Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-27
HxCMNOsSD E1RGAsz.a, THURSDAY; FEBRgI91Y 60 1884
Twenty-third Congress.--Ist Sess
SPEECH OF MR. JONES, OF GEORGIA,
On me Removal of The Deposes; delivered in the H.
OF Representatives., United States, Jan, 1884:

u" me Remordf of The Deposites; deiirered in the H.
Representatives., United States, Jam, 1881:
CONCLUDED.
Having disposed OF these objections the conduct Of
tue PRESIDENT and Secretary, shall be better able 10
examine the reasons for the removal.
shall first call your attention the old three per cents
MOI my intention, nor can IL be necessary 20 into
iaoored investigation OF The circumstances in relation TO
mem; they are generally well understood. II cannot be
denied that II was the intention of the Governncn, 10 nav
them and that the payment deferred at the
on OF the Bank and ON her agreeing to pay the interest
nat Gen. Cadwaader was sent agent by the bank 10
EUROPE 10 make arrang with the holders of the
STOCK Tor the interest oil the institutions and that he did
make arrangements TO purchase il for The bank; tina, the
Earrings Tor the purpose Of completing the purchase pub
snea CIRCULAR which was waited across the Atlantic and
re-pu6shed in New York. We may be told tina, en- Cad
Waader exceeded his instructions aud the purchase
disavowed by the bank. This may So After the
uon OF the cireuarof the Bangs in N. " and after some
su. aoou. inc purchase in tho newspapers the
RAJ u had long been director aud sometimes President
pro rem oil the bank; and il is reasonable TO presume thai
ne knew the intention Of the Government and that The
bank could not, without violation of its charter pur
chase The stock Is reasonable presume that he had
u ana ample instruction, from the President Of the bank
IN reauoh 10 inc object OF his mission. IL is
70 presume that as he had made in
Europe, he gave iul and crcumsanai account to the
PRESIDENT and Directors of the Bank 1t i,
10 presume that General Cddw violated his insrur
ons Is unreasonable TO presume that he would violate
e c"ater without instructions; is unreasonable pre-.
sumo that the President and Directors were nj
ms proceedings, and only accidentally TO the
knowledge oil such an important transaction bv a pub.
largely upon our credulity and courtesy to require
us 10 believe that, with knowledge of the trans.
ac"on, ana an intention TO disavow it, that measure
should have been delayed till a camor was raised i'm Tho
newspapers about the purchase IL STRANGE renee, IL
is passing strange! Sir, is sometimes convenient: and
nave known Governments under the necessity dsa-
no"g me acts OF their agents and officers TO prevent
piuhging The country into war; and WHY NAV il moi
nave Deen equally convenient for the bank almost i'm.
Pu W imper'o to disavow the act Of its agent in this
business have in my minds eye memorable instance
Government dsavowng the act of is officer In the
seminole war was important, to ensure complete sue
cess 10 the American arms cross the Florida line and
take possession Of Pensacola and ST. Marks from which
the Indians were supplied with munitions of war; and
was very important that the United States should
no, DC Involved In war with Spain. Orders were
MOI necessary; a F" hint' sufficient The 6 hint"
was gven the line passed; ST. Marks and Pensacola
$1,000 ,nID, me indlans were conquered The act was
asaVowed aud Pensacola and ST. Marks were restored
W aNo'u iVo'vng us in war with Spain. Ii is some.
"pa remarRabie that among the charge s of violation re-
oy ,he committee against the Bank in lsl9 was
one IKE 'hs same three per Transaction and
when VIII read 10 the House: "The committee then
are oil The opinion that the charter Of the Bank of The
united states has been violated in the following
ISL In purchasing TWO millions public debt in order 10
substitute them for millions of similar debt which /,
nau contracted 10 SELL or had sold, England and which
Tue Secretary OF the Treasury claimed the right of re-
deemipg." % - 10
warned by the report Of that committee it was no, on
~ convenient, but Important that the bank should dia
vow me purchase made By Gen. CsdwadaIIer TO avoid
dimcuiy with the Government of The United States
: me next point viii present TO the the House
- we interference OF the Bank in elections; and ON this
VIII be brie as ii extensively bv the GEN
ueman from Tennessee. will merely recall the recoI
ec"on 10 me adjudication oil the reports of Mr. NcDufe
anu OF mr. smith In favor OF re-charter of the Bank But
we are old this done in self-deience and TO give in
orma.oh 10 The people OF the u 5. 1t may be mpro
per mere 10 inquire whether it is not the duty of Congress
10 pupish sufficient number Of such ocumen,s for the
h'ormauoh oil The people, and whether those reports
MeIe NOT punished as other documents! Again; i'm
hehse sums have been loaned TO individuals particular
~ 10 TO the conductors Of two papers of extensive circ
uon. "hen we lake into view the time when the loans
were made The period Tor which they were and the
security or rahar the security, upon which thew
were made can any doubt the consideration? will
moi stop 10 inquire whether the property was morfgsred
LOT more or less than IL WORTH nor will go into dc
tailed estimate of the value of the establishment bu
VIII submit IL TO the conscience OF every man in hi.
House TO determine whether he does moi believe II yas
Tue intention OF the bank TO buy up those presses and In
sustain hem that they might sustain the bank and exert
heir influence and powers 10 obtain charter! and
whether this is not entering the electionee arena
The gentleman from South Carolina has charged t,e
secretary oil the Treasury wi making false staten mt
IN regard TO the increase Of discounts during the year 1888
Inc secretary is correct, and the mistake is with The
uenan from South Carolina. The Secretary saws:
mere sufficient evidence prove that the bank has
thsu., means WIN view to obtain political power and
'hereoy secure a renewal Of the charter.
"lhe documents which have been heretofore laid bs
iore congress, and are now its files. will show that on
me ois OF december 1880, the aggregate de6k due the
bank was l24O23O4 3d. and that on the 81 ST of Decem
Der, 1856 il was 1853, 026 452 o. being an extension
OF It's ioanF' IN single year, Of $50 900 OOO and an
increase oil nearly fifty per cent its previous
datons.
hhu, as u TO leave no 10 doubt as 10 the motive
OF hs extraordinary conduct ii continued to add rapidv
70 us 'odns and on the LIST OF May 1882 while its pei,ion
ior Inc renewal oits charter yet pending beore Con-
gess they amounted TO 7042S O7O H. being an
oil $I,4Ol6l7 10 ia the four preceding months and
making altogether addition OF S2S OPS 766 Is in the
snort space oil sixteen months, and being an extension d
more 'hah sixty per cent on its previous oans Such an
increase al such period OF its charter is without exam
PIE III 'he history oil banking Institutions"
by reference to the table have already placed he
ore lhe Rouse and which is extracted from the table
furnished 10 the Special Bank Committee for the wear,
1917, 1850, 1881, and 1892, by Mr. Biddle IL will he
seen hat The whole discounts OF the Bank on the n nj
December, 1880, were only $42 iO2 304 o. and ON the
Slst OF December 1881, they S63 O26 A52 93 I'll.
most $zi OOOOOO increase in that year But the gentle
man lion South Carolina supposes the Secretary has
different periods of the year for his calculation which
might make great aad unjust difference TO the Bnk.
that the Secretary had his calculations into lie
Spring months, when The discounts of the Bank arc usu
ally greater to afford facilities for the purchase of prodc.
Here, too lie is again mistaken. The same period of
year is takentbe 3ls OF December; and besides sir II
we extend the calculation TO the Is of Nav when tIe III,
counts had increased TO $4,000 600, shalt not find an
increased ratio, but regular increase up 10 that time
SoI,VVU,OUO Tor every four months. In February and
March, 1882 with SO 600 900 specie aud 2l 900 600
culaon her discounts continue increase $40 600 900
Now, when the deposes removed with q o 600 600
specie, and only $4,000 600 circulation and 800 900 600
discounts, she IS curtaing down TO IS 900 900 Can
any man doubt II was the intention OF the Bank by max.
ing PuOhcauons, making large loans editors and
tending accommodations in 1892 10 interfere in The elec
lions IL 10 hardly denied by the Bank. Read the er.
pose published by the Bank and YOU will find il ia moi
dened but she alleges that she has done 80 in se1de
fence. seli-delence !-aganst what? The Message Of
Tue PRESIDENT to Congress- in which he has expressed
himself uniliendiy TO the renewal Of its chatter le who
can uouo' inc existence OF this charge against the Bank