Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-15
T'scnsy-third Congress.--Isi scss.
SPEECH OF MIR. POLK, Or TrNNrssEE.
Delivered IN The House Of Representatives. June 2Oib
lS3l,-on the "BiIi regulating the deposi,es of the

11epTcsenfaffrcs J,Iue
lS3l--on the "Bili regulating the deposiies of the
money Of the United States in certain local Banks
rCoNcLUDED.l
Against all this complaint of ruin, Of prostraion Of
credit, an1 OF commercial and pecunary distress have
some evidences collected from the documents of Ina,
ROD, now flies, TO which wish also 10 call The al,
,ennon Of the House. And tie frs, report submitted
Dy Mr. CLAY TO the Senate of the United States ON ,be
"a oil March, 1911, follows viz: "Y our Committee are
happy TO say that they learn from soutc
mat The appehensions which iudugsd as 10 the dis.
Tess resulting from OF the charter are far
nom being realized in Pr iaJelpha which their infor-
NATION has been confined long since obvious that
the vacuumin the circulation OF the country which "a
70 De produced by the Withdraw al the paper of the Bank
OF 'he united States, would be filled by paper issuing
from other Banks. Tbs operation is now actually goine
on; the paper OF the Bank of the United States is reidv
returning aud that OF other Banks is takino is l,cs
Their ability TO enlarge their accommola is prouo
uonNey eniaDced and when IL shalt be further ncreas
cd by into their vaults Of those asnoos rL;h
are IN possession OF the Bank OF the United States the in
furious effects OF dissolution of the viii he
found consisin an accelerated disclosure of the actual
cohon oil those who have been supported by the credit
OF DINERS but whose insOlvent lettering situation known
to the Bank has been from the public al arre
We have heard much during the present winter of
declaration imputed the President "lhat those - ho ,d
on borrowed capital ought break" The same oninion
seems was IN substance expressed by this committee Of
me senate IN ISL The same committee ere then fur
ther oil opinion, as now that the representations of
distress were greatly exaggerated, If uDounded-tbat
Tue vacuum produced by the withdrawal of the paner et
the Bank OF the Uned States would be SUPPLIED he Tho
paper oil other Banks and that State Banks were sale and
suitable repositories of The public money
had also, on our files memorial from the na,rio,ic
suZens oil Psburg' from which will trouble Tie House
by reading few extracts NV ~
"Aher the Bank OF the United States had on;o,o, On
years prosperity had divided in that term tourlmlions
over six cent and had held in bondage thousands Of
our citizens who dared act according TO ther cor,
sciences IRON fear OF offending the British
ana federal directors, had hoped that they ould
quietly closed their concerns, and waited another turn
" o"he ' oher classes OF citizens OF least equal
merit had each shared their four millions: but we have
seen With Indignation, studied delay in The collections
oil That bank indicating deerina,io to gain renewal
studied m inS Uid
ais and on State banks TO gain an xiliar.s and
studied memorial, combining in smooth IangnaGe ,b
free People" VI d
:. The memorial next proceeds to associate the Bank
WIN me government claiming TO be necessary and in.
divsOle part of it, showing the nsuliciencv of state
Banks TO answer the gnhed purposes of their nstuon
sno' alter repeating, Tor the tenth time, the a,pf caIani
t1es d,odhg ther dissolution, they the hard
case oil monied astocaces and of rich widows and or
P" interested In their stock 10 the wisdom Justice
OF me Legislature They again hold up the awful terror
"a general arrangement OF credit and pray for re-
newal OF their charter
" Now, may il please the Congress- this Bank memoriaI
Is ior grant, worth, 10 the stockholders six millions and
TO federalism and British influence sirtv ,ons and
II the memorial contained the truth tbere coIi -
oeen no occasion OF presenting w in Your wisdom
and superior intelligence, would have humbiv neand
David ienoX President, and the Directors and sockLod
es OF tue United States Bank, please to accent
al OF their charter for eternity, or such shorter f. r "
their honors should appoint" a.
1--WE regard the repeated alarms in the memoraI "a no,
o"y e'ouhuess' oui as kind Of threatening i'll suited
toyonr dignity and our independence"
~ ine Dahk memorial Is public declaration that the
government and People OF the United States are held
IN duress by tue memoTiass and that the Of
our Independence rests their Willingness to continue
heir BANK operations IL contains insulting history oI
iavors TO u.s. greater than their ROYAL master ever 800
upon the colonies IL declares that in The apseemeni If
The power OF the purse, for twenty wears il bas -
every thing for us, ami has rendered itself w
our inare existence. Its silent language is Tb,yg%
we Ia, 10 conquer you by the sword, hold Won sns
pended by the pursesiCgs. We demand your yrat;tu1a
Tor such use OF our funds have condescended 70
pe,m you 10 pay Tor and now, il the power is 10 be
"hdTawp from US, all your establishments of commerce
finance, agriculture and the arts shall fall viii ne
his language is not from band of patriots who nm
70 au me nation In the first struggles OF sel-eo
vennent but OF men, who, hy subiley and
obtained charter and who have become masters Of be
head waters OF corruption, through the -placed bounty
OF me uTst Congress Their delay 10 close their
cordng to law, was not for public good but in
uon Tor sudden onset upon short of your honor
able body. Hence their tceH timed g., @
republican presses. Hence the silence of fedcraI
lest discussion should awake your constituents Tho
ri OF lt'o Hence The artificial depression Of stock not
IA m0Thet, and the petitions from Interested
individuals ciowding upon you Hence the fhrongin ~
your avenues and The arlu sounding OF every Senator
aud member Hence the limitations that million and
quarter should be placed in your treasury, as cons
deralon Tor Tie ruin oil your constituents; and hence The
shameless assertion that our President who gained his ele
walton by his ahle opposition the charter of The Rant
and other ruiDous measures, is in favor of
"The Bank memorial with its accompsniments H. an
alarming commentary the original charter The scr
al depreciation Of liver aud gold bv tho Ilri,1
states Bank, Is net TO be compared with the a,tamp
pteclse The sterling virtue and republican integrity of os
All the representations of ruin and impending dsres
OF Inc inability 81 Stale Banks 10 perform the Offices nj
agents CT Government, OF arrangement of od
OF 'ne necessity oil national regulator Of CURRENCY made
ny Tie old Bank aud IFS iiends did convince e Com
gIessoi tolO-ll that IL proper grant re- charter
In mat most important Crisis the Legislature of The Com
Inon"eaIih 0 Pennsylvania, 10 the rescue of tbc
Constitution. Resolutions there adopted and are
now on our FLEE nsrucbg her Senator'S and requesting
her Representatives in Congress "To use every exer5
~ teir power prevent The csfer of the Bank of e
United States lom being renewed, or any other Rant
from being chartered by Congress- designed 10 have
ration within the jur'dicton OF any s ate" &c
virginia. too, gave similar instructions 10 her Senators
and Representatives. in Congress- "lo their best eorts
IN opposing by every means in their power the rene
OF the charter Of the Bank Of the United SatesV Tic
resolutions Of Pennsylvana wero presented 10 Congtcss
on he 22 and those Virginia III 26.I Of Jant,arv
ISL Congress refused TO the charter; lie Old
bank expired with the Termination OF s charter; aud mono
Of The evil consequence which bad been ancipafed AMI
were 20 confidently predicted by the bank aud he rfends
were found TO follow No distress no ruin no prostr zion
OF credt, or Of eomtntfce, were found TO exist Tbi.
bank expired, tor, With its business extended IN 10 lie
maximum point almost 70 he last hour of lis existence
Even the minority Of he COMMITTEES of WAYS and Means
in their counter report the present session admit fbai
That bank expire with circulation then flowing through
tic country greater than be maximum Il lie amount Al
any previous time, with tie usual extent OF depo.es
public aud private, in it, vants with nearly all he can
yass OF every KIND spread 20 the st hour Of its voysge
and which The Just aud pioieable relations subsisng Be-
tween tie Administration and the Bank made il sale 10
spread ior.ihe good OF tie country"
III ilIis be so, Why may The thing happen upon
the termination Of the charter Of the present bae There
eore with the termination OF ils charter without pfvdue
violent sOci either upou o eo,,