Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-02-03


ato, = " that he approved the removal OF the
5sno sts Hehad only heard the gentleman
| from Georgia approach that point, ana ne dld
| n.,t contend that it was a wise act. Inc gen
tIeman from Virginia, Mr.. RiyEs, not now IN
his seat had not advocated the WISDOM OF the
measure He had not met with twenty indIvld-
mails out of Congress, who expressed an appro
val of'it-not among the many thousands whose
Iopinions he had heard, twenty who would say
that it was a wise course; but he had heard IN
dividuals OF ample means declare, that they
would rather have made great sacrifices them
selves, than that the depostes should nave peen
removed.
But il was charged that the motive of these
movements on account the pressure. on the
country was TO bring the President into as
grace. This was great mistake. Every DO
DIV was not a politician The mlnd OF every
man in the country was not occupied dpoul
subyerting one Administration, ana settihS up
another. The gentleman had done great MUS g
tice to the memorialists from Boston, some OF
whom were very ardent friends OF the PIesi-
dent and who could have been influenced by
no such motive as was attributed to them.
But. in reference to the conduct OF the Bank,
he thought he heard yesterday something rom
the gentleman from Pennsylvania, indicative OF
the Intention to direct the hostility oil the coun-
try against the Bank, on account OF the pubic
distress 1t was the duty of the Government to
have foreseen the consequences of~the removal
of the depostes; and gentlemen had noflght 70
saw that the Institution had cabaled against the
Government, and thus brought on itself the
great risk which must result from bringing the
whole hostility of the Government on Its prop,
erty and character The Government had
placed itselfin an extraordinary position to the
country. by the removal of the deposites, and
also to the currency of the country. The law
provided protection for the credit and curren-
CIV of the country; but we had seen the EXecu-
tive Government breaking down the nauonal
currency We had seen the Institution asSall-
ed, which, by law, was provided to supply the
revenue. Was not that new course! Dld the
recollection of the gentleman furnish any such
instance? What institution could stand against
such hostility? The Bank of England could not
have stood against it single hour. The Bank
of France would have persisted at the first hos
tile breath of the Administration. But the
Bank the United States had well sustained
its credit under every disadvantage, and had
ample means to sustain 1t TO the end. w nat
had the Bank done? The gentleman from New
York, and the gentleman from Pennsylvania,
had alleged that it was not because OF the reno
val of the deposites, that there was any pres
sure in the country. 1t was charged by the lat
ter, that the Bank had begun to curtail its dis
counts before the removal OF the depostes, and
at time when it was only expected that they
would be removed. Did not the Bank, by ia
ly what was to take place? to break the blow
which was about to fall upon it, this was to be
also addedto the grave catalogue OF It's often-
ces. The Bank, it seemed, had curtaled to the
amount of nine millions. Had she, indeed?-
And was it not merely that amount OF deposltes
which the Government had Withdrawn! The
Bank, then, had exactly curtailed so much as
the Government had drawn away from i. No
other Bank in the world could have gone on
with so small a curtament. While public con-
fidence was diminishing all around, the Bank
would have been justified, even without the
withdrawal of the deposites, in curtailing its dis
counts gradually, and continuing to. do so to the
end Gifts charter. The Government had refu-
sed to recharter tits term of existence was
rapidly shortening; one of the last acts it could
perform was its collections which ought to have
commenced. 1t would have, therefore, been its
duty to begin its curtamens.
Hehoped that he had not been misunderstoodin
his remarks the other morning. The gentleman
from New York had represented him as saying:
that it was not the removal of the deposltes
which had caused the public distress. What he
had said was, that if the Government had re-
auired twice nine millions for its service, the
withdrawal of that amount from the Bank, with
out any interruption of the good understanding
between the Government and the Bank; would
not have caused this pressure. Every thing
turned on the circumstances under which the
was not shaken all was well; but, if it was, all
all was difficulty and distress.
Again: word on the subject of motive. 1t
was said by the gentleman from New York,
that Government had no design against the
Bank that it only desired to withdraw the pub
lie deposites. Yet, in the very paper submitted
to Congress by the Executive Department, the
Bank is described as unconstitutional-as hav-
ing broken its charter-vioated its obligations,
and thatits very existence was dangerous to the
! country! Was not all this calculated to injure
the character of the Bank? The Bank had its
foreign connections, and was much engaged
| in the business of foreign exchanges; and what
would be thought at Paris and London, when
they saw all these allegations made by the Go
vernment against Bank, in which they had al
ways reposed the highest confidence? Did not
this injure it reputation? Did it not compel ii
TO take a defensive attitude? The gentleman
/ from New ork had talked about the power in
the country to put down the Bank; and about
doing as our fathers did in the time OF the Reve-
luton; and had called on the People to rise and
put down this money power, as our ancestors
! had put down the oppressive rule OF Great Brl-
tain All this was well enough calculated to
produce the effect which was intended abroad
I