Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-06-05


S, Sa 'S So SGT @SS SoT rarely ea'u'
Thus, when the Administration Of Mr.. Cheves can be
exhibited in favorable contrast with that of the present
President - presented with high and commen-
ddou but when charge of usury can be broug hit to
bear upon the Bank upon the credit of confession i'm
iea 90 deH1e' The occasion to stigmatize the Bank
cannot ho passed over though ter long years have sum
bered over the sin, and though Langdon Cheves himself
must be branded as the usurcr.
ne subscriber will no longer the time and patience
OF the House by pursuing into their microscopic details
series OF ncupaons and ordinations not one of which in
his deliberate opinion has shadow of reasonable fonl,
tion HOW could he consider otherwise than waste OF
hme prling scrutiny into the qucstion-Who of the
stockholders have usually voted at the election of the D
Icc'os! no were the voters present? And who held
the proxies OF the abse' When il notorious that i'm this
as IN all similar Institutions whose khoders have con-
hdehce IN their presiding officer the great difficulty
pcVat upon the stockholders 10 attend and the
tons at all? How could he consider as grievance to
be pohcd TO the quick, and reported upon TO the House
that whereas the charter provides that there shall be
five directors, there at this very hour only twenty
four because the stockholders their annual meeting did
ect Nicholas Bddlc one OF their directors, and the Pre-
dcn 81 the United States did nominate and by and with
tie advice OF the Senate did appoint the same N Biddle
ono oil The 1--we Directors the part OF the Government
such has Tor several been the fact the conclusion
aufy ana justly TO be drawn from it is, that Mr.. Biddle
enjoyed the unquesonng and entire confidence both of
the Government and OF the individual stockholders. The
reason oil the double election has been this the
the Bank elected by the directors on the first Monday of
January and none but director eligible TO the off CO ol
President The nomination of Government directors some
times fingers in the Senate until after the first Monday of
January The stockholders therefore, elect Mr. BIIe ma
one OF their directors, that he may with certainty be
giOle as President When the nomination of Mr.. Biddle
Government dire has compile ted i'm time 10 he
known TO the stockholders their election thew have moi
chosen INNS when it has not he has been appointed and
elected And thus there only twenty four instead of
twenty-five directors. I'm all former wears however Mr.
biddlc has declined accepting the appointment as Govern
men Director, and his place has been supplied So that
until the present year. the Board of Directors has
hull The effect OF his declining the appointment from
Government the present year is tLat he ia removabI r
of Tho C,l,.
Ten years long has this confidence been enoyed and us
tilted by that distinguished citizen and honorable man
NO question had ever been udiously started how many
proxies he hcGl The more he held the more extrnsvs
was the confidence of the stockholders in him. No scr
pie had ever crossed the mind Of any President of the
United states, to deter him from nominating him year az
ter year as Government Director Not voice had ever
been raised in the Senate their hesitation to con-
hrm his appointment, and perfectly i'm harmony with
this confidence has been that Of the Public that not rn
NOR has ever been raised of prospect even of
Or me election OF any other person President in his
place Alter ten OF fair fame thus sustained without
an adverse whisper being heard 1t has been A source Of
deep modification TO the subscriber to see the character
and feelings OF such citizen treated by p Committee of
e rouse Oh representatives as If he had been inmate
reS issued from Pencntary preside over the Bank
OF INC omt'd States AS an exempifcation OF this fact
IL Sh ne sufficient to refer to the tone of the Majority
Report from beginning to end; the consciousness Of a.
0taiivc power which peTvddes all pages
with that courtesy which arrays even authority The
ornaments oil meek and quiet spirit-to the continual
coniesaton of facts stated by the President tf The
iaik upon eath-to expressions Invested of all SEM
-,
me Nevenue, knows ought TO ko,c that il will be
called upon by the Government to reimburse it," The
subscriber ior6eas, for he finds it difficult express his
sensations without using terms obnoxious the same crt
ciSin which he is compelled TO apply to these.
d large portion OF the same Report, and that with
which 1t closes, consists of elaborate
parallel between the condition of the Bank in 1910 when
ii Is stated 10 have been upon the verge OF bankruptcy
ana ITS present condition Without entering into the par.
ucuars OF this disquson the subscriber will close this
his own Report, with few general re concerning /,
And in the first place he observes that the Bank cam
not with propety be said have been upon the verge
OF 0"hFPtcy IN lSl9 did osuspend specie payments
Tor an hour-it had met with heavy ossesits capital had
not been puncualy paid in, conformaby 10 its charter
Pudet ana irregular ii not fraudulent specuIaons i'm
IFS stock had been allowed and shared by one or more of
us directors III mad tailed in the indscTeet attempts 10
make all its bills payable all its branches Had Sc
we're pressure come upon it, short interval might have
chsued during which ii might have suspended cash paw
inents and that would greatly perhaps permanently have
auecea It's credit But the bank the verge
OF bankruptcy. The Majority Report itself states that in
APRIL 1919 wen its difficulties the greatest its means
OF specie notes OF other banks and funded debt amounted
10 upwards OF ten millions OF dollars, while the whole
m"nds which could come against it in the same month
amounted TO only about ii millions There is nothing
like an approach TO bankruptcy in this. But the pres
sure on the bank in 1919 did not proceed from the
errors or imprudences of the CORPORATION itself ONLY
mere IS an eb6ing and flowing of the tides of com
erce almost though irreguarly, periodically through
out the world and there is sort of galvanic sympathy
III inc contFactons and expansions of the great moneyed
institutions in both hcnsphees. The restoration of spe-
ce payments by the Bank of England in 1917 and 1918
undoubtedly produced immense pressure upon the
CCUdoh, ana OF course, upon the commerce the world
All paper circulation beyond the representing the
precious metals is fictitious capital or rather it is credit
he question whether the balance OF moral Influence mon
' cOdon oil men, arising from circulating credit and
oahNhg be blessing or curse, is speculation for the
closet money has long, and upon divine authority been
pronounced The root OF all evi and paper money shares
IN It's iu proportion the character of its prototype Power
Tor good power for evil, in the hands of Omnipo-
tence Had there been in 1919, Bank the u States
the pressure must have been ncomparaby greater and the
rum Tar more widely spread than The opinions ex-
htcd IN this portion OF the majority report are
III the inteTogaories Of the member Of the Committee TO
the President of the Bank appended TO it, The subscriber
VIII barely refer 10 the by the President of the
aK which, render all further discussion OF them super
huouS. -
But 1t 1t were true that the condition of the Bank in
ioI9 was upon the verge Of Bankrupcy and if il were
also true that the present condition of the Bank were Of
exact resemblance TO its deporable state at that time the
discretion, The patriotism, and the humanity of the Com
ee could scarcely have sanctioned the disclosure of so
disastrous secret to the world The market price of the
Bank stock at the lime when this nuuiston into the az
lars ol tie Bank was instituted an advance of al
least 70 per cent upon its nominal value In spite of ali
we remuneration against IT, in spite OF all the learned ar
eumehts all the arhmctical calculations all the sats
ca theocns, corolarcs, and demonstrations with which
II ad been for years assaled and out of CONGRESS the
price current OF Bank stock the thermometer of nbic
confidence was still al % per cent advance Ipou ,e
shaIes. IL the majority of the Committee had really
mace the discovery that the affairs Of this Bank were in
Suc desperate state from the extraordinary pressure I'M
on INC money market and The depression OF trade consider
ing nc large stake which the nation holds the stock of
inc Bank would have been but prudent forecast i'm be
majority Of the Committee, and would have manifested
euer regard Tor the public interest," have reserved be
exposure Of s Crisis OF terror aud disrnay until should
nave exploded or passed away I'm such emerpencies Tho
the spreading OF a panic among lis creditors TLc
issues ana circulation Of the Bank paper are undouht