The Arkansas advocate., 1834-01-31

his state Banks, eqnal fo that which ex- ists at this tisne2 So long as the Bank ol' tts United States exists, the bills ot tilc state Banks will be in good credit. We wish no better. Can the Secretary add any th.ne to tileir credit 4 IS obvious he eli,not and H!ss:ass then does he Heali. when 5j,, talks u about h;s pyeyiis'sss 2 toF the country a substitute for that currency which 1 he seeks 10 destroy Not that he ail pro ,s;ae s..e@ eea.ntry win local bills II. good credit, but q currency for the whole Union. This, and this alone, can be a siTestlinte'- But have we any such pfomis No, sif' s,et1ing like t. What is t which the Stafe Banks stip1late? Ii is fliis-tllat they will rece1yc Ill payment of inc debts to the Gov efnnent, the very same local bills winch arc now igl credit. Do they ge any further! ye the deposite Banks of Maine stlpul2te fo receive the ioiiis of the ticposie bslItAzs of Ioaisianaq Not q word of t, sir. Do you believe that, if shall go to the depo- site bank in Richmond, for example, with o.e oi tue bills of the seiseted bgisii iii th!s i4is4tief. that tiie Richmond bank WIl take II strGxs ufvx7.tfrr srrry,srvY l- -tlaat rgrsee,fs-st tsstflis ffafI tho (soeernneft, .s because that they have stipulated to de; but they will not take them from any body else. And what then becomes of the currency? '? Where is tke substitutel It is in vain to talk of giving the State Banks any greater credit than they now have. On the contra ", the moment you destroy the Bank ot the Unifetl states--and tremhle when look forward to othe peet-yoawi again return to the scenes of 1877. You will agaln have q scale of depreciation. The market will be full of the bills of broken Banks, until yeH Taag again be compelled to pay discount oi ten per cent. for Sill of Hxehange on | distant part of tie Un-5 ion. To withdraw the deposites from the Bank of fhe United States, and to place thata in the State Banks, leaves those Banks rot where they were, but in situa- ton the islost critical that can be conceived. Indeed, sir, there has been q runor, how well founded do not pretend to say, that some of tbese selected banks have already applied to the Secretary Of the Treasury to have the Government deposites taken from their possession, and restored to the Bank Of the United States, and t is ny most sln- eere beiiet, that such q step would be the best thlng winch, for the credit of those banks, could possibly happen. I do know from the best authority, that there has net, for the last ten yearss been so great pres sure on tue State banks of SO little capital to meet it. And if the Bank of the United States should do what 1t has the perfect right 10 gioa and wilat in all justice Il might dc, call in its paper ill proportion to tho ex- lstiag alarm to the community, the distress, great as 1t Is, would become unspeakably greater.
 0n this hrancAle ec tho esal, ,ieet have hnt one more sFen1arlS to make. The Secretary in the boundless hnmensity of his financial knowledge, has informed Us that one object he had in view, in tae removal of the do- posites, was, to save the country from the embarrassment and distress. which must in eYftsblv De produced by fhe depreciation of the bills of the United States Bank, as the period of the expiring of its charter shall approach. Now, sir. this is one ei the most extraordinary financial opinions Of the present.day \ Bank with ten millions of ailyeril its vaults, ana winch is able to pay all it's debts within sixty days; q Bank, which according to the Secretary, is too strong aud too solvent for the safety of the country. IS to have its bills depreciate in the market, just in proportion as the time ap- proaches when every one of those bills will be paid in hard cash indeed2 Why, sir, would not a farmer be astonished, who had . note of his rich neighbor that had yet two years to run, if a gentleman. with or with outthe title of Secretary, should, with great gravity and concern, inform him, that though his neighbor was immensely rich, and own- cd hundreds oi thousands, after all lis debts were paid, his note would depreeiate in val ue just i'll proportion as the day approached when 1t was rlpe for payment, and would certainly be paid2 Why, sir, is there a child that cannot perceive that if the value of q note Is ever to change, 1t will then be most valuable when if isnearest being paid? And here IS a Bank with millions n its vaults, So many millions that the Government Is afraid of 1t, yetits notes are 10 depreciate as the time approaches for the winding up of its affairs, and the public deposifes must, of necessity, be removed from its custody, to save the country from the distress occa- sionsd by that depreciation.
 lie wouii now proceed tto tto consider what he regarded, If true, as the only substantial ground alleged by the Secretary of the Treasury, for tho removal of tbe public funds; I ground which t founded in fact. wople he emitted 10 sef.ous consideration by this House.
 itlsad been alleged hy the Secretary of the ireeslay. fhat the unusual clutailments by the Bank of tho gnited States, from .Augsst -o acta5ef, had produced such ex- ssAss i arrssssrlo1t iy the cainneroial cofnmuniss, as rendered 1t absolutely ne-.
  to act promptly in the business of removing