Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-21
Si,50I.l20 SO
81 .604.l20 80

Having shown This statement, Mr. b. said, he had bu
one further remark TO make il upon the attack which
had been made upon the Bank Of the Metropolis for mo-
having made a statement OF its affairs Congress since
January 1882 Mr. II. said Il because those state.
ments were only TO be made in two years Such
was the law; and if they made before the end
Of 1883, when the Bank was arragned in the Senate for
that imputed delinquency, was because they were not
due until the beginning OF 1884. They were now made
both to Congress and the Secretary Of the Treasury as
required by law. lie had used what he was informed
was copy OF that sent TO the Secretary Of the
on the 9Th day OF this month; and he held tina, the honor
me bank was clearly vindica,ed from the charge with
holding statement OF her affairs her responsibility
was vindcated from the injurious comparison which she
had been subjected.
The effect OF these attacks upon the State Banks sun
posing hem to be successful, next claimed the attention
OF MIR. b. He displayed these effects as implying ne.
cesiiy, not only Tor The charter but for the perpetual
duration OF the Bank Of the United States What could
be pa ner? II the State Banks unfit unsafe or il.
legal places OF deposte for the public MONEYS what
could result but that they must go back 10 the Bank of
The United States and that, merely for the two brei
Years which the charter had lve but for so long as the
Government Of the United States had live. He must
lake leave then 10 say that gentlemen who handled this
weapon oil tack upon the State Banks, held very long
sword in their hands; sword that through one OBJ
Jec mo ana another He admitted the perfect to the
use OIL ms weapon on the part OF all those who were in
FAVOR OF the continuance of the Bank of the United
States but denied the lucid harmony and beautiful con-
slsency oil the conduct Of those who
opposed to the recbarer Of the Bank while using an ar
gument in favor OF perpeuy. Why none Of these
arguments against the safety and legally of deposes in
The State Banks heard OF in the year 1871 when the char
ter OF the old Bank Of the United States expired and MIR
Gallan committed the keeping of the whole OF the public
moneys to hem and safely committed il to them fer they
kept the public moneys securely, and faithfully performed
every service which was due from them. Was the old
iedera party at that time strong enough or was too
honorable to attack the republican of Mr.
Madison, aud his old established Secretary, Mr. Gallan
Tor trusting those banks which the objects of such
unqualified dsparagemen?
MIR. b. continued. As part of the system of attach nm
on the State Banks is the euogum upon the Bank of the
United ates, the two always put in contrast to
other they are put at the opposite extrenes of an ina
gnary scale one end OF which advanced nearly up to
heaven the other down nearly hell IL was hardly
Necessary Tor him TO point out The relative positions
under which The contrasted objects arranged on
this scale. He would leave imaginary exhibitions rbe,
o'ica iioushes, vehement defamation general praise
and general censure to occupy any vacuum they could
find in the empty air which filled the lofty dome Of
the Senate Chamber; but wherever any thing visible or
tangible presented self-any thing which the could
lay hold OIL and presen, 10 the people proposition sus
cepube OF proof or dspoof-whenever he could find any
such thing in The arguments OF gentlemen, he should not
fa TO lay hold oil IT, and test its by touch
stone OF evidence and the laws of logic. He found
several such visible and tangible points in the high
encomiums pronounced upon the Bank Of the United
States and as all such encomums were intended TO
operate, not merely in iavcr OF the restoration Of
the present dcposes, but in favor also OF the char
ter OF the Bank he should find it entirely in the path of
has duty and strictly within the range which this discus.
sion had taken, TO examine into the validity OF all such
points
The first OF these high encomums is the restoration
OF specie payments, after the conclusions Of the late war
the credit OF which is exclusively claimed for this ns
tuition M b. said, he would examine into the founda.
lions OF mat claim, and as step towards doing it, he
stockholders in the Bank OF the United States made in
the year 1922, and showing what the condt on OF the
Bank was in those rst Of its existence when il is
supposed TO have coerced return TO specie payments
The institution commenced active operations about the
MS. o. January, tet7 and In the course OF that year
established eighteen branches. On The both
oil july iSlS only eighteen months after the institution
began its operations, it obliged 10 commence rapid
and heavy curailneDt During all This lime The Bank
had The advantage OF immense d.
'(eight millions OF doars) The curtailmen,s at ali
points, within eight months, were $3.50, 600 -
The specie in the vaults the close of the day on the
LIST OF april 1919, was only $26 745 and 20 cents and
the Bank owed 10 the City Banks, deducng balances
due TO it, an aggregate balance oil S79l25 and 90 cents
II is true there in the mint 267 OUO and on the
road from Kentucky and Ohio, over land, $3.50 900;
but the Treasury dividends were payable day to
the amount OF five hundred thousand dollars v
Accordingly on the IL oil The MONTH the Bank
had in its vaults but 7I 522 and 81 cents and owed TO
the City Banks balance OF $I36,I18 and &C cent?, ex
ceeding the specie in its vaults SIP s95 and 10 cents
Mr. H. resumed: IT compel the resumption of specie
payment! ~ coefce the State Banks 10 be honesu Sir
II wac itself at that time, insolventl A bankrup,l
pauper upon the hands of the Federal Government
beggar upon the parish Of the United States! A sun.
plant victim at the feet Of the State Banks Living
and breathing, from day day, by their forbearance 10
call for The money which due hem and which il had
not to give aier having had the use Of eight millions Of
Government depostes, and having evsceraed Kentucky
and Ohio Of their gold and silver repIensh lie exhausted
vaults. II would be well 10 say that this same Bank
restored specie payments the end of the
war, as that caused their restoration at the end of the
late war II had just as much concern in one opera.
ton as in the other. No. sir! Give the People their
due. DO moi represent them needing monafch over
heir moneyed system, any than over their DO
tica system They restored specie payments themselves
both al the epoch Of the Revolutionary war and after
the late Their patriotism, not their immortality sus
tanned an uncomfortable paper currency during the pe
Rod oil both wars, and all for the good Of their country
They would sustain it no longer when The danger and Tie
crisis was over Their fiat, with The return OF peace and
commerce. c'tored not only silver, but gold circulation
immediately alter the war Of The revolution; their fiat
their sovereign will, agaa restored silver payments after
the eonciU'ion Of the late war and would have restored
gold payments also, had IL been for the false standard
put upon gold by the laws OF Congress which will, the
Bank Of the United States have expelled and sill do *
pei, gold hom circulation To illustrate and confirm the
truth of wha he alleging Mr. b. reada brief extract
rom late letter from his venerable and esteemed friend
Mr. Macon Of North Carolina intended for public use
Dr r s"leVy 10 answer TO inquiry put TO him by Mr. b.
me eNracD " M the conclusion of The Revolution
"e'e 'odS no money, nor in The confrV. THE
paper 'ssHed toT money by Congress and he States
WdS uedd "'0tes for inspected tobacco passed at NE
mdThet P''ce lH me States UheTe IL toos cultivated
Utmost Immediately after The toar gold and siIpey
coins DeTe as plenty as ought TO be desired Those of
Great Brtfd'n, france, Spain, PORTUGAL. mere ion
great nJHnddncej some German gold circulated also
Specie wos plenty in the Southern States until men
must haze banks" sc.
Mr.. b. proclaimed this restoration Of gold and silver
currency alter the Revolutionary war; be the work Of
tbe PEOPLE, and Of those STATE GOVERNMENTS
which were row supposed 10 he incspsble Of managing
iheu Wn H".t ed orccfhs III hePQDd g>p tercr H.