Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-11
IWenty-third COngress.--Ist Sess.
oFEECH OF MIR. POLK ON THE DEpOSITE
QUESTION: Concluded
HOUSE OF REPRESENTATIVES.
OK VT NEF i n
Eriduaa I q

D.
pr POLK said he would next proceed 10 consider tb
nen' as made by the Secre airy of the Treasury IL
IN relation TO the extension OF In,
"ess OF me Bank, from the 3lst December, 1880 e
me ist May 1882 regard 10 which the honorable
ue from south Carolina had thought proper attribute "a
aos.ery Of me Treasury the charge Of "in,entiona
pphsi'epresen'aon, whilst he prepared, by the
bsnks monthly statements, TO shew that the Sec
had IN Tact stated nothing but wha, the records Of
he mas stated, that il appeared the docume nis
mere laid before Congress that between the Bis,
months | ~. and LIST May 1882, period Of sixteen
"a TO the sum Of $40 orc r. being an
of e es 81 the discounts Bank Within tia, period
Of o2o 766 49, The nantes to issued by the BaUS
wnich i hold In my hand, denies the CORE c,ness Of
| ms statement; and the gentleman from South Ca.
ms ~, ang ~: presume for granted that the
contained IN that manifesto true has also denied
me correctness OF this statement The gentleman has
pleased IN very harsh terms charge the Secretary
M suppression oil the truth, and intentional misrepre
senauoh: Now, sir the best vndcation have 10 offer
, e secretary, is to produce the record itself from
i, IL H. secretary had made the statement Here il Isl
,ne statement oil the Bank ITSELF made TO the commits,
zee OF in 1882. At page 500 of the voi
containing The report OF that committee aud the
accompanying H. VIII be found the report from the Bank
70 whch refer. IL there appears and anv pen,eman ca
examine Tor himself that chooses TO do So thai the
ON ,H as sn1 os OF the Bank, loaned to the community
M e ".st december, 1880, was S42 402 3O4 49, and on
me LIST May 1882 was $40, 42s O70 ~ being the pre
doun' at these respective periods as stated by the
oy he Bank seli and, they contained any mis-
soh or iasehood, the Bank itself had furnished them
seneman from D. Carolina says that the re is gross
misrepresentation; and how does he ATTEMPT TO provs i,
Why he says that the notes discounted at the RAM nm
,he 5ist December 1880, SO 900 OOO and ON m.
% 1857. were Al Ooo,0 This excludes the do.
vi, business, and the gentleman himself could not
wei AVOID conceding, that il discounts by domestic
% as wen as the loans on notes, were to be Included
W sa'emeh oil the Secretary true But he charges
me Secretary with suppressin the fact that The Bank
ISL January, 1884, eight millions of the deb, o(
o @ M and tina! in May 1882, had been paid
1n' ana mat the Bank had, within the same period COL
.ec'ed TWO millions from Europe. Now sir 1 affirm fb,,
me secretary has been guilty of suppression of Gc,
ne secretary was stating the enormous extension o The
business OF the Bank; and Bank state mens n Which
nave referred, shew that he stated them correctlv
VIVA, sh,s G was not considering, protesting state
S' IN me mean time, had collected in any Of its debts
would only prove that the of the Bank had rro
tension oil the business OF the Bank and no,
ing the means which il had TO meet them The oen,Ia
~ hght as wei charge the Secretary with
" because he did not in his letter state the value nj
ne banking houses owned by or under MORTGAGE IN ,,
DanR he might as well charge him with he
Al =. u ho IN mat letter, state the indiv
aefosltes and OF public depostes which the Bank
held at these respective periods and upon which hyi
means IN It's hands, 1t might trade extend its busine.
hohe o' Wese came egitmaely within the scope or oh
gect OF me statement which he was making 10 Congress
"e ruin u.s. before the Uep ow ned by the Bnk
" pa,p =" oy me government the Bank had the use
" e P1o'e iuhds 10 greater amount than she held of
the public stocks When the payment was made il was
simply transferred from the credit the United States IN
me credit oil the Bank but the funds were before az
as subsequent TO the payment in ssjon Of The RL
and subject its use. The public depos;,es in Jans
ry, loSi' exceeded nine millions in May, 1892 was up
zen millions, and at period within these dates
were they less than seven milont Nowi,htanding The
iact clearly proved by the evidence of the Bank
deny 1.-THE gentleman from South CaroIna CHARGES
!e Secretary with intentional jesutical
uon, ana suppression OF the truth. These were Ger.
taniy round charges and boldly made and the hest an
swer, as have already stated, the proof which now
hou IN my hand-the public documents from The R,nI
Wn,ch every statement made by the Secretary
IN an RAM
Tue gentleman, not being enabled 10 dsprove the
ent oil the Secretary Of the Treasury of The excessive
increase OF The business OF the Bank during that period
mas an apology to offer for the the Bank for mi.
son oil It's business; and what is that apology? Wbv that
iool was year OF unusually large mporaiions; that the
country had contracted large debt in Europe and h,
mere was great commercial distress in the counrv Tie
ndnS, ne says, stepped in and extended its business TO
save the country and TO do that which the Couarn ~,
oush 70 nave DONE know not what this means unle
That the Government had, against the Jude men; Of the
pans directed Its public debt to be paid The Govern.
made the commercial distress. "
bu; u was said by the member from s. c. that, in that
IF ood ere was an immense and increasing importation
~ soous rom abroad, which made il necessary for The
Bank TO extend its business to enable the nercaos N
sustain themselves and the credit of the country Well
IL this was good and sufficient esson for
accommodation afforded by the Bank 10 the amount o %
millions III sixteen mcnths-would il no, see,n =. -
'ufa that still further
wou'u make IL incumbent the Bank 10 extend sni ar
accommodations to the importing merchants Was The,
however, the case! No. it would be seen bv the ann"
o"e oecTesTy on The slate OF finances
the mporaons Tor The year ending 3Oth September s32
exceed that oil 1884, by than millions and thai b
he cash dbiies as well as bonds payable at The Same lin,
the country stood more IN iced OF accommodation No,ub
standing tb IT was at this very time and under such c;r
cumtdnces, that the Bank OF the United States had CON
menced It's career oil persecution had began 10 turn lis
relentless screws upon the community. In 1891 il was
good reason TO extend-in 1888 accordng 10 The osnI
man. was good reason 10 curtaiI What the oi;ect ~
he bank was III adapting such course was cleafv
RENT re maintained was altogether Of political char
n.e1 o, oy "us extending their accommodations thew
w. WY moment when they were petilonng Congress.
o' IeheWa OF their charter, enargine their bus
ness IN order TO bring The entire country into their db
anu mus create an Influence which the sought az
sary TO their future existence
mat be OBJECT was political and not TO relieve the
Wy, @ 70 supposed by the gentleman, appears that tie
eAensOno Oh tne business OF the bank during 1891 and
up to May 1882, chiefly in the western aes and
couu no, have been relieve the importing
oil Tue Atlantic cities, who hid created de Li
'Orodd ihese args Issues Immediately preceded The
SoeSeu esidenliaI election, aud whilst they were ma
kng, tue Bank presented lis petition TO be IT,
December, 1881, and II ia manifest that tic ohio ct % 80
au 70 procure fe-cbarer. II not TO be indi
Vuua pohcd opinions OF the officers OF the Bank thai
oy oJscon was made, but 10 The corrupt use OF lis co
po1a'e wealth as a political engine. The gentleman
cnose 70 suppose that the objection t. tho
oil The Bank was as 10 the personal election of the
sent Chief Magistrate and he asked II The ofcers o 'o
bahS were 70 be dsaDcised, and If they must stand
mute w lhe presence OF majesty No one, neither the
rTesdeh nor any one else, has maintained that te
OF GERS OF the Bank had equal rights TO the free eyer
csc " meu political opinions other czcDs but the on.
lection was, hat the Bank, as great irresponsible mo-
neyed arts ocracy, should throw self into te no,rc
arena, ana endeavof to its mony 10 control and nnu
ence party politics. INV
They followed the example Of the former BanL NJ IN,
Un,eo SAFES what was the charge against that Bank
a a ne.a.l