Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-11

REMOVAL OF THE DEposIrEs.

REMOVAL OF THE DEPoSITES.
SPEECH OF MR.. RIvES. OF yA-tConeIuaedJ
In Senate January II, 1884 On the subject of the re
moral Of the Deposites from the Bank If the Unite
| States.
Twill now, MIR. President, briefly inquire what ha
been The conduct Of the Bank In relation 10 the com
nuny at large In this relation proper am
dues are 10 give safe and prudent aids sound industry
anu enterprise to abstain from spirit of w
speculation aud overtrading, and above all, 10 abstain
from all interference with the politics Of the couury-
MS last duty TO occasion recog Missed by the
President oil the Bank himself Gas fundamental in the
cons tuition Of the Bank" The inquiry in wha, manney
The Bank has di enlarged ,hese duties, imposed by its
tohs 10 the community, necessarily brings under re
That occidental extension OF 10 in
divduals from 4O2 304 10 $70,42 O7O, in the short
ace Of sixteen months, between 3ls Dec 1880 and LIST
May, 1882 This extraordinary increase Of bank faci-
es must inevitably have produced, and did produce,
most perncious spi Of overtrsding in the couny 4,
was ELECTED, too, have seen, by an UNIV
use Of the public fund: in the keeping Of the Bank,
such an extent utterly disable TO meet the calls OF
the Government for those funs when they were required
Tor the public engagements But, in addition these just
and strong objections both by the of
the Treasury in his report Congress and by the Pres
dent IN the paper read TO his Cabinet that there is every
reason TO believe this extraordinary expansion the bust
ness OF the Bank made ih express vie 10 no.
iitcal object to bring and more of the community
under its power, TO be exerted the critical moment Of
an election, in which II feli a deep interest.
must say, MIR. President that this allegation is sus.
tanned by evidence OF the strongest probability while the
attempts OF the Bank TO explain extraordinary an ex.
pansoD, other principles, have been entirely unsatis
factory. Ii is true that in this interval the Bank re-
ceived from the Government of loan of
about eight mions but iG il had been proper at
sucha PERIOD guile more than four years before the ex.
praton oil Its charter, and when aw are of the ipen
uon oil the Government the public deposes as fast
as hey accrued in the payment OF the public debt to
renvest this in the permanent form of accommoda.
ZION which, ii is understood much the greater mart of this
extraordinary extension Of its business assumed il surely
did not require increase of private loans 10 the
y, Wenty e'ght millions, 10 invest eight millions Ii is
also alleged by the Bank that during this interval had
called In Its funds from Europe additional amount Of
mi h,,k.. - Fit
had thus called in its foreign funds The
would naturally occur, Was 10 aid i'm the great poti
cal operation al home attributed to it, involving, as
supposed the issue Of tho its charter or
was il for other purposes!
We have been fsi Their told by the Bank that the wears
1881 and 1882 years OF extraordinary
taons, and that unusual facilities of bank Recommendations
were required TO duse these imports through the coun
uy But the Bank ought TO have recoected that these
very i"portaons had been unduly stimulated by the i'm
proper and Unprecedented extension OF its DISCOUNTS and
hat the distinguished authority (Mr Rush, whose es
momal IL had vannngly cited in reference 10 another
question: had, In the very report from which tesimo-
MAI Is extracted, declared that Of the most mportan
uules and functions OF the Bank is, "by confirming
its issues within prudent limits to restrain ercesspe
and to keep them tohin the true tconf,
and capacities Of the country" But SIR another most
Ri; of",nary explanation has been alte s,pted by the
put his veto on 'i he VINE S o saRsS OF its
known whether it (he Bank) would have the least
be amused at this dramatic exhibition OF political sim
picity, the part Of This veteran acican in The field OF
reckless
which accompanies IL. When sir, in the very book in
which il makes this declaration, it characteristics the first
message OF the President in December, 1929,
saul upon The Bank-when il had adopted in Novem.
Der 1880, and in March 1884, resolutions for the ds,i.
button of tracts and pamphlets, to counteract, it
says the schemes for the destruction Of the Bank,
originating In that message-when in the book il
expressly jus,hes those resolutions of 1880 and 1881
the ground of self defence against the hostile attempts OF
politicians, (meaning Of course, the President and his
ends) 10 destroy the inslituton-hat should after
these things, gravey tell us il did not kno,c all this tme
that il "woud have the least TO be opposed the
election of the present Chief Magistrate certainly an
extraordinary experiment upon simplicity, it be
an amusing display OF ats O,cn.
Considering, them Mr.. President, that the attempts Of
the Bank 10 explain this of its
counts at the period referred have failed 10 Justify by
proper and sufficient reasonsthat il stands
on The contrary, by sound maxims OF banking, and OF
saie correct, and prudent manag emeDt-bu that the
other hand, there obvious political motives for it,
Notwithstanding the protested ignorance Of such by the
Bank-tla il co-iDcident in point of time with the
application for renewal Of its charter and also with the
tendency OF contested election in the issue which its
own late was supposed be involved and that the part Of
the Union which the principal of the Bank ope.
ration, at the time the debaiable ground oil the
political contest When all these circumstances are con-
sdered, IT does seem to to be difficult resist the i'm
preston that this extraordinary operation Of the Bank
directed TO political object an impression strongly
hrmed by the unequivocsI manifestation Of political
spirit by the Bank in other Of its proce edngs aude
Of TO the active devotion of the funds of the Bank
under resolutions giving The President unlimited con
troll over them Tor that purpose, to the "preparaon and
circulation" oil pamphlets and other writings; which,
whatever may be the disguise in which they are sent
FORTH have been, many oil them, party publications of the
most acrimonious character.
These proceedings have been attempted 10 be justified
on the ground Of sedefence. But there is radical al.
lacy in The appropriation OF this plea by the Bank The
Bank has no right 10 consider itself party the question
OF the renewal OF its charter Ii is great question Of
national policy. TO be decided by high considerations oil
the public good, in which the interest of the Bank
Like every other public question, its discussion and il,
decision should be freely left the cons uonal gsns