Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-11

without interest," claiming large amount Of damages
where has sustained none II appears from the books Of
the Bank, Tor each month, during the whole period
from 1918 to 1888, both inclusive, was S67i7253 81.
Yet the Bank OF the United States. with this large
amount OF public deposite, not only claims damages
upon this protested bill, but has actually paid itself tho
amount out ot,hc public money and the Uni
cessi'y OF bringing suit shoud ever be recovered
Can Bank which would thus act, be suitable deposit
tory for the public funds. He would only further add
that this French bill not an ordinary CONNER cisi
transaction; transaction between sovereigns BY
the French treaty, the amount Of the instruments
be paid in Paris hey fell due, such pereon
authorized to receive then, by the Government Of the
United States. This was not a bill drawn by the
France, for that OF itself would not have authorized its
payment. Ii accompanied by higher evidences, by
an authority irom The President OF the u s., couner
ed with the signature Of the Secretary Sate and under
the great seal OF the United States author zpg its pay
ment OH presentations; and without this authority, its pre-
sentaon would not have been sufficient authorize the
payment.
But ii was objected, in the argument Of the gentleman
from South Carolins, that to Withdraw the public depo.
sites from the bank OF the United States and place them
in the State banks, AN union Of the purse and the
sword-ths was the old argument which he adverted
the other day. brought up debate, which occurred
In the Congress OF 1885, upon the organization Of the Exc
cu'tve experimentation argument which had then been
successfully met by MI. Madison and other
Paio's who were members Of tho Congress that Pc
rod But II was said by the gentleman, that the Piesi
dent had seized upon the public moneys-and we were
asked where was the public treasure! Now il is well
lie money in dePose in State banks than he had while they
in depo.i,e in the u s. Bank. BY the Constitution
no money can be drawn from the Treasury but in
quence oil appropriations made by law. The President
could not thei efoe II he would, any use dollar
than he could before the deposit removed This
is the phantom OF an excited mind or of
Imagination The gentleman imagines great danger from
the Executive Influence the State Banks. in which
the public moneys may be deposited-and yet did the
organization OF the Government, up the Mr..
Monroe's administration and any such dangerous
fall
imagine! During the existence OF the old Bank charter
the Executive Department of the Governme mt al
VIII; .ne place Of public depOse for the public moneys.
anu the places OF deposite changed pleasure
ing the administration Of Mr. Monroe that of all his
predecessors Since the present bank chartered the
same power was claimed and repeatedly exercised Mr.
Crawford, abundanty shown the other day from the do
cunentary history OF the times. Yet the con-
sequences apprehe were never found IN o,y
from the exercise OF that power. But the gentleman has
informed us that every knows that the President of
State bank which made public depository, will be
o'ed by the Federal Executives that every one knows
that the President Of Bank controls and governs the debt
os TO that Banks that the city debtors Bank control
the country dealers who indebted to them, and the
country dealers control their country btos The chain
he says very short by which the whole country
indebted directly or indirectly to State Bank, which is
place oil public deposte, will be controlled by the Execu-
tive authority here This is indeed, fancifuI picture:
but did not the gentleman reflect that according 10 his
own argument the same power which he deprecates i'm
the State Banks in fact exists to much greater extent
in the Bank Of the United States The Bank of the u
states possesses seat central power, controlling, by the
VIII oil single man, al its ramihcaons and branches in
every portion OF the Union; u.s. too pow
er which can act by its different branches in con.
cert in different portions Of the Union same nome
Whereas the State Banks have no such central move
TO control or direct their concerted movements In
laG, ,ne Sa.e Banks, from the necessary and inevitable
coson OF their interests must and control
the movements OF each oher they were disposed
to become the Prostuted instruments Of political party
The President OF the United States is responsible 10 the
people; the Bank Of the United States ackno Wedges no
responsibility either the Government or TO the 5eople
but he utterly denied that the State Banks either hal
.sofna
danger TO be apPrehended, from the Bank of the Uni
TED states which, the argument Of the gentlemen from
south Carolina be true, enabled control all who
were either directly or indirectly indebted to it,
The gentleman from South Carolina gave us another
reason why the public depostes should not be
from the Bank Of the United States He stated that
the government OF the United States being the owner of
Min oil the stock OF the United States Bank would
lose 10000 dollars yearly by the whdra Of the de-
Government dividends derived from the use Of the Je,o,es
by the Bank He should stop to noure upon w A.
deta the gentleman had this information, but for sake
the argument would take to be true as he had stated
IL then, would, in fact lose $4,000 per annum bv
this dimnuton OF its dividend, derivabe from the use OF
,he pubic dePosItes by the Bank, then have data
by which TO estimate the value of the of the bank
charter for 20 years If the Government would lose
I"s single year, its loss tor period Of 20 years
would be 5000 dollars The Government owning but
oDe-bh oil the STOCK the whole loss the Bank would
be hye times that amount fourteen millions of dollars
millions then, according the argument is the
value OF the renewal Of the Bank charter for twenty wears
arising from the public deposites alone
VI .e vaiue OIL e exclusive privileges oil banking confer
red by the charte and yet the gentleman from S. Caro
ma two years ago. sustained by his the previous
question, twice In the day, confer upon the pre-
sent stockholders the renewal charter or
period oil 20 years, for bonus OF three millions he did
this too when other capitalists by their memorials before
congress, offered much larger bonus for similar pryi-
ieges The effects OF making deposes in the State Banks
VIII be, (said Mr. p that the profits will not CO. as they
now do, into the pockets of foreigners but will remain in
the country for the benefit Of citizens IL we'll
known that large of Bank stock is owned abroad
and large amount in specie annually transported from
the country.
lie would now come 10 the Cotton illustration The
gentleman from South Carolina has stated il as his op
iop mat IN consequence oil the scarcity money! which
he attributed to the removal of the depostes from the
Bank oil the United States TO the State Banks that te
Southern planters had from the LIST OF August (ahough
The dePosites were not removed until two months after
wards) lost five cents per pound cotton compared
with the Liverpool prices OF the article, which
regulates the market OF the world Mr. p said when
ne heard this positive avernen made he was sstouad
ed and supposng II possible, or he had not examined
the iacts he had set about inquire the true
The scarcity OF money he knew, could not be the rue
reason Tor he could not conceive how the simple remo-
val OF given amount Of money from one Bank 10 an
DINER could make money either more abundant
ne money had not been, he knew, Transported and he
knew, that II had not been annihated: he re that
there had been two successive short crops the United
states and he had understood that the stock of cotton on
hand In The English market, in The month of july was
short and that speculation had had much 10 do with the
enhanced price in the Liverpool Market and he supposed
II the facts so confidently stated by the member from s.
carolina, 10 witt that the price article We cents
lower In the United States than In Liverpool al the same
oates IL must have arisen from Of confidence on
.he part OF the American dealer in the stability of the
Liverpool prices in consequence Of which he might have
~ fol ara lac H.