Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-25

u WIZ oe acquiring strength Tor SIX years, aud then break
out with Increased violence, aud the injury aud ruin will
be on a mo c extensive scale. |
We can only icrm AN opinion of what the Bank will do
IN iutuie, by rejecting on what At has done la iue past.
In December, 1929, the Chief Magistrate made his
first communication 10 Congress, showing that he was
disinclined to a renewal Of the charter; this " follow
cd up ia his messages OF 1880 and 1884. These commu.
nicauons he was Bound in duty to make, f he believed the
public good would be promoted by an expression OF his
o inions, TO the national Legislature. The Bank, ever at.
tenive to its ewn interest. IN 1884 began a rapid extension
oil It's business. aud early in 1882, had Increased its accom-
moda'ions TO the amount OF twenty eight millions U fdollars,
as its opponents say, and as is ad,uittes by itself, to up.
wards OF seventeen millions. The presidential election
took place In the tall. 1892. To me il appears PLAIN, this
extension was intended TO make as many friends as acts
oi kindness coald make. The Recommendations are now
reduced trotn seventy millions to abou, fit Tour millions.
why this decrease! The expansion, or contraction. mus,
nave been too great. The pretence is, that the state of
the country required the increase, when there was an ex.
tension, and that accommodations were cut,ailcd, when
the state ot business justified the reduction. We all know
MAT there i ~ error IN this statement. There was 10
such change IN The business OF The country, AZ TO iusniv
Tins change III the policy oil the Bank. Friends we're to
De made oy ektendiag wide the wings of the net. with a
iu'i knowledge bat when the birds were co,xed in. and
those wings contracted, the hutiering would commence.
any means. ""''
ihe increase and decrease, were made with a view to
she interest oil the stockholders, without regard to the Of.
'ecu upon the customers, or upon society.
BANK went into operation the first day of January.
1917; one OF the leading objects ia granting lis charter
was through Its operations, 10 reduce the extravsgan deal
'pgs WIN state Banks; TO restore, and preserue, a sound
currency 10 the country. The directors well knew this.
yetthey acted with a single eye TO what they conceived
the interest OF the Bank, andits friends: in Mace of check.
ing it etimHiated overtrading. Instead of restoring am,
preserving a sound currency, it adopted measures Which
IN 1878 and 1919, placed it in the power Of the State
Banks IN Philadelphia, 10 take from il every single dollar
anu leave II still in debt to them, upward of one hundred
anu twenty -four thousand dollars. Mr. Cheves took charge
oil The Bank, and as President, pursued a policy. which i'm
seventy days placed the Bank IN a state of security, but
the cnrtdilinents were 80 rapid. aud the withdrawal Of The
encu'aahg nedilm so great, as 10 rain society, compel
o'her Banks to suspend specie pay men,s, and again aaiic,
WIG SouuluhNy WIN a deprecated currsDcy.
Liberal accommodations, add extensive issues. had given
an appearance Of wealth, to those worth Iuic, or nothing.
Property commanded enormous prices, as this Bank hsI
made money plenty; but The coun er current commenced.
ana IN iei9' a scene OF widespread ruin was presented.
me Bank made money scarce; the price of prouer,v Tell
TO almost nothing; those who had been apparently veal.
my were found 10 be hankrupts, aud hard y any man had
wherewitbali 10 pay his debts.
An individual had, when money was nl.n,v r,,,oh..o,
a house and lot, for te, thousand dollars; he maid sir
thousand, was sued Tor the balance; The house and lot sold
az queen htindFed dollars; aud thus, he sunk i'm the sin.
gle bargain, eight thousand five hundred dollars.
ihthe principal cities AMI towns, thousands of indiyidu-
as were "'iowh out OF employ, The whole business of the
country was deranged, scenes OF misery and distress were
produced, TO which the present distress and pressure bear
out ht'le resemblance. This state OF things was produc-
ell because the directors managed the Bank with A view IN
their 0en interest, and that OF their friends, di.reg,rdine
The interest oi that community, from which they had ar,
qufea 'neir power May they not do so again? Have
ed "'e' u P'o'o"S-
Here MIR. White gave way for a motion 10 adjourn
Tuesday, March 25, 1884.
Mr.. White resumed a. loHows:-
Mr. PRESIDENT; Before 1 resume the discussion in which
i was yesterday engaged, when the Senate adjourned. |
mus, Deg permission TO call the attentio m of this bodv for
Tie hrst time SINCE l have been bonored with a seat here
10 a newspaper paragraph, in which my name has been
Introduced. 4 know that my standing here is foe hupbIo
aud my opinions OF too little value, 10 make II pecess,ry
Tor me, on common occasions, 10 contradict anv statement
coupled win my Names; but considering the excitement,
Which now prevails IN some sections of the couutrv and
'hc desire repeatedly expressed, Tor the adoption nj some
measure, oy~Congress, 10 relieve the community from tho
disiresses which 1t is said they experienced I ,yinL !; 'n
proper W DtItlll dkX feIlr uf ID retnain ,,,o. .i-I
winch Is calculated TO ex' tie expectations, which. so lar az
is sm4ny power, will moi be FULLY realized.
The publication TO which allude. puIports IN no (. y
respondence with the New York Journal nj Conmsroa
anu is IN the following words:
WARRINGTON, March 10, 1884.
ieHgh' we may discern one faint glimmero OF light
y IN our political prospect. Mr.. Calhoun has devised a
pan 'r a new national Bank on principles which Who'll.
y" ~ AVOID the consiiiuIi nal scfuples of the southern Re.
B" representatives., aud which will lie generally accep,,hle
" he plan has been Submitted to a number of Senators Of
&c d fe en-, parties, aud has been deciie,Iy anp1aysI 80
a. ticularIy by those Senators IS no are oppo.eJ on con.n,".
u" 'Iondl g'ounds, TO the re. ciisrter OF the present Bank. and
VINO are al le same time averse TO General Jackson's
" experiment upon The currency. IL is also uueomivocaIIv
" approved, 1t Is said, by Messrs Gruudy and White. wbo
- are iiiendly 10 the President. :"
Mr.. President, what | have now 10 say, in relation to
the m"tteIs mentioned in this letter. is. Thai / h,y. no
knowledge OF any plan for a Bank, 10 be submitted Inv
The honorable Senator from South Carolina; In know
no'n'"g OF mat gen leman's opn ions on the subject, of a
United States Bank, eXcep, what [ have collected from
The public speeches delivered here. The Ia.t Of Zoe
speeches was not delivered until after the date of this Ie,.
V' WV" ps pace III TINS Chamber, / have not heard
ifeih hm one wO'd during this session, on The subi.c, nj
any Bank whatever. Therefore, The tphoie statement in
Ills letter, so lar as my name is connected With. Is eyro.
ne0ts, and has not fheShadOtO of truth for its foundation
L nave SHOWN thls let CT 10 my colleague, " hose name is
also menuoned; lac has read II, and am not ouyy ouhbor.
tSed, but requested by him 10 say, that The same s,ate-
nent which l made as te myself, is equaiv true as IL re.
kdfeS to hUp.
hen The Senate adjourned on Yesterday. I was cons;.
der'ng the effects on society, in the year 1919, of the pro.
ceedings Of the Bank OF The United States. from the ,im.
II went into operation.
The disiresres then experienced, and those NOW (el, arr
.he roi's u NE charter granted IN 1916. The patriots of
'ha' Gay, iouhu The country flooded with a deprecia,ed
paper medium, put in circulation by State Banks, and
unfortunately, as l think, sougit 10 remedy the evil Inv
Tue establishment oil a Bank. AS the United States we,e
to have the entire no0neyed power, 10y the .Consiitu. I
tion, shd as the States had established Banks, it was be.
lieYed the United States might establish one also IN ron
'f''e NE currency. Instead oiIhis, il The collection OF The
revenue, and all debts due TO the Government, had heou
enforced IN money, The mora sense of the con,nuu;,v
'he terulily oil our soil, aud the industry of the ueoule.
wou'd soon have given VS. a sound circulating medium
State Banks, which had the means, would soon have
been compelled to resume, and continue, specie payments
aud those winch were unable 10 do so, must have STONED
business. The duties upon oieign importa lions alone.
were from ioriy to fifty millions OF dollars. with the
power Oh u Government eXered in The pToper dire fion.
a sound currency must have been procured, within n We.
ry short period. But Bank notes, though not money vera
considered currency, and with a view 10 check and con.
a deprecated Slate currency, IL was supposed the
United States had a power 10 establish a Bank. wLich
should give a sound currency itself, and compej STATE
Banks TO do so likewise. This word "cuyreucy" ran.
not hnh III Tie Constitution. Constitutonany speo King
morning nnt money Is currency, and nothing can he mo.
hey when 10 not metallic. Bank notes issued under ,t.
au'hofi'y OF ue Federal or Stale Governments, are NOT
currency; they are not money, nor can ibey be mad
so. They are uOlhiup Lmt cre1yS neal ~,