Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-09-16

ed negoia ou or cessation. "a hosies on the lilh
u February. but the bank could not act IN harmony
with our .ocol institutions without putting end 10 the
pauic and abandoning its assaults upon New York and
Pennsyivanis. For Ave weeks. md during the most
gloomy period Of the winter the managers Of the
bank saw with memorable uneoicern, friends and foes
involved in one indisermins,e ruin. At length for
tunaey Tor the county hry began TO despsir OF their
experiment Our city banks had reduced thsir baian
| ces-the pressure was tnoderaing, aud the opening
spring would pn, in marion the exubersnt
OF the country. The President OF the Bank reened on
the lT,h OF March, and proposed an srmis,icc till the Is,
OF May. The balances from our city banks 10
be but W az at in case The Bank
9f he Cntted States should become indebted TO the city
banks similar foibeoranee their part to be o6
serred" How grateful should our New York merchants
be to the President and Directors Of the Bank of the
United States for this anicahle and timely arrsne ement
which enabled this branch 10 become debtor of city
bank, in nine days. Tor balance Of hundred and
seventy nce thousand dollars, and 10 carry its
upon The South! Having been defeated in their cfor
TO break the Union Bank CT Maryland aud the Bank Of
the Metropolis, during the armstce and having again
become the creditor Of city banks tor balance OF
three bundled thousand doers, they renewed the cam
psgn after the Is, OF May The oil deposite story had
become stale, and some terror be invented II
was understood that the bsnk absolutely compelled TO
achce the Interests OF its stockholders, by winding up
us concerns four before the legal period
solution, and keering iscspul in the meantime unem
ployed! lis pensoned presses announced ths sad intel
gence in mourni stratus aud ea6ing Senators forebCd
Ell disastrous summer aud baleiul twilight the year
But the bank found that its friends quite
he'd with the winters experiment, aud disposed
TO be sacrificed in cold blood keep up this posture up
on the country They had enlisted Tor the campaign, but
not for the The managers The bank found them
selves ia awkw pre- Their friends i'm and
out OF Congress had assured the country Of
ruin-the exchange committee had prepared TO rene the
war vigorously; but their friends we're NOT 80
ansole as 10 submit quietly 10 the time.
10 advance was mpractcsble-to would disgrace
their Senatorial allies and expose whole irnpostne
Then sppearcd that celebrated espondence with COM
mitee Oh our Merchants, which oPeaed the eyes OF the
nation and equally asonihe aud foes The COM
mee frankly told ilemin substance, that, the expert
nen' upou Congress had tailed there object in
continuing the upon tic country that resources
were abundant and increasing beyond exsmple," aud
that their business ought The letter was
promptly answered The bank prep.ring for its one,y
relaons with the country had resolved stop its cur
taiimen's and contemplated future expansion. Thus
ended twelve months expemen break our lor in.
siiuions and TO convince the country OF the indpeusa
! bic necessity OF the Bank OF the United States
| There negotiations between New York committees
ana fbe President OF the Bank have been conducted with
the utmost baniy both sides; and concluding the
treaty OF peace and smy, the President assures the com.
m'ee, that mex restrictions were q" as painful The
1 BOARD oi directors as TO the community There is
something peculiar Thing exquisite the sensbiIy
OF corporation when determined 10 sflict i,sef
The reduction OF the public between the first of
August, 1888, and the first August 1884 was from
100000 1900 900 OF five millions OF dollars Now
banker would probably have thought il suf
hcen 10 reduce his discounts and loans an eqa amount
but corporation with noble sedena is determined
TO inct deeper wound upon its sensblity and reduce,
Tvs o"ns ana discounts III the same term from Ga 900
TO $500 600. king fifteen millions and
nve! denied ITSELF TOO, the satisfaction OF saving
| friends IRON wreck amidst the of February
through fear OF the Treasury and promptly comes 10
their aid IN the Gains OF Juiy-though its attitude with
the Treasury was not AT all changed. Ii may too be
matter Of special wonder with cspous financers how
an institution boasng OF its twenty-five millions i'm coin
and surplus with foreign exchange a mar and sn.c.
flowing into the conntry-coud have been driven 10 the
necessity OF running its friends, enable il 10 nav over
lew millions OF public money, demsnd il had repeated
y met. and al times 10 twice the amount in the Sc mi an
nusl redemption of the public debt. Fellow. citizens,
during the alarms OF the last winter many us NAV have
been deceived; but but those are IN
be dipped can now review the conduct and measures of
the Bank and its pSrtizans, without comprehendng tae
source aud object OF the late panic The has pissed
the exchange committee have failed in t-i hold
eXperiment-the drpos,e banks sse-specie
have not been suspended the President and the country
have lTiumphed II now in the poyer OF the ri
oil the United States TO embarrass trade. Our CONNER
cal credits diminshedsn our bank note crcula,o,
reduced and sustained by recent addition wenty mil
hons 10 our metallic currency aud enlarged crcuIson
oil coiDs The exchange committee may rene w lis opera
lions, and the Senate may in December repe its prrdc
lions oil runs but Ia the present condition country
nc Bank can do no INJURY naless aided and abe,ed its
commercial friends the local instilut III the H..
any among us SO determined 10 be ruined, it would be
cruel 10 inertrre with resolution, emauat,ug from, such
dsn'eresed generous aud voluntary devotion the Bank
| of the United States.
Fellow-citizeDG Avsrce may find apology for its
struggles; but what Gtonement ambition Though AZ.
suming the babnenls Of patriotism make for this bold
and reckless attempt 10 rise into power upon ruins of
The country! From the FIRST the day OF long ses
deposition ade's, distinguished Tor their talents were
employed, with zeal worthy Of nebier cause in at
tempting 10 spread panic throughout land, break our
Banks and RUN our trade Like the distressed Bank Dec
these afflicted patriots dscareing painful dutv
and weeping Calamites Of their ow creation With
romantic despair they n0urned ruined country and
bleeding Constitution Poverty desolation and despotsm
TO the land The Pre- sden the great autbor
OF our calamies, was denounced the abomnable
OF tyrap reVied aud irsduced BY his constitutions conn
Gil; condemned without trial. aud deted by his accus
ing Jndges, the common privilege Of defence The re.
voutioBay spirit spread from the Senate chsmher TO our
cities Public meetings were held in 1907 and 1914
when Jefferson and Madison were denounced and
thousands answered the appeal of the Senate and were
ready 10 hull the tyrsnt from his throne Committees
appointed and proceeded WASHING ton and nv
whom The President put his examination and in
some instances nsulied and held up obec of rdcue
and contempt Orators Larsngued in streets 10 tho.
sauds OF their inufsed partizsns burning with revo
ohzty hre, and eager 10 march the Capitol 10 proiec,
anit5uted Senate from the ebo Of the Chief Masis
ate OF the Unora Our srenals were storn,ed and The
paths Of dis Senatorial evolution marked with bloodl
IL il fortunate, fellow citizens that at cr.. so alarm
ing had President at the helm who stood firm and
undaURted amidst the revolutionary violence of the mes
patriot, no never shrunk from any contest with d,e
enemies OF Constitution Union our Country lie,
us not suppose that public virtue and like his can
escape that prosecuting spirit which would pursue its vic
mn 10 The grave and nscfibe calumny The tomb Of
Jefferson The career OF this venerable public servant il
drawing rapidly its close will leave behind him
goiously associated with almost every sroninsn,
event OF his tine. Ill will long be Remembered as one
who was instrumental 10 saving lis country from the
worst oil cslsmtes-who executed great constitutional
reform, checked The spirit oil dsunion and arrested the
march Of consold aoun no, though hwared in HE adj
mn'sifston BY stormy opposition, illustrated il by ra-
pd succession important national services who caused
reform In the currency calculated save the iIustri.
Gus ahu oneTpfsing from the disastrous fluctuations of
rapdy gro"nE paper currency aud no. the close of
biisn, public career, witnessed the expiring seonies of
an institution, which, had he not thrown hnse into The
b. .aI Ill -.