The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-04-10

"WEDNESDAY, April 4.
{ For the preceding days Sroceeaiag., see last
Pase.)
BANKS, Sc.
Mr.. Love said he rose to ask for information on
q subject which he believed majority of the
Hous were disposed to act on, during the ,pe.
sent session; and yet with the lights the leeisla
tnre possessed on it, it would be impossible to ac.
understandingly. The report of the Secretary
ot the Treasury, of March 1909, relative to the
continuation of the United States bank char,e.
had certainly shed some information over the
community on the subject 10 which he alluded.
ana had afforded statements which demanded
an investigation before the nation. The FIRST he
would notice was that relative to the portion of
stock held by foreigners in the bank of the Uni
TED States further enquiry into this circum
stance became now, when Congress was called
on to renew the charter of that institution of 20.
ry great Importance. 1t is recommended bv the
report to contract for placing our revenue demo.
sits in the hands of this institution. bv agr.sin,.
Tor an interest on them At that tim" . 1,,Ss
OF this stock was held by foreigners. but the mr.;
ccs of the United States bank STOCK h,s -,
from Lendon quotations much higher repylarjv
there than IN our markets it is probable there.
lore, Foreigners at this moment owe much more
vi IL, as II mas been more profitable remittance
than bills or produce to any place we could carrv
II under the orders in council and French decraeS
II tins has been the course, wish TO kno,y 81
MI. L.)lo what extent 1t has taken place. (oot
because the evils are not entirely sufficient which
TINS county labors under from suffering three.
s,ua s vi TINS P,oi,fc iund to be in the hands of
foreigners, and allowing them to drain NOR. ,har
eleven per cent. on il in specie from ON, Co...
annually, and which has already amount-d ,e =.
ieast ten millions OF specie) but also bec,r.. =
may be important to know how This ;ns.;,,,.;
on, wheh the stock shall all have gone ;n,o
har, lie
tSoreIgh hshds WIN move on 1t is true the
secretary OF the Treasury has, IN b;s ,a,,.r,
told US that foreigners have no vote. Mi. 49,
sumo Is a mistake, as foreigners are ONLY nrph;
oitea to vote by proxy |; if foreigners 40 -. -,
and they hold all the stock, the institmt;on ~.
Ii they do vote, they are in possession os 49,,
revenues. On this subject l will state on. o;r
cumstance, disclosed 10 a committee ~ .'L:r
had the honor to be member. bv na m'en l
who solicited to be heard, ON the clam as .rA
DanR OF the United States before that eonm;,,.
ne tod us That the votes of late wears o;v.n G.
directors OF the bank were very few r. 80. W
ana cahdor cannot be doubted-but the d;sc,o.,,,
10 certainly instructive, and proves that Til. i'm,
e"se money engine is at this moment uiey5.d
oy rev American citizens, subordinate IN o.,
immense majority of foreigners There i no,I'
iS IN tne charter To prevent the election fron, h
ing MADE by cur American citizens only ,,J -;
ther that mode may be adopted By fore;g,ar. -
managing our money concerns and our pevenn..
.or US, or they may perhaps more wisely send
rev OF their own countrymen, who NAV nersonI
any vote, for the charter allows it.
thlnk too, sir, the report of the Secre,,,
tle treasury has not fully stated The nroe,s ~
inns institution, when he rates them AZ onlu o .
oIhs per cent on its capital of ten millions -
Iic1r rom lac average amount of discount dehts
osing httecm millions, this must be the .,snn,.'
OF dividend on active capital. cons;st;no,
time OF ms report OF only 7,77O, 900 dolaI. ,hn,
WEI were besides this, drawing six per cent on 9
|ou'ooO oil their capital in public stock. and M;
is the smallest sum of public debt tbev bav. 80
Vsr heid. wish to enquire something into tb;s
supject 700, before we decide on giving to this
foreign institution further monopolv of onr Nh ,,'
ney matters, which will cost the citizens NJ th;.
country, one million ofspecie per annum. as ,nne,
as it lasts 40 iohS
will also ask for some further inform,,;o,
AN alarm has, within few DAYS past. been .,rnr,,
~ eHcited' tnat refusal to continue the chart.
v. uS DaiiS company OF the United States bank.
would produce such terrible distress as una n.
yer witnessed before in this country. One cor
tieman has been heard to say that unless 4 10.
uohe' Tue PRESIDENT would be obliged TO convene
congress specially for this purpose. We should
prepare to counteract those impressions of ar,
PtehehSioh, and to shew if correct information
can De obtained, that there is no cause of te,ro
or alarm In order therefore to obtain the ns.as
ssry information, submit the following resoln,;-
OILS, which ask the Immediate consideration of
ResolVed, That the Secretary of the Tre.sn.
ny be requested to furnish this House. win th.
names and titles of the stockholders Of tbe bsnk
OF the United States, if any document in hi, or.
ice WIN afford that information and if not IN en-
deavor TO obtain that information from tho h,nL
atoresaId-snd lay it before this House as soon as
possible. 90 'o''i %
Res0lvea, That the Secretary of the Treasu.
~ also DC requested TO furnish this House with
:,'Iaper OF shares voted on the last election
OF directors, tor said bank and the NAMES nf
those voting, tito be obtained.
" That he state to this House nv ,yho. ;t.-..'
ton he was enabled in his report of March 1900
TO the Senate, to fix the average of dividends Il
saia bank at 3.Sths, precisely l3.34tbc r,sr
cent. per aI'num-and also state the amount or
pubic stock or other public debt held by thu, in.
s'itution on each first day of January since it,
operation commenced. "
nat the Secretary of the Treasury he re-
quesied to inform this House, whs, is the smoun,
OF capital retained in Philadelphia, by the Nam
oi inc United States, and what the amounts there.
OF distributed to The branches of that bank res.
peetively. '"N 'e'-
What have been the average amounts If 40
posts OF public monies in each of those b.pke; !,
any preceding year, for the year 1905 ;fas
praclicable to obtain il as any other, and wis.
iher the SUM Of 100000 dollars in his renort n.
ioresald, to be due from the state banks, to the
United States bank was due on ace count OF demo.
SITS OF pubic monies or not"
Mr.. Love also Lard on The table. without reo,i-
rinS tn Immediate consideration of il, the fol.
lowing resolution:
fesoIved, That it is inexpedient to permit
the deposits OF the reyeHues Of the United States
to be placed in any bank, the stock ofswhtch TO
tpf, haIr ,.,I, .Il