Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-22

t,,si snccor relations of jealousy, OF dlstrust OF
hcst;tv even. are springing up between these
narties. All act on the defensive looks
out for itsel6and the public interest," Is crusneu
~. 80 the MINER and neither milestone. All
this should have been foreseen. 1t IS idle to say
that these evils might have been prevented by
the Bank, if ithad exerted tselfto prevent them
That is mere matter of opinion; 1t may be true
or it may not; but it was the business OF those
who proposed the removal OF the Deposltes, 70
ask themselves how it was proDaDle the banh
would act when they should attack it, assail It's
credit. and alege the violation by it of its char
ter: and thus compel it to take an attitude at
least. of stern defence. The community nave
certainly a right to hold those answerable. VINO
have unnecessarily got into this quarrel Win ,he
Bank, in the course of the controversy, De "iiat
il may. 49,,
is the Shock which the measure has gwen 10
confidence in the commercial world. Ihe ere
dir of the whole system of the currency OF the
country, seems shaken. The State Banks nave
lost credit and lost confidence. ihey nav
suffered vastly more than the Bank OF the Unit
ed States ITSELF at which the blow was aimed.
The arrangement of internal exchanges is one
of the most disastrous consequences OF the mea-
sure. BY the origin of its charter, by It's UNI
questioned solidty, by the fact that II was gu
home erery l1here, and in perfect credit every
where. the Bank of the United States accom-
plished the internal exchanges OF the country
with vast facility, and at an unprecedented
cheap rate. The State banks can never accom-
plish this; for the reason given IN the boston
Resolutions, they cannot act with the same con
cert the same identity of purpose. LOOK at the
Prices Current, and see the change in the value
of the notes of distant banks III the great cltles
Look al the depression of the stocks OF the state
banks, deposite banks and all. LOOK at wnat
must happen the moment the Bank OF the Unit
ed States, in its process of winding up, or to meet
any other crisis, shall cease to buy domestic
bills especially in the Southern, Southwestern,
and Western markets. Can any man DOUBT
what would be the state of exchange when that
takes place? or can any one DOUBT us neCessa-
ry effect on the price of produce? The Sank
has purchased bills to the amount OF sixty mi
lions year, as appears by documents, hereto
fore laid before the Senate. A great portion OF
these, no doubt, was purchased in the South
and West against shipments OF the great sta
pies of those quarters of the country. when
the Bank shall cease to buy, as it must cease,
consequences cannot but be felt, much severer
even than those now experienced. ms is m
evitable But, sir, go no farther into partcu-
lar statements. My opinion, ! repeat, Is, that
the present distress is Immediately occasloned,
beyond all doubt, by the removal OF the depo-
sites; and that just such consequences might
have been, and ought to have been foreseen
from that measure, as we do now perceive ana
feel around us.
Sir, I do not believe nevertheless, that these
consequences were foreseen With such fore
sight the deposites, think, would not have been
touched The measure has operated more deep
ly and more widely, than was expected we
all may find proofof this, in the conversations
of every hour. No one, who seeks to acqualnt
himself with the opinions OF men, IN and out OF
Congress, can doubt that, if the act were now
to be done, it would receive very little encour-
agement or support.
Being of opinion that the removal Of the de-
posites has produced the pressure as its lmme-
date effect not so much by withdrawing large
sum of money, as by alarming the confidence OF
the community, by breaking in on the wellad
justed relations of the Government and the
Bank | agree again, with the Boston Resolu-
TONS that the natural remedy is a restoration
of the relation in which the Bank has heretofore
stood to Government.
| agree, sir that this question ought to be
settled, and to be settled soon. And yet II 1t be
decided that the present state of things shall ex-
ist--if it be the determination OF Congress to DO
nothingin order to put an end to the unnatural,
distrustful half belligerent, present condition OF
the Government and the Bank, do not look for
any great reliefto the community, or any ear
w uuietng of the public agitation. On the con-
trary expect increased difficulty, and increas-
ed disquiet.
| The public moneys are now out of the Bank
! OF the United States Inere is no law IeSuld-
! ting their custody, or fixing their place. They
are at the disposal ofthe Secretary of the Trea-
sury, to be kept where he pleases, as he peases,
and places oftheir ~custoday to be changed as
often as he pleases.
Now, sir, / do not think this is state of things
in which the country is likely to acquesce
| Mr. President, the restoration Of the deposit
ties is question distinct and by itself 1t does
not necessarily involve any other question. 1t
stands clear of all controversy and all opinion
about re-chartering the Bank, or creating any
new Bank.
( But wish, nevertheless, sir, to say few
words of bearing somewhat beyond that ques-
ton. Being of opinion that the country is not
| likely to be satisfied with the present state of
things, have looked earnestly for the sugges-
ton of some prospective measure-some sys-
tenn to be adopted as the future policy of the
| country Where are the public moneys here
after to be kept? In what currency is the reve-
nue. hereafter to be collected? What is to take
the place of the Bank in our general currency
| system2 How are we to preserve uniform
| currency, uniform measure of the value of
property and the value oflabor, uniform me-
dunn of exchange and of payments? How are
1 tl,.o4 al thc