Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-07

exercised only the ordinary power on him by the
endeavored establish, from aud usage that the
present Secretary Of the Treasury, in ordering the re.
moval Of the public deposes from the Bank Of the United
States had done nothing that novel
but had exerted power the funds OF the
conferred upon him by law aud which his predecessors
nad used In like manner and that he had assigned TO this
House good and sufficient reasons for so doing.
shall now. with what breviy may, proceed to
mine The reasons adduced by him. together with the OBJ
Jscons which have been urged against such exercise
OF power.
The fret objection have heard Is of popular char
acter and is which, first vew might seem to have
something init it's tia, the removal ordered within
only s'x'y days IRON he meeting Of Congress. Why
Is asked, dd not the Secretary waltz Why did he not
submit question OF this moment 10 the
OF the People! This specious. But, let it be
remembered, that Congress, by the Charter OF the
or control over ihem and had vested exclusively
in the Secretary Of the Treasury aud, therefore had
had no power TO Interfere as TO the place where the
public moneys should be deposited. Why, then, ought
The Secretary to have wated' And Tor whaa To send
letter to this House, and ask advice! Sir would he
not have been laughed 10 scorn, had he taken such a
course Would not have been sad-wby, here high
financial officer of the who Tears TO take the
responsibility which the law devoves upon him, and who
applies TO others TO stand before him his shield while
in the discharge Of his duy Sir would justly have
been said But, had he done the depostes could
have been removed until he decided to give the order.
His reasons Tor removing them required by the char
Ter TO be given TO this House, not BEFORE
to their removal. Well sir and what would have been
sa had he removed the depostes three days after Con-
should have been told that he only waited till the Repre.
sentaves Of the People had their backs aud this
would nave been said with still than the
other.
Suppose again that he had waited until three DAYS after
Congress had assembled. The popular argument then
would have been, there would have be nothing
in @ that here had Secretary in the very face
OF the Peoples Representatives, veniurpg without their
occurrence or advice upon this handed measure
Tor such would have been called So that, as il seems
to me, objections the time Of the mic ht have
been urged with equal IL not with greater force any
nprIn bean
chosen for the removal. think that the time selected
was fortunate enabled the Peoples Representa-
ves TO consider the subject, and to give least some ex
preston OF their will those whom they should send
Here are Representatives from all portions of the Union
who have now an opportunity OF bringing with them
expression oil the public sentiment on The measure So
much Tor this objection, which, merely casual obse
might appear to have in it than really
ains.
l TO what the Secretary gives as his promi.
nen for the he adopted viz: the probable
expiration OF the Bank Charter about years hence 1t
was no part oil the Governments contract with the Bank
that the Deposes should remain in custody during the
whole period OF lis existence: the contrary,
pressIy stipulated that they might be Withdrawn by the
Secretary at will Nor was aay stated the
ground OF removal Ii not necessary to render the
removal lawful that the deposies should be in the
hands oil the Banks other might operate produce
,hefSecre,arys determination. This was nceded in the
argument oil the gentleman from South Csroina-he
granted that there might be other
measure The Secretary has assigned the probable ex
piraon Of the Charter in 1885, and the in anti
eiPatiOn Of the state OF things which must necessarily
take place at that lime, OF providing currency for the
public and place Of safe keeping for the public mo-
Deys without disturbing the channels Of trade occa
wise be inevitable. Sir, the gentleman South Caro-.
lima has not attempted to meet the argument Of the Secre
tary. His whole argument is based on the assumption
that the Bank Charter is to be renewed.
The gentleman spoke OF the embarrassment of the
country, the consideration Of things in 1917 49,
what would be the stale OF the curench if there
Bank OF the United States. The Secretary proceeds
different assumpiion-he goes the principle that the
Bank is to be chartered He considers himself
a saah thew in oxpbic
he has the further ground Of the public sentiment TO
pretty great extent On that point, may boldly appeal
lives of The Peoples will DO believe that the Bank
will be re- chartered? How many, with the knowledge
Lief L guess you will find but few gentlemen on this
floor willing TO stake their reputation such opinion.
The difference between the Secretary and the gentleman
from South Carolina lies in this that the that
the Bank TO be chsrteed and the other
contrary-which has the right OF The question! Time
must determine. The state public opinion we all know
II this is the inference of the gentleman from South
Carolina, ask when then could the deposes have been
removed al better time than now! Sir, the argument Of
the gentleman amounts 10 assumption that the Bank
charter is to be perpetual
But is said that the of the deposles has been
productive OF great Distress and unusual pecuDiay
pressure. shall conIovert that position; but, admitting
IL for arguments sake be ask al what fine womb
their removal have been productive OF les' II this Bank
is to expire, is not TO be chartered, and if the de-
Positas must have been Withdrawn at time beg
gentlemen to point their finger the time when the pres.
(Which they TO be the effect OF the withdraw
al aone) would have been any less Than Is nowl Nay
sir, when would have been greater than is! viii
gentlemen answer, at the moment when the Bank char
shall expire? What sir? When the eighteen or nine
teen millions of circulation shall all be returning upon
the Bank and the institution shall be in the of winding
up its affairs! Would less pressure be caused then!
BD sir, on this subject OF pecunsry pressure, let
call the attention OF the House TO the actual OF facts
IL appears from the statement of The Secretary OF tie
Treasury, and his statement is verified by the Bank
turns themselves, that although the charter Of the Bank
about expire In 1886, yet the Bank, nevertheless
continued 10 extend It's discounts until for reasons best
known TO the Bank about the LIST of August last the
policy OF the institution totally changed, and
iaiimeDt OF its accommodations took place, rapid
than had been known since IL first into
ton and a proportionae pressure was felt throughout
the country But 10 be accurate and feel this ne.
cessary because the gentleman from South Carolina said
in no very measured terms that the Secretary in his re-
port this House, has been guilty Of misrepresentation
and OF gross attempt 10 Impose upon Congress. Now
sir stand here before this House and this nation pedg
ed 10 prove the satisfaction OF every human being that
the statement Of the Secretary Of the Treasury is true
the letter.
The statement OF the Secretary h that the curtaiments
of the discounts OF The Bank from August L. TO October
4, 1888 amounted TO $1,000 LAG. I have here before
the Of The Bank and they shew the statement
be accurate 10 arthing, according The Banks own
statement Mr.. p. made some other comparative state
mens which the Reporter could not catch, concluding
by saying that the statements OF the Secretary oil the Irea-
sury perfectly and literally accurate and true The
Secretary attempts no nisstateneDt tie expressly says
that the amount consisted Of loans and domestic bills
But te gentleman from South Carolina insists that do
,o.sGc hill are NOT 10 be considered discounts A
sr.nos ocdne indeed, and totally new, al least TO me-
can by the ststenent Of The Bank itself that the
-