Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-18
,FsyeRaty-tiaia'd CongresS--Is. Sess
- EXTRACTS
From tie Speech Of MR.-BENroN, Of Missouri


-, lCoHCLUDED.]
l, cropping every other objection the B,nk-!ook.
Ine a' purely and simply suppher of national cur
Fency-he, MIR B. could not consent TO proionp The
ence OF me present bank Certainly psofuse issue OF
'r a, a points, AN additional circulation Of even
iew mion' poured out at the destitute poins-would
make currency plenty for little while; but fer n ii lie
"nle ony' Nothing permanent would result from suc,
measure oh The coiSrary in two years the DIES.
.'u'oh anu distress would be greater than i; now ia A,
e same time, 1t is completely in the power of the hank
at this moment 10 grant relief full adeoua,s
iehei In making this assertion, Mr.. b. meant 10 provr
~ ana 10 prove it, lac meant 10 do it in way Thai sboul
re"en e understanding of every candid and i,nn,r,ia
e"I 'hat the bank possessej for he mean, 10 disc
nu uop from the inquiry, all his own vie s unon the sh
JeS' 70 eaNe ont oil view statement m aI. ami
~ oPan'oh entertained by himself and his friends and
P'ocecu 10 the inquiry upon the evidence of the bau
aone,-upon that evidence which flowed ro,n Ito hnn
ueeory sei and from the jealous and be inform
Gu VI Tvs friends on this ioor Mr. b. assumed tb, ,.o
cessation TO curtail discounts at this fine wouiJ no " ~
hei-that 1t would be the salvation of those ,ybo ,,
pressed-ani put oad 10 the crv of distress ~ go
''d' 's cur'ailinent must now cease or the hank
hn new reason Tor carrying il on for the old rc,sn i
Anauseu anu cannot apply. Mr. B. then took two di,
I' views 10 sustain his position founded in the ar
tuai conduct and present condition of The bank ser. md
ue oher IN comparative view OF the conduct and CON
dition OF the former Bank of the United Sntos =, H.
proaching period Of its dissolution Wv "P
firs'' as to The conduct and condition of The presor,
Bank VI VIC present
Mr.. b. appealed TO the knowledge of all oresep, for ,
accuracy oil his assertion, when he said thai tho n ,n H.
now reduced her discounts, dollar for dollar In ito 49,,
~ p, ;, uePosnes Withdrawn. The adversares of the
pau" sara The reduction much larger than tho
uon 1u lie dropped that and confined himself stric,, 10
e ADMISSIONS and declarations of the Bank itself T,,
NUM- me TACT 10 be as the bank alleged it ia he ta,
she had merely brought down her business i, w. %; .a'
me capital taken from her, it followed of course III =, ,b
i; esso ? lof reducing her business any lower Her
IeiduVe posi'ion-her actual srens ill., was The sam. ~
mat 1t was before the removal; aud Inc oil
ho' DC available Tor the reduction OF another dollar
rs 10 her condition. Mr.. b. undertake IN ar; "a T,
would quickly prove that the general cond;,n .
BANK was better now than it had be en- Tor wears nas'.
e D'nN was better able TO make loans or to increase
10, Inc ina
Id winch She was so iavishngly accommodating The NH
nc for me proof OF this, Mr. Is had recourse 10 her
cc iuhu' always the true test of a Banks ability and
sne"eu 10 De greater now than il had beea Tor two
years past, when her loans and circulation were so rb
Syaa'er uah 'hey are now He took the month of Nav
iooEs wnSn me whole amount of specie on hand
was S7S9O,347 and 50 cents; when tue neil amoun, y, ,
I'D circulation Was S2l,O4iII5 and when The total A.
counts were s7O,42c ,07O and ~ cents md ,,,or '
cd wi'h The condition Of the Bank at this time mai is tn
say in tha month OF February last when the last
en- 'ne same i'ems stand thus: specie ss5 and
Genus nett amount Of notes in irculaon 26O 172
Total discounts, sol ~ 973 and "a cents From hi. -
OF hgures, taken from the Official b. nix returns from h;
ISPFea'eu 'ha' me specie in The bank nearly three
ioS greater haD was in May 1882 her nett crcuI,
lion nearly TWO millions less, and her loans and d;sco
upwards OF hlteen millions less, Mr. b. would subn, i,
10 all candid men say whether tie bank is not more M
to accommodate the community now Than she No. ,I,
al All events he would demand II she was not now abe n
cease pressing them? Wv "
Secondly as o the compare i've condition. and conduc,
oil Tie hrs Bank OF the United States at The ne,od IF 81
approaching dissolution r " ''
OF from MIR Gala
statement OF lis "id.is to Congress, made in January 1911
Just three months before the charter expired and Which
showed me discounts and loans of the bank 10 be 451s
z9l and 70 cents, the capital being $40 900 OO6 en- h.,
the amount OF her loan three months before her die
sonlon; was nearly in proporuon,-near enough for all
loans Of the Bank Of the Uniei States hear IN 10
oil S35,0OOO 900. Fifty per cent. upon The 6rrner
would give 10 miliIons fly per upon the Latter
"on!u give OF millions and half TO make the relative
condition OF The Two banks precisely equal il will bo
suncen' mat The loans and discounts OF the present bank
S9Si ne reduced to 62 millions by the month Of January
io1oj nat IS 10 say II need not make any further sensible
reduction It's leans for nearly years to comet Thus
The mere imitation OF the conduct of the old bank will he
relief TO the community. mere cessation In cur,,u
VIII put end TO the Distress and let the country On
quietly and regularly, in lis moneyed operations If
he bank VIII not do this-il il will 90 on TO curail
IL Is pound TO give some NEW REASON TO the country
Inc Old reason, Of the removal OF the deposes will no
longer answer. Mr. b. had no fai.l in that reason from
e beginnings Ort hc was now taking the bank upon her
own evidence and trying her upon her reasons and
he held 1t TO be impossible for her 90 on without the
ducon OF nec reason. The hostility Of the Government
-Taher an Incomprehcnsble, and altogether pratuious
reason, from the beginnngwill no longer answer TLo
Government in 1911 hostile TO The old bank "a G
government now is TO this one and rather more So Bob
Houses Of Congress then hostile TO it, and hostile ,,n
10 death! For they LEI die die the dsy spponted bv
law Tor ITS death, without pity without rcniorsc witlont
'ne IePFieVe OF one day, The Government can DO mo
worse now The Secretary Of the Treasury has removed
me uePoses and that accounts settled by the reduction
OF an equal amount Of loans and discounts The rest de-
pehd' upon The Government aud the hostility of tc Go
Fernment cannot go further than kill the bank and can
not K u more dead than te old bank was killed in 1911
MI d. had lufher comparison TO draw between rLe
conduct OF The Old bank aud Tie present one Tie oLI
bank permitted her discounts TO remain AT their
10 The very ond Of her charter she discounted si~f 49,
paper up 10 the last day OF her existence: Will & 49,
mas commenced furious curaiment yo veats .nJ Li1
before The expiration Of her charter. Again tho od hI
had not an hour az corporation, 10 wind up her bnsine
snef 'he end her charter This bank has the use Of ali
heF corporate faculties, for that purpose two ve,r ar
tef the end OF her charter. gains the present b.mL
Preends mat size will have 10 collect the whole of her
Gebs within the period limited for winding I'd her ars
me oid bank took upwards Of twelve years after The ex,
Tsuon OF her charter TO collect hers She created rns
sbe appointed trustees all the debts and credits e,e mn,
,ho her handsi The trus proceeded like any oher
iectors, giving time TO all debtors who would sccn H.
ueD pay interest pnnctually, and discharge the pdncn
9y nstalmens This Is what tho old Bank did. and H.
1o not close her affairs until the 18th OF June in the wear
,ozo ne whole operation conducted 90 gently hat
ho Pubc knew nothing about IL. The coiempors,es ot
ne dissolution OF The Bank, knew nothing about he so
T,o hmd MS IS what the present Bank may do II II
ihal has not done so,that IL is no grinding
we eonpupiy and threatening 10 grind them still harder
PROOF OF lhe dangerous nature Of great nonied nog
~ au shond DC warning to the people who now behold
US conduet-who feel its grippe, and hear lie tIrea,
our free and happy land ''' power 10