Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-08

lac RAJ haa
made preferf OF the renewal OF the depoes for Great
ing low much less shall be able 10 bear the moro Co
nous pressure for which il will find real operotiue
III we expiration Of lis charter, when, provide tor
US returning circulation, and the payment Of its ckho
M % us ueposiiors must call in, instead OF millions
VIC "hoie sixty or seventy millions OF debt due 10 i,
Sr' can any one have been so ectpg as TO SIM.
pose mit We should be able 10 throw Off the io I
iuS o. ms ooaed monopoly, without bitter and
pahiui struggle. Has the experience of 1911 when The
charter OF the first Bank of the United States expred.
osGh eh.rey iorgotten9 Them now, the same scene
advocates and petitioners behalf of the U State. Rank
was gotten up, with this honorable distinction in favor of
he present times, that then all of those banks came for
ward at The bidding of the United States Bank now soma
Tye or six OF them have had the frmuess 10 refnse-
sn mere were not only memorials from boards of trade
u puoi meetings. now, but there were formal depu.
sent 70 TINS place, 10 lay their complaints before
Songre.s and committee Of this body was appointed to
near and investigate them. Then, too there was nause
w me operations OF trades and the products of
snsahed depression, OF which the fact then stated in
congress, that hour had fallen in few days from ten to
ven oodfs' may serve as setof TO all that we have
heard on this floor for days past concerninp the
ruinous decline in the price of cotton But sir our pre-
nad the hrmness 10 stand up against all this ter.
anu 10 regard the cause of the Constitution and the
puohe hocry as dearer TO the American people than the
uansiory state OF the money market.
hope, sir, shall follow their example IF ,ve yie,s
10 the panic with which are now asaied and restore
ne deposies which the Bank has, by its misconduct
Justly forfeited, e triumph Of this dangerous and .ncon
stu'onal institution is complete and lis cbar,er ,,
ally decided. Do all heve feel that these oues
tons and the same Does not the wboia cd,rs
OF me arguments we have heard the nodus operandi
The removal OF the deposites in producing the existing
distress and In what manner their would tend 10
reieve H. shew that neither the removal the resora
oraon are regarded, except signs expressing The ter
nihauoh or renewal OF the Bank charter; and that
III run, Is The Sank itself, and not the deposites,
winch Is ip issue. Restore the deposites, and what
viii happen another sudden and great expansion of
discounts by the Bank, bringing more and more of
the community within lis power, al the end of two
years when its charter expires any resistance should
then be offered TO its renewal shall find ourselves in
the mercless grippe Of another bank conroctio far more
new 10
our courage and principles certainly prove isade
quate, II we have not the firmness 10 meet the present
trial. On the other hand, if the deposites being with
drawn, are permitted TO remain So the Bank will see in
that resolution its own fate finally such
an sanoon' Will go on gradually TO prepare for tho
winding up OF It's aiiais, or happily, il will not have il
IN It's power to niict farther injury Oh the community
wihoutcoing sun greater injury TO its nteresis) the
Stale Banks, at the same time, will be enabled progress
sivey TO extend their accommoda ticns and we shall na
~ get rid OF this tyranncal aud
the expense OF other suffering than that TO which ,y
have already been subjected. ~
MS thsview OF thsgreat consummaion, Mr. President
the bnal extinction OF this dangerous and
moneyed corporation, overshadowng alike the Govern.
ment aud the People, that for one am willing 10 Iet
the measures which have been taken have their Course
The honorable Senator from South Carolina tMr Cal
houn tells us, however that the question is no, RnL o.
no Bank, but whether TO have Bank oreanized
ana controlled by Congress, or Bank and GOV
erneu ny e president alone; for the honorable Senator
seems 10 consider the State Banks Ic NAV be az
repositories Of the federal revenue orniDg in effect
National Bank But, Sir, if there 10 other Alternative
to the ency OF the present Bank of the United Sta,a
than the employment, under The section of me $50
,my % ae treasury OF State Banks, "a superstition by
no me ans eessary In opnon is possible that State
Banks, deriving their existence fom the State GoverS
menis subjected TO the habiual and If
mose governments, in the appointment of whose Drar
TORS and the management Of whose affairs the Cavern
ment here would have paricpa ion-without commob
e9ecked ana controlled by rival institutions and the
snare oi the pubic deposites falling 10 each boon
hardly worth the trube of its keeping; is il no,sSla
that institutions thus constituted and thus situated could
be made the channels and instruments OF iorndabs in
Ar Jeiieron says by its branches every maj, 81 ~
Onion' acting by command and in phalsnx" and welding
an enormous accumulation OF nIoneyed power Sir tbs
thing impossible. The general estimate in the onerao
lions Oh the treasury is that about quarters
remains, atany given time, hand and upe xpendeJ =
now sir, when the depose of this one fourth par nj tho
annual revenue reduced, too, that revenue viii he T.,
e effect OF existing laws, shall be divided between some
ihy or iory State Banks Is the small share which NAV
fall to the lot OF each, such a consideration "a conl5
tempt them from their natural allegiance TO- and sympa
thee wlth the Governments which made and AN u1mak
them! What has just occurred in nv ow State ia
shew the utter incompetency such boon TO aect
he independent exercise either OF the feelings the udg-
nens Of the State Banks. Buto obviate every appre
tension, trust system wilbe devised and do not he
state 70 say such an one ought be devised proving
ior adesignaon oil the repositories OF the bic ,nonoys
by liked rules and under the control Of Congress,
sir, The honorable Senator from South Carolina has aa
O1 Us, nas 20 ong as the Government itself receives
ana pays away bank notes, II is insult TO the under
standing to discourse oil the pernicous tendencv and @
eons'i'uonahy OF the Bank of the United States that
while the Government, by so doing treats banL no,as
as money, it not only has the right, but il i'm dmty
Douhd TO ncorpoatca Bank OF the United States and
at Tue question OF the consttuonay OF such an jnsl
uton can fairly arise only when the Government sbi,
refuse 10 receiVeany thing but gold aud silver in payment
oil the public dues Without stopping at present. To- eva
mine the correctness of the reasoning OF the bono,ahI
SENATOR reasonng, which my mind il entirely nsa,is
factory iuasmuch as makes great question of consu
uonal power to depend, not the fixed and m,nuiabl
provisions OF the Constitution ITSELF butt in effect ON the
mere ptH oil the government IL may happen TO do or
not TO do parca!aF tbing)-withou stopping, saw sir
TO examine this reasoning at present. will say 10 the no.
norabe Senator, that, seeing many ADLER gentlemen
himself among the number, while admitting The vital i'm.
poranee OF the object declining tie task OF its prosecu.
tion,I pledge myself to present this great issue In the
shape III which only the honorable Senator hiuks can he
legisimatey presented.
SIR, OF all che reforms, social, political or economcaI
required by The great interests OF the country thai bcb
i, most urgently demanded, and which promises in lie &C.
complisbmen elargesi results Of utility, security and
public benefit 49, beyond comparison the restoration of
The Cover nment TO what intended by the trainers of
the Constitution TO be, hard n0nev eoyetnmcnt We
much in the habit Mr.. PRECEDENT Of regarding
the evils Of the paper system necessary snd ineuTa6le
and OF being content with the desiue pddtiOn OF those
evils, supposed TO be derived from the controlling supre
macy OF National Bank. Nothing, IN my opinion, il
more demonsrable than that The great evil Of that system
its fuinous fluctuations arising from alternate expansions
aud conracons Of bank Issues, making lottery in ef.
feet Of private oftunss and converting rom
racts and species of gambling notbin
can be more ceridn than that these ruinois auctua
lion, (and have Striking proof Of II i'm The present
disfcses Of he cohny0 are increased instead OF being
diminished, 10y the existence Of an institution Of suc an
souie ascendency, that when expands The STATE Banks
expand with tj when contracts, those banks forced
ia sell. deience, 10 contract also Whatever influence
such an institution may TO supposed TO exert in pre-