Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-11

latons between these two d.partusns of the Govern
ment' Considering both as equally public interests no
hAd undoubtedly, Omitted 10 turn his attention the
want OF legal authority to make the payments which the
Import OF his remarks went TO show ought have
made from the moneys remaining in the Treasury. II
viii be seen. however, said Mr. w, that the
connexon between these departments whch gave Ia
the Senator's relation the point OF Exc
cuve mlsmanagemeo has 40 legal existence whateve
and therefore we have the Post Office Department. aud
Its management aud administration, wholly Sc ou
zoe opetauoSs OF the Treasury How then stands the
On the hrs OF October last the Secretary N the
came 10 The conclusion TO change the tepoe the public
moneys thereafter to be received the Bank OF the s.
anu It's branches to various State Banks which had been
se'ected by him Tor that purpose lie aware, that
oil the deposes having been previously made
n tue Dank oil the United States and its branches large
balances must have accrued Ia favor OF depose
anu branches against the State banks in the principal
commercial Cities because the revenue COLLECTED in those
ces have been paid by the whole trading population
who must derive their OF payment from all the
oAnk while those means applied those pay mus,
10 H'o he single bank or branch in which public mo.
neys were kept: he was further that the
United States Bank would assume hostile attitude to.
wards tne banks which should to receive the de.
Poses Of inc public moneys in lieu OF that and
would call Tor any balances which might exist its Iavor
against any vi those banks and payment
In specie, before time would DO allowed the banks 10
receive any oeneht IRON the depostes: he also knew
ny law OF Congress- the public revenue was PAYABLE in
inc bulls OF the Bank Of the United States aud its
oranches, while those bills could be converted into
specie, in the bank should choose net to redeem
them at the points where they should be received ex
eP' oy causing them to be presented the bank or Of
nee, which issued them, where upon their face thew
snght De made payable: he also knew that by an or.
ger OIL hts department. certain description OF paper
put into circulation by the bank and its branches.
anu kuowh by the sppellaon OF "Bank Drafts" but
wn'ch r. W. said he believed the highest court in the
had decided were neither "biIis' noS .notcs Of
were made receivable in payment of the reve.
nue., which drafts il the bank should reiIse to receive
mem as money, at the place where taken in payment
,h nE 90 converted into SPECIE into bills OF
ire oahk out by presentmen the bank or Office upon
w"fc" uey were drawn The knowledge of these facts
showed the Secretary that should the bank be Tins dis
@ Gou;u exert double power Of injury against the
o'e INSTITUTIONS which were take the deposites by in
sanuy calling Tor the payment in coin OF aay Balances in
ana oy refusing TO take ia payment OF those ba-
tie notes and drafts Of the bank AIDE paw
able at the bank branch where the was TO he
made In this way, and by th. double power of oppres
so ne state institutions might be severely injured and
perhaps uned and that, when the balance To he paJ
MAD accrued solely from the payments towards the pblc
revenue, and when the aud drafts refused in nav
NAG also been received in collections OF the public
senuc guard against this contingency the Secretary
gave 10 lew OF the banks in the large clues the transfer
dras In question: which drafts were made upon the u \
.e orancat the point where the oppression
aPPehended and in favor OF the State bank upon which il
was anticipated the attempt might be made In all cases
precise instructions given that as should be re-
urnen 10 the department. without presentmen unless
he balance bsfore spoken OF should be hastily
III CON- or unless the bank branch at the point shod
'ne notes OF other branches or the branch drafts as
oneyi put IN either OF those contingencies the dra,
were 10 De presented, and the amount taken from the pub
TIC money eit with the bank branch was 10 be
W VIC o'a.e oank and passed to the credit OF the public
mere The honorable Senator has selected the
Manhattan Bank OF New York 10 illustrate the abuse he
supposed oexist la that the balance was demand.
eu and the notes OF other branches of the bank and the
oranch drafts were refused received in payment or
passed to the credit of the bank Offering Them The
drsn from the department presented and paid,
e"o soon a'er the bank changed its course, and con-
een'ed to receive all its aud drafts which should
DO 'aken In payment OF the public revenue as mo.
MY some OF the other drafts presented, and
were returned to the department without present.
ment These the facts to what the honorable Sem,
Tor mas so significantly termed loans to the State banks
nov, lar 'ney deserve that appe!aon MIR. W. said he
ou most cheeriuy leave TO the Senate and the pub-
Tic oJudge But says the honorable Senator the loans
were MADE without interest has the honorable gentle
man overlooked the fact that the money vas standing to
the credit OF the Treasurer in the bank of The Un;,ed
states without Interest," that the transaction was mere
transfer oil the amount OF the draft from the credit of the
reasurer' without interest," m bank, the credit of
the Treasurer, without interest in another bank that the
GRAFT did not take dollar from the Treasury that the
when placed to the credit of the Ire asurer in the
S'a,e oahS, was no more loan TO it, than when standing
to the creet OF the Treasurer the Bank Of the ni,es
e'ates II was loan to III and that either situation tho
amount was equally subject TO the drafts Of the Treasurer
at pleasure
am bound, said Mr. w, to give to the honorable ssna
tor from Virginia. my unfegned thanks for accorngto me
sincerity in the declaraion made on former d,v ,h,,
my opposition TO the Bank OF the United States did moi
proceed from desire TO transfer location of that
tuition to my own State. at the time expressed my
most rm conviction that the opposition of that State pro
ceeded from no such Wo,ive. Sir, said Mr. W. | was
sincere in both declarations The republicansof York
uo not oppose IRIS great moneyed the narrow
ground OF selfish local interests mach less from de-
sire TO transfer its influence within the limits Of their ewn
state Their opposition proceeds from higher motives and
Is maintained Tor nober purposes They believe il to be-
power dangerous 20 the government; dangerous 10 the
purity oil our Institutions; and dangerous to the liberties
OF the people Many OF them believe it to be a power
unknown TO the Constitution while others believe the
constitutional power to create il may exist but that il is
power which ought not 10 be called into exercise Ex.
perence, which claimed here prove the of
such bank, has proved to thea that such an institution
ought not TO exist 10 free country and their
TO its charter is based upon these high grorns Of n
cpie, and not upon any consideration of personal or
interest," The hon. gentleman's apprehensons therefore,
that this Bank is TO be destroyed merely to make room for
another similar or more powerful to be located in New
fork, are without feunddien.
MIR. President said Nc. W, am I required 10 adduce
proof OF this assertion? need no better than the me-
MORALS from New No,k, almost daily laid before Won and
nearly without an exception, if coming from The oppo.
nents oil the administration, praying for The of
the present Bank Is sact which does not admit
tradictoD that there sno at this moment io This IJnon
not even in the city Of Philadelphia itself boy,of
more earnest active, and more uniting in thar
efforts to effect charter of the present Bank wiihts
present Locations than large portion of the merchants
able Senator has told that New York regn
stion oil the exchanges OF the country that her
may profit from the purchase and sale otbIs Sir yer,
large proportion Of the individuals 70 whom this po,oy
oil the gentleman would apply, In those who best I'M
dersood the subject thought it applicable yerv large
proportion OF the exchange brokers and great
ers oil New York, foremost in the cause otbe
baDk, and are using their utmost exeroDs 10 prod,c
re-charter Need stronger evidence 10 show tba, No
concerted local movement shy perceptbIe local in
teres' governing the course OF that State upon bi.
ITO be continued9
Monday, ApriI q.
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