Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-09

Charleston. Hc wished 10 hear rcason TO him the Oh.
jet stood reveaic; it make grci, a"comulaon
towards lAy CHOSE &c te y.s sud Uus 20 inctease The
dvuanl s.yna uc ,r,nans a. money n hose nj
the very that the Bank intended to deny Their,
all aid, and TO press them Tor former debs The next
great act OF preparation Oh the part OF the Bauk was in
credible aud diaboiicai: il to dislono its distant
branch bank notes at na, time, and thu. render
valuable as possible the masses oil those notes which ush
be on baud.
Mr. b. regretted that he had to aue TO this act with
ou the proofs in hand They had been called for and fur
hs"eu anu were in the hands o the printer, aud
would be used by him future occasion, aud he trustee.
,"a' proceeding Mould be had which would put the Bank
osofs uibnnal where The history o this Incredible
Transaction would be brought 10 light lie alluded u
scare JccioS for the violation OF tie charter u said
the noas Of the branches had been dishonoted At New
York, Baltimore. and at Mobile about the sam. time
and that tune ia the c'isis OF this contraction. AMI wi
such smJiiy o circumstances announce that all
wa' donc with the connvauce ii not with the Orders 81 IN.
| Bank OF ,he United States. he denied that there wa.
possible sssignahle TOR Lshono,ing the tan
hranch notes at his time. The Bank was full O,
sPsc'e hve millions than il had in 1892 at which
nm' II co" iIered about millions be enough and the
rresideni oil The Bank treated mere surplus about
millions which he'd been PARED wi, in lew iIomtln;
Tue greater part bling sold to France En- gland Yet
'ey were refused cr week in u York TIL the Ca
ser o the branch could first rite, and then fly in person
to the mother bank get leave receive ien perhaps
about $3o,0OO refused the way in Ban,ore, until
IKE communication coutl be had with the mother Bank;
and refused boluiely and without explanation the INK
In Mob lc, which dis an to communicate with the
mother Bank Mr.. b. said that he stated these facts fran,
mere sight oil The letters which proved them; the prool
wonld be brlore the Senate soon and he should
20 ny pubic at'ent on "pon transaction which he nigh,
q''y as dldboical and internal The result OF the whole
w'a, when all these circumstances growing Of the
STATE The country had made for
"henhe Bank hadncreaseJ that demsndby ex,raordna
ry accumulation OF bills of exchange; the was
commenced ut the rate OF several millions n MONTH in.
Guiding The bills at 80 days,an the nomet their
DIS ant bank notes would have become in lin,
hands OF the holders if it had no, been for the enery of
The Secretary OF the Treasury who coerced the PAYMENT
oil the branch notes by those celebrated transfer drafts for
ABOUT TWO "ions and quarter; tho view OF which. ami
the fear of follow compelled The Bank of The
United States TO relax her policy, permit her branch
to be received as usual aud thus saved the community
from The stock oil an uncomfortable currency.
mir Benton had he said alre ally demonstrated that the
present pressure In he money market only
Sessdry''out wan on lie would now proceed prove
,'a' ne curaimen, so rcprehensble in ITSELF was con.
ducted In manner which illegal and violated IN.
charter OF the Bank; and in the next place he would
prove 'h' me cui'anent was unequal and partial i'm its
character aud operation He hoped that he uliv felt the
responbili which he undertook in making charge.
against any individuals bodies corporate out OF hi.
ouse and was from the t'orou, conviction that what
he asserted cou be proved that he Induced TO bring
forward hese chaees-and moreover, was lis iuten-
ton TO give The United Saie' Bank lair and full onpor.
uni'y TO vndcae itself from the charges If thew were
Tnfuiindcd d.. ~
First, the mode of cutailment was Illegal He re,e,,
Ell me words OF the charter, stating that the business of
the Bank not be transacted by less than seven D
ectors one o! whom should be the President These be-
ing the words, he held that the curanent of twelve mill
"os IN hye mo"'h' was POI ton OF that business which
could he legally transacted only by Board of Directors
| Now sir, mere " paper that has before
pnoc document, and may be taken evidence of the
tu'h OF what II contains till il is conrradicted Mr. ID
Then read from the memorial of the Government Direc
ors' me following paragraph; which he read and then
Said $500
This, Sir, shows that the curaiment was not made bv
NE board oi Directors nor even. by committee appoint.
ell by the Board, but by the President Yes SIR This
enormous pressure which was TO bear upon the whole
community was the work of one single individual /,
appears that the removal Of the deposes being supposed
10 be probable, the Bank began take steps 10 meet il
as early as May or June, by curtaing its business
The Government Directors give us an account, in a
OF several pages, OF the steps taken TO get at the
reduction TO he made He read first order OF The board
IN May directing committee to report plan of cur,ail.
men; aud remarked, so far, good. That resolution he
he'd 10 De wise one,-bu that was by the board and
waslega He read the resolution of the 18th of Angus,
and the whole history of the from the renor,
of the Government Directors. r
Resoced, That for the present. and until the further
order oil The board, the OF bills discounted
not be increased at the banks and the several Offices That
me bills of exchange purchased the Bank and all The
oihces except the five western Offices, shall not have
more man w days TO That the five western off.
ces be instructed 10 purchase bills of xchauge except
those payable in The Atlantic cities, not having more
than ninety days run, those which may be receiv
ed in payment oil existing debts the Bank and the off,
ces and then not having than four months TO run
perceived AT once, in this measure, the comm nee.
men, OF system Of reduction, i'll conducting which
wisely aud imparaly the welfare OF the whole com
nuniy involved. No notice of these resou,,ams
hau bcen gwen, aud therefore, while concurred as
we Stated in the propricty and expectancy of reducing
me business oil ihe ins'ituion required that The
pan ne tlSnfd, as 10 hear equally
on all pirs oil the country, and all debtors to the
Bank We desired also 10 have the result Of tue vie WIS
and inquiries OF the Committee already appointed
WIN Wese ohJecs, we asked that the resolu might
be postponed ior week until the ne X, meet
iog II being un'ieI STOOD that the subject should be then
definitely aced upon. Our request was refused The
resolutions were passed once, and usual by the vote
OF all present except other director and our selves
believing HAT his only % ecipitae but
partial, aEd that IL would lead curialbents UNEQUAL
ana oppressivei aud entertaining the opinion that sys
Ten might easily be formed, Just basis, we offer,
Tie following resolu' ons: -"Whereas a eso, ion ~
adopted on the 9TH OF May last insIucing the Commit.
tee on The state OF the Bank report board scale
OF redrc ion in the business OF the institution, and no
report has been made in pursuance hereof-And where
a., resolution passed al tie last meeting which places
certain restrictions on the business OF the institution con
fines the same 10 FIVE Of the western Offices
| "Resoiged, That the Committee on the State of the
bdhk De instructed 10 report 10 The board, early
day as possible, system for the gradual reduction of he
business OF the institution, hron all sections OF the
country, having regard to the interests of the stock
holders the debtors OF the Bank, the community in
general "
This plan which would have prevented an oppressjve
ami partial system oil curtameut confined 10 parcular
portions OF The country aud exerted at particular times
which would have given the subject fall and fair com
sderation-- and which, above ALL would have enabled
every member Of the board exercise his deliberate
Judgment was a. usual rejected. Nor was this all.
when we offered the resolution, temporarily
as H. the president himself asked the question of con-
sideraion upon IL, though motion 10 that effect had
been made--a course before adopted in the board
nor sanctioned by the bylaws, and evident intro
duced TO curiad efectually, ii possible the very
limited interference in the affairs Of the institution which
B"as sun allowed to the public directors. Ga this
suggestion OF the President, the majority refused
TO consider resolution, by The vote OF ali present
| cen me tifpr ranIn