in proof that Mr. S. was beaten until Mr. Buckner thought he was dead. The assault was neither discolored or aggravated. But what were the facts connected with this alleged outrage and breach of privilege?" These are Mr. Patton's own words. Then, what are the prominent facts of this case? and, more especially, those which were most. calculated to effect the accused? It was the contemplated FRAUD charged upon Mr. Ea ton. Take away this fact, and the others were nothing. We forbear, unless further provoked; but we admonish him not to presume too much upon the indulgence of his constituents. He should remember that they, with scarce an exception; are the descendants of whig parents, and that they, as well as he, inherit the spirit of their fathers. CASE OF GENERAL HOUSTON. REMARKS OF MR. PATTON, of Virginia, (Mr. PATTON.) Mr PATTON said, that he hoped the cir cuinstances, which had been alluded to by his colleague, (Mr. DonDRIGE,) as having induced him to yield him the floor, would operate as a sufficient motive with the House to give him its attention for a few moments, while he made a few remarks. Mr. Patton denies that he vouched for Houston's innocence. If he did not vouch for his in- Mr. DODDRIDGE being entitled to the nocence, what did he do? What was the pur-floor, yielded it temporarily to his colleague, pose of his speech, denouncing the Telegraph, and denying the power of the House? We admit that he did not say that Houston had not contemplated the fraud, nor did he say that he had not committed the assault; but he denied that Houston had offended against the rules and privileges of the House, and repeated, upon Houston's authority, that the statement made in the Telegraph relative to the fucts before the The illness, (he said,) of his only surviving House was "grossly false, in all its essential parent, would probably require his absence par iculars" and not content with this, he said, from his seat; and might, perhaps, prevent his for himself, that our statement was, upon its being in his place when the vote was taken face, "highly discolored and exaggerated." It upon the resolution and amendment now under will not do, then, for Mr. Patton now to say, consideration. that he did not intend to vouch for Houston's innocence. He did become his sponsor, as far as he could go. Why did he do so? Mr. P. said, some how or other, he had been made the subject of gross misrepresentation and |