Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-25
Twcnty-third Congrcss.--ssts css
o.. SPEECH OF MR.. JONES, OF GEonorA,
H.. memovdI % me Deposites; deiiveyed in the
NOo'e " NePTeSentdhipes, United Sfnfes Ian 1921.

~. SPEECH OF MIR. JONES, OF GEoncIA.
Homse Of %'R Reu1 g ne DsPosites; deiirered in the
N"P'e'ertet'oes' United States, Jan, 1884:
CONCLUDED
= next oDJec'on OF the gentleman trem penn,vIv,.
MA is' 10 the period at which The deposites wers ~
co. ana the shortness OF the time before tho mee,;no.
Congress. Icsnnot sgree with him here. The lime yos
unfortunate, out not improper. The time was uniortu.
na'e' from Tue immense amount OF cash and short credit
payments which had to be made, and would have been
improper III had not been so important. | agree with tbe
Secretary that the ~deposites ought to have been r.nov.J
oe"rs' ana 'ney no doubt would have been, but for the
iorbesrance OF the President tow ards the late Secrs,srv r.
uo ,..asury' Iiau they been removed at an earlier period.
ma removal and tho large revenue payments wopiJ NO,
nave oeon Simultaneous; and although the U. States Bark
may have found IL necessary to draw in her discounis.Ibe
s o"a. ue,ns a'v'ded' the pressure would not have been
60 s'ea. upon 'e commercial coimmunity; consequentIy,
the distress and embarrassment, which mus, he ri,
mnemever me measure was adopted. would have been
grea"y a'eviated. IL had, however, been DELAYED too
Iong. was unfortunate that 1t should be necessary IN
my 'nem at any time; more unfortunate tina, il was
necessary to be done at this tme-absoluteIy necessary.
80 eoo"'cract the operations of the Bank Of the United
states. l will not trouble the House with all tho ,e,.ons
Oh me Secretary. which will be found. in his report. from
ihe concI, !, nc,us,ve. l VIII only ask their attention to
"it will be perceived. that it was solely through the in.
Irease o. le poohc dePosites, that the bank raised ba.
iances against the State banks in New York. and WAS
P'aceu IN a situation TO take from them, at lis pleasure
,srge sums oil specie. And when il is considered ,Iai
.nose cur'a'imen's and collections of the Bank of tho n
States necessarily compelled the STATE hanu. -, " -
aiso' W. shai be at no loss to perceive the cause or ,ha
pnessuIe whicn existed In the commercial cities abou, the
~ " q WDOSSl liza IN
commercial community could have sustained itself nucb,
longer under such a policy. In the two succeeding
months, me collections OF the bank would probably have
eAeeeaec hve millions more, and the State bank. would
nave oeeh obIIged TO curtsii an equal sum. The reluc.
"on oi oahH accommodations TO the amount of nineteen
mo o dollars In Tour months, must have almost mt
ahehd 10 trade, and before the first of October This pres.
sure IN The principal commercial cities had become az II.
tense, that 1t could not have been endured much ionaer
without the most serious embarrassment. II wa, hen
daily increasing; and from the best informa ion I have
oeen able to obtain. l am persuaded that if the public
moneys received Tor revenue had continued 10 be deno.it
ed IN the Bank OF the U. States for two months longer and
" aunered 10 the oppressive system Of policy which IL
pursued auiiDg The two proceeding months, a wide spread
scene OF bankruptcy and ruin must have followed. There
no alternative, therefore, for the Treasury Depart.
mem, Out 10 act al once or abandon the object altogether
Du"es u Tue highest character would not permit The lat.
ter course, and l did not hesitate promptly 10 resort to ,ho
former. ""'
81 have stated the condition Of the mercantile cla.,e,
az ,"e uhe OF me removal, TO explain why il was impos.
sioie 10 postpone ii even for a short period. Under o,ber
circumstances, l should have been disposed to direct the
removal 10 take effect al a distant day, so as TO give Con.
gIess an opportunity oil prescribing, In the mean time. the
piaces o. deposite, and Of regulating the securities proper
to be taken" p''Pe'
The gentleman from Pennsylvania has furnished ia
WIN me reasons OF the bank for drawing in her discounts.
NC enaoIe her 10 meet the drafts from he Secretary Of
me ireasury In removing the deposites." l invite the at.
enioh IL we House 10 her situation then, and for wears
before, which will better enable us TO Judge of The sufi.
cheney oil 'he reasons and the necessity of the measure.
4 nave a statement before me-, extracted from the a
'urhs OF me Bank, showing The amount of specje. hills in
e"eu'Auon' ana discounts, since 1924 to 1888, inclusive.