Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-09
TweEty-tlaird Congress. LIST scss.
IN SENArE.--T Thursday, January 3
MIR BENTON'S SPEECH Confined

MIR. BENrON'S SPEECH-( Continued)
REMOVAL PUBLIC DEposlrEs
The SENATE resumed the consideration OF tho resoIu
tons submitted by Mr.. Clay, on the 26h ultimo
Mr. Benton resumed his remarks:-
Having now got rid Oft ouworks which i'm hi.
progress Mr.. Is said that he would arrive al the main
point, and take up the subject which more mme,li-
atey before the Senate For the sake OF avoiding ques-
ions about ORDER he would give notice that he should
submit at the proper time motion in amendment of The
second resolution under discussion which amendment,
should be strictly appropriate AMI naturally flowing from
the course OF The argument he should follow And frs,
he would take leave read paper replee with facts and
sentiment: applicable TO the present attitude of the Bank
oil the United States and the Government of the United
STATES though written thirty years ago, and reference
10 which he should have frequent occasion TO make I,
was part oil letter from the grea apostle of Ame,ic,n
berty (Alr. Jeifcrson) to Albert Gallaiin
MI Kane, al the request OF Mr.. b., read the paper
MS institution Is one of The most deadly hostility ex.
is'ng against the principles and the form of our CSnsi
futon The nation is this time so strony and un;,ed
III Its sentiments that it be shaken al This
ou' suppose series oil unoward events occur suf.
cent 10 bring into doubt the competency of republican,
government to meet crisis of great danger or TO nm
hnge me confidence Of the people in the p,t5fc func
fonarieS; an institution like this penefrafiup bv iIs
branches every part OF the Union acting BIZ conl,ana
and in phd!dnr may in critical moment unset ne ca.
rernmenf deem ITO Government safe which is under
the VassdaSe oil any self CONSTITUTED authorities or
any oher authority than that OF the nation or lis regular
inncuonaries. What an obstruction could not this
Bank of the United States with all lie branchas h i
Tune OF war! IL might dictate the peace we should
accept, or withdraw its aids Ought tre then fo orr
further grouih to an institution so po,refI sohosfiI5
n lyipuy N
the principles of the persons COMPOSING the hoIv o
Directors in every Bank, principal or branch and bo
oil most OF the stockholders; secondly from their Cd.
position TO the measures and PRINCIPLES of the Cavern
ment and to the election OF those friendly 10 Them: and
thirdly from the sentiments the nesDapers ,hev sun
port Now while we are strong il i, ihe c,c,tos; d,r,
we owe to the safety of Constitution 10 bring Mi
potoeDM enemy to perfect subordnaoD under its an
thori'ies The hrst measure would be to reduce them Il
an equal ooiing only with other Banks as 10 the favor
OF the government (Ih0f is, as 10 pu5kc 6eDosifes
-Je6erson's letter TO GoHafin 1903 =
ms o,'el extract Mr. b. said scared above party po-
cs and avered The Bank OF the United States to be hos.
tile to the principles and TO the form OF our Constitution
an assertion which would he proved be true in the
course OF 'ls de0a,e recommended the people OF the
Om.eo o'aes whe they were strong, provide for In
safety OF their Constitution, and bring the great enemv
Of Their liberty under dnaOn the laws aud to dc
ducing him TO level with State Banks
lie would now take up of The reasons for renovin
he aepoes anu become Infinitely stronger since for no
currency. This the vice of all Banks esneciaI =
powerful ones such as the Bank of England and that Of
the United States. To make fortunes for udiyiduaJs
connected with the Bsnk,-,o favor gamblers in ,he
stocks-was generally the object Of these EXPANSIONS
and contrae'ons but political ends sometimes the
man oJec' and the acquisition Of fortunes secondary
and subaltern one Once in a certain number of wear,
the cycle Tor these operations in England an,
always attended with the making and bfeskmg nj
fortunes. " '
The last operation Of The kind in England was perform
ed IN 1920, and Mr. Barring, who gave an sccobnt nj
In The British House OF Commons described the edt >,
be such that many millions changed hands and men Jo
in regular train business could have wound up with
clear estate OF two hundred thousand pounds sic rig
were ei' paupers on the hands Of the parish I, done
by pouring out flood Of pepcrlending money 10 ever,
boiy-hcn calling all in, lending money to pobol,
but the ayories oil the Bank This operation Mr. b. said
hau oecn nee umes performed in tho United States by m
present Bank; frsin 1sls-I9 from nercrnarv moriyes -
gamble in the Stocks and riot on the dresses of tbs
country, and TO make fortunes for the directors and fe
friends; once IN 1872 TO effect political object when
near thirty millions Of loans were made in few months
sad suddenly called for the appearance Of ,le l
veto sessage but the happy termination of the
ua eeeuon stopped the progress Of The contraction am
ine community time 10 breathe The removal OF tn,
uePoPs was the next great OCCASION and for the ronrac
uon ahu pressure at that tine The Bank began TO pren,r,
as soon as ~ was ascertained that the removal wouI,
os Inaue ms was early in the last summer Nj,
ny groSiHg ont Of The state of the coun,
aud the legislation o; Congress C,voroJ d. ,iuy
ne shortened credits the revenue bonds vas ahom
TO take ehec; The cash payments on part of the imno
came into play al the same time gresI ,cc,,,r ~,
OF revenue on hand, which msde I,,ao la,
other banks, in whose notes much of IL 0ss 80, a y 80"
made OF themselves, an unusually large Je,,,rI e.
ey 10 we commercial cues towards the close Of thu wear
me Bank took advantage OF these circumstances o g.
Reorganization the violent upon the comfnuniiv ~
prepared Tor II in secret or several months before
ne Drsl great measure was 70 accumulate bills Of *
cnanKe I'D he Atlantic cities, payable at briel date ara
ell falling due about the same time For flis n,,roo
fesouuon was passed, applicable 10 the fine ,sesfe
1 =" i ey were called, Of the most insulting de
h i,, yu'ou' nature They forbid 10 pur
pliis OF e&eh'nge except payable in one nj fe A,
lsntic cities, and with more IA an nina,,' " ~ ~
Ihs extraordinary Fact aud ex,raordinsro y.Iy ~"
sonpuea'eu 70 congress in the report Of the Govern
nent Directors which had been printeJ - e."
now part OF our documents. IL would 10 G ""'
page "a Of the original report. Mr. Benton Ill
pon soy memeer who stood in relation 10 knoov ~
souos We pAhK 70 account Tor this extraordinary re
which prevented the western banks tom gsI
~ ~ ehchanse with another, or giving anv e,,;,
pI' ~ one branch for his money 1T the pIass @
=" 'IN"g Hom on exporter Of western pro