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intensity of which it is capable, to a directly op- productive property for another. And scarce-
posite conclusion. That there was over-trading ly has the sentence of censure been expressed
to considerable extent in the course of the list in the report, but it turns and complains, and
two years, he has no doubt. That the issues appeals to the circular addressed to the bran-
of bank credit and circulation, unusually large, ches, and correspondence with them since Oc-
partly furnished the means to this over-energy tober last, that the chief object of the bank has
of enterprise, he is not prepared to deny. That been barely to sustain itself, and that, since that
in the earnest and proper anxiety to re-invest time, the bank has not increased its facilities
in productive funds the mass of capital thrown to the trading community, in any part of the
back upon their hands by the payment of the Union.
seven millions of the Government's debt for the The subscriber believes that nothing can be
stock of the nation in the bank, the president more delusive than the parallel drawn, in the
and directors may have for a moment overstep-majority report, between the state and condition
ped the line where that prudence which in- of the bank in 1819 and in 1832, but that re-
cludes all the attributes of the Divinity might port has subjected itself to one test which is
have stopped, if possible. The subscriber is already disclosing the true character of its rea-
far from affirming that they did. If they did, soning. It has ventured upon the field of pro-
he is sure that it was from motives pure as rec-phecy, and the failure of its predictions is alrea-
titude itself, and from infirmities of judgment dy brightening into demonstration.
incident to all the labors of man.

In the anticipation that there will be a cur-
The president of the bank very forcibly stat-tailment of discounts for several months to come,
od to the committee, the extremely delicate po- the foresight of the majority report is probably
sition in which the institution stands towards the correct. This, of course, must occasionally
commercial community in this respect. So long happen in all banking establishments. It is in-
as the bank keeps within the line of safe opera- cidental to all the unavoidable fluctuations of
tions upon its own funds, it leaves those of com- trade, and is believed to be at this time indis-
merce to regulate themselves. It neither seeks pensable, not only to the bank, but to the whole
to increase. nor diminish them. When, from commercial community. This operation has,
whatever cause, there is among the merchants indeed, been quietly proceeding in the Bank of
a tendency to over-trading, it is not the pro- the United States ever since the circular of 7th
vince of the bank, directly, to interpose against October, 1831; which the majority report turns
it; for that would be to exercise an invidious to so large account for its purposes. It has been
and improper control over business with which in progress, while, at the same time, the direc-
it has but a remote concern. Its general duty tion of the bank has been reserving and hus-
is to grant facilities while it has disposable funds banding and prudently applying the means to
universal. The point at which'it ought to stay the commercial portion of our fellow citizens, of
its hand is a matter of difficulty to determine, meeting and passing through this critical emer-
and upon which the soundest discretion may gency, with as little detriment to the public and
come to different results in different men. From to the individuals as possible. This would ex-
the first appearance of the impending pressure, plain, one would think, very satisfactorily, the
the measures of the president and directors of fact stated in the letter of the President of the
the bank appear to the subscriber to have been Bank to the Secretary of the Treasury, of the
marked with great judgment, and to have been 29th of March last, that, in compliance with an
continued and modified according to the pro. intimation from the Collector at New York, an
gress of events with equal steadiness of purpose extension of loans had been promptly acceded
and benevolence of intention.

to, in the preceding month of February, to as-
But, whether the corporation issues its circu- sist the mercantile debtors of the Government
lation with liberality, or curtails it with prudent in the punctual, payment of their bonds; with-
caution, it equally meets the censure of the ma-lout needing an argument such as that of the
jority report. After quoting two passages from majority report against this plain and direct as-
the report of Mr. Rush, commending the bank sertion of a very notorious and unquestionable
for its prudence in holding the amount of its fact. The author of the report finds, by refe-
circulation, it gives two statements, showing rence to the weekly statement of the office at
that, between August, 1828, and the first of New York, from July, 1831, to April, 1832, no
April last, the circulation had been augmented aggregate increase of loans; but, on the con-
to what it calls the astonishing increase of up- trary, a reduction of the amount. He finds that
wards of ten millions in leşs than four years. the total amount of discounts at the New York
But it omits all notice of two facts which, if branch, between the 4th of October, 1831, and
duly considered, would have taken off all the the 28th of March, 1832, was actually diminish-
edge of astonishment. The first is, that during ed $468,447 17, while, during the same time,
that same interval, the seven millions of stock, the bonds paid at that port, amounted to be
held by the Government, were repaid. The tween nine and ten millions of dollars. Can it
second, that upwards of three millions of the be imagined that he discovers in this statement,
public debt, held by the bank, were paid off : compared with that in the letter from the presi-
so that the astonishing increase of circulation is dent of the bank, to which he refers, not an un-
a mere re-investment of capital, which had been answerable demonstration of the prudence as
returned upon the hands of the bank, and only well as of the liberality with which the affairs of
the substitution of one species of producțive the bank have, in this respect been conducted,

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but an occasion of contesting, by unavoidable copy of the answers of the president of the bank implication, the veracity of the president of the to these inquiries has already been submitted to bank?-and this in a report which, upon an im- the House. It is hop d they will be satisfactomediately preceding page,charges the bank with ry to the House, and that they will contribute " the loss oj five millions of its specie.

with other considerations to the conclusion that On the first perusal of the report the sub- the Bank of the United States ought, with such scriber was himself greatly at a loss to know modifications as may be deemed expedient by what was meant by this “loss of five millions of the Legislature, to be immediately re-chartered, its specie” of which he was very sure that no The subscriber has long entertained the opievidence had been given to the committee; and nion that the existence of a National Bank is init was only after a repeated examination of the dissolubly connected with the continuance of our paragraph in comparison with another part of National Union. The fiscal operations of the the report, that he found this form of expression Government in all its branches, he believes, was only an ingenious mode of accusing the cannot, without the aid of such an institution, be bank of a loss of five millions of its specie be- conducted, he will not say well, but at all. He tween the first of September and the first of does not say that the present Bank of the United April, because there was nearly that amount States is indispensable, and his mind has somemore of specie in the funds of the bank at the times hesitated upon the question, whether, at former period than at the latter. This construc- the expiration of the present charter of the bank, tion, by which payment of debts is converted the establishment of another, though similar innto loss of specie

, may serve as a consolation stitution, might not be more expedient than the for the disappointment arising from the inability renewal of the charter. Inclining rather to the to convict the bank of any other serious loss latter of these measures before the institution of since 1819.

this inquiry, he has been very strongly confirmWith regard to the increase of the number of cd in that opinion by the result of the investigathe branches, to the precise manner in which the tion in which he has shared. annual election of directors has been conducted, The management of the affairs of the corpoto the alarming magnitude of the sums recently ration, during the administration of the present paid for printing, to the sums paid to the solici- president, not cxempt from human error and intors and counsellors, distinct from those paid to firmity, has yet appeared to him marked with attorneys , to the number of useful documents all, the characters of sound judgment

, of liberal not referrable to any particular head, and to the spirit, of benevolent feeling, and of irreproachmany statements called for, which the business of able integrity. A large proportion of its officers the Bank and the shortnessof the time allowed for in subordinate trust are of the Society of Friends; the investigation would not admit to be furnish- a class of citizens peculiarly qualified for the ed, the subscriber will pass over all these sub-performance of duties, and the exercise of quajects as they are passed over by the majority of lities appropriate to the successful management the committee, with the exception of his satis- of moneyed establishments industry, punctuali. faction that the labors of the committee upon ty, temperance, and a conscientious discharge of them were abridged by the march of time, and all moral obligations. of his hope that no committee of Congress will

In considering the numerous and importint ever again be called to an investigation upon a public services, and the large contributions of plan of such interminable outline. He is con- the present bank to the Government and people vinced, that to fill it up according to the com- of the United States, he thinks the least return prehensiveness of its conception and the multi- which they are justly authorized to expect from farious complication of its details, a committee the equity of the nation, is the renewal of their appointed at this time which should sit the year charter. "The benefits and profits of the bank round, and he might safely add night and day, have been enjoyed by the nation far beyond would at the expiration of the charter of the pre- those shared by the individual stockholders. sent bank, be left like the present committee, Besides the bonus of a million and a half of dolwith a multitude of subjects of complaint, which lars paid to the public treasury for the charter they would be compelled to abandon for the besides the saving of the expense of lou offices want of time.

for the payment of the public debt, principal With regard to the numerous matters of vital and interest-besides the obligation of transferimportance in the re-organization of the bank, ring the Government funds to and from every specie payments, domestic and foreign ex- part of the Union, as the public exigencies rechanges, investments in public debt by the bank quire the nation has held one-fifth part of the in 1824 and 1825, and its ability to make loans stock from the commencement of the institution to the Government, the influence of the opera- to this time, without payment of one dollar to its tions of the bank upon trade, on the increase capital, until the last two years. It has received of the paper-circulation of the bank, its agency the dividends in common with the other stock. in diminishing or enlarging the circulation of lo- holders; has exercised the exclusive right of apcal banks, and the means of permanently regu- pointing one-fifth of the directors; has been suplating our general circulation so as to prevent plied with loans whenever the occasions of the its injurious effects upon the trade and currency Government have needed them, upon terms of the country, concerning which the committee, more advantageous to the public than could or rather one of its members, submitted a num-have been secured from any other institution or ber of inquiries to the president of the bank: a company of individuals: while the bank, by its

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salutary control, and its universally extended The majority of the committee thought othercredit, has compelled the restoration of cash wise. Editors of newspapers, printers, attorpayments, and furnished a currency equivalent, neys, counsellors, solicitors, brokers, members in substantial value, to specie, throughout the of Congress, and officers of Government, they Union. These have been advantages of the thought game fairly to be hunted down, if they bank to the nation, while the individual stock- hod an account in bank, because the committee holders have realized, upon their invested capi. were authorized to examine the books and the tals, scarcely more than a yearly interest of six proceedings of the corporation. They thought per cent. even including the advance of the this a liberal construction of their powers. Difstock at this time in the market. This circum- fering from them in their definition of liberality, stance has afforded proof, nothing short of de. he has seen no cause to question the liberality monstration, of the rashness and folly of all those of disposition of any one of them, according to projects for the establishment of a new bank, their sense of the term. He does all possible which have been presented to Congress, with a justice to their intentions, though often and eslure of enormous premiums for the grant of a sentially dissenting from their reasoning, and charter. The subscriber has no doubt that the from their philology. Liberality, in his vocabudestruction of such an establishment would be lary, is a word of very different import, and as speedy and inevitable, either by the absorption unintelligible to them, as in theirs it is to him. of all its profits to pay the premium, or, by forc- From this remark, he deems it a tribute of caning its direction into a wild and reckless extent dor to except the member of the conmittee who of business, ruinous to the commerce of the constituted the majority, and the generosity of country, not less than to the bank itself. whose nature licensed the report made by the

In considering the expediency of renewing chairman of the committee to the House. That the charter, the subscriber discards all consider- same generosity of his nature impelled him, ations of the interests or wishes—not only of the when the report was presented, to rise in his president and directors of the bank, but of all place, and declare, that, in the whole course of the individdal stockholders of the corporation. this investigation, he had seen in the conduct of In the question between chartering a new cor- the president and directors of the bank nothing poration, and re-chartering the old one, if the in- inconsistent with the purest honor and integrity. terests of the individual adventurers are to be Had that same candid and explicit declaration, considered at all, like opposite quantities in al- due, as the subscriber believes, to the most rigebra, they annul each other. It is the public gorous justice, been made by the other meminterest alone that can determine the question, bers who sanctioned the majority report, many and in that view alone, the subscriber would a painful remark in the paper now submitted, prefer the renewal of this institution to the esta- perhaps the whole paper itself, would have blishment of another. The present establish- been suppressed. But to vindicate the honor of ment has the advantage of long experience, and injured worth, is, in his opinion, among the first of a system matured by the acquired knowledge of moral obligations; and, in concluding these of many years, and by the correction of its own observations, he would say to every individual errors. That knowledge has been purchased of the House, and to evory fellow citizen of the at no inconsiderable cost, and a set of new un- nation, inquisitive of the cause of any

over anxidertakers would most probably have to pass ous sensibility to imputations upon the good through a similar noviciate. . The result of his naine of other men which they may here find examination has been an entire conviction, that, “ When truth and virtue an affront endures, with a view to the public interest alone, the The offence is mine, my friend, and should be charter of the Bank of the United States ought yours.” forthwith to be renewed.

JOHN QUINCY ADAMS. In the free and unreserved animadversion up 14th May, 1832. on the course of proceedings pursued in this in I concur fully in all the statements made, and vestigation by the majority of the committee, principles developed, in the above report. and upon the consequences to which they ne

J. G. WATMOUGH. cessarily led, which he has felt it his duty to indulge, he trusts it will not be understood as his

FOREIGN INTELLIGENCE intention to speak in censure of any individual member of the committee. He imputes no injustice of intention to any one, even where he FROM THE NEW YORK COURIER AND ENQUIRER. sees it most flagrant in the result of measures.

LATE FROM FRANCE. If, in the examination of the books and proceed We have exclusively received the news ings of the bank, a penetrating and severe scru- brought by the fast sailing ship Edward Questiny into the official conduct of the president nel, Captain Peirce. She was off the port and directors of that institution was within the yesterday, but owing to dur new schooner Scope of the labors of the committee, and he has Courier and Enquirer having sprung both her no doubt it was, he was equally clear in the con- masts, she was unable to buard ber before this viction that the resolution of the House gave morning. them no right, and that the first principle of na We are indebted to the politeness of Capt. tional justice denied them the right, to bring be Pierce for Havre papers to the 5th of May, fore themselves for censure or vindication the with Paris dates of the 4th. persons or concerns of any other individual. M. Montalivet is performing the duties of

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minister of the interior in France, in conse ing that if any difficulty should arise as to the quence of the illness of M. Perier.

interpre ation of the ten articles, His Excellen-. Serious disturbances have broken out in the cy, the Cardinal Secreiary of State, shall decide south of France.

on their true meaning. Truth can have na bet. The ratification by Riissia of the Belgian ter interpreter. One single article may admit treaty has arrived at London.

of two different meanings.

The 5th, which It would seem, too, that an amicable ar- speaks of the period of departure of the French rangement has been made with France in rela- troops, it is hardly necessary to state here that tion to the occupation of Ancona, and that both the expression at the same period (alla stessa the troops of Austria and France are to evacı- eposa) is to be understood as alluding to the ate that port of the Papal Territory simultane- departure of the Austrian troops. The under: ously.

signed thinks it necessary to add, that he will ENGLAND.

endeavor with the greatest zeal to prevent the London, May 1.-There was a good deal of least cause of discontent being given by the anx'ety to day in the city on the subject of the French troops to the Holy Father, and to promuch talked of ratification of Russia. It is mote sincerely the best understanding between now known to be in the hands of Count Orlofi the French troops and the city and military ponThe Courier, who was bearer of it, arrived in tifical authorities which may be sent back to the Hamburg steamboat, He left St. Peters-Ancona.

ST. AULAIRE. burgh the 17th April.

PARIS, 3d May.-The Monit-ur says-For But we are ignorant as to when this ratifica- three months past government has been aware tion will be exchanged, for it is said the re- of the existence of intrigues with a view of turn of Mr. Van de Wyer, from Belgium, mu: causing a Carlist insurrection át Marseilles and first #ake place. However this may be sir.ce

on the coast. Count Orloff has learned from M. de Talley: an active correspondence was going on between

It was known that with this view and that his cabinet had actually ratified, and that place, Paris, and Italy, and thaj travellers that he might expect to receive an account of of more or less distinction, but all equally de. it every moment. The Russian Plenipctantia. voted to the legitimale parky, arrived one after Ty has had long and frequent conferences with the other, but particularly, of late carrying orthe ministers of other powers.

ders, counter orders, and intelligence. The cholera continues to make great ravages in Dublin and the county of Cork. It is also

Panis, 4th May.--Since the day before yesrather severe in Edinburgh, where it is said terclay, apprehensions have been entertained Charles X. finds himself no longer at his case, we learn to day that he is better. Since his

that M. Decaze had again been attacked, but and that he already speaks of going to a coun- illness it has been remarked that the Duke de try where he will have nothing to fear. will probably set off for laly to meet the with M. Decaze.

Bassard has had frequent private interviews Dutchess de Berri. At London, the cholera is fast diminishing, and it is hoped that the city known to-day; it is said bowever, he is a little

The precise state of M. Perier's health is not will soon be entirely free from it.

better. His physicians still hope to save bim, The Courier says-The Russian ratification of the Belgian treaty arrived in the city yester

but notwithsta ding , all the ministerial papers day afternoon, but up to this moment we do say, there is no possibility that he will be able not believe that the members of the confer- to resume the direction of affairs.

It is positively said that M. de Lamarque bas ence bave been invoked to exchange the rati. fications.

experienced a dangerous relapse of cholera. ITALY

PARIS, May 4.--Since yesterday M. Casimir Romi, April, 18 – The note of the French Perier gives continual proofs of mental alienaAmbassador, Cte. Saint Aulaire, in reply to the tion-he sings continually. This consequence note of the Cardinal Secretary of State, Ber- of the malady of the President in no way ago netti, of the 16th of April, in the following te tonishes us. We have remarked in the eyes.

and physiognomy of M. Perier, a predisposition Rome, 16th April, 1832. to mental alienation. The undersigned has had the honor to receive

The minister of the interior appears to be the note in which Fris Excellency the Cardinal very uneasy about the news from the south. Secretary of State has the goodness to acquaint The rainy weather has prevented 10-day the him with the acquiescence of the Holy Father telegraphis working. Two secret agents were in the momentary presence of the French at sent off last night for the neighborhood of Ancona, and with the conditions attached by Marseilles and Lyons. His Holiness to this acquiescence. These con

The number of cases of cholera has again ditions will be punctually observed, and to- diminished to day. The 4th, 6th, and 12th armorrow, M. Buegnot, Secretary of the French rondissments have not a single decease in priEmbassy, will leave here to superintend their vale bouses. In nine others, the number performance. If the troops brought by the amounts to 22, (17 women and 5 men,) which transport ship Rhone, are not re-embarked, they is a diminution of 16 on the cases of yesterday, sball be immediately transported in the ship of war Le Suffren.

Hards, May 5.-Total deaths by cholera

since the commencement of the disease: cases, The undersigned makes no difficulty in agree. 56; deaths, 24; cured, 13; still sick, 19.


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VOL. VI............


...No 13.

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loss for the reason? Mr. Van Buren is now a

candidate for the Vice Presidency, and also for THE TARIFF.

the Presidency. He is Mr. Ritchie's candidate, The Richmond Enquirer quotes from the and Mr. Ritchie having become responsible for Boston Courier a declaration that, let Mr. Mc. the fealty of the south, labors to prejudice the Lane's bill be adopted, and half the mechanics character and influence of all those who will in the Union in twelve months will be beg- not now consent to support Mr. Van Buren, or gars; and says "unless the memhers of Con- who may hereafter become his opponents. gress from the more considerate States of the If any one doubts the truth of what we now north, and from the south should stand firm, say, let him turn to the Enquirer. We are every compromise, on liberal principles, wilí there told, “the fate of a liberal compromise is be hopeless. The ultra politicians will do all again said to depend upon the vote of New they can to defeat it.

York.” If the New York members prove unMr. Ritchie's meaning here cannot be mis- reasonable, they will have more difficulty than understood. He intended to say that Mr. Clay they appear to apprehend in reconciling the and Mr. alhoun are ultra politicians; that Mr. south and west with the nomination at BaltiMcLane's object is a compromise on liberal more." And again; closing an appeal to the principles;" and that if it be not adopted, it will friends of Mr. Van Buren, he says, “ Let them be because Messrs. Calhoun and Clay are cul-beware of the consequences. New York will tra politicians,” and are interested in defeating feel too late the loss of her influence in the it

. This leads us at once to inquire what are Union, in the ruin which she may bring upon the principles for which Mr. Ritchie has hereto. it

. And mark well another thing: rely upon fore contended. Has he not said that a tariff, it;

her sons may hereafter for protection, is unconstitutional, and ought turn in vain to the south for support, if she now not, ard would not be submitted to Mr. Rit. turns against it.” chie will not pretend that Mr. Calhoun and his It is apparent that the support of Mr. Van friends go beyond this, and in this he cannot Buren is the feeling which predominates in Mr. consider them as ultra. Mr. Ritchie has said Ritchie's mind. He sees the necessity of rethat the tariff should be reduced down to the conciling the south t- bis support by represent. revenue pointmto an economical expenditure. Sing him as the great benefactor through whose In this he agrees with Mr. Calhoun and his interposition the northern capitalists have been friends. Mr. Ritchie has said that he was op- persuaded, kind souls! to relax their avaricious posed to the principle of bounties introduced into grasp on southern labor! and hence the neces. Mr. McLane's bill. Does he consider Mr. Cal-sity of denouncing as ultras, those who demand houn and his friends ultra because they, too, a repeal of taxes which he himself has denoun. are opposed to the same principle! Certainly iced as unjust and unconstitutional. Hence the not. Mr. Ritchie has said that he is opposed necessity of identifying those who are opposed, to a surplus revenue. Does he denounce Mr. with those who are in favor of ligh taxes. And Calhoun and his friends as ultra because they why is Mr. Ritchie not found in the same ranks concur with him in this? Certainly not. - with those who are opposed to these taxes? BeWherefore, then, does he denounce them as cause he is for Mr. Van Buren? Why is Mr ultra? Answer. Because they have refused to Ritchie in favor of Mr. McLane's project? adopt Mr. McLane's bill, notwithstanding it vi. Because he is in favor of Mr. Van Buren. Why olates all these fundamental principles!!! is Mr. Ritchie making war up in those who are

Can this be denied? The Secretary's report opposed to Mr. McLane's project upon the sets out with the principle of protection. It ground for which Mr. Ritchie has heretofore provides heavy discriminating duties in favor of contended? Because he is in favor of Mr. the protected'interests, and upon Mr. Ritchie's Van Buren. Why does Mr. Ritchie denounce own showing, recommends unconsitutional those who are opposed to the tariff, and those popvisions.

who are in its favor, as ultras? Because he is proposes bounties to the builders of ships in favor of Mr. Van Buren! Thus offering for and steamboats, and in this, according to Mr. sale the constitution itself; thus bringing the Ritchie, is unconstitutional. It proposes to sacred charter of our liberties, purchased with raise a surplus of from six to twelve millions of the blood of our fathers, into the political mar. revenue beyond the annual expenditure of the ket, and offering it up as a sacrifice on the altar Government, and, if we are to believe Mr. Rit- of Mr. Van Buren's ambition! Is it possible chie, such a bill will not, and ought not to be that treason so foul and false can be practised submitted to. Why then does Mr. Ritchie de- in the open day; and that the land of Jefferson, nounce those who oppose the project, upon his of Henry, of Lee, of Pendleton, of Wythe, own principles, as ultra? Can any one be at #jof Roana, of Giles, of Monroe, of Madison,

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