Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-15

made 10 an official and formal manner and In That man.
ner submitted 10 the judgment OF the country the
use Of before that country by every fair
use etand argument, not only for the pspose ofdeend
ing themselves directors, for the higher prpose Of
maintaining The credit OF the bank and projecting tho pro-
perry entrusted 10 their care. H. in thus ,be Rank
before the community the directors carried their mes.
surcs beyond this lair object Of defence or II ,h.v re-
70 dsnonorsoe or INDIGENOUS modes of discussions
they sought rather to intlame than reason: N ,hey
substituted personal elimination for argument; it, even
they met invecive and violence with corresponding in
are not 10 be justified. ~
But on their rgh, 10 defend themselves before the pub
NC, against grave charges brought against them and urged
before the public, the committee entertain no doubt and
'ey arc equally clear in opinion, that the Secretary of
oil the Treasury Is not constituted the Judge of the mode
oil exercising this right and cannot Justly remove tho de-
PoSies merely because the conduct the bank i'm this
particular, has not happened conform to his wishes
The committee, therefore, consider this las. reason Of
he secretary equally insufficient with the rest; and thew
regard as the most Objectionable all in its princpe in
asnucl as II proceeds grounds, which if admitted
eave averyhgh official duty 10 be exerccised from
considerations connected with the political frc;nys ,nd
party contests every day. with guide but the ind vi
dual opinion OF the officer who is perform the act: an
opinion, which is possible may itself be no less ,;ncr
ed with political motive and feeling than the conlmc,
which II would reprehend.
~ an unlimited power be conceded to the Secretary TO
hhc penalties ON the bank for supposed political motives
IN act legal in themselves, where the security that the
Judge may not be found acting under the same Impulses
which he impuies TO the party accused?
lhe committee entertain doubt that tho
cause OIL the existing public distress is 10 be found in the
removal OF the public deposites and the in which
That removal has been made. No other adeou.,c
cause mas been suggested; and those who Justify the
removal do not so much deny this have been the
cause as insist that was not necessary that any such
erect siouidhave followed from it, In other words tbev
argue that, Notwithstanding the removal the hank s,ij
possessed the power, 1t it had chosen exercise it, of
warning OIL the blow which has fallen the country or
| at least oil mitigating its severity
Nohng Gould have been nationally expected but that
the bank deprived Of the depostes and bv tho
Executive Government would itself called on to- take
means necessary TO the attainment Of these ends the d
rectors alone Judges the committee have M owl
dence before them to show they have not exercised their
judgment fairly, and with cal solctude TO accommodate
the commercial community in the altered state Of things
rty OF the institutions, which equally their duty 10 IN.
public and the stockholders TO maintain They are GER
!any under every obligation Of duty, in the presen, dis
tressed state Of the country do every thing for the pnb
lie eet which is consistent with the safety of the bank
and with those considerations which the approaching
praon OF its charter makes important the directors
| t. regard.
The removal ITSELF and the manner of eec,inr IT, are
causes entirely sufficient, in the judgment OF the commit
has experienced and is experiencing and these conse
quences, they think, be referred to these causes az
their Just origin How could any other result have been
expected! The amount Of the depostes was nine mil.
lions oil dollars On this in deposite there was
sustained doubt, discount Of far greater magnitude
The withdrawal of this sum of nine millions from Inc bank
necessarily compelled to diminish its discounts 10 the
ull extent OF all that part which may be supposed to have
been sustained by it, is TO be remembered too Ina,
kind
was pressed with grea, activity. and all the means of the
country fully employed.
The Withdrawing of so large amount at such time.
from hands actually holding and using it, could not hui
produce arrangement and pressure, il, had been
immediately placed in other banks, and no unfiepdlv
feeling and OF confidence had attended the trans
action But is quite obvious that the operation 10 which
the Secretary has resoed has been attended with botb
hese additional and powerful causes of arrangement II
mas created unirendy feelings and has diminished con-
hdence This change OF the deposites is made on the
strength OF charges against the bank OF very grave and
aggravated nature; such il true, would seriously
anect It's credit for sovency and stability. Ii is aim
ed 10 The whole world having converted itself into
political partzan, misappled its unds neglected its high
est duties, and entered
the government Of the country.
These serious charges necessarily put the bank on its
ueehce ana The extraordinary spectacle is exhibited of
warfare by the National Government on the National
Bank notwithstanding that the Government is itself
great proprietor in the bank and andng that the
notes OF the bank the currency in which the
| oil the country are receivable.
The true and natural relation the Government
anu me 1ahk altogether reversed Instead Of enjoying
me confidence OF The Government is obliged sustain
lis most serious official assaults and to maintain itself
against its denunciaons The banks selected by the Co.
verhnent as It's agents are themselves thrown perhaps
unwlliDgy, into an attitude OF jealousy and suspicion
with the Bank of the United State. They become eau
nous aud fearful therefore, in all proceedings; and thus
'hose VINO should cooperate TO relieve the public pres
sure, are considering mainly their safety. Fearful
oil each Other and fearful of the Government they see
| position. ~
ltmay be asked, why these deposit banks able
10 MAINTAIN as large circulation the nine millions OF
oepos'es as the Bank OF the United States! And will
they not be thus able when tile present panic have
subsidized The committee think both the questions easily
answered '
The Bank Of the u s. has credit more general /, NAV
be said more universal than any Bank does
me credit OF the Bank OF the United States is equally
so' us DIS ana notes received with equal confidence
Tor The purpose OF circulation and remittance in every
quarter oil The country No paper circulation SO far az
The Committee know, which ever appeared in the
world, has approached the value and unifomi-
~ OF specie currency than the notes and bills of the
notes and bills have performed the Office of pecie All
The State banks have discounted upon the of
them with the freedom and holiness as thew would
nave done on an equal amount Of the precious metals
he cural'ment oil their circulation therefore lis not mere
ya Withdrawing OF the amount cuaied from the gene.
raj mass oil circulation is removing rather 10 the amount
cutaed The basis OF the general crcgaton and
he actual amount amount OF notes aud bills has not been
recently greatly diminished, there is suppose
mat the amount held by the State banks has been greatly
diminished o''
Inc removal OF the deposites has operated directly on
me amount oil The circulating medium at a moment when
'nat amount could not bear any considerable reduction
suddenly made without producing sensible effect. has
effect very material degree. Ii has operated on the
internal exchange, and has manifesy beer
ed with very serious and heavy Dconv in thai i'm
Por'an branch OF the national interest More than ALL il
mas acted on opinion; has disturbed the general conf.
dence, II has weakened the pubic faith i'm The
OF Tue currency, and ii has alarmed for the security
oil property As yet, hardly know effects on the
ced oil The country in Europe Perhaps is not easy TO
anticipate those eecs but il which operate he
should be found to have been efficient there also sill
greater degree oil pressure and distress than has vet been
| iel may be expected
ihe committee, therefore, cannot but regard the remo-
aIoi the dePostes, on the whole, a measure bioby
lnexpeden and altogether unjusable The public mo.