remarks, speaks of having proffered to them. The committee are obliged to dissent from All that the Government could ask of the bank the views expressed by the president in the foreon the 1st of July, or at any other time, would going extract. The committee cannot believe be, to pay over to them the amount it had col- that the pressure which has, and which conected for their account, when they wished to tinues to exist since October last, is attributable employ it-the same as a principal would call mainly "to the great amount of duties payable pon its agent to pay to him moneys which he for the last few months." The committee ad collected for his benefit. believe the operations of the Bank of the By document marked No. 39, it would ap- United States in Philadelphia, and the of pear, that, on the 13th day of March last, the fices in Baltimore, New York, and Boston, bank was aware of the intention of the Govern (the four principal places where bonds are payment to pay off, during the year, a great por-able,) during the last quarter, furnish evidence tion of the 3 per cent. stocks; and the subject to the contrary. By a reference to the weekly of making an arrangement with the holders, statements of the Bank of the United States, the was, on that day, referred by a resolution of the offices at Baltimore, New York, and Boston, board, as follows: from July, 1831, to April, 1832, marked No. 36, Resolved, That the subject of the communi- it will be seen, that the amount of reductions cation just made by the president, be referred on discounts and loans at those four largest to the committee of exchange, with authority to commercial cities, during the last quarter, takmake, on behalf of the bank, whatever arrange-ing the maximum amount in January last, and ments with the holders of the 3 per cent. stock ending on the 1st of April, is $2,498,489 76, of the United States may, in their opinion, best or in round numbers, two millions and a half of promote the convenience of the public, and the dollars; this reduction by the bank and its interests of this institution. branches, has probably compelled a similar reThis proceeding on the part of the board, decution on the part of the State institutions, in nearly two weeks before they were officially in- proportion to the amount of their loans in each formed of the intention by the Government to of those places. In this, and in this alone, the make the proposed payment on the 1st of July, committee are fully persuaded is to be found demonstrates fully, to the minds of the commit- the true secret of the pressure which has existtee, an acknowledgment on the part of the ad-ed, and does still exist, operating upon the comministration of the bank, of its inability to meet mercial community.

the demands which the contemplated payments That this pressure will continue for some of the Government 3 per cents. would, bring time to come, the committee fear; for the exupon it, without producing the distress before pansion has been so great, that the contraction alluded to. which is now in operation cannot, in the opinion In a letter to the Secretary of the Treasury, of the committee, be effectually checked or from the president of the bank, dated the 29th controlled, without a necessary curtailment of March, 1832, marked No. 40, is the following: discounts.

"Owing to a variety of causes, but mainly to If the bank possessed the ability to sustain the great amount of duties payable for the last itself without curtailing its discounts, the revefew months, there has been a pressure upon nue falling due the present quarter, might be the mercantile classes, who have been obliged collected, and facilities granted during the time, to make very great efforts to comply with their upon the principle before pointed out, to the engagements to the Government. That pres-commercial community, and disbursed again by sure still continues, and it may be prolonged the Government, without any inconvenience beby the same cause the amount of duties still ing caused by the operation. But such ability, payable during the next three months. This the committee are well satisfied the bank does state of things seem to recommend all the for- not possess, nor can it at present command. bearance and indulgence to the debtors which Besides the diminishad means of the bank precan be safely conceded. The inconvenience, viously alluded to, through the loss of five milthen, of the proposed measure is, that the re-lions of its specie, its foreign exchange and payment of six or seven millions of dollars,more other resources, one of the great difficulties unthan half of which is held in Europe, may cre der which it now labors, in paying the public. ate a demand for the remittance of these funds, debt, is its being compelled to receive the pubwhich would operate injuriously on the com- lic revenue, in the Atlantic ports, in a currency, munity, and, by abridging the facilities which to wit, branch notes and drafts of the western the debtors of the Government are in the habit offices, not promptly convertible, and to pay. of receiving from the bank, may endanger the the public debt in current money. punctual payment of the revenue, as the bank Without a large abridgement of the usual ac would necessarily be obliged to commence ear-commodations, which will, of course, greatly ly its preparations for the reimbursement of so distress the community, the committee are under large an amount of public debt. the strongest conviction that it will be little bet.

My impression, therefore, is that, with a view ter able to meet the pressure the Government to the safe and punctual payment of the public payments will cause, on the 1st of Oct. than they revenue, the Government would be benefitted would have been on the 1st of July. The by postponeing the proposed payment of the words of Mr. Crawford, in a letter dated 6tt public debt to another quarter, by which time of April, 1819, to the president of the bank the country will sustain less inconvenience from the committee consider peculiarly appropriat demands on foreign account."

In another letter, dated the 9th of April, 1819, to the same gentleman, he says. "Banks, in order to secure specie payments, must approximate their circulation and individual deposites, to a sum justly proportioned to the amount of specie in their vaults. Any thing short of this, will keep them in a precarious state, and postpone the period when banking operations can be safely prosecuted upon ordinary principles.

here to introduce. "Palliations may prolong whom," which statement was not furuished the the existing embarrassments, and by exciting committee, but the statement, marked No. 41, the hopes and fears of the community, aggra- was furnished. This shows the whole number vate the existing evils, but cannot influence the of proxies to be 4,533, of which the president holds, exclusively, 1,436, and as a trustee, in final result." conjunction with others, 1,684, which gives him, without intending to impugn the exercise of the power, decidedly a preponderating control in the election of directors, a power which was never contemplated by the charter; so far from it, that instrument, as well as subsequent laws passed by Congress, have studiously endea vored to prevent the very mischief which this accumulation of proxies in the hands of one person is most obviously calculated to produce. The charter has limited the votes of the largest stockholder, no matter what may be the number of shares, to the number of thirty, clearly with a view to prevent the whole affairs of the bank from falling into the hands of a few individuals. It is too powerful an engine to be controlled by one man alone, and this must be apparent to the good,sense of every one; yet, notwithstanding this restriction, by the use of proxies, individuals, with little or no immediate interest, can perform what those possessing a direct and deep interest are prohibited from doing. Connected with this subject, there is one which ought not to go unnoticed. The charter positively requires twenty-five directors; for some years past, as appears by the list of directors, marked No. 42, there have been but twenty-four. The president of the bank holding the appointment from the Government and the stockholders at the same time.

When an institution, with investments amounting to seventy-five millions, commanding the foreign and domestic exchange of the country, monopolizing the Government deposites, cannot, at the moment, when we are exporting our annual crop of cotton, amounting, by the admission of the president of the bank, to twenty millions of dollars, (but really near thirty,) transfer a few millions of its funds abroad, to pay the Government debt without embarrassing its operations, and seriously distressing traders, is there not reason to believe that its business has been too much and too rapidly extended?

In the late letter of the president of the bank to the Secretary of the Treasury, of the 29th March last, there is the following postscript: "As an illustration of the effect of the measures I have suggested, I may mention, that in the month of February last, the collector of New York, with a laudable anxiety to protect the public revenue, applied to the bank to authorise an extension of loans in that city, in order to assist the debtors to the Government. This was promptly done; this 1 should desire to do again, as the payment to the Government during the next quarter, will be very large.'

Upon a reference to the weekly statement of the office at New York, from July, 1831, to April, 1832, before alluded to, the committee find no aggregate increase of loans; but, on the contrary, they find that there has been a reduction in the amount viz: the amount on the 29th February being less than on the 2d, and the 8th days of the same month, and $140,000 less on the 28th day of March, than on the 29th of February previous.

The committee cannot pass over mentioning the subject of the sums paid for printing. By reference to a statement furnished the Senate in March last, it will be seen that, from the po riod of the establishment of the bank, after the year 1817 up to the year 1829, the sum paid for printing, in any one year, has not exceeded $867 19; and in some years, it has been reduced as low as $124 and $165 50. But in 1830, the amount is swelled to the sum of $6,762 54; and, în 1831, to $9,187 94. In the year 1817, the year in which the bank was established and went into operation, and consequently a greater expense was incurred, the expense for printing was $3,226 15.

What circumstances occurred or existed duBy examining the statement No. 36, it will ring the years 1830 and 31, to require such an be seen that the total amount of discounts at the unusual increase in this branch of expense over New York branch, between the 4th of October, the preceding years, in the ordinary course of 1831, and the 28th of March, 1832, were actu its business, the committee have been unable ally diminished $468,447 17, while during the to discover, though they called for the same time, the bonds paid at that port, amount accounts under this head of expenditure, ed to between nine and ten millions of dollars. but have not yet received them. In the same The committee in order to ascertain the pre- document is contained the sums paid to "at cise manner in which the annual election of di torneys," annually, since the establishment of rectors has been conducted, called at an early the bank. This subject, owing to their limit period of the investigation, for the following ed time, the committee were unable to invest document, viz: "A statement of the number of gate. Sufficient, however, came to their know votes given at each annual election of directors ledge, to justify the belief that the sums return since that of 1823, the whole number of votes ed as having been paid to "attorneys," em given, the number given in person, and the num-brace only what was paid to them in that dis ber given by proxy, and in the latter case, by tinct character; that the sums paid to solicitor

and counsellors for the bank are not in the ability to make loans to the Government-the amount given. influence of the operations of the bank upon

The committee addressed the following in- trade on the increase of the paper circulaquiry to the president of the bank, believing tion of the bank-its agency in diminishing or that it involved a fact which will be useful to enlarging the circulation of local banks, andCongress in its future legislation on the subject the means of permanently regulating our geneof its charter: ral circulation, so as to prevent its injurious ef"Did Mr. Ellsworth, or any one else of the fects upon the trade and currency of the coun State of Connecticut, as assessors of taxes of try; all matters of vital importance in the reorthat State, write to request you to give him a ganization of the bank; concerning which, the list of stockholders belonging to that State, for committee submitted a number of inquires to the purpose of taxing them according to a law the president of the bank, who has not been thereof?" able, from the press of other indispensable duThe president replied: "In December, 1829, ties, to answer, and which queries are appended Henry L. Ellsworth, of Hartford, in Connecti- to this report. The investigations, however, cut, addressed a letter to me, requesting to be which have been made, imperfect as they were, furnished with a list of the stockholders of the fully justify the committee in saying, that the bank residing in Connecticut, for the purpose bank ought not, at present, to be rechartered. of taxing the stock. The request was declined It is obvious, from the statements submitted, for reasons which will appear in the correspon- and the correspondence with the treasury condence hereunto annexed;" to which the com- cerning the public debt, and the fluctuations of mittee refer, marked No. 43. the revenue of Government, that these have The committee, in calling for various state- hitherto essentially affected the general circulaments, have collected a number of useful docu- tion and operations of the Bank of the United ments, not referable to any particular head, but States. It would, therefore, seem to your com. as containing a mass of useful information, they mittee to be most judicious not to act upon the present them to the House, subject to their fu- question of rechartering that institution, or of ture order, and, if found necessary, to be ap- chartering any other national bank, until the pended to this report, when it, together with public debt shall have been paid off, and the papers to which it refers, shall be published. public revenue shall have been adjusted to the The majority of the committee feel authori- measure of our federal expenditures. sed to state that they have not been able to give even the parent bank that investigation which its extensive operations deserve, much less the branches in some of which there have been subjects of complaint, but which they have been compelled to abandon for the want of time.

the

THE GLOBE AND MR. ADAMS.
On Tuesday, we said:

"The Globe of yesterday claims Mr. Adams as the advocate of the measures of the adminis

The committee that investigated the affairs of the bank in 1819, when it had been but two years in operation, with its business much less extended than at present, were engaged, as it would seem from the records of that day, from the 30th of November to the 16th of January, We regret to learn, that some of our readers before they reported, and then, they had not have applied the term "insolent partisan," to made as thorough an examination as the trans

tration. Who could have believed that Gen. Jackson would have purchased the eulogies of an insolvent partisan of Henry Clay, or that he would have been reduced to a dependance upon the support of John Q. Adams"

actions of the institution seemed to require. At Mr. Adams. It refers expressly to the Editor the present time, with a greatly enlarged bu of the Globe; and our article expressly repusiness of sixteen years' accumulation, and twen-diates the idea that Mr. Adams is, or will ty-five branches, whose operations have been consent to be, a partisan of Mr. Clay. charged with signal instances of irregularity,

the bank requires a much more minute examina

Mr. Adams, in the remarks for which he is

tion than the committee have been able to give it. eulogised by the Globe, vindicated his own There have been many statements called for measures. In this, he was consistent; but which the business of the bank and the short-what must be the humiliation of Gen. Jackson, ness of the time allowed for the investigation, when he is compelled to seize upon such a would not admit to be furnished. The com

mittee were particularly desirous of ascertain- vindication of the late administration as a jusing how far the payment of the public debt, tification for the violation of the principles on and throughout the whole term of the exist- which he came into power? It is truly, as Mr. ence of the bank, affected its operations, and

called for all the resolutions and correspondence Adams says, a political turnstile. We have relating to that subject since 1817, but have got back to the place from which we started: only received such as related to the three per we have changed rulers, but not principles, yet cent. loan, and the circular of the 7th of October last. we are told that this is reform! Who, that has On the subject of specie payments, domestic any regard for his character or that of his and foreign exchange, investments in public country does not pity the condition of General debt, by the bank, in 1824 and 1825, and its Jackson?

TABLE referred to in the report of the Select Committee appointed to examine into the affairs of the Bank of the United States.

1,447,748 68

7,391,823 64
7,391,823 64
7,322,823 64
7,139,485 36
7,160,210 71

7,139,485 36 | 2,510,371 27 September 1, 3,497,681 06 11,545,116 51

2,200 00

2,080,442 33 35,811,623 96 22,399,447 52 15,584,938 43

2,836,900 40 42,118,452 13 23,717,441 7,038,823 12 2,171,676 31 40,621,211 18 24,630,747 60 17,997,689 57

6,799,753 63

10-17,056,386

69

1,876,802

39

233

None

A STRANGE fact.

We have said that the pensioned press act upon the axiom, that it matters not how bad the act, it can be cured by the comment. No matter how correct, it can be damned by the comment; for com hent can make vice, virtue, and virtue,vice. Thus instead of giving to the public the report of the Secretary of the Treasury, and the bill which is to compromise the tariff, acting out its principle, the Globe suppresses the official documents, and gives garbled extracts and false comments. Yet all the collar men, Thomas Ritchie and all, must throw up their caps and huzza "admirable" tariff, most "judicious" tariff!!

A failure to notify the Editor of an intention o discontinue, will be considered as a renewal of the subscription, which will not be discon tinued, except at the option of the Editor, unti all arrearages are paid.

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the same in convenient sums.

Annual advertising customers will receive a daily paper, and the use of one square, renewa ble once a week for one year, at fifty dollars: new advertisements to have at least one imsertion in the inner form of the country paper.

Advertisements in the daily and country, at one dollar per square, for the first three, and twenty-five cents for each subsequent continu, ous insertion. No advertisement for less then one dollar. All material alterations are considered as new advertisements. Each distant or der for an advertisement must be accompanied by the cash, or enclosed through some known responsible person.

All money due us, may be transmitted, at our risk, by mail. In all cases the postage must be paid by our correspondents. This item of our expenditure is onerous in the extreme.

Advertisements in the weekly, at the rate of one dollar for the first insertion, not exceeding one square. Each subsequent insertion fifty cents per square.

WASHINGTON, MAY 14, 1832.

VOL. VI..............BY DUFF GREEN..$2.50 PER ANNUM...............No. 7.

EDITORIAL.

through this press. He has never written any article whatever, so far as we know, for the

The editor of the Baltimore Republican, who, Telegraph. It is, however, a strong corroboin 1824, was the editor of the Delaware Ga. ration of the statemeat of our correspondent, zette, denies that Mr. McLane was the writer that Mr. Harker should attribute his communi of the letters published in that Gazette in cation to so distinguished an authority. The 1824, under the signature of "A Citizen of Hon. Senator knows, as does his colleague and Delaware," and attributes the communication the representative from Delaware, that the of "Another Citizen of Delaware," to the communications in question have always been honorable Mr. Clayton The Baltimore Re-attributed to the present Secretary of the Treapublican was the property of the present sury, and if either of those gentiemen will say Naval Officer of Baltimore; when he was reward- that we have done Mr. McLane injustice by ed, it was assigned to Mr. Saunderson. When holding him responsible as the writer, we will it became necessary to make a new tack, cheerfully make the amende honorable. But if and to assail Mr. Calhoun, Mr. Saunderson not neither of them will come forward, and we are answering their purposes, it was wrested from confident that neither of them will do so, we him by virtue of a mortgage, and transferred to must still consider Mr. McLane as the writer, and Messrs. Bines and Wilson. Another step be- treat him as such. The billingsgate of the Globe came necessary. Mr. Wilson, the editor, did in relation to Mr. Calhoun and his friends, is in not go far enough to suit the Secretary of the the accustomed strain of that press, and unTreasury, who contemplates, in case of a loss of worthy of a reply. power, to remove to Baltimore; he wanted a special organ there, and Mr. Wilson transfer- The object of the assaults made upon this red the Baltimore Republican to Mr. Harker, press by the Hon. Mr. Patton, in the House of its present editor and nominal proprietor, and Representatives, is now palpable. He would the individual who for years has been the Sec- have suppressed the publication of all the eviretary's oracle. Employed for that purpose, dence, and also of the debate upon the it was to be expected that the Republican outrage committed by Houston, until after would deny whatever the interest of the Secrethe trial, while the organised band of letter tary requires him to deny. But in this case the writers, and the pensioned press, would have manner of the denial convicts him and the Se-preoccupied the public mind. He would have cretary. When the communications in ques suspended the publication of the evidence untion were first attributed by us to Mr. McLane, the Republican equivocated, and said it would be “unjust" to charge him as the author, and not until the extracts were quoted, and Mr. McLane felt it necessary to purge himself in the eyes of the President, did his old oracle Accordingly, the Richmond Enquirer, the deny that he was the writer. But who will be- Baltimore Republican, the Courier and Enquilieve Mr. Harker now' These communications rer, the Columbus Sentinel, the Cincinnati Rewere published in 1824; they were published publican and Advertiser, the Louisville Adverat the time in a paper known to be Mr. Mc- tiser, the Frankfort Argus, the Albany Argus, Lane's organ; they were then, and always and their associates, have justified Houston and after, attributed to Mr. McLane by his friends; donounced Mr. Stanbery as a slanderer. The they conformed to his private conversations object has been to put Mr. Stanberry, and not and declarations, and it will not do to come Houston, on his trial. But this will not do. forward at this day, and deny what was Mr. Stanberry can prove all that he has said then claimed as a merit. We have no doubt and more.

til after the interest excited by the enormity of the outrage had subside, while the trained corps were manufacturing "public sentiment," to be thrown back upon Congress itself, preparatory to the acquittal of the offender.

of the truth of what we have heard upon this We have no expectation that the report of a subject. The proof is already such as to satisfy committee can be obtained, sustaining what he all disinterested persons of the truth of what has said; but if a committee be appointed, and we have said, and before we are done with witnesses are fairly and fully examined, the this matter, the honorable Secretary will re-evidence convicting Eaton of an intention to quire other and still further denials. give Houston a fraudulent contract, will be

The Baltimore Republican undertakes to such as to satisfy an intelligent public.charge that our correspondent is the honorable Mr. Stanbery has said, that all that he wants Mr. Clayton. This is untrue, notwithstanding to enable him to prove the fraudulent intenIt is copied into the official paper. Mr. Clay tion, is compulsory process, to compel the ten is not the author of this or any other com- attendance of witnesses. Mr. Polk has pledged munication which has been given to the public himself to move for an investigation; why has