Commercial distresses of a very serious nature have arisen from
the measures recently taken by General JACKSON relative to the United States Bank. Heavy failures have occurred in New York and Philadelphia, one of them to the amount of 800,000 dollars. It is said that the Bank endeavours to aggravate rather than alleviate the pressure. If so, their proceedings would seem in some instances to have produced the effect intended by the Direc- tors; for the Board of Trade at New York has unanimously adopted a memorial to be presented to both Houses of Congress, in which the conduct of the Government in, removing the deposits from the United States Bank, and the refusal of the President to grant a renewal of the Charter, is censured. Resolutions of a similar tendency have been passed in many other places.
The following passage front a correspondence, recently pub- lished, between Mr. CAMPBELL, Treasurer of the United States, and Mr. JAREDON, Cashier of the United States Bank at Phila- delphia, would seem to indicate that extreme measures had been adopted by the Government to embarrass the Bank operations.
For weeks, drafts for sums exceeding two millions of dollars were hanging over the United States Bank, without any notice from the Treasury of the existence of such drafts, although mean time lists were daily—and corrected and fuller ones weekly—furnished to the Bank by the Treasury, specifying drafts or even the smallest sums, and purporting, or at least understood ! to include all of any sort drawn on the Bank, and yet these contingent drafts for more than two millions of dollars, payable on demand, and lent to pet Banks for their con- venience, and to be presented at their discretion, were never alluded to in these lists or otherwise, until one of them was presented for payment."
There appears to be some reason to anticipate a change in the House of Representatives on this question; and that President JACKSON may again come into collision with both the other branches of the Legislature before it is finally disposed of.
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