Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-10-25
7,769,9l6
$500 GIG

So that il all the balances due from Safe Banks could
have been used cash. yet these eleven branches taken
altogether would have been do6ci, the ST pay
ing up The public dero.ies by abou, FOUR HUN DRIED
THOUSAND Dol LANS-And VIII re could they have
turned Tor aid /?
But their private deposi,es diminished million in the
last month"; and who does know that the of
me public dtposiss would have taken with another mil
non! Inc notes Ia circulation would also have
IKE torrent But why touch on these matters? II re.
CURED nothing out mere order TO change the public de-
posites, TO crush them forever!
The power Of the Executive over tho Rank has be.,,
USED and toH be used only for the purpose Of
10 do right As the government has obliged itself by
law 10 receive the notes OF the Bank oy
payabi', II Is but right that The Bank shall make them
equal TO cash wherever they may be received, and such
in TACT Is the requirement OF the charter. But from
character OF the Banks Managers and the threats thrown
out by their ns rumcnts, the Secretrry of the Urea.
"y we Understand anticipated that they might refuse
receive as cash. from the State Banks employ
oil the Treasury, the notes Of their distant branches de-
posted oa public account, As it was important that
those banks should be enabled grant once those fac
lies which the Branches of The United States Bank would
WITHHOLD and as the Secretary of the IRE ,srv did M,
choose to trust the interests oil the community
10 the mercy OF an institution which had proved by its
conduct mat II was unworthy OF confidence, learn
that he took the precauon OF placing in tho hands the
selected banks at the points most exposed its power
drafts the bank OF the United States and branches for
80 much OF the public deposes hand as was sufficient
10 guard the communities in which they are situated
against any measure OF hostility oppression which that
Bank might attempt TO execute. Thee drafts we are in
formed were TO be used only dence and for the pur.
pose OF protecting the community against AN atemnt nj
the Bank Of the United States TO execute apv nj bos
measures Of revenge which had been so loudly
c and one oil the contingencies which they were to be
used, WAS the refusal of that Bank aud Branches ,o re-
cevc In exchange, from the selected banks the notes
the distant Branches P,d in by the debtors OF the govern
mcnt ~
The aniirpaons Of the Secretary ofths T,casurv
The Bank OF the u. ). would endeavo 10 produce cnbar
a'snent and distress by refusing TO the distant
branch notes from the selected bank and thereby cutting
oil their means oil granting facilities the community
were fully realized When the whole truth is known IL
will appear that the Branches OF the Bank of the u States
HallIl i,,l g..
stance 10 receive those from the selected Ranks
having promptly returned them when offered in hnge
hat Bank was prepared dishonor own papergto
compel me government or It's agents TO 20 its dis
tant BranchesNac and ST. Louis TO get "a al for il
TO cut oil IN this manner the Of the State Banks to
grant the accommodations which il withhods and thus
produce the embarrassment and ruin which its presses 80
confidently predctcd.-ln the New York Branch there
even unusual accumulation OF the distant Rranc
notes. apparently prepared TO he thrown out for the pur
pose OF adding to the confusionThs ubiquitous plan
not abandoned as we have to believe, until the
Bdnk of the United States become Gpprised that album
ddnt means Of defence had been provided in the pre
cdufondy droftS already odrerted to- and that The al.
tempt To produce general ,coud be made
TO TecOH HseH and might result ia The immediate
,ohdrdwd the public depostes and how well prepared
Tue Atlantic Branches were 10 meet that result, have
already shown As this danger them in the
lace, and not 6ore they agreed receive the notes of
the distant branches!
This is the true exposition of the Banks Hberalifv ;
lie foresight and energy OF the Secretary the rrea
:ury Through the agency OF the State Banks forced
to abandon It's plans OF mischief compelled il to do
o"Sht W nave zone recognize The notes
OF all its branches as cash. ,oheneUe issued and ,che
eUer GDe'ed. But with all ndwelling pride, which adj.
versity cannot conquer, this naughty institution now
claims credit Tor doiHg what it refused do until was
compelled IL cannot bear to acknowledge loss OF pow
er and degradation from its high estate.
Nothing but the arrogance OF ,he Bank could tempt
us to expose lis weakness. We show that the dis.
tant branches i'll able To meet sudden return of
their notes in circulation as the Atlantic branches are IN
pay over The public deposifes and that the State banks
receiving The public deposes, would soon have brought
me Mammoth TO terms without the decisive aid afforded
by the Secretary oihe Treasury. But during that pro-
cess Tie community would have suffered temporary in
convenience which ii was desirable prevent and i, has
been prevented