Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-16
Twenty-third COmgress.--Ist scss.
SENATE Thursday, .Msy s.
- Nof ttt1l
PETITIONS.

ton against erbsrering the Bank OF the United Stat
ani against he restoration oil the Depos and xpres
the orin that the sHAs Of the Bank might be
without necessarily producing genea al enbsr sssmen
any evils The apprehension OF which should prevent the
national legislature from dischsrgng great debt the
present age, and to posieri by permitting ia institution
TO expire upon the limitation OF it, charter He said
the memorial was very nuneousiy signed, the letter
which accompanied IL, stating the number upwards
three tho1sand aud from his information and heef co
prsed mass OF intelligence aud responsibility which en-
titled the opinions expressed tn the His hest regard Mr.
Is said that he FULLY concured in all the sentiments
pressed by the ,neuoriss but that d. woul only avail
himself OF the present occasion TO present some considers
lions IN isvor oil the concluding sentiment expressed BY
the memoriaisis.
That sentiment the expression OF belief that the
anafs OF .he Bank Nigh, be wound up. the rxpra
uon OF us snarter without necessarily producing any
general embarrassment to the community. The belief
thu. expressed by body OF its cifz-n. numerous
ineihgeoi, so respectable great " and pos.
sessiDg ample means jug OF the subject and
~ addressed To the National Legislature itself an ar.
gnmen'' and very strong one. in favor OF the truth OF
he'r pos'uon was, however, susceptible OF being
tanned by txDsic arguments these he would pre-
sent one or two TO the consideration of the Senate.
The winding up OF the affairs oil the Bank, Mr. r. said
wou aneet me communi'y at two points, mandy. the
collection Of debts due the Bank and the Of
It's notes from circulation lie spoke first OF collec
non oil ,hese debts, and said that ia addition the two
years allowed by the charter for the use its
rate faculties in collecting its debts, closing its affairs
me institution might take much more time as IL
ny ha'"g recourse TO the ordinary and we'll known al
Tentative OF oil corporations the eve of
" cfe'n"g trustees and putting its affairs their hands
" o.
Inc hrst Bhk OF the Cned States had done SO and I'd,
moi hns.d the collec ion OF its notes in dozen wears
e us dissolution. The present bank might act in the
same mahner AMI was certainly bound aiter the
trscinary manner in which that institution had
m loans alter began 10 have reason 10 believe that its
chsfef nght not tie renewed. There could there fore
De o necessity Tor expressing the debtors TO the hank by
forcing them TO pay their loans at the expiraon q, .
shar'er The avail able means OF the bank would eWatie
10 pay up It's depoes aud redeem its circulation and
the debts would chiefly be used tor the Of
c'P'a' 10 HE stockholders; aud these debts when Sc
cured would be bringing interest the stockholders
ey "o"o nave no other inuceinent than other creditors
nave 10 proceed horsy and vigorously ag ainst
on 'he next point the withdrawal Of the the Bank
iro" circulation, he, Mr. B. believed that the co,muu
heen not 10 lear any necessary enba from ,ha
measure. The amount Withdrawn would proiabIv no
much 50 than generally imagined and The voit /,
any 'lghthe filled ought be Glled-snd would he fl
~, WIN something very preferable any escripon of
"h no.es whatsoever The Bank had about IL millions
OF noes IA calculations; and it had about IL mio, .pece
' .nS' he difference was about six n,illon.; So
ni dminutlon or six millions was all that The cor,,
my nau 10 "pprehend as tue IL millions of specie now in
the BANK would all be paid out, either ,s alioy dc,
posle', taking up notes, returning the capital 10 no
stockholders dminuon OF six millions is all then tina,
will have 10 be provided oi; aud we have the facts i'm
hand said MIR. b., which authorize us 10 affirm that ,his
uh'nuilon will be far than provided by impora
lions foreign specie These mportaons in the las.
monts-he might saydur months for Of the custom.
mouse returns especially that OF Orleans only TO Il
lst April These mpora for that breI peod
~ near e'gh mfo - OF dollar Upon III point, he (Mr
had the saiisaction speak with certainty and pre
cson; Tor The Secretary OF the Treasury, MT Tanpy
with avsw 20 ascertain the specie resources OF the cou.
'ry ia gwen orders Tor weekly returns OF specie
ed aud exported since the frs OF December last Tb.s.
returns preserved the gratifying result OF about seven nil
nous egh' hundred thousand dollars imported, and less
man gu after OF million, 10 wit SAG 9iS exporred-
ieie, tben, was the void led once rather provd
ell Tor before il occurred and long before the exra,ion
me ch"tcr the imporihons OF sp cie and the product
oil our own gold mines, mated two millions per
annum, VIII make the deficiency, once but tia
or Tour times Mr.. b. said that briei MEASURE OF
legislation from Congress, Congress could only find lime
would e aI,.
rency OF gold and silver: he all d 10 the pal
OBJECT Of raising the standard OF god, aud making foreign
CONS current al their lair money value These measures
the "ork OF lew days legsa,ion,- if we could on
spare a. lew days TO The buiness OF The PeoIe-wouIi
MI the country with gold, aud with silver They would
increase the importaion great the npOriatiots TOW
were, and would retain in the country great part Of
what was mported they would also deinn for circulation
the mass OF native gold the hole OF Inch was no,y
exported Mr. b., therefore, held that the
from Boston well justified the opnirn
that The dissolution of the Bank aud the winding up oI s
aHrs wouhi not, necessarily produce any general
barrassment to the People OF the United States Alter
lew more remarks TO show thai the Bank of the Uni ed
states IA" dnnshed the qn,nty OF circulating medium.
especially ~ The South aud West by collie citing and car
ry'g of more specie than she lurnhe notes Mr. b. con.
memorial.
Mr.. Ewing replied to Mr.. Benton. Mr. g. ri lined
and conversational debate en-ued bew them. The
substance OF Mr. Beniom's remarks ioiioas;
MIR. benlon-He complained OF the Bauk dealing in
CON- hrs because II breach OF the carter
w. because IL was positive injury the country.
'e'g tue oahk INTO great shaving shop Tor aud
enabling 1t by its capital and organic ,ton nonopolze
That article, TO raise its pice, il corno
diy OF merchandise, and export it from the country
This was what the Bank had done. Up 10 1882 il had
collected above iorty millions OF specie the States
where she had branches, and suld exported large por
ton Of IT, IL had collected the grea part this sum
from The South aud West say % aons up May 1882
ana several millions since. In place OF this specie
RED oil from the south aud West the hank had issued
notes and checks, chiefly FIVE and ten dollar TO rs
ana these had fallen into the current Of trade and flow
go 10 The North east that The South West lost 10
heir specie and their paper by tho operation of this bank
linay have issued fifteen twenty mill OF paper in
the South and West. of which very little nov remained
IN those sections OF The Union, perhaps than
or Tour millions, while the specie taken certainly
amounted TO twenty three millions two wears ago aud
probably amounted to thirty millions now. CrrtA n IL
was, la million OF specie was taken from NJ Or
leans last winter, which certainly depressed the ncny
market there, aud contributed that depression in the
price OF Hour and bacon, which the Senator from Ohio
(hr EWING mentioned lew days ago MIR. b did not
conPlan OF The specie which from New Orleans and
the west IN the course ct trad; what incident
commerce must be borne with anh is not to be counter
acted by laws but he complained Of the Bank of the mi ed
states Tor adding S operations to those of commerce.
and carrying of twelve fifteen millions from " Orleans
which that city ought itself aud distribute lhroue
The channels OF its trade. These IL or Is millions
thus taken OIL by the Bonk, diminished the ability Of e
cry OF New Orleans 10 purchase Western produce, AMI
was thus an injury 10 the whole West II diminished
The supply oil specie at that place. from which place
western country received Hose metals Mr.. b. repeated,
II was not OF the operation OF commerce that lie
ed, but Of the operations OF The B,nk which had
IN the specie trade ia violation Of charter and hv ts
pita aud organZation had deprived the South and Yves
oil probably, 30 millions OF specie, substituting large is.
sue OF sma notes and checkfn place Of that specie;