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Richmond Enquirer
Richmond, Richmond County, Virginia
What is this article about?
Washington reports detail investigations into the Bank of the United States by the Committee of Ways and Means over handling of three percent stocks and unpaid public debt exceeding five million dollars. State banks established in several states amid proposals elsewhere. Bank directors arrive with defensive report; examination of Gen. Cornwallader underway.
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"WASHINGTON, Jan. 21.
"The Committee of Ways and Means have sent for a number of the Directors of the Bank of the United States to be here on Wednesday next. Their object is to inquire into the conduct of the Bank in relation to the three per cents. and investigate as far as they can in that mode, other charges which have been confidently made against that institution. It has been with great difficulty that any investigation whatever could be obtained. The influence of the Bank is felt in every nook and corner of Congress, and in almost all the executive offices here. It is like the frogs of Egypt—we find it all around us, almost in our ovens and our kneading-troughs. There are too many members of Congress and public officers, who would be exposed by a thorough investigation. It would be unreasonable to expect men to expose themselves.
"The Bank Organ in your city, stated, some time ago, and its brother in this city copied it, that the certificates of the three per cent. stocks arranged by the Bank in England, had arrived, and were ready to be delivered over to the government. The truth is, that the received amount to less than $500,000, leaving about four millions behind! It is confidently stated, that the amount of public debt which was payable on the first of October and the first of January, and has not yet been paid by the Bank, is about five millions! I think it will turn out to be more.
"A State Bank has been established in Indiana as well as Louisiana, Tennessee and Alabama. Propositions to the same effect are before the Legislature of Ohio and Kentucky. A bill has passed through one branch of the latter to establish a City Bank at Louisville with a capital of $2,800,000. N. Y. Standard.
"WASHINGTON, Jan 31, 1833.
"The Bank Directors, summoned here by the Committee of Ways and Means, have arrived. They have brought with them a long report of the Exchange Committee, vindicating the Bank and assailing the administration. It is probably intended as a reply to the powerful expositions which have been made in the Globe, and we shall undoubtedly have it out in a day or two. The Committee have had Gen. Cornwallader under examination to-day; but I know not the result."—Ib.
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Foreign News Details
Primary Location
Washington
Event Date
January 21 And 31, 1833
Key Persons
Outcome
certificates received less than $500,000, leaving about four millions behind; unpaid public debt about five millions; state banks established in indiana, louisiana, tennessee, alabama; propositions in ohio and kentucky; bill for city bank at louisville with $2,800,000 capital passed one branch.
Event Details
Committee of Ways and Means summons Bank directors to investigate conduct regarding three per cent. stocks and other charges; Bank's influence hinders investigation. Fewer stock certificates arrived than claimed. Unpaid public debt substantial. State banks being established across several states. On January 31, directors arrive with vindicating report assailing administration; Gen. Cornwallader examined.