Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-16
Richn,ond. Va, Friday, May I6.
MIR. CLAY-in 1911

from the texture. Were III. Clay true To the snIrie
principles which he maintained in 1911, in what an
envable light would he NOW stand, before all his
counryneu! He would not he under the necessity
of putting himself in the 'ssi line of ,recedents"
hy accepting Office from the hands of n man, whom
he once desI,sed, aud then elevated power. lie
would not now he compelled To join with Federuisis
and Nullifers, and exhaust the eloquence of De-
inagogue IN raising agitation for he benefit of an In-
stuton, which he lia, denounced hostile To the
Constitution and liberties of his country. Had lie
remained faithful to his original principles i'm what
eloquent terms should we fluid him vniicaling
his principles in 1911, unnasking the corru,,-
lions, pourIraying the dangers, and hurting defiance,
against n mOnied and INDUSTRIOUS excrescence Of 35
millions. We should have found him mt this day
speaking, in the anti Bank spirit, as he did IN
ISL, when he presented the following paper to the
Senate Of the U. States:
I'm SENATE
saturday, .Narch 2.
"Mr CLAY, from the committee TO whom referred the
meinona! OF the Stockholders OF the Bank OF the u
spraying that an act OF Congress might he passed to
continue the corporate OF the sank. further
period enable settle such OF its CONCERNS a may
he depending Oh the 3rI of March. 1871 respectfully
offers Tor the consideration of the Senate the iowiny
'REPORr:
"Thaf Committee have duly he'd the content.
of the Memorial, aud deliberately attended such esps.
nations OF the views oil the nennoriass as they have
thought proper TO present through ihei agents. That
holding 'hs opinion Gas majority OF the Committee do)
that the Constitution did authorize Coneyfss oyjoi.
naHy to grant me charter follows necessary con.
-qu-nce OF that opnion, that exten-un OF it, even un
der the restrictions contemplated by the stock holders is
equally repngnani 10 the Constitution. But If IL ,csre
possible 10 suinounf This Fundamental objection and If
that rule winch ioris, during Ihe sane session OF the Sc
nate. the re-agi'aio OF proposition decided were
disrt gsred Your committee Guild sill he si ,.s IN tnJ
any sufficient for p, oonng the poificat srt
rnce corporation, Tor the purpose Of winding up its
affairs. For,
existing laws through the fundamentally OF trust pio-
pery constituted afford as ample qualified c. NJ
tnuance oil the charter would Tor the quialon OF its ac
counts and the collection and final distribution funds
But, should Inconvenience be on this sub
Jeci, the committee are persuaded il will be very partial
aud such ~ The State authorities upon proper apple ton
would not fail To pr Divide competent remedy tor. And
I'm relation TO the community, il the corpo, aon srp
o lis banking powers, 10 fulfil bona file the duty OF
closing its affairs, your committee that any
material advantage would he derived. Whilst, OH lie
contrary, IL should act 6ut should apaii itself of
The temporary PT0Ongotion, IN order TO t6;c more d
rd6ie extension Of its charter, IL might operations
became q serious scOurge.
Your conmittee happy say, that they L. n from
saisaciory source, that the dPprehensions hich tcere
INDUCED as TO The distress resulting from nan renetc
al ~ the chatter from being realised in Phade
Pha. TO which their Information hss been confined II
was long since yious, that the vacuum circulation
o. 'ho country which was TO be oduced by The With
DRAW OF the paper OF the Bank OF the u ate tooud
tetfed by paper issuing from other Banks. THIS ope
ra'on Is now actually going The papsr,of the Bank
of the u :. is rapidly returning and ,at other Banks
Is taking its place. lac ability enlarge their accono
da ions is prnpo enhanced and when il shall be
fur her IN removal into their pous of hos
dfposfes which in the posses a the Bank OF the
u s., the injurious effects of ads ola corpora
ton wi be iound consist ia accelerated disclosure
ny me credit Of others, 6ut ,chose insolvenf or fariny
SITUATION knorn 10 The Bank has been concealed from
the public at large
Your comuhee beg leave TO present the following
reson,ior:
Resofred. That the prayer of the memorial is ough,
not 10 be granted"
we pass over lhe numerous commentaries, which
crowd upon us, on pernsing this pungent Report,
and hasten on to the next act of the Dramu:
THE WINDING UP.
In the very next No. Of the Enuuirer which fol-
lows the one containing this Report of MIR. Clay
we ind the following editorial paragraphs:
IL me Bank cf the u s. is oinding up without that
general CRASH on The community which predict.
ed by moon struck pocsns-its a,irs have be en- put
into The hands OF Trustes.Its notes are Yet received
(nnder the 10 section OF its chaftr in payment of The
Terenue-so that This plan sone III still stamp value
upon ihrm The debts of the Bank are estimated al 49,
'"ooo dollars, wv: dFpo'ies in its vaults g. aud it's
notes III circulation at millions resources nil
ons In cash, million OF the other banks that is
6''lions IN money; besides ri millions due
lures said, have been made by OF the State banks
10 take its deposites and grant accomo
dation TO its debtors By This operation Bank OF the
u. s. will he paid some of its debts ,, 10 H. and a, The
same tine posse IS the means OF paying OIL its own.
" u Is curious TO see such machine, as the Bank Of
the " Sta es one OF tie gies,est Institutions the sort
winch has ever ceased quietly ,oin ding up it, affairs
" Most OF sc p,ai sock will be used give rise 10
new Banks or end ell the E,stern States Vir-
gina might doubtless have the use Of Of IT, IL
though proper"
With one further Renaissance, we close this mr.
iIcie. We extract the following from Gouges excel
lent volume on the "Amercan Banking System !"
The predictions that were so confidently made NJ e
rum mat would oyersprca the land f the charter were
not rene We'd had ber intended on some Of the de.
inocra'ic meD,hers But after flI discussion. the bill
was indefinitely pospsned The 2lh January 1911
~ me tous" OF Representatives, by vote OF 60 TO g.
Inc National lneigencer said ecoring the vote lla,
" Tue question had not heen the Indefinite POSTPONE.
ment but on The passage OF the BILL the majoniy would
have been much greater
Another bill brought before the Senate hut
on The 2Oh OF February the first section was struck OH,
by the casting vote OF the Vice President &c Clinton
"The Senate gave ths vote, which was eouivaIen,
TO rejection The BILL only eieUen days before tie charter
expired Tie Bsnk made application IN This interval for
euch an extension Of its charter would IL In ind
uPls concerns But the Committee the House (sensfe
oWhoh TIE memorial referred, reported pr
CHAIRMAN, Mr. Henry Clay, that. holding The opinion
tns majority OF the Committee do) that the Constitution
uI mo' 'uihofize Congress originally grant the charter
'oo"s az necessary consequence Of that opinion that
an extension OF ieven under the restrictions
ton ~ N5' ~ Wv N''''"
Trustees then appointed, and they proceeded 40
rspiy in winding up The concerns of the Bank thai o
me Hi OF June, 1872 they paid over the stockholders
~ per cent OF he capital stock and Is per cent more on
the lsi OF October. =
MS was rapid collection Of he debts due TO Tie insi
nuon nasmuc rs II enabled the trustees psy SO ser
ee OF lhe capital stock, in about year aud half but
u'l noi poduce The universal ruin with which The roun
Wy had brrn threatened. Many persons, said Dr. sey.
"e'i, WI ing IN 1916. viewed dissolution of the late
Bank OF the United States uaonsl calamity " =.
asserted That general bankruptcy follow hat event
me Tact was Otherwise every branch Of industry con
'""ed nnintefrupied-no failures IN the me camille COM