Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-15

friendship for institution such as l. In INV conscience
great greater. ~ "'
The honorable Senator urges that this Bank having
chartered and having incorporated itself aud its ansac
ons with The business OF the country ouvh not now 10
be thus suddenly destroyed Il right sir % call The de-
srucuon sudden! Did not the President as long ago as ia
pee.nosr, iez9 gave 1t the most emphatic warning to
prepare or It's hnai close Has he no, done So annually
i,oi aat hnc 10 the present? What, Mr. President was
,ne elect oil that warning The whole debt due 10 thc
n ~ december, 1879. when the first message OF the
was transmitted to Congress expressing doubts
as 10 me consuuiioNay expeJcncy of re chatter of
o mo osS was think, about $l2 900 900 uerhsps S4t
Ss nr.s;.a speak from memory and cannot pretend to
creased 10 the enormous OF more than $40 600 900
% showing constant and rapid extension OF its loans
tne hhai termination OF its charter appro.ched Did the
Bank suppose that the grant Of the nonopoy TO for the
Peou OF twenty years, gave right TO EXPECT or demand
conunoanee Its constant extensions OF its business as
approached Inc close OF its chartered term would Sc en-
10 indicate such an opinion; but submit that
e reverse ought to have been its conclusion The pri
vege granted TO 1t were Of immen,e value, and proper
sense oi me justice oil Congress should have induced its
stockholders to bclsve even If the xepce of similar
oanS was to be continued in the country that they would
this great bounty. "
mere h Mr. President, said Mr. w, another view of
WIS su'cc which strikes mind W h great force and
bank -, my Judgment, jushes the charge against the
49,; " "o'a"oh oil one OF its highest duties. The pc.
ou OF It's existence was distinctly fixed upon the face of
~, anu ow.oit to the county, its highest lu.
w 10 prepare Tor that period in m amer which shoud
enable to go out OF existence without shock n an,
great national interest The Government conferred unon
;,s INSTITUTION privileges and benefits ines,imabe; and
:" return lot u'at oeray, II its duty TO come into
existence TO pass its prescribed term and to close
Seing ,hc cause OF any trad. or credit,
H. me Dank was creature OF the LAW, and with,
raw shooiu nave prepared itself die quietly This
mas not done but The contrary the termination il.
existence approached, ii has exerted lie utmost power
strengthen lis claims TO existence n has .n,c,d
Tvs Immense resources, and within its vortex
thousands Of citizens, who, when the warning was given
S W aI e. r.ssuen 10 prepare for IFS dissolution.
o nom us influence aud Independent Of its power II
has pursued coorfe in Jec to the dcae.
OF interest," bad intended 10 submit to the con,r,c he
snc =, S e ernm.nt and to terminate lis exist
enee a' Tue prescribed mii. Do then said Mr. " ,,o
usuce 70 The Bank when infer that this course has he
'oce an extension OF it's charter! Olber motives
Tor he admitted conduct cannot lie assigned
Gun we are told that this bank must hot h. ,bu.
because The shock given torsde aud commerce and
tue eau upon debtors, will be greater than the counry
~, i h Oh. e o before us proposes to extend its char
yer LOT me Term oil six years. 10 enable TO close lis bust
ness Sir, did not the President give TO This ins,u,;o
, insn FIN years notice that il co.e its al
ias WIN The expiration Of its present charter, Did /, az
cep' at nouce and prepare itself for the eyent So far
rom IT, s business was at once extended and by lis own
49,, ' ,nNl close rendered more and more difficult
"hout distress TO the country Grant il the timc n,o
posed oy the bill before the Senate and what
nave We that al the expiration OF the first our year a
' ueot VIII not be extended TO $500 QUO 600
"au oil oeing reduced below S55 900 OOC where il noy
sta"u'' rapid curtailmen has taken place for The a.,
-; "o'"s' cuf'aiihent so rapid TO enbarrass and
distress the whole county and TO detapre ali lie bn.;
operations, and still the debt due tn tho S,rL 4; 10,
S'E,Oooooo greater than il in Dccemb 1890 whem
e rrcsiden ny his message Congress. warned il 10
prepare Tor ITS hns close at the expiration OF il, ch,r,er
must, Mr. President, be permitted n rxnrs. ~ vel,
conviction, drawn from these facts that il is moi tho
e S1nA 70 u'charge its duty to the public by quiet
eiose OF us affairs, but that the contrary il il
purpose 10 force existence 10 The Cororn
."'' ooeree pubic opinion, and compel a re. charter
are 'ou' Mr President, by the Hon. Senator t,at wa
must nave national bank, and what sir il The re ,so,
nged as conclusive upon u.s. establish the posion, H.
u oi ,e present pressure upon the money mar.
win,pg mn oH s.'a 10 exist in contemplation the
WIS proves 10 me merely, not that we want bank
pu' 'at we have bank. Whence does the dis,re.. and
pressure complained OF proceed? IT, no doubt ba. -,
origin IN complication of causes, among which
general system OF oyerradng and the Chance If Tho
revenue laws are among the most important; but can
'n"' py lar Inc most powerful at ti. time
~ op'In'on' Is the hostile attitude which the Bank
oil Tie United States has thought il for her ;,,a,
10" ards the State banks. We have it in eyi
uence' among The documents of Congress unon IN.
o',n OF me ch.i ohieer OF the Bank, Mr. BiJdle him
SELL That that institution has the power TO crush The ST.,
a"J mo us mat they exist by its cemency alone
u "o' because IL has not the power shut their doors
ne evidences OF disposition 10 exert thai ,ower bev
wi ' "S' rev months, been strong and numerous Have
NE no, heard predicted, MIR. President from all .d of
ms Chamber, that the State b,uks wouu he conniid
10 stop specie payments within shor, period Of tim,
rave ne not seen The Bank press calling upon the com
muhy to make runs upon those banks Tein. d.
poor laborer who had i've dollar note Of S., 81 ,.'
10 ca'l and get the specie for before il became "a
ue'ess rag IN his pocke' Can these indications have
tI,aL
nor IN part 10 represent here am happy TO knov thu,
hcy nave not either been mistaken or is,sn,rdsd I'D
nope may not md myself mistaken i'm the beliaf ,y
he oahK5 OIL That State are prepared to meet the blow in
tended Tor them. From the latest alyices have re
eu, am authorized TO suppose that they have
rom circulation and redeemed from 81 600 900 IN OK ooo
VI her notes. within the last sixty or SEVENTY davs
Inc eject Of This extensive curtailmeDi pon no
cnan's' anu indeed upon all classes Of the commun,v
must DC severe, but selfproteciion and
require The at the hands of the bank md H.,
nave no voltlon. IL would be madness for them mn, 10
prepare Tor heir defence, when they are publicv to
W, s immense honed power, with $50 600 600 of cant
G d. .onahu' Is about to rim deadly blow at them:
"heh they KNOW IT has yaunted its power over and
proved upon oath, that its iorbearance was The ,en De-
winch tiey held their existence. The banks then c,,
not extend themselves while this lI.powe,f encrn
STANDS ready TO take the first advantage OF their
cause for This rapid cursiiment and this close
Posiuoh assumed by the State banks? know of nono
mere can be none. There peculiar demaud for sn
ce growing ont OF the state Of trade and the condition q,
e ta o' vi me contrary the reverse is, TO great
or extent "ue than II has been any former period Of
our history Specie IL, at this moment abundant in tho
county, anu lis HOW Is TO, and not from u.s.
canno, men, be mistaken, when saw that If III.
"N VI "e " states would cease lis efforts for and i,s
hopes o and would endeavor TO lis
ouy tome country, by closing its Affairs with "a little min,
ny as possible to any individual public interest IA. Si
panks would DC able to extend their loans con6decs
"ouu DC restored, and the pressure upon the ,non.v
market would soon cease. Apprehension lust annr.
=; " we nosue movements OF this great institution
Tie most powerful OF the present scarcity or mo-
ney' HIS scarcity must exist so long as ,;s .n,r.h
sion cohlinues How, then, ia il TO be allav.J would
seem 10 oe Tie pertinent inquiry? The honorable Seoa
WI "o" massachusetts, answers by the bill upon your
neendt'er the bank; aPpease the monster by pro-
ohghg It's existence and increasing its power saw mn
s' Ou act promptly and refuse its wish: destroy i on
Te-ehater and you destroy its inducement 10 be hos