Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-21

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,hi uilee oil inquiry OF tina, House He would esk if
is wa, not imPerAvey called for now! Might ,hev
~ not only as TO the accuracy Of the EMS
OF me secretary OF the Treasury but also as 10 lie I,
on wh'eh those statements based. He would ,r If
any arguments had been used 10 shew tina, such 81,
not TO be the course. And he would further ash If guy
mediate discussion could settle this question. One CEN
;; nAu gwen as reason why they ough, to have
immediate discussion; that they ought 10 vndca. ,bs
rights oil that House; that the House ought Immediately
10 call Tor the restoration of the deposies
10 me Bank oil the United States
surely this was a strange propostiop Who, ill, 49,,
e rouse 10 interfere with this act of the Secre,ry f
,he They could only act by passing law If
passed law would be binding ON the Secretary of
the Treasury. How had the Secretary oi ,,o roy
enrenched on the rights of that Housel He had oniy
zone what by law OF Congress, he had a riyht IN J
lie dd not see then how that House could take anv stem.
10 Y'ndcae It's rights against the supposed indignty which
WWonai'y passed He had understood the gentleman from
be referred to Select Committee was ,Ss, t 'Iu mol
had an appellants only; that it had The
secretary oil the Treasury and The Bank of the u s That
Is had been stated, that the u s. Bank was DsoIvent
nat ney ought TO restore the deposes because some
parts oil the Secrearys report or be se
ne had not proved himself good loeican II Vac saIj
.ha' he was mistaken in of the vie ws he had taken
II was said that some Of the State Banks were not ood
But even ii the Secretary was wrong in some oT i
nen,s, aud mistaken in points Of reasoning tboh
he House had not the power 10 act otherwise Ill., y.
constitutional legislation Gentlemen had said ,h, ~, 10y
20 no &C. now because the suffice, should be decided
usince
the removal of the deroses. Was il supnosed iba ,%
could pass an act which should get through The Senatc
ON" receive the Executive approbaiion in time TO meet
this ext gency OF the 80 days He thorrb thar all VII
knew the course OF proceeding in that House wonI ow
pee ms Dut II was said that there great havoc in
Tue commercial community and that therefore
ought TO be done Immediately He did not credit iii;
seIuon; M believed the opinion of the public generally
throughout the whole United States was now mada ,n
mat the deposites finally taken from the Rank or mr.,
United States He believed that such was the case in all
the great cities of the west The ,oi,aon
which took place hf that House, In, indeed have
elect on the commercial world but for the commnni,v
at large, he believed their minds were n,I M, ~ ,iy
suoec' ne should vote for the proposition of the gentle
man from tennessee TO reconsider He hoped thai The
upon as is thought proper. W "''''
Mr. Gorham said il seemed to be admitted bv all who
had spoken on this subject that the question was one Of
ae,ay OF expedition 1t was, indeed so generally admit
ted, that II seemed TO him that ii might be cons,.aJ ~
me ground OF discussion. He satisfied thar The rea,
par! OF he report could be discussed in full committee of
"at rouse now stood the question! The deposites
were placed in the Bank of the United States me-
clause IN the bank charter, and the law has existed be-
tween sixteen and seventeen years Surely il required
no great time or labor for any member of ,ha, H.
TO understand the real bearings the question UnJe
clause OF the same charter the prsat 6nan.;oi
officer of the Government had undertake. y, aaoai
the deposites, not because they were deemed m
ou. ON account OF, as we understood the hon
orapic member, certain delnauencies charged 49,,
the directors of the United States Bank TIA, ag
Ger had assumed principles and he would leave i, to an
man 10 say such principle acted upon in is
government BEFORE or ii ever there bad been before civ
Gorham opinion that select commttee was The a., e.
thing that should be thought of such vital oucs,ion
ahat before the House though he would admit, that when
an omcer OF the Government had assumed a prncnIe
and acted upon II, in the face and teeth of statute ~
eu many years ago. special inquiry necessary Now
II had come into this House, he, Mr. G. woud saw H. :;
shopid never leave ii till IL was decided The nrincinl
se embodied It's own reasons why should not be sent
70 any committee, now other matters of the Inches, H.;
port 10 the interests OF the State are about 70 he hroh,
forward He conended that sort of inflammation coJ
ooseu oy "ha ne would designate private converse.
lion Tor such would be the inquiry of select
ihe principal question thatmgbt arise would probable
De WIN regard to the sOvepcy OF the banks; but he lin
sell believed that they all perfectly solvent, nor ya
any examination required for that purpose That NO,
me ground. There were, however, other PRINCIPLES
which OF very great importance 10 he ror;rsd ;'
an OF which could be discussed better then t,n a, anv
other time. No committee could inform The Uous. 49,
'a' inca knew respecting the nature Of the currency
ana the various matters involved question The2e
was not, he believed member OF that House who w.s
unprePared, al that time, deliberate Oh it, The Secre
tary oil The Treasury undertakes say that he can sunni
circulation OF $l9,O00,000 Now the jnouirv orgh,
10 De- whether his scheme effect this; and TO discover
s' mere should be no delay The Bank OF the U. S. had
now IN their power predicate general bankrunicv in
less than ninety days. and no, unsafe to leave nil,
matter In such state? The country was in commolion
on ths question: II was throughout in state of bostilv
and IT behooved that House allsy this temper re-
question was not whether The bank was right or wrong
but what was the effect of measure upon the co,,S
NIFTY! There violent tenpers arrayed on bof si.s
asaiiDg each other with all the violence of party and he
called upon the members otlat House TO look Al ibis
not TO leave the country remain long in the excited
state In which 1t then Who is there said Mr. q
would be answeroble Tor the heavy blows that will be
nestion
lie should be sorry TO take upon himself the
W. he honorable member then proceeded TO stale cor
Tain facts respecting the State banks TO show their
~ 10 meet any great demand that mi ht suddenly no made
upon them and inanced the remittance ,n,n NJ
YORK 10 The amount Of $500 600, and would ask WI,
stale bank was there in the w. States that could have lr
nlshed such sum HE cared not whether tho Hons.
eventually approved or disapproved of the removal of the
dePoses; his anxious desire save the co,,nrv ,
'he present state OF things continue if the oues
uoh heore hem were delayed, he dreaded TO
"e result Inc honorable member OH 10 instance
as "A mPrc liant
cinnaii to New York, not in specie or 5v his ccenta
but IN bills OF the branch bank Of epfucky &c
Mr u. then showed The great hazard in making a re-
Vo'u'oh III the money market, which and dis.
organized the whole mercantile aud commercial world.
anu referred TO recent occurrence respecting the Bank
OF Georgia, and what would have been tile effect If lad
been unable 10 meet its Demands national bAnL,
since II one state Bank ieed, all would instantly tIlo
mere were not less Than two three hundred millions of
paper III INC country, and only about twenty millions of
specie 70 meet them. convulsion would bring on ma
tiOnal bankruptcy lie did not assert tbst fe co,In,
was then IN that state, but delay would bring IL on pub
lie confidence should be preserved from the highest TO lie
lowest member Of socey aud the moment that confidence
was shaken, that moment would The panic ccoue general
On what was the public confidence in the bank b,scd
Not the amount OF specie lin lis vaults but mn ill.,
ceriny tliat the bills tley have issued are GOOD TLo
honorable member said, not with view to en,bsr
The administration that he desired the question TO be
immediately discussed il save the countrv IIo
conended That whichever way was settled whether
The House sanctioned the the Secretary Of tho
treasury aud converted all the banks into banks nj
ths Omed Saiesor whether il consured the con4,cf n
that othcefwes Of less import tie country tb,n m 49,
afp I. nj d.