Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-27
Twenty-tllird COngress.--Ist SEES.
IN SENATE.
Thursday, Dec. 10.


Thursday Dec. 10.
DEPosITEs.
This Subject having been resumed. as already stated
motion to instruct the Committee of Ways and Means,
already reported He concluded his remarks for Thursday
substantially as follows:
Aud now, sir let enquire what will be the course
OF things, if we decide THAT the Public Deposi,es shall
main in the State Banks and it shall hereafter become
matter OF bargain with the Executive who shall
Sir, we all kaow the game that going aepore il
as much as any can do but there will be a
time when the election of President will be all
engrossng topic with The creator part Of all politicians
And what, again ask. is NOW going on' Why, sir the
feeling has iDsihuated itself into the Palace se The
great question is his who shall be the successor to the
Presidential Chair? The contest is for the success
sion, and all the powers of This Government organized
and In action TO secure tire election OF heir apparent
Every body knows OF the f,nuse, what it is almost
treason to speak within it, that such is the fact
what more do you than the control OF the State
Banks, at once TO settle this question.
And this brings TO another point in this enquiry. Ii
Is here said by the President, by his Secretary that
the great for removing the Depostes this
from the Bank Of the United States, the of
the Bank Charter in 1886 Now, of all the that
could have possibly been given, this IL emphacay the
reason why he should have abstained from removing
them The Bank, in the natural of things by
the mere force o, law was about TO cease from having
removed from the Bank because the restitution was OF
dangerous tendency, and the public Liberty safe
so long as its powers continued There might have been
weight in these reasons, if the period had
so near at hand when its powers of every kind
have to an end. Indeed almost every reason nut
forth by the President and the Secretary
the single fact that the Bank charter expire in 1886
The Bank we are told to destroy liberty, and
turn the Governments but can it do all this in years?
Al that time will cease 20 be; for the Secretary informs
u.s. that the People have decided that the Bank shalt
TO be deadly within the short space OF years!
Why, sir IL IL plain that there must be something about
il which will operate the election OF the Pres
dent The thing TO which the Bank will be very fatal
the thing which II is certainly to destroy, turns to
bethe election OF the heir apparent Sir the expiration
the Charter early 1885, is in itself conclusive proof
al
are not the true reasons now venture to say, that, in
two from this time, this system shall be suffered
be carried into effect the whole moneyed power OF this
country will be concentrated wherever the political
er of the country resides All will go together--there
will be complete combination OF the State Banks from
Name TO Louisiana perfect understanding will prevail
throughout the whole. They will all be aciuaed by one
spirit and they will all be in the hand OF man. They
Will ALL IN the strctest OF the term be Government
Banks. You will then have only the twenty millions
Of Governmen Deposites, but in addition this you will
have more than hundred millions Of Bank capital, all
welded against the public liberty Sir If there be spec-
tacle which, than another is to be contemplated by
patriot with and horror il the entraon of such
power as this.
While this branch of the subject will remark that
there could not have been selected period the exer
else oil this power more unfortunate for the country
The grounds alleged for the selection the necessity Of
gradual preparation for the change which accom-
Pany the expiration Of the charter dsesses
upon the rcal community by the Bank of the United
States, during the period from August October Now
sir all who are in the least acquainted with the
operation oil that Bank must know that the removal Of
the deposi'e' at this Time will neither increase dim
nsh the pressure experienced at the winding up its
concerns. Ii is admitted all hands, that the Bank is
managed by intelligent men, well acquainted with bank
ing concerns and perfectly awake their own interests
Suppose The Bank should proceed with the public depo-
SITES IN Its vaults viii its Directors not view these depo
sites part OF its debt to The public? And will they
not, OF make the provision for the payment of
this portion OF the public debt they do with the other
portions OF it! So that whether the are
ed now future time, have no effect upon the
settlement ofts affairs. Why, then, remove them now |!
unless be grauously to add at this time scene Of n
place at the expiration OF the Bank charter
But the Secretary has told that this necessary
in order TO enable the Treasury Department prepare
for the country currency. Now sir does any man
here suppose that currency be supplied 10 the ext.
gencies OF this community by the Secretary and his state
Banks, equal 10 that which exists at this time? So long
the Bank of the United States exists the bills of the
State Banks will be in COED credit We wish no better
Can the Secretary add any thing to their credit It is
obvious he cannot: and what then does he mean when
he talks 10 us about his providing for the country sub
stiue for that currency which he seeks desroy Not
that he will provide the country with local bills in good
credit but currency for the whole Union. This, and
this alone can be substitute But have we any such
promise! No, sir, nothing like it, What is it which
the State Banks spuIate 1t this: that they will re-
ceiye in payment OF the debts 10 Government the very
same local bills which now 10 good credit Do they
go any further? Do the deposte Banks OF Maine al.
Puae 10 the bills of The depose Banks of Ioui
sianai Not word OF il, SIR DO you believe that N
snail go TO the deposite Bank in Richmond for example
with one OF the bills of the selected Bank in this District
that the hchmond Bank will ske IL and give me the mo-
ney ior NO. sir; they will take these bills from the
Vha they have stipulated O do: but
they will not take them from sov bodv eIse Id
then becomes OF the currency Where is the subsuel
Is VAIN 10 taIK OF giving The State banks any grester
credit than they now have. Oh the con.rarv ne n,,
ment you destroy the Bank Of the United states and
trembie when look forward 10 the prospect Won viu
again return 10 the scenes Of 1917 You will again 80,
scale OF depreciation. The market will be full Of ,h
bills OF broken Banks, until you may again be conprJ
70 pay discount Of ten per cent for Bill Of Exchange
on distant part OF the union. To Withdraw the demo
stes rom the Bank of the United States and TO place
mem W we otate Banks, leaves those Banks where
they were, but in situation The most critical that can he
conceived; Indeed, sir, there has been rumor, how
Wen IoondeO DO not pretend TO say that some of those
selected Banks have already applied 10 The ssc,e, -
the treasury 10 have the Government Deposiies taken
ron heir possession, and restored the Bank of tbe
United States and II is roy sincere belief ,bs 81
step would be The best thing which, for the crsdi, =,
nose Banks, could possibly happen do know from ,h
very best authority that there has not, for the s, w.,
years been so great pressure the State Banks mr. az
nue capital TO meet IT, And IL the Bank Of the IJni,oJ
states should do what has the perfect right 10 do aod
"As' ~ " justice might do, call 10 it, paper 10 pfopor