Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-31
POETRY.
Twcnty-third COngrcss.--lst SEES,
HOUSE OF REPRESENTATIVES,.
THE RENO

The House having resumed the consideration OF the
question OF reference Of the hsPT,s % e SGs.ey "
from the Bank OF the u 5, with Mr.. McDuhes mouon
that COMM tee to report bill Tor restoring the
Deposites the said Bank
Mr.. McDufe resumed the Speech, which he began on
Thursday last in supper, OF his notion When up before
on this subject he sad he had attempted TO show that the
idea of secretary OF the Treasury that the removal OF
the deposes necessary step for the establishment
OF convenient currency, as substitute For that OF the
Bank OF the United States altogether unsound and
unsubstanMa,. He would proceed TO consider what
he regarded il true, the only substantial ground al.
legged by the Secretary the Treasury Tor the removal OF
the public funds; ground which, il founded in fact,
would be entitled 10 serious consideration by this House
1t had been alleged by the Secretary OF the Treasury
that the unusual curtame by the Bank OF the Uuited
States, from August October, had prsduced such
siye embarrassment in the commercial commupi
Treasury 10 act promptly in the business of removing the
deposites, and not even wait until congress should be In
session. II this were true, (aid Mr. McD)-if it could
be the Bank of the United States had pursued
unusual and unjusiabe in the curtailmeD OF
its discounts would certainly be OF very cons
derabe weight towards justiyng the extreme
resored 10 by the Secretary Of the Treasury.
Bur, said he, what the iacts' We told by the
Secretary of the Treasury that from the LIST Of August
the I OF October the Bank of the United States reduced
its loans 10 the extent OF between six and
millions Of dollars. Now, sir the fact is, that the
Bank from the LIST OF August the list Of October reduc
ell its discounts only 10 the extent OF million and
thousand dollars repeat that the discounts of the Bank
lerred to- reduced only eIO dollars; and that the
whole ofthe reduction OF the Bank oaDs IL you choose
domestic exchange.
very little more than four millions of dollars. Yet, sir
in the face OF this fact, officially Informed by the
Secretary of the Treasury that the reduction Of dis
counts by the Bank (o TO his peculiar language,
the collections OF the Bank from the community from the
ls of August the LIST Of October amounted
six millions of dollars And how sir is this made out?
is worth while, in order know how estimate the
weight Of these official statements TO look little the
mode and manner in which the Treasury Depart
ment comes to its financial results. We find, then, sir
that these SO 334 0O0 set down the OF the
talmen,s OF the Bank. made the amount Of the
duction OF notes discounted and bills Of exchange paid
to which the Secretary Of the Treasury os the
Of the OF public deposes in the Bark of the Unit
ed States from August to October and the aggregate Of
these items is down by the Secretary of the Treasury
IS the which the Bank has COLLECTED from the COM
munity"a the form Of reduction of its discounts This
stateent OF the matter whether considered technically
by the rules OF common be regarded
thing less than attempt to impose upon the
munity. What believe OF the truth of public
documents, when such this emnly put
forth from the Treasury Of the United States'
Mr. Med. then went on 10 explain the true state of
facts in the He would admit he said, for the sake
of argument Qhough he did know how the fact was)
that the public depostes in the Bank of the u States had
two millions OF dollars. What was, in effect the argu-
of the Secretary of the Treasury this fact? WHY
extend It's discounts In proportion to the increase OF The
depostes. Yes, The Bank, which had been denounced
for having extended its discounts too far, and having thus
ineItered with the politics OF the country, de-
nounced by the authority for having extended
its discounts far as ought have done upon the credit
oil the deposes! Could any thing be unjust, more
capcious characteristic of the reign of DIES.
po,ism than these contradictory accusations all ground
less and directly reiung one another? The Directors
OF the Bank would have deserved TO be cashered they
had done The Secretary has argued that they should
have done; yet here it gravey set down. proof
that the Bank OF the u States had produced the
the commercial community, that they have curtailed
their accommodations to the extent OF the OF the
public money received on deposte!
The Secretary of the Treasury goes (said Mr. McD1
and draws strong picture OF the public distress,
why he removed the deposites the first day
October He tells you, that this uDprec edented course
the part Of the Bank of the United States ne
cessary for the State Banks also reduce their discounts
and by this mode of computation makes the whole re.
ducon OF discounts from August October 70 be nine
millions OF dollars and then estimates that in
more the reduction would have amounted TO aiaeeen
millions OF dollars and thus have put end trade and
produced extreme pressure. Mr.. Med. de-
monsrate the whole Of this reasoning be falacous
that the actual reduction of discounts has
than OF the amount of the public depos,es
moved from the Bank; and including domestic bills Of
with the discounted notes) did not amount TO than
half of the amount taken from the of the Bank by
the removal of the deposes. Mr.. Med. referred to a
statement IN one OF this mornings papers, which he cup
posed must after what had TRANSFERRED be considered semi
official which about authentic that in The Re.
port OF the Secretary of the Treasury which statement
was that the Bank of the United States had made re.
duction OF its discounts, since the LIST Of August the
enormous amount OF twelve millions of dollars I'm point
Of fact, Mr. Med said the curailmen,s of discounts from
LIST August 10 this time amounted to but four and half
millions of dollars and II TO this added the Of
reduction Of domestic bills, the whole reduction
but ten millions OF dollars Let il be remembered
also said he, that only has the bank deprived
The amount OF The Government depOses but IL has also
been subjected in the intervening time, to all the iDcon.
venience resulting from the general panic which this
measure OF removing the deposites has produced the
community Against the consequences of this panic com.
prudence required the Bank to protec seIf and it's
officers would have been athess to their duty If il had
not done
Mr.. Med went on 10 anmadvert upon and refute
other OF the arguments OF The Secretary of the Treasury
against the continuation Of the public deposites in the
Bank. lie particularly referred TO- and ridiculed the
CHARGE that the Bank had its specie within two
months, TO the amouHt of $50 100 dollars shich sum- the
Secretary believes, was chiefly drawn from the State
Bank whereas the fact appears, in the para.
graph Of the report that instead Of drawing specie from
the State Banks the Secretary says he believes TO
nave done the balances due from those very Banks had
been permitted TO increase within the same two months
from S36S969 TO 22sS 900 dollars These were the facts
Directly IN the teeth Of the Secretarys inferences But
Mr. Med said even the facts true which the Sc.
cretay alleges even IL the curailments OF its discounts
by the Bank had been much greater than il Isl and even
all the suffering oil he country had resulted from these
curtaiImenfs by The Bank the Executive Government of
the United Sates and not the Bank Of the United States
responsible therefor 10 the people Of this country Ard
Mr.. Med confessed, that he bad never in HE life ,nat
with unfair uncaDdd, and JesuiticaI argnmcn,
than that OF the Secretary OF the Treasury intended IN
throw the odum Of the public suffering the Bank Of
the United States
Mr.. McDufTe referred especially 10 passage in the
Secretarys Report, which he read, follows "Tbe
capacity oil the Bank, therefore, al this time, to afford
Iaciiies 10 commerce, not only equal but greatly
superior 10 what had been for time before; and
the nature OF the inquiry made OF the State banks
confined II to the four PRINCIPAL co,nmercisi
" cities, showed That the immediate vthdraw of The
entire depo5ies from The Bank az TO distress H. was
" not contemplated And IL any spprehensons IN tbe
contrary were felt by the Bank inquiry at This De