Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-31

character of an agent excepting the Presden, Of the
United States well sir, then compare the conduct Of
OF these agents with that OF the other For the last
years what have they been doing9 The President
Of the Bank has been exering talents highest ORDER
for the good OF the Bank But what has the President OF
the United States been doing Has he be en- endeavorng
support its character and cred render its stock
htab!e to extend its circulation increase its general
utility TO the country Sir he has been moving heaven
and earth to destroy the Bauk and all connected with it,
This has been his daily and his nightly effort and this he
has sworn TO accomplish be the consequences what they
may At time when the credit Of the Bank was as good
as is at this moment tina, H. good that oil any Bank
on the face oil the carth the President here aud
tells this House that the public depoes not safe in its
vaults! And this. sir, Is the conduct Of man who the
agent OF stockholders in this very Bank Sir could there
be higher honor 10 the Bank than the fact, that nowh
standing the most strenuous Efforts Of the whole Executive
Department OF this Government to destroy it, its credit has
renamed ushakent Nothing could demonstrate more the
wisdom aud foresight with which its affairs have been con-
Quoted has withsood the President Of the u States to-
getr with the whole army brokers aud sockj obbers at
his heels. Sir there is bank i'm the world that would
have stood such attack The Bank oil England would
have fallen under it, The credit of the Bank this
teaches lesson TO all those who attempt TO handle insu
ments with sharp edges eaches salutary lesson TO OIL
GERS OF Government who step out Of their sphere to
NEEDLE with that which they do not understand Here Is
Bank which the whole governmental power Of this coun
try endeavored TO shake, and at this hour is the only
MED institution in the land which stands mistaken They
attempted to destroy the credit Of the Bank Of the United
States and while they have shaken destroyed the credit
OF every other Bank in the community, the credit Of the
Bank OF the u. States stands a rock OF adamant.
Sir, have been toll, and have doubt the
truth of the information that far from pursuing the vim
dctive policy with which has been charged instead OF
endeavorng to crush every State Bank the country the
Bank OF the United States has within few DAYS rendered
the loan OF $50 TO one of the State Banks which vas
subject heavy and in danger of in
consequence. Ii this is proof that this Bank is
capable Of acting with magnanimty which certainly
need have looked find in another quarter, which
miJh name, under similar circumstances.
Allow me here to remark that the removal of the de-
posi,es from the Bank even had Sec"soned no extra
among merchants, would produce Gimnuiion oil The
the amount OF bank deposes at ten millions the profits
7per cent would be 100000: OF this, one-ffth would
be the property OF the United States which is $4,000:
this amount is curtaled from the public receipts by this
measure.
But another proof very gravely put forth in support
the charge that the Bank sought political power is the
fact that, during the period from January 81 May 32
the discounts OF the Bank enormously extended The
charge is that its loans during that time increased
from fortytwo millions 10 seventy millions: being
increase OF twenty eight millions Of dollars in six months
Now, sir beg the attention Of the House TO the statistical
facts of this because they to show what the
character Of this CHARGE and here say that under the
semblance OF an official statement, there
grosser attempt by Misrepresentation, this body
The loans of the bank increased it said, from
tyeght millions to seventy millions. Now, sir, what is
the fact! The discounts Of the Bank, the January
1881, were thirty three millions; and the LIST May,
1882, they than foryseven millions, show
ing difference of fourteen millions only instead Of
tary has only doubled the speak actual
by discount But this is not ALL The Secretary sup
presses the fact that the Bank had within ime been
Government And he suppresses the further fact tina, il
had also been repaid S23s7 900, loaned England Here
then, increase OF cash in the vaults OF the Bank
within those six months Of about eleven millions of dol
lars. This fact say, the Secretary has suppressed and
ton impose upon Congress; because the ma
ture not 10 be overlooked 1t for the increase
discounts by large increase of funds; and shows that
in ac the extension oil discounts little else than
change OF credits The Bank received in its money
from debtor, and lent it to another Ye, the idea here
held out TO us is that the Bank its discounts in
81 or mi 10
for poll ical purposes.
Nor is this all. Every in the least acquainted with
banking knows perfectly well, that, for every dollar in
the vaults Of bank its directors may safely issue notes
for than dollar The ordinary rule is issue two
coed even this proportion. When the Bank therefore
collected eleven millions OF dollars it had loaned might
on that amount have issued twenty-five millions OF its
notes. So that the extraordinary increase of
lions, OF which much has been attempted be made,
turns out to be than what the natural
OF the Bank.
But there is view Of this omit present.
ing the House. We all know that the year 1881 was
year Of unprecedenedy large importaons so much So
that the like had not been known in fifteen years be-
FORE The consequence was, an unpreceden,edIy large
commercial debt; and unprecedented record oil Bank
accommodations And this period, selected that of
tack precisely the period in which the of the
Bank will be found worthy Of all CONNIE alton The
Bank looked at the condition of the country il bus.
banded all its and, with wise patriotic po-
Icy it EXTENDED its accommodations And but, sir. for
this the part OF that Institution, the conse-
qnence must inevitably have been universal bankruptcy
Sir well recolect the gloomy and lugubrious anicpa-
tons OF gentleman from New York that time, mir.
Cambreeng0 He told that the Bank by its prouse ac
commodsons had induced had seduced, rather the mer
chants of country into making excessive imporatons
That ruin was inevabe nothing could the country
Well sir, and what took place? Was the country ruined?
No. sir; the Bank saved from ruin. Though the mpor-
taions were large and the consequent debt
yet the country passed through the threatening pc
ROD without even struggle. By the wise mana gel ent
OF the Bank, il eased down, and all went smoothly.
Sir the merchants would not fail, the
gentleman had prophesed it, And the failure Of his pro-
pheces should teach give credit the Bank for av-
ing accomplished what political economists had
deemed TO be impossible.
Well, sir, here is of the proofs to shew that the
Bank incrfered with President Jscksons election The
Secretary asks, can be assigned for this de-
parture from the course which the interests OF mo-
MED corporation, well those of the country, OBJ
i" viousy require? am aware that any sufficient
justification has been offered. And this extraordinary
increase OF its loans, made in short space OF time
" at such period OF its charter, and upon the eve of
severely contested election of President in which the
Bank took open and direct interest, demonstrates
that ii was using lis money for the purpose OF obtain.
ing hold upon the People Of this country in order to
operate upon their fears, and induce them, by the
apprehension OF ruin TO vote against the candidate whom
" il desired to defeat"
Here, sir, is the Secretary of the Treasury setting
himself up 10 Judge what the interests OF great moned
institution require Of IT, when ii is notorious that the
Bank after doing oil this, and making all this
departure from the principles Of banking, is this
ment the most sound and solvent institution of the kind
In the whole world IL has failed as IL should have
done; and il is brought up in judgment, and de.
nounced for its imprudence when the fact have proved
that passed through the supposed crisis with all ease
and safety and at the time saved the country from
embarrassment and ruin.