Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-25

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cease consequences cannot but be felt much severer
than those now experienced. This is inevitable
But. sir, go no farther into particular statements My
opinion. repeat s that the present distress i.
~ oecssioncd beyond all doubt by the removal the de-
posrs; and that s"ch consequences might have been,
and ought To have been forcseen from that
do now perc. i've and teei around US. !
Sr' do not believe, nevertheless, that these conse-
qaences were ioreseeu. With such foresight the depo-
sites think, would have been touched The
has operated more deeply and wd' y, than was
peeed wes,' msy fluid proof Of this, IN the converse
uons.ot every hour. No no seeks him
selt with the opinions of in and out oil Congress-
doubt that il the act wore now TO be DONE it would
ceve very little encouragement OF support.
Being Of opinion that the removal OF the deposites has
produced the pressure as its mmed nc effect, much
by withdraw ny large .um OF money, as Ivy Affirming
the confidence OF the community, by breaking in the
weIlsdused relations Of the mt and the Bank
:gee sgain, with the Boston Rcsoluicn. that the na,u
raj remedy Is resoi alton Of the relation in which the
Bsnk has heretofore STOOD to Government,
agree SIR that this question ought to be settled and
cent state OF things shall cxist-it be the determination
oil Congress TO do nothing in order put end TO the
unnatural, disrusui half belgerent present condition
great relief TO the community, any early quetng Of the
public agitation On the contrary, expect diff.
hcnlty, and increased disquiet.
The public moneys now out Of the Bank Of the
Oned States There is no law REQUESTING their custody,
or fixing their place They che disposal Of the Sc.
iary the Treasury be kept where he pesses as he
peaes and the places Of their custody be changed as
often as he piea-es.
Now. ST ! 30 not think this is a state of things in
which the country is likely 10 acquiesce.
Mr. President the restoration OF the epostes is ques
ton distinct and by itself IL does no, involve
any other question: Ii stands clear Of all
all opinion abou, rechartering the Bank creating any
Bank.
bearing somewh hey ond that question. Being Of opin
ion that the country is not likely to be .aed with the
present state oil things have looked earnestly for the
suggestion RI prospect measuretome system
be adopted as the future policy OF the country. here
are the public moneys hereafter TO be KEEP! In what
ency the revenue hereafter 10 be collected! What
TO take the place OF the Bank in general ency
system: How are we TO preserve uniform currency,
uniform measure OF the value Of property, and the value
OF labor uniform medium exchange aud of
How to exercise that sauary over the ma
ona currency, which it was the unquesonabe purpose
oil the Constitution 10 devolve on Congress
These, sir, appear TO 10 be the que
before u.s. and which lsng keep of
In this question: every man in the community who either
has dollar or expects TO earn one, has direct interest
Now sir, have heard but four suggestions opinions
as to what may hereafter be expected or attempted
he first is, that things will remain they are-the
Bank be suffered expire no new Bank and the
whole subject left under the control Of the Executive De-
partment.
have already said, that do no, believe the country
will ever acquiesce in this
The second suggestion is that which made by the
honorable member from Virginis (Nr. Rives) That no.
norable member pledges himself 10 bring forward pro-
position having Tor its object TO do away with the paper
rency.
do not expect, sir. that the honorable member will
hnd much support in such undertaking. mere gold
and silver currency, aud the entire abolition OF paper is
not suited 10 the times The idea has something little
too antique, too Spartan in IL we might well think Of
going 10 iron at Ii such result the gentleman
hopes for were desirable regard its as
utterly impracicabIe and hopeless. lay that scheme
therefore, out Of my contemplation.
There is, then, sir the recharering of the present
Bank; and, lastly there is the establishment OF new
Bank The first these received the sanction of The last
congress- but the measure negatved by the Presi.
dent The other, the creation OF bank, has not
been brought forward in Congress, but has excited at
OF the State Legislatures. observe, sir that PROPOSE
on has been submitted for consideration by very intel
ngen' gentleman IN the Legislature of Massachusetts,
commenting the establishment Of a Bank with the
following provisions
81 The capital stock be fifty millions Of dollars
| y The stockholders OF the present United States
Bank to be permitted subscribe amount equal TO the
stock they hold
81 The United States TO be stockholders to the same
extent they now are, and TO appoint the number
Directors.
"A. The subscription 10 the remaining fifteen miIIon.
10 be distributed to the several States in proportion TO ie
deral numbers, in other just and equal ratio:
the instruments payable either in cash funded stock
oil the State bearing interest at five per cent.
o. No branch Of the Bank TO be established in any
State. unless by permission Of its Legislature.
o. The Branches OF the Bank established in the seve
raj States to be liable TO taxation by those States respec
lively in the same manner and TO the extent only
with their Banks.
u Such States may become subscribers to the stock
10 have the right OF appointing certain number not ex
exceeding one'hird Of the Directors in the Branch of
g. Stock subscribed for under the foregoing provi
sons to be open to subscription by individual citizens
project, not altogether ds,nisr, has been started in
1
show, at least conviction of The necessity of some Bank
created by Congress. Mr.. President, on this subject
have no doubt whatever. think national Bank proper
aud necessary. believe il be the only re-
medy for the evils feel and the only Sc
against the greater evils which fear. Not sir that
there is any magic in the of Bank: nor that Ma
onal Bank works by any miracle mystery But look
ing to the state of things actually existing around US
looking 10 the great number of State Banks already
is,ing not less than three hundred and ffty or four
Misunderstanding to the vast of paper issued bv
those Banks; and considering that in the very nature Of
things, this paper must be limited and local in its credit
and in lis circulation, confess see nothing but we'll
conducted National Institution, which is likely 10 afford
any guard against excessive paper issues or which can
furnish sound and uniform currency 10 every mar, If
the United States. This sir, s not only question Of e.
nance II not only respects the operations of the
butit rises TO the character of high political question
respects tie currency the actual money! the mea ,re of
value OF all property, and all labor the United States
IL we needed not dollar OF money in the Treasury II
would si be our solemn and bounden duty protec This
great interest IL respects the exercise of one of tho
greatest powers, beyond all doubt conferred on Congress
by the Constitution And I hardly know any thing less
consistent with public duty our high trust nor anu
thing more likely TO disturb the harmonious relations Of The
States IN oil affairs OF business and m for Congress
TO abandon oil and control the and 10
hrow the whole money system Of the country into the
hands OF four and-iwenty State Legislatures -,
am, then, sic Tor Bank and am fuIy chs,
10 mat measure the country must come al last
The question, then, is between the creation of now
BANK and the re.chareriDg OF the present BsDk ,cih
m0dGedftons have already referred 10 the scIeme
Tor ne Bank, proposed 10 the Legislature OF
setts by Mr.. White. Between such a new BanL az bis
propositions would create and cbsrering OF the pre
sent Bank, tOh modlfedfons, there is 10 very wide
certainly no irrecoDclabie difference We cannot, how
10 has IuC--