Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-20

New York branch notes count $40, % received at the
place where they not payable.
The same mistake thrOugh the hole; for, instead
OF the Premium being calculated on PAL 900 00O II should
he the amount te drat,s the bank branches
aud State banks which Si5 900 900 aud shows
that S2i7 2l9 i. ic less than halt the per cent on
the amount oi the drafts Oh which the premium has been
charged and received.
The gentleman from Pennsylvania has told U.S. the Sc
creay has complained because the bank not paid the
transfer drafts an sPecie but has boarded up in her
vaults. think the Secretary had right complain.
But hapPears to that the given this
ON the part OF the bank is not satisfactory with
the gentleman from PeOnsy sna, the Bank OF the United
States had the right meet those drafts with drafts
the State banks. Discount ought be good pay among
banks II fair aud correct business transaction" ior
the bank to draw the Stale banks indebted to her.
IN payment Of drafts presented by the State banks;
but !, certainly was not necessary for the Bank OF
the United States to draw in her discounts to meet
the removal Of the deposiies, II she able pay
the transfer drafts with drafts on the State Banks;
nor was 1t necessary for her TO hold TO her spe.
cie when she had more than $lOO 900 in her
to protect her circulating currency, when she had only
Slso00,o0o in circulation. There is a recollection that
my mind, that Mr.. Bdde in 1892 hen ~
amined before the committee relation to the sale and
expectation OF specie. stated, TINT within months pre-
cedng the bank had pared with its surplus specie to
which the statement made, he maintains that the guam
uy remaining on hand was sufficient Indeed, the term
surplus specie" conveys that idea distinctly to the
mind. In February and March, 1882 when iii. state
ment made. the bank had about Sc 500 600 .pe-
Gle, with circulation of $4,000 900. Now, believe
with Mr. Bdde, that $4,000 900 specie amply suf
feient to sustain circulation Of 900; and there
fore, cannot agree with the gentleman from Penn.yiva
na that it necessary for the ecuce OF t, bank and
the protection OF her circulating that she should
retain her specie, when she has than $40 Toe OoO
anu her circulating currency is only $lS00O,0o0. Her
specie Is $4,000 900 more aud her circulation Sc 900 $50
less than they in 1882 when her able
thought she had abundant supply. am then supyut-
ell by Mr. Biddle in the opinion that the bank
ing solely in selfdecnce that IL necessary or i'm
portant 10 hold her specie protect her crr cur
rency; that she determined TO carry the the enc
mys country; TO commence offensive operations; TO OK.
md htcl,
might reach these walls, and compel the
OF the people TO reject the Tor the and or
der the restoration oil the deposites
The honorable gentleman from South Carolina in the
aronr OF his feelings and excited Imagination, over
and embarrassment, but the removal Of tire depo.ites A
little reflection and calm consideration would satisfy him
oil his mistake.
We have been correctly told by the gentleman from
PeDn.ylva 't is not the transfer millions
oil dollars from one place to another that has produced this
confusion and alarn; is the drawing i'm of eiy or
nine millions of discounts While they conducc 10 the
distress and embarrassment they the only causes
One, quite as important in its consequences has been
rely overlooked-l mean the Immense cash and short
credit duties, under the last tariff All these had their
influence; but the most important have yet mention.
Here am supported by the authority of The hon. gene
man from Pa OF this, add by gentleman OF high standing
(r Soutar) in the other House; and supported by such
authority feel that am impregasbie. Ii is the want OF
confidence in the stability OF the present state OF things;
and feel constrained TO say much OF this, been Gre
a,ed by the advocates for the restoration of the
and the renewal Of the charter OF the Bank II NAV not
be, and have doubt is the intention Of MANY to
produce this effects but it is inevitable, from the state OF
doubt and uncertainty which occupy the public mind as 10
the ultimate decision OF this House. While the question
oil The deposites Is agifating-whe they oscilang OH
the line OF demarcation, sometimes sde some
times on the other while darkness, Clouds and shadows
hang over the ultimate determination of the repre-
sentatves oil the people, there must be of con.
hdence; and while ii remains there be confusion
alarm, embarrassment, and failures.
BY prompt and decisive action here confidence will RI
turn, and credit will be restored; and
and embarrassment will vanish as the mists of mor,in
Uni -
from one side OF the street the other from one ban
to another, the public is destroyed the capt.
tai oil the country is not annihated. Tie State banks
when certain OF the deposes, increase their discounts
to the extent of those deposites The United States
Bank can do no mere Her friends would say that
she could; they would not allow her
ly. Let this House, then, act with rmness and deci.
SION Let it say the depoes shall be resored
aud confidence and peace, and plenty will return to bes
our happy land. That this may be done without the yio
Iation OF any contract made with the Bank have moi
smallest doubt and will eDdeavor 10 proye n Ih
isdction OF every member OF this House. no listen
to the proofs which shall present to his consideration
IN discussing this important and momentous question,
l. The contract made with the bank:
2 The power OF the Secretary Of the Treasury 10
change the depository of the Of the United Sacs
and the reasons which may authorize his OF that
power:
3. The reasons which induced him TO order ,aeir re-
moval;
And, lastly, the importance OF providing, by law o,he
places OF deposte and prescribing the upon which
the public revenue shall be deposited
nrO.
positions, would remark, am well aware that many
persons, and among them, of that party with whom
have the honor to agree upon the principles of this Go.
vernment, and the construction Of the Constitution en-
tertaned the opinion that by the the contract
the United States bound depose the public money
in the Bank of the United States and that this was mart nj
the consideration for the bonus of ST. 500 600 Their
opinions are at all times entitled The highest respect
from me; and have doubt this opinion has been no.
nesy formed and entertained. My first DUTY both TO
them and myself is to endeavor 10 satisfy them of their
error Unless can, argument upon the remaining POINTS
must be utterly unavailing. II the United States are
hound by the contract 10 make and continue the
Bank Of the United States the depository of the revenue
then reasons drawn from or interest
authorize an inracon OF that contract II the United
States have bound themselves they fulfil the stpu
Iations into which they have cred; and il believed
,hat the dePoses formed any part OF the consider OF
the bonus, should at once, and unhesangIy vote for
their restoration But il shall be able 70 show dat the
deposites OF The public money formed part Of the con-
sideraon, then may hope they will calmly aod consi.
deratey examine the which have been given and
which shall eDdeavor to prove abundantIy
for their removal IL fall canao, and shall not ex.
pect those reasons TO have any influence upon SIN; il
succeed, shall then have been so fortunate as to
opened the way TO dispa ssionae consider ation.
In doing this, place more reliance the documents
and opinions of the others who stand
and which have IL in my power lay before this House.
than on any argument OF my own, 10 the other
wise insurmounisble difficulty.
LIST. Contract In considering the contract IL NAV bs
proper to consider the remarks of the Secretary i'm
nexion with it, and which have been dee med so oiec
tonable by the gentleman from Pennsylvanis, They
will be found on the FIRST page, and read thus:
alt has been settled by repeated adjudc atoms that
charter granted by State corporation like that Of the
Bank OF the u. s. is contract between the soyeregntv
which grants IT, and the stockholders The same prncDle
must apply 10 charter granted by the IT, g. and conse