Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-22

of the United States Sir, what have we seen
within q few short months2 The whole face of
the commercial community changed; not, as
we We're told just now by the bank standing still,
but by its making aretrograde movement--thus
producing that panic and distress, which is now
SO much complained of. Sir, it is vain to tell
us, that all this has been caused by the removal
of the deposites. Even the friends of the bank,
have not asserted that this is the case. The re-
moval of the deposites, sir, is no new occur
renee. They are subject to removal at any
time, and for many purposes
Will the honorable gentleman from South Ca
lrolina, who has alluded to this part ofthe SUBJ
jact, tell us that it has not yet happened that the
| depoSites have been reduced to almost nothing2
We are told by "a document which is in the pos
session of the Senate, that in March, 49, when
the protested bill came back from France, there
were only $4,000 in the Treasury. Was not
this a removal of the deposites2 But was there
any presSere on this occasion? No, sir; on the
contrary, at that very momentthe Bank was en-
gagged in charging its accommodations. 1t is
! in vain then to tell us, that the removal OF the
deposites has produced the present distress. Sir,
an examination of the returns of the Bank must
be perfectly conclusive in this respect. BY the
Secretary's report it appears, that on the 1st of
| August the deposites in the United States Bank
amounted to seven millions of dollars; and that
| on the 1St Of December five millions still re-
manned, leaving the whole reduction or remov-
al at two millions; while the curtaiment by the
| Bank amounted to ten millions Sir, some 9TH
er cause then must be found for that curtail-
ment than the removal of the depoSiteS; and
| that other cause has been stated in another de-
partment of this Legislature, by gentleman,
whose connection with the Bank gives to every
/ thing he says an almost official importance. We
are told by that gentleman, thatit is not the
removal of the money, but the doctrine with
which the removals. connected, that has pro-
duced the distress which at present prevails;
the doctrine that the currency is to depend up
on the State Banks; that government has said
| the people are to be separated from the Bank.
| And what is the object, sir, of the Bank? It's
object is to demonstrate that this separation
cannot be affected without producing distress,
and involving the very existence of this people.
This Sir, is the true motive of the curtailment.
The question is Their whether we are to yield to
| the direction of Bank, acting under these
principles, or whether we are not.
| ] will read Sir, an exhibit, showing the intiu-
ence possessed by this immense institution
| MIR. RIvEs here read statement ofthe business
ofthe bank showing the amount of domestic
bills purchased, collected, &C., and continued
| Thus Sir 34l millions is the amount OF the
operations ofthe bank, and can any gentleman
| look at this enormous interest thus possessed by
| the bank-at its monopoly of the whole circula-
| ton, and at the manner in which 1t has mixed
3
out feeling deep sense of the danger of such
an institution. 1t is impossible that such an in
stitution should fail to eXertan influence detri
mental to freedom and the interest Of the cOun-
| try. The true source of the evil then-of the
present distress and pressure-is the existence
of the bank.
| And how are we to remedy this evil? Are
we to aid the power of the bank, and assist it to
annoy us further? Sir, what will be the effect
ofrestoring the deposites? | wish to consider
this subject practically. Will it not lead to
renewal of this institution by which we now
suffer? Why are we to restore the depOsites IT
! the bank charter expires in two years. If we
WELD to this bank now--if we sucl umb now, how
shall We resist the still greater pressure which
] will be made upon us when it finally winds up
/ its atfars-when it will have its circulation OF
! Is or 90 millions of notes to provide for! A re-
storation of the depostes, Sir, will be renewal
/ of the existence of the bank. Can any one who
has reflected upon the course ofthings connected
with this institution, have supposed that.we are
to get rid of this power without some degree of
suffering to the community? Have we forgot
ten the events of the year 1911? The pressure
was then far greater than it is now.
! Sir, can any one in rejecting on the proba-
BILE course of things, imagine that we were to
| get rid Of this power without some suffering?-
| Can we have forgotten the circumstances OF
1912 That pressure excited great agitation.
Property in Baltimore and Philadelphia fell from
| ten to seven dollars. The Senate would acknow-
more practicable than to restore a metallic cur
ledge that if the termination of the bank when its
outstanding debts were only IA millions, eau
sed distress it must be much greater now, when
they were sixty or seventy millions. Hwould
be singular indeed, if any one could expect to
get rid, without pressure, ofsuch an institution,
which for long time has been sitting as an in
cubus upon the liberties of the country. But
Sir, we are told by the gentleman from South
Carolina that the question was not whether we
should get rid OF the bank, but whether we
should have one subject to the Government as
the State banks are Can he suppose that the
State banks are more under the control of the
Government thanthe United States Bank! Can
he suppose that the State Banks, under the con-
| troll as they are of the several legislatures in
whose appointments the United States have no
influence, can be so formidable? Can he sup
pose that the paltry pittance the deposites can
induce them to become serve partizans OF the
Government? In the present reduced state OF
the revenue, we have not above four millions to
divide among four hundred banks. What has
| happened in our own State? Has the gentleman