It must call in its debts, withdraw its bills from
circulation, and cease from all its ordinary operations. All this is to
be done in three years and nine months; because, although there is a
provision in the charter rendering it lawful to use the corporate name
for two years after the expiration of the charter, yet this is allowed
only for the purpose of suits and for the sale of the estate belonging
to the bank, and for no other purpose whatever. The whole active
business of the bank, its custody of public deposits, its transfer of
public moneys, its dealing in exchange, all its loans and discounts, and
all its issues of bills for circulation, must cease and determine on or
before the third day of March, 1836; and within the same period its
debts must be collected, as no new contract can be made with it, as a
corporation, for the renewal of loans, or discount of notes or bills,
after that time.
The President is of opinion, that this time is long enough to close the
concerns of the institution without inconvenience. His language is, "The
time allowed the bank to close its concerns is ample, and if it has been
well managed, its pressure will be light, and heavy only in case its
management has been bad. If, therefore, it shall produce distress, the
fault will be its own." Sir, this is all no more than general statement,
without fact or argument to support it. We know what the management of
the bank has been, and we know the present state of its affairs.
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