Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-21
Twenty-third Congress.--Ist Sess
IN SENATE.
Tuesday, January z, 1884.

The REMOVAL OF THE DEPOSITES
The Senate resumed the consideration Of the
submitted by MIR. Clay, oa the 26ih ul,imo.
Mr.. Benton continued
Mr.. b. took up new and distinct branch he wou,
not say, OF the subject but of the ssion; was IN
branch which related the local or State Banks These
had been assailej in mass, and dsparaged in way which
put them in very unenvable light before the and
the People. Mr.. b. would examine this attack under
threeiold aspec;-its nature;-its ,rulh-is effect.
First as TO the nature of it, This he held to be clearly
in favour Of consolidation OF the States OF this Union Ii
was 10 dsparage the States and represent as un
for the lowest branch OF government that COVE
ther money concerns Ii was in favor OF creating
trail moneyed power, with ramficaons throughout the
States and and parcel of all that politics
which would concentrate all political power the hands
OF central Federal Gov great central Federal
Bank, pervadng the States innny Provinces by lis
branches would be the counterpart Of central Federal
government drawing 10 itself the political rights of the
States Viewing the dsparagement of the Stale Banks as
part oil The system for consolidating the States this
Union and preparing their necks for the yoke Of SUI
preme power he Mr.. b. friend the rights OF the
States, TO the existence of the States, to their respt
liability should resist their disparagemen in all places
and especially this elevated theatre, where emf
nent position oil those who strike the States will Civ
much more effect their blow.
Mr. H. took view OF the truth OF this attempted dis
paragement OF the Stale Banks He denied its truth and
affirmed that the State Banks,-a large portion of them
he meant,-ranked above the Bank OF the United States
and that this proved by that standard
which was the thermometer perhaps he had better saw
baromeer,-which measured the height of moneyed in.
siiiutons,- and gave The state of their daily Huctuatng
credit He referred to the Prices Current issued in the
commercial cities, which gave the daily prices of stocks
according 10 their daily saies and by which the pulse
every institution was accurately felt. He had slip in
his hand taken entirely at random weeks ago. from
the New York Courier and Enquirer, from which he
would show the relative credit Of several local banks with
that oil the United States, of which were some
not selected banks of deposte by the Secretary OF the
Treasury He would notice both without distinction his
object being at this moment TO v;ndicate, the
banks in particular, but the Stale banks generally from
the Injurious and degrading and
to which they had been subjected In this Slip thus
from paper in the first commercial city the Union il
pears that the stock Of the Bank OF the u selling
IO7 or an advance Of per cent the Stock that offhe
Bank of New York 1885, or advance OF 23 per cent
that Of the Manhattan Bank at l2S advance of 2S
per cent? that OF the Mechanics' bank lI9; of the
Union Bank III; Of the bank Of America, ia Of the
City bank, III; OF the Phenix, 133oi the North Ri.
YER ll6; Of the Trndesmen, lis Of the Chemical.
Canal Bank, us: Greenwich Bank, ll2; Butch
ere and Drovers' Bank 1885, Mechanics and Traders
National Bank, III; Merchants, and Exchange, ZIG :
Leather and Manufacturer 49, Long Island Bank, l4O;
Brooklyn Bank, 1885, Life and Insurance. 49, and so on
Mr. b. said of multitude OF Others and in various cities
and States He could not undertake TO 20 through the
list but il would be objectionable in him. coming as he
he said from the GREAT WEST, not TO vindicae the
few banks in that great region rem The general dispar-
fore read from the same sliP the price Of
bank stock in the City OF New York. at the time to
which he had referred. He proceeded 10 name the
Louisiana Bank stock, which was marked l29 the
New Orleans Canal Bank, at III ; the New Orleans
City Bank 100; the New Orleans Commercial Bang
log the New Orleans Merchants and Traders
Bank LOG; The Mississippi Planters Bank III; all these
Mr. b. said, were the New York prices of the stocks OF
tH-
cient for his purpose TO show that the distant
banks stood generally high and the far bip h.
er in the money market Of the first commercial city the
Union. than the proud aud boated institution misc allied
Bank Of the United States; result wholly owing 10 their
better management, and the greater confidence which the
public had in them. MIR. b. having thus yindicat the
general standing OF the local banks would take leave TO
fix the attention Of the Senate consequence resulting
from the supremacy and domination Of the Bank Of the
United States. He spoke Of the west alone where his
personal knowledge enabled him to speak with certainty
IL was that the notes Of the Banks in the great
eial city in the west iacrent in The aoesf; that
the notes Of the Banks in New Orleans, and in Natchez
though these Banks superior in the money market
sud 10 the estimation OF n'oneydeaers TO that OF the
Bank Of The United States, yet they could be used
In the trade and commerce between The Western
States and their commercial emporium, except incur
rent notes. and discount graduated by The wants Of
the holder and tie conscience Of the brokerl This re-
suited from the complete domination over the western
country which the Bank Of the United States had acour.
ed, which rule the currency and rude for
its advantage by absrachng " miions Gifts COLI and
silver which enabled 1t TO deprcca,e ami expeI he noes
Of all other Banks and thus create for itself 10
be filled by its own masses OF small notes. or branch or
ders, The larger part Of which now CONNIE Cei,
This OF The largest injuries done to the West b,
the bank OF the United States. Hctppled the Commerce
OF the West. IL injured the merchants and farmers ~
the Western States much az did the city Of New Or
leans. II subjected the whole trade Of The West to pav
tax on bills OF exchange, and 10 pay usurous interest
real loans under the disguise Of bills Of exchange, drawn
by the western banks, when II the New Orleans bank
notes were current IN the West they would he the me-
dun Tor me purchase OF much Of The western produce
and would thus give TO shippers and their conseuees in
New orleans the means OF obtaining accommodation from
various banks instead OF being limited now to one bank
The selection Of Of these local western bsoks 40 MIA
ces Of deposite Of the public moneys will free them rom
the domination OF the Bank OF the United States reIta.
their notes from the degrading and Injurious tvrannv
which now makes them uDcUrreDt and place them
where they ought 10 be, on par not above the notes
much below the value of their own.
Mr.. b.. after vindcaiing The State Banks, genersIlv
from The denunestons TO which hey had been subjected
descended TO particulars, and vindies,ed INC BenE ~ '
~ elksSalis Ina City Of Xashihko one oi Tie Lii