Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-08
IWenty-third COngress..-lst Sess.
REMOVAL OF THE DEpOSITEs.

Eoodl " the Deposites from the Bank of the Uniied
MIR. Presidents II is with great reluctance n, al, ,;n
sr' ha' oorude myself on the attention OF the Senate
~, 80 enlightened body, feel lar more disposed TO be
listener uan speaker 10 receive ms 'rucon from IN.
views ana arguments Of others rather than TO ate n, The
eo"iuneanon o! my own. But there are questions and
,n,s , 'eave no other alternative, than depar.
"' mus reserve or silence exposed TO ,0iseou.
s"nenon Such, sir, the present and such tic
eli Guns ances under which now ven,ur. IN IL S V
duIgeDce OF the Senate. ~ "
he SUBJECT we are considering Mr.. President, il adj.
med on all hands TO be OF the highest importance
deriving especial interest from the distress and
uo winch are said at the present moment peryade
we so"huny. lnregard to the extent of bat distress
,;na anu Piooany has been exaggerated. and is d-s
mat has existed, aud still exists 10 very ab
extent there can be doubt; and now called upon
vves"gae me causes OF The evil and apply sui a.
PIE ana ehecfudI remedy. Bu', in The Performances o
Ds once LET us be care mi. take NJ o re symptom,
.v disease ITSELF aud by empi prac ice address
Gu 70 me momentary paiaon removal of the one 10
au 70 ana confirm The violence and danger of the other
1r myself sir, believe that the disease is far more
deepy seated than the honorable mover Of The
no" under consideration supposes IL has lie or;n IL;
.ne vices oil our own legislation, and will require the
ssusiy a"a inc knife Tor its exirpaion. ! ar not less
sehsoie trust sir, than other gentlemen 10 the sr;oa
Of any portion of my fellow citizens; but must saw th
e present Crisis whatever be its severity comes allie
aeu oy one nigh consolation Its calculated to waken
anu trust tcW awaken all of u.s. to the true nature and
dangerous Character of that formidable none we'd power
Mnsn we nave built up by laws, and which now
s ehohed upon our siatu,ebook in the pride OF char.
tered prerogaive. Sir, have oforc he EN- sngu
ay deal 10 The monory lessons delivered to us bv our
ahes ana predecessors In vain did the republican States
men OF VI warn Of the fatal conse quences of This
hfst transgresson OF the sacred limits of the Cons,u
uoh VAN did Mr. Jefferson, in that prophetic pas
e'se ""icn was read TO the other day by the Sena-
TOR from Missouri, (Mr. Benton) tell us that Of all posi-
oe institutions, this was one Of the most deadly hostility
against the principles and form Of Constitution and
mat permitted to exist, il would one day. reduce the
constituted authorities OF the nation under yos
.a'ose 10 It's WILL In vain sir did the eloquent voice of
Tue Senator from Kentucky himself, (NIr. CIavl ON an
other occasion, warn that this corporation then
welding less than third oil its present capital and re
sources was raught with the serious er TO our
liberties liberties which the honorable Senator seems
now 10 think can be preserved only by unfolding this
sae corporation against The just animal OF the
puohc iuncuonares appointed TO supervise il. Sir all
these warnings have been unheeded by us ill the dis.
resses which IL has now wanieny inflicted upon the coun.
Uy with The obvious design OF influencing and controlling
our Proeeedhgs here must have brought home to all of
u.s. rust deep conviction OF the danger and capacities
oil mischief inherent in this great monopoly
IL VIII hardly be contended presume bv anu
gehuemah VINO has taken the trouble examine the sub
Ject that the present distress is necessary
OF the removal OF the public depostes from the hank If
the United States. 1t has been expressly admitted in
quarter entitled TO the highest not on from
the distinguished eminence OF the gentleman H,
IRON me special relation in which he stands 10 the Bank
INF H. mere alluded TO the speech of Mr. Binney i'm The
House oil Representave] that The removal OF The Jepo
sizes per Sc is not sufficient usifabIe cause for t IRE
sent disresstbat this is thing which mis- hsn
PEN and had happened before history of The Bank
without producing any distress or Inconvenience IN tho
community Sir OF the public depo,,es from ,h
BANK happens, in effect whenever an appliraion of te
Puohe moneys TO the public debt, the current en-
penses oil Tie government, exhausis the amount which ia
TO the credit OF the United States in Bank If we are 70
credit The book which the Bank itself has laid ON our e.k
Vhe report oil its committee the exposton nj Ib D.
sident TO his Cabinet) removal Of the denos,es - H.
way has occurred at very recent period wi,loni Lad
ns 10 any pressure on The community. The Bank informs
US III that document, that in the month of March I,s
when Tie protested bill on the French Government re-
turned upon H. there was, after deductng the advances
y, , laue Oh lna' o less than two thousand dollars
OF Tue whole funds oil The government the Bank' And
YET appears from its monthly returns that moi
ing this exhaustion OF The public deposiie il WAS At ba,
"e acdy charging instead Of curiaDg its discounts
Sir the removal the deposites has projuced tic L.
severe and grinding pressure upon The communv bere
Is singular dispropoon indeed between the and
the erect III appears from statements now before me
tha on the lst day OF August last, when the Bank com
enceu lis curtsl'neots the amount OF public deposes in
It's vaults was 81 500 S4I; the LIST of Deceber
amount was siili $o,162 259 making diminu,ion If
$24S7 only BY the returns OF the Bank tis shown
Isn o., e is oil august Its discounts amounted $751;
On tie LIST OF December they were S54 45S I0t
making reduction oil discounts, lonr months Of near
ten mons TO meet dpinuon Of deposiles OF less Than
Two ana nan millions; and this by institution which
according to its own showing, bad not oDIy reduced hi
actually enlarged lis discounts, a time when Tie public
deposes III It's vaults had by rapid aud large inns
been brought down 10 "less than i,y thousand
It's clear Them that the removal of the depo alone
mas no. Produeed the existing distress Butt was the re-
mo'a oil me ueposites connected (as are told from lin
same authentic quarer already referred to with the doc
me That the operations OF the Government nj and the bus
ness oil tie community henc eiorward be carried nm
w'hou me Bank Of The United Staes-it was the inen
on manifested sol separating the people from the Bank
shu he BANK from the people,, is expressed ybcb
produced The cOnvulsi0n. We are then 10 IL,
as 10 put down this docfrine-o demonstrate the DO
pendence OF the Government and nation on this great in
stituonto show that the people cspnat he s,sensta,
from II without ruin and confson-tat all this distress
has heeD visited upon the country.
WIN IKE views, doubtless, exhibit was presented M
the ahhoaI operations OF The Bank in the various forms nj
exchange domestic and foreign discounts crcua OF
notes. &c, showing the extent, the alarming extent 10
whicn TINS institution has mixed itself OPP WITH and ac
CURED control over, The ordinary business
OF the country Si, IL there be gentlemen here who do
not sec in this exhibit most of lie nov
er and Influence OF the Bank they have confess much
hfmer nerves than can pretend to- 1t appears from ,i
porientous paper, that the operations of the Bank of M
United States, I'D domestic exchanges alone under ono
form or another, during the year 1882 amount.
ed TO So. saoii III o,o
Ia foreign exchange, -fs ..l8 I3d56 Ta7
Total amount Of exchanges, a255 I71647
Two hundred and fifty FIVE millions one hundred and
seventy four thousand and six huudFed aud forty seven
dollars.
To which must be added The loans and discounts Of the
Bank. which GUeg0ged in that year, S6G SCI 40
And the circulation OF notes Of the Bank ace
raging for the year, 20 300 40
Now sir would ask every candid and renecfnp man
an institution enjoying such monopoly THE Of the
general commerce and circulation OF The country income
rating seli, it has been its policy do with the odi
nary transactions ol the community go fearful 0
amount exercising, conseq ueny control over te for
tunes and interests, the fears and hopes so many nor
soas--it such institution does not WELD power f tc
most tremendous aDd alarming ehsTactera povc, liz
geiher unchecked y The State Banks Tor the Seuaie viii
recolect The Significant statement maize by the President
OF the Bank 10 committee Of this House in 1890 dat
there are very lew Banks (Sstc) which might not be