Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-15
'Twcnty-tlsird Comgrcss.-sYsa SEES
B,NK OF Tue UNIIEO STATES.
SPEECH or MR.. H'RIGHT. of .N',,, y,L

Mr.. w. said he must now detsin the ss,,,. ,.,;. J..
r,h S.rny 1pned lew oil the remarks of the homo
'so'e senator IRON Massachusetts, (Mr Web.tsr made
upon The presentation Of the bill TO The Scnse Aud first,
nonorsoie gentleman had stated that the safety fund
% OF new York, were under the supervision OF po
htieal commission appointed by the Government, He NJ
must express his profound regret that he should so
@ meet WIN statements upon this floor relation to
we safely fund banks Of New York. which were euone
Gus In Tact and in conclusions because gentlemen hal moi
made themselves acquainted with the laws OF that State
regulating those Banks He had hoped thai his yomiJ
not have been the with th. honorable Sen,,or ~,
massachusetts, but that he would have mad, b,nsef H.
nar WIN that safety fund system, before he made il the
uJec' OF remark here, and certainly before he nasse
sentence upon it as poica, stem He had not done
% as was evident from the remark above refer
YoI A., nc BANK Commissioners OF the State of New
H., s.o ee IN number and they The officers whose
ay Is TO supervise the banks subject to the safety fun
,bs rom being political commissions appointed by
VIC Venment oil that STATE the honorable Senator has
supposed but one Of the three commissioners il so an
pp'ueu, anu the remaining two appointed by the
DanHs themselves. The is appointed upon Tho nom
nation OF the Governor, and bv the advice ea VIZ "o'
e eenste oil the Satc officers of hi. Govcrn,cnt
pp0ne" oy Tho President aud Senste and ibis comuis.
SION may DO considered especially the rcpresen
Ve OF he State and OF the public interests in the board
oL commissioners The State divided in,ot districts for
e appointment oil the other commissioners and GA oh
20 "ppoh'eu by The Banks OF his dstric,-every Bank
Young upon uniform rule, according to the amount O,
s edp'a' s'och. These commissioners, thus appointed
ORG me exclusive representatives OF the Banks u,em
serves though the law makes no Discrimination az n Tho
PoWes ana duties OF the different members of Tho boai
ms is the true constitution and mod. nj sonO;n,
vi ,a' commission which the honorable Senator has do
Nominated political commission appoiuted Ly ~.
o'erhheht' Sir his mistake mus,havc eeted from
MS ,hauenuon to the law Of which he was sne,tinn
Tor he did not intend produce an erroneous ,nn;
as 70 inc character OF these officers He NAV If h
no, Ionaer the commissioner appointed by the State
poh'cai officer. will occupy the fine Of Tho s..
nate 10 point out the injustice of such coucI,s;o, b
cause when hnd that officer guarded upon each side Inv
an o'hcer oil equal powers and charged with the s,n
duties, and deriving, in both cases their oiFc,, oh S"e
from the Banks themselves sufficiently dives, the po,a
cd :" ponnea character which the gentleman has ascrb
In ist,I,,
'ne honorable Senator shall contend that the Banks SELF,
Po,uc'ahs as their representatives in the commission n
~ Oe .e ground he intendssto assume, tell him.
hc Pos''ioh were esabished he, and not myself woui
nave occasion Tor joy, that the commission was made no.
hncai It's ac Mr. President, which no one acouain,
Gu WIN he subject will deny, that yerv large ma;o,v
uouot not full two-thrds OF all the stocks Of all ia
~ und Banks in the State of New York are owneI and
he'a ny the political friends of the honorable gentleman
ny persons opposed in politics the pre mt adj
ne pam democrats OF New York, sir arc not rcl ,hcv
hou ie" STOCKS; they live not by Banks but bv the lhc
III "shus' surely then, ii this Bank commssi
constituted as have related, two of the three connis
sioers deriving their appointments from the votes Of H.
hc"ers Oh The stocks OF these Banks be a political con
missions II must represent the politics which the S.n,to
himself approves, and is not for him 10 co,nplon Of -;
Character But, Mr.. President, the Honorable
Ri 81 us c0hihssoh is not political commissions the
As III we" hork are not political Bank. nor do they
attempt TO exert political influence ri. ci1ens u
hst State oil whatever political party do no, inycs, %
cdPai ~ me Banks for political purposes: tbcv undor
stand their interests too well 10 do so; ihev male
vesmenls Tor the profit 10 be derived from, them anJ H.
banks are conducted with singls view to his object
wish, sir, had the power 20 persuade
TO permit their minds TO be undecciyed unon bi i,
ihey lead themselves into many mistakes upon the sinh
snd U,e New ork banks by adopting this error
aiu reasoning from II, without proper acuuaintance
with The Law, or the facts, from which carrcc, om
mons would be formed. The Banks of New WIZ
money; and IL they do that and if the laws he "s
as 10 protect Their rights and 10 facilitate their
directed 10 mat object they not who rules what no.
il'ca' party tnumphs, or what politician succeeds ofs
II 10 candorto say, Mr. President, that IN former ,6
and before the establishment OF the present svs,on
banking in that State. had he ard OF very lew in,
In which banks charged with too ,n,,"h lceS
ahce oil truth, oil interfering in the politics Of Tho e.,
put am happy to be able say, tina, those instances 90
lar as my Information extends, have been few and far
between while believe time has shown that evo 20,
pank against which this charge was strongly sup,or.}
has turned out to be nsolveni 'OfP0''e"'
The honorable Senator apain ,eI,s no ,lo,,h
taves from New York here express erea, fea oG M
power and influence OF the oBank cf the United St,e
and asks II that State with lis league of banL, go
prising together capital of between 'o,'
siitulone W 'O"' WIS Ih
Here Mr.. Webster explained tba, Mr. w
prehended his remark; that he had not said IN, The NJ
YORK Banks had TO fear the Bank of ,he Un;,d
90 uu' nal MS argument was, that the Senators from
ence OF the Bank of the United States win c"n'I "
tn'rtyhye millions Of dollars, extending lis operations ovo
the whole Union; while they expressed no fear
OF the power and Influence OF the sxty.nne bauks Of h
own state embodyng an aggregate capital of more Than
twenty-five millions, aud leagued together by legal prov
Mr. Wright resumed. lie said he owed if 70 fine Soma.
for TO say that he had msspprehende the force and III
recUoh OF MS remark and I've would conform his on,wcr
70 ms present understanding Of lis application This said
MT W. VIII make II necessary for me TO uoute bo,v f
me Saeiy-Fund Banks of New York are in The LANGUAGE
Oh e honorable Senator leagued together so az IN Inc me-
perry viewed as one consolidated monied power Tbenn
~ common interest between them, Mr. w said ves t,c;
oOBdtlon 10 contribute 10 fund which f,nI .a
tkeh possession oil by the State and held for te ~
'he puoc-he bill-holders and deposiors OF the
anu LOT the benefit oil the banks uerioy in ,se il shout,
no oe expended on account OF failures OF the banks To
what extent could this contribution be carried bsc,
mat was the measure Of the league tween te b,nL IT,
tue hrs Instance TO yearly payment OF one.aU nj one
pr cent upon tue amount OF the CAPITAL stock nj on
oanh when yearly payment to be extended over ,s
'eE OF SIX years, md 10 amount, in The sprreoo, 10
,ee per cent upon tie aggregate capital stock of all e
1ho su yectt 10 the provisions of the bank fund law
'heSe contributions were TO constitute the fund tle man,
ascmehi Of which remains with the State during tIe
nu'hce oilhe charters Of the banks hut the pef nn
income OF which, and above expenses is dsinIod
~ ne OdnHs 10 the proportion Of their respective con,ri
DuioDS' Inc und Il trust fund, for the benefit and CO.
curly OF az VINO may have demands sgsinst the banks
- n "S S'oo NhOders--and The Stale il the trustee,
ou " those demands are discharged bv the hat 49,
selves, The fund is THERE and is TO he re,tneJ ~, -
We close OF their respective charters according II,
specuve interests in IT. and in he mean li,ns 49, + 80.
OeiOte remarked, The annual earnings OF the f,rd C
expenditures from being FIRST deducted are anonsiI %
70 me odhks This the first sep OF the league Ne IT,
second In case bank, subject TO Tie ban2 fI IT, n e
andthe capital ofbc fund be reduced bv The .'s
Tvs notes. winch arc made redeemabIe at tl,e Treas,,s ~
we od'e so long as there moneys beIoDeipp IN ,L
Odpk iunn IN me Treasury To redeem Them viii lien III,
I % OF eh9il OF one per cent. upon the cspi,a
sosh OF s we banks subject 10 the Law az ain
IN hi I a obligations against the failing bank