Читать книгу Thirty Years' View (Vol. II of 2) - Benton Thomas Hart - Страница 38

On the first of January of this year this Bank made an exposition of its affairs to the General Assembly of Pennsylvania, as required by its charter, in which its assets aggregated $66,180,396; and its liabilities aggregated $33,180,855: the exposition being verified by the usual oaths required on such occasions.

On the 30th of March following Mr. Biddle resigned his place as president of the Bank, giving as a reason for it that, "the affairs of the institution were in a state of great prosperity, and no longer needed his services."

On the same day the board of directors in accepting the resignation, passed a resolve declaring that the President Biddle had left the institution "prosperous in all its relations, strong in its ability to promote the interest of the community, cordial with other banks, and secure in the esteem and respect of all connected with it at home or abroad."

On the 9th of October the Bank closed her doors upon her creditors, under the mild name of suspension – never to open them again.

In the month of April preceding, when leaving Washington to return to Missouri, I told the President there would be another suspension, headed by the Bank of the United States, before we met again: at my return in November it was his first expression to remind me of that conversation; and to say it was the second time I had foreseen these suspensions, and warned him of them. He then jocularly said, don't predict so any more. I answered I should not; for it was the last time this Bank would suspend.

Still dominating over the moneyed systems of the South and West, this former colossal institution was yet able to carry along with her nearly all the banks of one-half of the Union: and using her irredeemable paper against the solid currency of the New York and other Northern banks, and selling fictitious bills on Europe, she was able to run them hard for specie – curtail their operations – and make panic and distress in the money market. At the same time by making an imposing exhibition of her assets, arranging a reciprocal use of their notes with other suspended banks, keeping up an apparent par value for her notes and stocks by fictitious and collusive sales and purchases, and above all, by her political connection with the powerful opposition – she was enabled to keep the field as a bank, and as a political power: and as such to act an effective part in the ensuing presidential election. She even pretended to have become stronger since the time when Mr. Biddle left her so prosperous; and at the next exposition of her affairs to the Pennsylvania legislature (Jan. 1, 1840), returned her assets at $74,603,142; her liabilities at $36,959,539, and her surplus at $37,643,603. This surplus, after paying all liabilities, showed the stock to be worth a premium of $2,643,603. And all this duly sworn to.