Litchfield enquirer., 1834-03-06
CONGRESSIONAL

|
 House of Representatives, Feb. 24.
 MT. HwntingtOn, of Conn.,, presented res solution adopted by the Board Of Directors Of the Bank Of Hartford, in the State of Con- Oecticut, of the Ph@nix Bank, and also Ofthe Banks iO Norwich, in favsr of a re- charter of the Bank of the United States, and of restO- { ration of the depOsite of the public money to said Bank.
 l In offering these resolutions
 Mir. HuntingtOn said, he held in his hand 1 resolutions of the respective Boards of Di.ec- tors of the Phoenix and Hartford Banks in Connecticut. on the subject of the present un- exaTmp1ed distress and embarrassment exist ing n the country, and which he asked leave tO present to the House. These Banks had large and solid capitals, leach, he believed, ex- ceediug a million of dOllars,) in which the State was interested as proprietor. where moneys 0f the State.. of the school fund. Of many religiuus societies, were invested; they were located in the city of Hartford. where there has been for many years branch of the Bank of the United States. and were undeH the direction of intelligent busiHess men, whose information and practical Knowledge enabled them tO form correct Judgment Of the causes of the existing distress, and the rem- edy for it. He could assnrs the House, thai { these gentlemen were of the highest respecta- bity, and their opinions entitled to great con- sideration. En the resolutions of one of these banks. 1t is represented that, in the opinion of the Directors, the restoration Oftbe public de- l pUsites to the Bank 0f the United States would 1 be the occasion of most essential relieE from the pecuniary scarcity and distress now exist ing in the country, and that the re-charteriDg Of the same bank, with suitable notifications of its powers, would be found the most pf- f R Dns | credit and confidence. In the resolutions of the other. the Board express the opinion, that it would contribute to the relief of the mer- cantile and manufacturing interests of the community, to restore the depUsite 1.-the pub lie moneys to the Bank of the United States, from which it has been taken by tl,e Secreta- " Of tbe Treasury and that the renewal of the charter of that Bank, with suitable restric. tiOns Ofthe powers now vested in it, or. if that may not be, the establishment of a new Ma. tional Bank on similar principles, is indispen- sable tO the convenience of the Government and of tle merchants, and useful iO the inter- ests of all, in the preservation of n sound mo- ney currency, aud of salu,ary restraint on the local banks of our country.
 | Emanating, as these opinions did. from men who know and CeeL the value of a sound cur rency in every transaction of business, and every employment Of labor, who witnesses the blighting elects of stagnatiOn of busi- ness, and the desanged state of ihe circulating medium, the embarrassments of trade. and the limited demand for labor. and coming from rseR of high and honorable standing in the c0mmu0ity, 0f practical knowledge and experience. and having no other interests to subserve than such as were common to their fellow -citizens throughout the whole cUunlry,
 
 sisieyatioa. Mir. H. said. they did not appear to belong to that class of poIisical economists who desire State bank note currency to the exclusion ofevery other. nor to that other class who believe 1t is wise and practicable tO try the experiment. of metallic medium They seemed desir0us that the Old path, N hich had led to individual and national prosperity. should be regained and pursued, and were anxious that Congress should retrieve the in- juriows consequences which had resulted from departure from it. Hn thexe views. MT. H. said, he entirely eoncurred, and that afford. ed him no inconsiderable eradication to he enabled to present to the House the opinions Of practical honorable men. for whose intelii- gence and responsibility he could so fully youch, and he trusted they would not fail io have their due weight with those to whom they were now expressed. - MFs 1T. SNIO HG AtSO pFeSeDte0 to tOe E1OtlSe the memorial of all the, banks in the City Of Norwich, Connecticut, -four in nnmber) sign ed by their respective Presidents, which states that they are deeply impressed with the pres ent deranged circumstances of the commer. cial and banking ialerests of the country. as connected with the enterprise and industry Of aH classes of society; more especially when contrasted with the general prosperity heres tofore existing. That they have inquired with sOlcitude into the existing causes, and aye convinced that the endorsements have a. risen from the altered relations Of our Gov ] ernment to the Bank of the United States, which have derAnged the currency and im- paired the confidence of the com,nnniiy.- Tte result Of which has been, and is now dali y operating in the suspension and failure of many isdisiduals and commercial aud snanu- featuring establishments. Fle memOTialsls 1 state. that they approach this House, and the ! Senate. with confidence, as the guardians of the rights and privileges of all classes and por- tions of our beloved csnatrY. and with re- speetful hut earnest request that Congress would interpose it's power to meet the wide spreading evil.
 blE. .He said, he was acquainted with, he he. Itevesls alk the gentlemeR who compose the direction ofsth0se dillerent hanks. and could say of them, as he had already said of the d- rectOrs of the other institutions. to whose res oIaiions he had referred. that they were high l y respectable. intelligent. practical business l
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