Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-14
Tv cmty-third COngrcss.--isl sess
MIR. CLAWS SPEECH ON THE DEPO SITES.

IN SENArE-December 80, 1888.

d.
IN SENATE-Decem6er 80 1888
4. The public money ought not, the Secretary thinks
in the Bank until the last The exist.
of the charter But that The question which
he had decide the 26lh September last The real
question then could he not wait sixty days for the
meeting of Congressl There were MANY last nome
near years aud half between the 18th OF September
and the day of the expiration OF the charter But why
not let the public money remain in the Bank mill The
day oil the chdrieT IL is part OF The charter that shall
remain aud Congress having ordered it, the Secre-
ary ought TO have acquiesced in the will OF Congress-
less the eXigency had arisen which alone il sup
posed his power the deposes would be exercsed-
The Secretary is greatly Mistaken in believing tina, the
Bank will be less secure in the last hours of its existence
than previously 1t will then be its resources
with view 10 the immediate payment OF its notes. and The
Ultimate division among The stockholders of their capital
and at period oil its existence will be strong and able
TO all demands upon ii. As 10 the depreciation in the
value OF its notes in the interior that time, why, sir
is the Secretary possessed OF the least knowledge of the
course oil e trade oil The INTERIOR and especially OF the
its notes form the best medium remittance from the in
terror to the Atlantic capitals. They sought alter by
merchants and traders with avidy, never below par
ana IN the absence oil bank drafts may command pre-
MUM This will continue TO be the case as long as The
charter endures, and especially during moments
OF its existence, when its ability will be unouesonbIe
Philadelphia being the place of the redemption; whilst
the notes themselves will be receivable in all the large
cities in payment OF duties.
o. The Secretary asserts, that is tceH
that the superior credit heretofore enjoyed by the noes
'of the Bank OF the United States was not founded On
'any particular confidence in its management or soi,v
Ii occasioned altogether by the agreement ON he
half of the public in The act OF incorpors,on ~ rec
them in all payments TO the United Staes"-I have
rarely seen any State paper car actezed by so little
gravity, dignity, and circumPection, Report dis.
plays The Secretary is perfectly reckless in his asser-
tons oil matters OF fact, and culpaby in his
ing. Can he believe the assertion which he has made
Can he believe for example, that if the notes of the Bank
oil The Metropolis made receivable all payments 10
the Government, they would acquire Al home and
abroad the credit and confidence which attached to
those oil the Bank of the United Staesi IL he had stated
that the faculty mentoncd of the ns Of The
great credit OF those notes, the would have be
true; but who can agree with him. that tits The so
The credit OF the Bank of The United States results from
the large amount of its capa from the great ability and
integrity with which il has been fron tho
participation OF the Cove Ia its affairs: from ito adj
vantageous location; from its being the place OF epoe
OF the public moneys and its notes being i'm ali
payments TO the Governments; aud from its being eupha.
icaly The Bank IF the United States This latter cir.
cunstance aranges it with the Banks OF England France
Amsterdam, Genoa &c.
q. The expansion and contraction of the accommoda-
tons OF the Bank to lis individual customers are held I'D
by the Secretary, bold relief evidences of
duct which justified his withdrawal Of the deposiles-
lie represents the Bank endesvoDg to operate ON the
public, by alternate bribery and oppression, with the same
object III boh cases OF Influencing the election or the
administration Of the President WHY this perocual rs
ference OF all the operations OF the institution TO the Exe
cutve Why does the Executive think nothing but it,
self? IL is II II It is j. that is me mt sppesrs IN h,
the constant exclamation. Christianity and charity en-.
join us never TO ascribc bad motive ii can suppose
good The Bank is a moneyed corporatio, whose
profits result from s business II that be extensive IL
makes better II limited, less profit lis interest is 10
make The greatest amount Of dividends which can safe
w. Aud lis actions may be certainly ascribed TO
that than any other principle The administration mus,
la
people OF The United States il supposes that their udo
mens are to be warped, and their opinions coDtroe3 b
any scale OF grsdua ed bank accommodations The RAM
nusi nave su poor conception of duty 10 the stock
hoder' were 10 regulate its issues by the UNCERTAIN
aDd speculative andard OF political effect rather han
PoslVe h'bHelca rule Tor the compui alton of interest
As 10 the alleged extension OF the business of IT,
Bank II has been again and again sadsCactorilv
for by the payment OF the public debt and The ,ybJ,,
al from Europe OF considerable sums which ,hsa ~,
its vaults sarge amount Of funds which to be
must be employed; and, the commercial wants Sss
ing from extraordinary activity OF business creasd ,
demands, about the period, for Bank accommodated;
the institution naturally enlarged lie rsBsactons I,
would nave been treacherous 10 the hest interests Of lie
constituents, ifh had done So The recent conirac
lion OF It's business is The result Of obvious cause Not
whslanong The confidence in IT, manifested by one othe
as acts OIL the last House Of Representatives Congress
had scarcely Ieit tie District before measures were pn in
operation 10 cfcumvent its authority Denuneiadons
and threats were put forth against IT, Ruours ssonn
ed with but too much authority were circulated offbe r.
ientlon OF The Executive 20 disregard the sdooon ~ &
House OF Representatives. An agent was SEM Got, o,
heH such an agent Here MIR ay was interrupIed ib
bursts OF applause from the galleries, which occssioned t
interference OF the Vice PresideDflto sound the local in
suons as TO the terms which they would receive the
seposes Was The Bank, who could not he ignorant NJ ali
@ 70 ST csrelessly by, without taking any precautionary
me prudent mariner when he sees The cooing
5V, ',Is rvs sas and prepares for all It's rsRs The
Bank knew That the Executive was in open bosI,v q, ~