Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-18


Secretary OF the Treasury held the Affirmative Of that
proposition; the Senator from Kentucky (Mr. Clsy) the
negative Of it, He, Mr. b. would only say that the peo
pie had decided In the affirmative, only the cleo
ton OF the President, but also the election oi members
which, out OF 30, stood before hsr constituents as OPP
posed the rechsrter at the time Of their election;
and lie would not suppose that it would happen in the
Congress Of the United States happened in the brst
reformed Parliament Of the iish empire, which assem-
BLEED year ago, that the large majority, elected against
the Bank should evapora,e out the crucibe when put
to the test Of e. and leave hut small minority lump
OF pure gold deed.-where their shadowy forms had
lately been embodied. lie would not now anticipate
such Tremendous evaporation oil human forms this
suit would to imply although the prodigy had just
been witnessed in England when three hundred pledged
members, against the renewed charter Of the Bank OF
England suddenly dissipated into thin vapour, like the
CENT Of the sealed CdSket in the Arabian Nights disap
pesred from the vson and left but fifty "hunan forms
divine where three hundred had but that stood.
He, Mr. b., would take things they stood large,
and he trusted, mnovssbe majority OF the House OF
Representatives, fresh from the people and decidedly
say, that many gentlemen who stood in the attitude Of
seoppugnaton at the granting Of the present charter
will have to appear under the double aspect Of the
individual representation they go for the recharer
now For the ground has changed under their feet
| cond time. The reasons which enabled them make
upon their old principles, and abandon their old
grounds in lsl6, have now all disappeared; not Of
them remains; so that ngoing second time for the exist
ence oil a Bank which they once condemned, they will
have TO take second departure from their original prn-
eplos and justify themselves second tme upon class
oil standing in the exact relation Of anpodes to
those they justified upon before
In the present, therefore, Mr. b., taking things as they
s. would not be re charered though he as free 10 admit
the maintenance Of that opinion would largely depend
upon tho issue Of the present contest between the Bank
| ton OF the deposes.
Dropping his own opinions. he went to the opinion OF
sanf a u1on
its own Limitation within two years Of this time; and main
opinion from the circumstances which surrounded the
questions and, entertaining the opinion, he bound
to act upon IT, and TO take It into consideration, decid-
ing the great question Of removing the deposites He
did take it into consideration presented the re.
suits Of that consideration the Senate in statement of
and facts, which defamation and sarcasm have
venured to assa while logic and argument have kept at
distance The reasons of the Secretary are spread at
large in that admirable state paper under consdera
ton, which placed him at rather deveoped his
true position at once, among the FIRST his day.
Mr. b. would barely recapulae the heads these rea-
sons, referring Tor ampihcaons and illustrations the
| report OF the Secretary himself
Promising that these had reference 10 the pri
mary position, that was necessary for the Bank
begin to prepare for the winding up of its concerns he
(Nr. b. would recall TO the recollection of the Senate
that this the precise given by the Bank in its
memorial to Congress two years ago. 1t wanted the
question OF recharer decided that, il denied it might
begin at once TO prepare for the close Of its concerns.
fore the expiration of the charter, was certainly still
better two years before il. Let then see what were
the preparations which the Bank had to make to be able
to come to a close, without shock the community
First, there the amount OF its in circulation
about Is 000 DOC dollars, which would to be with.
U
lwoud leave vacuum Tor some time before silver and
gold and the larger notes of other banks would fill il up
900 900 Of hard dollars which the Bank had abs,rac
ed from the West and Of which il had shipped itself or
sold to others to ship, about the half Europe In
the next place. was the depreciation of these notes in
the hands OF the distant holders (or on account of the
wide circulation which the universal receivaby ofthese
notes in payment of public dues gave them, they crcu.
lated all distances from the places of their issue and
as the mass OF these miscaed consisted of branch
drafts to which the penalty Of twelve per cent for nom
| ttach he Rank h,d
to redeem them except at the branches where they is
sued and Immediately all these drafts or unacceped or.
practically unconveble in the hands Of the holders on
account Of the distance Of the branch where issued would
and the actual holders would have take what they
would give In the third place. the amount of debts
amount oil debt remained entire TO be called mass
at the expiration Of the charter and that when
Of Paper were retiring from circulation that payment
would be impossible; the cities Of the United States
wherever branch established, might be put up al
auction and bid in at nominal prices by the Bank at
orneys, for the benefit OF tho Bank the city of Cincin
natl was put up, sold OUT and bid in about dozen wears
| ago.
1t is evident that with the community thus at its mer.
cyh would seize the opportunity agonze the country
with suffering and distress, until their cries and PRAYERS
should extort re-chaer from Congress. This il could
do ;-ths,the scene enacting before eyes-proyes
it would do. But by Withdrawing the deposites-not
Withdrawing them but merely ceasing TO put them in
that Bank-the institution would be put under the
siy OF commencing gradual reduc OF her business
necessity Tor gradual reduction which has made the
pretext rapid and excessive producing much
real and greatly exaggerated, distress, in the principal
commercial cities and from which results the conviction
upon every candid mind that the cessation 10 re-
ceye the depostes hereafter for the years the char
ter has TO run, could either afford the Bank pretex or
lay it under necessity for curailng its debis and op
pressing the community il has DONE how much more
excessive and intolerabe must that curaimen and op
preston have been left to the last momen, of the ex
isence OF the institutions
Mr. Is. had now finished the view which he proposed
TO take OF the reasons assigned by the Secretary of the
Treasury for the removal Of the public deposites He
to bear upon the question, in addition TO the intrinsic
weight aud palpabe force Of the Secretarys reasoning
were sufficient 10 shew that the assigned by him
were sufficient TO justify the act that he had done at all
events, that they ought not 10 be condem INSULT
cient, without rigorous iDvesg alton into their TRUTH
This investigation what he demanded he did not want
ayerdic either for or against the Bank, without trial
He believed that all those opposed TO the Bank were i'm
sver oil investigation. He considered the House of Re-
representatives. being the Grand Inquest of the Naon-
the appropriate branch OF the Legislature for originating
accusations, and particularly charged with the
concerns OF the people to be the proper place for nyes
gsng the truth OF the charges against the Ins
He would prefer that the whole matter should be i'm
that House, which fully occupied with the sub
ec but the control OF this subject in the hands OF the
friends Of the Bank aud II they would prosecute Il here
he must demand inyesg alton into the truth the Secre
| tarys reasons before they were condemned.
| ITO be continued
| A MELIA ACADEMY.-The exercises OF this ins,i-
IN tuition will be resumed the 10th of January next
The course OF studies will continue TO be preparatory for