BANK OF THE UNITED STATES: RESIGNATION OF MR. BIDDLE: FINAL
SUSPENSION.
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.