Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-07

OF hen Where, then, was the intention TO deceive.
Hut II "a said by gentleman from, South Carolina
that the Secretary OF the Treasury has been guilty Of
gto's attempt TO impose upon Ibis House. by ui.represent
iaonhs OF October and November. VIVA. an. S.cr.,,rv
TINS pon' l.. tina, the receipts iu,o the e,sury
du'ing those months had been lily large and that
IN consequence the smount OF he pa,c drro.,, i'm The
BANK OF the United States, had increased POS GEO. in
Aihuo" !" IT'S increase OF means by its curtdneus. OF
e'se .na, 'o"r millions OF dollars tnssiug the egg'-gae
an"nn', mus collected from the community. So 1874 900
weI' ,'r IS t's' not tue l. il ret literally true The
a"k n'u increased its means. and could have sc"ousDo
u'e" me community hy isco,tng TO. at the least, the
extent OF that increase instead Of which had chyfd
ea Tvs discounts within The same period, 81 o66 600
And sir is there here ANY ni>a,eu,,n,, Has moi ,,
secretary 81 the Treasury stated the il The
terms which the gentleman has applied an officer o.,
tina Government, who ia s discharge OF his high duty
ta"s makes official statements TO the House yyer,
rured, and moi expected Il they hal not he gu made eli;
should no, have troubled the House with these aud the
following views. ~ $3.50 ~
The gentleman from South Carolina went on to saw SIR
"a' ne never In his lie had seen so and
20, 'e"e" Tor the purpose OF throwing the blame oi
e ex'snc pressure upon Bsnk Of o. S, Than iha,
o, me Secretary Of the Treasury. Sir said Mr.. p, the
S"oernmen did not make the curianent oi discounts II
sponNby Tor with the Bank, which did make
~ The Secretary st"s that there occasion for the
Bank TO have produced this pressure or pursued this
grinding policy; hut that, with eposes and
u" unusual amount OF specie, IL was in its power have
necommcdated the community, and sustained il the
pressure now SIR as to the amount OF specie, how
he iac on the LIST OF October, the Bank had on hand of
specie, Si0663 000 having Increased its sp-ce 600
w"ia me two months prec. ding. ar. Bildlr i'm his
'e"er OF April, 1882, speaks Of the Bank having on
e there,n referred parted with its surplus
.pecie According The view which he there takes of
y" all over S6,IOoO0o Of specie. hand The Is Oc-
o"er' was surplus and yet the Bank continued collect
specie f'om the State Backs same time that
maze MS own executive curai!cns until il had ON hand
Vo.ooo II spec'e, being surplus Of millions beyond
" "a"s re Secretary OF the reasury expresses the
opinion h't in the months OF August aud vpteuber the
ru"ments by the Bank OF the Quilted States and State
BANKS did not fall much short nine mil ioas OF collars
hat in two
more ire additional enrichment by the Bank the Uni.
ted States would have been five millions and by The State
Dduks an equai amount, and that is ailuent from,
the hrs OF August TO the first OF December 10 the sq
gega'e oil nineteen millions OF dollars, would have Al.
nos' put an end 10 The course of trade And, SIR the
secretary has predicted admirably would hsy. been
me consequence II the depcsies had been removed
wheh lney were We find that the curtainen,, by the
"N OF he United States, during the months OF October
anu November, amounted TO S., I6l, OOO OF which the
no,es discounted amounted to three millions OF
dollars This amour, OF curtailment added 20 the cur
tmen's August and Septemher made an
"nent IN the Tour months OF 8, zoo, 900 dollars.
al me sta'e Banks had, as they probably would have
uoh out Tor the transfer of the deposites ed their
discounts in the proporon the whole curtaiIncn,
Inc four months would have fallen much short Of
"e amount predicted by the Secretary The Govern
ment deposi,es in the State Banks however have enabled
men, pro fdnto TO mitigate the pressure: but so far a.
the Bank OF the United States not dollar has
oeeh permitted to OF its vaults to relieve the
community. VIC
As TO Tue existing pressure, Mr.. p said il had been
produced by the Bank of the u 8 i,ser bv i,o s,,,
eurtailments; by which it had sought to produce same
ana 10 make the People believe that the pressure which
y eel IS me OF the removal Of the depo
ses from That Bank To make this pre- felt the NOR.
MT. T. said, the cur,aiiments had be en- in great epr.
oea'' conhned to the commercial cities. We find said he
aoo' ~ DAYS before Congress met stated by the
Directors, the Bank OF United States or
rn'her secret committee OF that Bank instructed The
@ 10 buy in no bi Is Of exchange those
OH 'ne atlantic cies having nnety DAYS 10 run 30 as IN
P1uuee local pressure first at New York then at Phi
Iade'ph,a probably; and in the order of time doub,
not, Baltimore is 10 he visited by it.
nj a. b,,s;
ing o'i' oil exchange, which the gentlemen from South
cannot conceive 10 be part of the loans Of the
Dahk Let me again refer upon This point To the Ieer
OF MI l5idle in April, 1892 where he saws: aft NAV No,
De unntcrestng to illustrate this movement Of the nar
@ao eNrhsnges oy showing the points iron, which this
slo oil bills come, and where they are tending
, ms VIII be seen in 'he annexed table marked A
among the objects OF interest presented in it, will he
seen that the amount of bills the waters of the
ssissipp amount TO SIO2i2,9 COS, and that The amount
wiihin an average, probably, OF sixty days. at
New York, is Sio96.4i0; and at Baltimore, pbiiadeI.
aggregate OF $s.4s3,l69 The extent of these oS.ra
o's' curing the last year, amounted is 562 ls5 32
o n1 Ma OF 'o's vast amount being payable in the
Sy OF New york. nearly all the residue in Baltimore
Ph,iadelphia, Providence, and Boston
oir, 'he bank statements do not shew where the bills
purchased ny IL are payable but only the aggregate
amounts, purchased at particular places and da,es B,,
we nave conclusive evidence before us that the Ri
timed exactly its reduction so as to produce nrcssr
oou e meeting oil Congress, TO induce the State Banks
10 come forward and appeal Congress- as has been done
by The very same Banks, and using the same arguments
Ot re.cnart
oil the Bank oil the United States Yes SIR thev and tho
waote mercantile community are TO be pressed upon In
come forward and solicit Tor the Bank the United STATE,
an extension oil It's monopoly If you will turn TO ti,e m
oai from these Banks two years ago. YOU will perceivo
the eXhct simiude oil the language EN- ployed ,en and
now, the same common plac about OH
All ha' ond that the country exist without, Rant
&C. WIN respect TO this pressure SIR il il inpos.b.
a me mere removal OF the deposites can have oroauced
IT, III he amount OF those deposites had bee anniba,eJ
cou'u not have produced it. The curtailme n,s bv he
DdhK oil The U States, since the It OF Aug have i'm tct
uee" greater han the whole amount o the public de-
poes; has Withdrawn from husipes of the connr
IN th's way, more by and hall million OF dollars an
he whole amount oil the Government deposites
cannot be objec ed 10 the local Banks that thew have
cea'eo 'he pressure, because they but probe citing
themselves from The effect Of The excessive cutsiIue us
oy he 6'Dk oil The UDited States. The mere transfer o
me pubic moneys could have produced the pressure
Has the morey been exported? Is il not sill in ,h
country III TIE Bank OF The u States had not intend ID
oy 'he course which has pursued TO make the ptes
'e' 10 produce an ALARM and induce the Re prrsen
t"Ves oil The People TO do what their deliberate
oes ho approve the simple transfer of the public none
from that bark to other Banks would have prodceJ mo
shock at all What is the effect of the t,sn.fer og G
oeposuesE why, you do diminish, to certain cxtent The
aoy OF be depose Bank. but at the same time ina,
% ~ you enhance the ability OF Bank across the street
70 ease me pressure, sc. IL seemed (Nr p ss) 70 him
u'e 70 argue mat under ordinary circumstance the
HoEai OF me dePostes would necessarily have produced
any pressure. law p'o''ee"
hu' sir have not yet done with this business If IA.
Doineshc Bills OF Exchange, and their cutta,men, A.
ong 10 the statement Of that portion Of the Board nj
directors OF The Bank OF the United States who arc paced
"ee as PUPhc seDDes the 18Th Of August (tnark te
mneh hese operations commenceSD the follow ing
resolution adopted: " '"e
ResoiUed, That, for the prese,f and ,o,u H. Ed, -
he ntnfI, N.