Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-22
VOL. XXXH..--NO. %.

I
We repubIsh correspondence between several Of tho
New York merchants and grseiou, mother Bank on the
subject OF mercy 10 which attention is invited
Inc admissions both sides worthy note
policy Of the Bank short time como 10 clearly de-
veopsd She will he mercul, she will her cuail-
nents and, possible, che will expand 10 tho amount of
hive ten millions She had resolved 10 90 for satisfy
ing before the cry Of pioro t conj,ro te ne.
qussina ct SceierdisSind, was heard from the limits of
Gotham To perscvere in cruelty after the adjournment
oil Congress would have beon madness and ell the poll
ucsns OF the Bank knew it, They that before the
adjournment, reaction had in the cities
under the very walls of the Bank se much more fear
ui iban the action Of Congress. They well AWARD
that 10 pcrsevere in curainent would place the public
beyond the reach oil the Institution, aud that panici.m
would be out oil her power. or course she will be le-
men'-ienien as hc cat is to the eisg the
ong creature run step or two, and then cawipg up
! again.
After stating that a"lsrge portion of the difficulties un-
der which the commercial community have Iabored for
some months past, has arisen from the lions
necessary the part OF the Bank OF the United States in
the differences existing between il and the Executive
me merchants go on TO cay that long Congress
In session some hope from the effects OF these scons
on their legislative action reasonable but dis, pponted
IN these expectaons-ihat is, 10 speak plainly, having
iound Congress not TO be bullied-we, the merchants
are oil opinion that the time is como when the Bank
can and ought TO forward for the relief and sppor
&C. here we nave an admission tat tho accusations
made by tho friends OF the Administration against the Rank
are true to the very letter IL lie granted that restrictions
were deemed necessary 10 procure Con ssona settle
ment oil the great questions Of finance which astasd the
counry which questions the restoration the de po-
sites aud the techarer OF the Bank and il 10 like wise
granted that the serescions having proved unaysng in
bringing about The desired ends, the Bank OUGHT 10 Give
up the severity of its restrictive system and come for
Nsrd Tor The relief, support, sc.
And What says the Presden, of the Bank 10 the above
mercantile development OF the coercve measures of last
winter Does he deny the construction put upon the ac
ton oil the Bank by the New York CON nitteel Not at
all In his response he declares that the restrictions mr.
cessary Tor saving the credit of the Bank which by hs
way was never attacked were painful the dire cios
as the community and that they confidently believed that
Congress, as sanctioned the which made the
restrictions necessary would have provided other means
Tor mitigating their inevitable pressure s'Bf he adj
tournament @ Congress ,cihOut any measures IF relief
TO the community. redress 10 the Bank places both
The Bank and The community in ne,p relation 10 ,orh
other, and imposes on the diminished ability offhe Bank
| an extraordinary demand for its dssistonet"'
Thus the merchants charge and the bank admits pres
sure Tor The purpose OF inducing certain egsstve action
on certain important financial questions and both concede
mat Congress having adjourned, the pressure il uso
less instrument plea OF guilty to indictment for
necessary cruelty is entered All NAV remember that
when The administration presses Disguised the panic
speeches. The incendarsm OF bank Senators and their al
les freely urged the policy Of adjournment 10 weaken
the means OF mischief, how 6ercey they uero sssailed
as traitors 10 their country reckless psrtisans and
all that. We have Mr.. Biddls and the New
YORK merchants on our side OF the question. They
openly declare that the adjournment OF Congress with,
ont restoring tho deposites places the bank and the
country In relation TO each other and obystes
me painful duty OF screwing the community Mr.. Bid
die goes so lar as TO tell that when il was
That Congress would adjourn, committee of directors
was appointed 10 sange change of measures We gave
long ago as our opinion that adjournment would 10
oeneheiai' and the bank says that will be beneficial
Bni lei no one be deceived by this well paaded display
OF 'Sn,.y; this bowling the knee in supplesion to tho
bahk Emperor as he makes progress through his faith
iu cities OF the East and Am.r
cans Another struggle close at hand and the extern
SION oil facilities asked, and partially promised is stem
backward for better spring The Bark bv ,x,en.ons
now, hopes 10 make friends and lay tho communy und.r
tue yoke Tor October Discounts hsrc for ninety days and
IN New Hok Tor four months, would operate admirable
Tor her purpose The elections would be hit exactly Tho
day OF reckoning would fall bring The psrlic
patois III her merciful mUnicence and all Who depend
upon them, once the imperial foo,stoo AT pro-
per moment too, it's int nded thai suciency OF Messr
"eoSer' manguin' Tyler. aud Ewings white sshiug
port shaI leak out With tue community in string tn.
reputation for Ieniency, whispered threat Of
and triumphant acquiltsl by tue retained Committee OF
finance, what may not the Bank hope
But The people are not 10 be deceived The humilatipa
spectacle oil Americans euihaled cry out quarter
TO beIgerent corporation an exhibition which cnnno,
bui add new ue 10 the devouring Gre, which will shrveI
up this audacou institution. In the words OF Van Buren,
hey wiz support none who do not .uDqus6edIy
componisingly Oppose the u. - Bank. The honor and
prosperity Of The Nston demand it, lei the serpent tempt
ss may.
New YoRK, July 10, 1884
SIR;-At meeting Of many merchants and other. in.
terested in Commerce. in this city, the were
sph9hed Committee TO express 10 you, and the Board
Of Directors Of the u States Bank over which YOU pre-.
Size, the following views
large portion Of tho difficulties under which the COM
mercal community have sbored, for some months past has
arisen from The on the part Of
the Bank OF the United States in the differences e,is
Jog between The Executive OF tho General Government
anu and so long az there seemed ground for the
continuance OF such restrictions upon s issues and accom-.
modaons TO tie mercantile public, all the efforts Of the
confined
10 render them little burdenoIae possible and 10 en-
dure them with the mness and by the sacrifices called
forth by evils deemed inevitable All agree that the pres
sure has been one OF the severe and the most
sve ever known IN our couny and that has been sus-
tanned IN manner TO elevate the character and make
known the resources oil our mercantile community.
30 long as Congress continued in session. il was mot
deemed hopeless to look decision upon the rr.s
questions OF Finance, which sgiiatog our country
from its centre lie extenes and that measures of re.
ei would naturally have flowed from the de6Divo action
Of the National Legislaure but ia this az
Peciaion, we are Of opinion that tho time has arrived
when The u s. Bank, in safety beyond all eoutn scncy
with abundant and increasing you'd all example,
can, and ought 10 forward 10 the relief aud supper, of
The commercial interests Of the country; and will not
doubt It's concurrence with 10 these views which 30
naturally result from premises which must DO equally CD.
parent to 1t aud 10 US.
In the true spirit which should ever ebafactsrizs the
intercourse bsiween mercantile men, end the direction Of
ihe great organ OF commerce., National Bank land in
the Increased necessity for such institution orr latter
experience confirms our former opioobS) will frankly
slate our views TO be- that The system Of restriction adopt
ed by the Bank last autumn, should be entirely abandon.
ed, aud n - slead lhst course OF free snd useful en-
lafgemen Of s loaos should DO submitted 10 the extent
OF 1--we 20 ten millions Of dollars al such places in such
amounts, aud IA such manner, may most efoetuslv
restore The operations Of the Bank 10 former beneficial
influence aud meet the object proposed OF rsvyina pub
lie confidence and Of gigag relief aud support TO com.
commencement and continuance Of their usual eommsrce
| aud trade.
These, OF Late bavs been intsrrupt.
cd, II noi pafaj zed, and cannot be generally usefuV
renewed except by the free and full operation Of the
u = Bank, ~ no~ Indicated especially by those who
although rich IN enterprise, skill aud character ere vet
deficient 10 actual capil class which constitutes tho