Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-03-24

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Nov mbsr. 1853 s1s 6ss TIT 1874 ss2
December, 576.s97 2.II2 o97 I6I6,S5s
h'vo not ascerianed the rage e these depostes
sinse 1877, but prsiuGs Ii may equsl the amount o.
that bonus OF 81 500 600 fr which we cold the Char.
ter, and which the Fnuncs COMMITTEES of the Senate
omIlimenis the bank fer paying in thee, instead o.
seventeen annual Inst In ents; and shows how muah
interest they lost by doing TO- Certainly this was
dsadv a1tage to the Bank It would have besn better
for Il to have dribbcd cut TO 100000 inisad OF
$5O0,000 OF our own money, ut tirue but Their. ars
considerations wtish should prevent her from COM
planning: first chat II was the TO pay N brss
year, secondly. that we furnished the money: thirdiy
| that we kept up the amount hand. Finally these
monthly r'!uras show that th1 ovsrdsawiug for per-
hitting which the Bank has been so much Iauded
were overdrawngs in name. not in fact; the amount OF
monsy being only Transferred TO another dsposi a. and
the money itself remaining in the hands IF the Bsnk
MIR. Preient, 1t does seem 10 that there Is so e.
thing omnous to the Bank in this contest for compcnsa
ton on the undrawn balances. II il the very way in
which the struggle began in tho b. itch parar.e
which has ended in the overthrow of the Bank OF Eng
land. IL the way in witch he uSsla is beginning
here. My resolutions of two and three wears a,o
the causes OF the speech which you now hear AMI as
have reason 20 believe, others more worthy of
your hearing which will the proper time
The question Of eompens for balances 10 now mix
ing itself up here. as in Eogaud with the question of
renewing the Charters and the two, acting tog eher
will fall With combined weight upon tho public mind
aud certanIy even,uaie here as they lid there
4. To di.cfedi and disparage the notes of all other
banks. ty excluding thsm from the collection of the
federal revsnue This reSuits from thu col ection; o.
he
having bsen ommitled 10 'hs bank, aud along with
the virtual execution OF the Joint solution Of 1916
to regulate III Q collection of the Federal revsnue Tn.
szesuon OF that resolution was intended TO be vested
In he Secretary cf the Treasury, dlia,ers,tsd arb
ter bsween rival Banks but il may be considered "a
virtually devolvsd upon the Bank If he United Sbtes
and powerfully increases the capacity Ct that insti.u
too to destroy, or subjugate, all ether b,nks Tn.
notes Of Tho State Banks excIud ID from revenue nav
ments, scre'ied and dispara .ed aad fall into the
hands OF brokers al al, pieces where hey is-
HHa az IN linen ako
points 30 Hhsh the exclus;on exlsnis am Informed
that he notes Of the banks Souh the Pst)mae and
ohIo' even those OF the Low"r Mississippi, gems
rally reused at the United States Branch Bank in ST
Louis, and In Consequence, are expelled from crculs
tiou IN Missouri and Illinois. and the neshborng ds
,ries This exclusion of tn. Southern notes from the
Norh-Wsst qutrter OF tia Unsn, il injurious % bo h
parties, as our travellers and emigrants chiefly coma
from TIE South ard the whole OF our rads eocs Their
70 Ind cash market. The exclusion, as l am told
tor have not lookei into the matter myself) ia ge
neral, and exse ads to the Banks 10 Virginia The two
Carolinas Georgia, Alabama, Missi. and Louis.
ana IL this be the fact, the Joint Resou ion OF 1916
10 violated; for, under the terms Of that Resolution
there ara several Banks 10 each of the States mep5s
ed, whose notes receivable in the collection of fe
deral revenue; that is to say, specle-paying Banks
whose notes are payable and paid, in 80 Gle on d.
mand. Yet in consequence of exclusion from tba u
States Branch Bank, they excluded from all III
land offices, eleven in number, which deposits in ha,
Brancb and beng excluded from the land Offices In
cea'e to be current among the people, II
or emigran brings these notes to the country or r.
cev's than in remittance, If trader accapts them in
eXch lnge for produce they are shayed mi of that
hands, and sent out OF the country. Tnis /, a nee,
mary injury dcne TO the North Vest Il NAV be mr..
1t may be political injury also; for i, coni.jbu,es ~
break the comnInca ion between the two ouar,ers ~
tn, Union, and encourages the id a thai nothing 90 ID
come from the South,-Nor EVEN NtoNrvi III.
power to disparaee the noes OF all other banks is
power 10 njure them; and cd led To all The oil .;
eges OF the Bank of the United States, Is A POWER
TO DESTROY THEM! II any one doubts this asssr
on lei him read the answers OF The Preil lent Of tn.
5ank, 10 the questions put TO him by the Chairman of
the Finance Committee. These answers are appen1ed
TO the Committee sreport, OF the last session in favor
Of the Bank and expressly declares tie canaciiv of
the Federal Bank to destroy the Safe Banks. The
worthy Chairman. Gen. Smith OF Maryland pu:S tbs
question: Has the Bank at any time oppressed ann nj
The state Banks2" The President (Mr b, aleI an
swers as the whole world wsuld answer 10 oYeston
OF oppression, hat neUer had; and this respo ns
much as the interrog a,ory required But IL did moi
content the PrS,ideni OF the Bank he chose to 90 ur
Their and to d. h'nor 10 the institution over w1,b be
presidej by sho wing tna II Just and gsnerou,
ss /. was rich and powerful. He therefore, ada, IN
following words, for which, as seeker alter eviJsnca
10 show the alarming and dangerous character of The
Bank return him my unleigned and n,rdonA III,
thanks. fNO'"o'o
" There are pry fer Banks tohica might not bar.
been destroyed BY an erertion Of the po,oer of the
Bank" "''
Th, is enougt proof enougbl not for me alma b,,
for all who are unwilling to see n monied denonina
ton set up-a monied oligarehy established in thi,
tndssnd tho entire UuiOn subjected is scver4ign
POtOtI banks lie adj
tod and declared; the inclination to do 40 ia knogn
to all a'ona bticgs to rs')e with n powe:! P,Icv
may re'ra'n the destroying facnles for the p-e,sni
but they exis; and will come forth when intsrs.
pron AMI policy psrus They haze been sxorci,
ed and hs general prosraiion OF tie Suite n and
We'tsrn Banks, attest tho fdc They tDfH be exar
eised, 1.-THE Charter being rsnewed;) and the remanin
Stiie Banks will be swept with the bosom Of deoru,
ton. Not that all will have their signs Knocked down
and thtiF doors closed uP. Far worse than that 20
many OF Their. Suhiugaiion, in preference to deirus
ton. will be The fate Of msny.--Eyery planet mus,
have is satellites every tyranny have lie in,1rs
meDs every koigh 1llowed by his squire; even IN,
king Of bedts, the royal quadruped Whose road snb
dues The ioreh, must have a small. suh,ervient
animal, 10 spring his prey. Jud 70 of this Imo,ti,
Batk, when Installed anew In iis formidable and ast
ing power. Ths State Banks, spared by the sworJ
will be passed under the yoke. They will be,o,oe
subordinate parts in he great n achine. Their Mace
in the scale Of subordina,ioD, will bs one degree
below the rank Of legitimate branches: their bnsi
ness, TO perform the work which il would be Too dis
disrepuabe for the Legitimate branches TO perform :
This will be the fate Of the State Banks which are al
lowed to keep up their signs, and to set open tbcjr
DOORS and thus the entire monied power of the Union
would fall into the hands Of one single institution
whose memorable and invisible mandates, emsn,Gng
from centre, would pervade the Union giving. or
withholding money according 10 is own sovereign
VIII and absolute pleasure. To favored State