Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-25
Monday, Januay 20.


Mr.. Webster said he 10 give notice that circum
stances existed which would prevent HE moving 10 90
would, however, make motion tina, effect morrow
While up, he woui1 take that opportunity TO correct an
unfounied statement which had appeared in morning
paper OF this ely, respecting business said 10 be pending
before the SeDate-a statement he said uptounded both
10 law and in TACT The Government Directors of the
Bank OF the United States, he said, still i'm Office
and would hold their appointments unit ones
were made.
Mr. W. then reported from, the Committee on Finance
'he o', IRON the House OF Representatives, making APP
preparations for the Naval Service for the year 1884, with
out amendment.
Resolutions, adopted at a meeting OF the c
zens OF Boston, without distinction of party, held a, Fa-
neui Hail. TO consider the state Of the Currency and FL
nances OF the country.
1.-The Resolutions a, large will, be given hereafter.l
The resolutions having been read
MIR. Webster said he wished to bear uneguvocaI and
decided testimony the respectabty, intelligence and
disinterestednes OF the long list of gentlemen, at whose
instance this meeting assembled The meeting, said
Mr. W. was connected with 40 party purpose whatever.
IL had an object sober, cogen esDg
TO the whole community Than mere party questions. The
senate viii perceive, in the tone OF these resolutions
intention 10 exaggcrate infame; disposition get
up excitement or to spread alarm hope the restrained
ond serious manner, the moderation OF temper and the
exemplary candor, OF these resolutions, in xion with
the plain truths which they contain will give them Just
weight with the Senate assure sir, the members,
composing this meeting were neither capitalists specu
iators, nor a,rmss. They merchants traders,
chanics ariz,ns, and others engaged in the active bust
ness OF ie They are OF the muscular portion OF socety and
they desire TO lay before Congress evil which the
press soreIy their occupations their earnngs their
bor and their property 10 express their
conviction OF the causes of that evil. if intelligence il
pure Intention, II deep and wide spread with
business in its various branches thorough practical
knowledge and experimental iaeParabe union between
their own prosperity and the prosperity of the whole
country, authorize speak, give them right to
an impression For one, sir entirely in all their
opinions. adopt their fourteen first without
alteration or qualification setting forth truly the pre-
sen; state OF things, stating truly its and pointing
TO the true remedy.
MIR. President, now that speaking, 1 will use the
opportunity say few words which Intended to saw
In the course oil the morning, the coming OF the
solution which lies the tables but which are as an
pIicabIe to thi. occasion that
An opportunity may, perhaps, hereafter be afforded
me- oil discussing the given by the Secretary for
the very important measure adopted by him in removing
the deposltes But as l know how near that time
may be, DESIRE in the mean while, TO make my OPT
mons known without reserve, the present stale OF the
country without intending 10 discuss any thing pre-
SENT ieei II my duty, nevertheless 10 let sentiments
and my convictions be understood In the first place
then, sir agree with those who think that there a Sc.
we're pressure in the money Market very serious en-
barrassment felt in all branches of the national industry
think this is not local but general at least
every part oil the country where The has yet
gan 10 operate, ana sure TO become only general
universal, as the operation of the shall spre adj
II proofs were wanted, in addition all that is told by
those who KNOW the high rate of interest," IL per
per cent or higher, where it hardly last Septem-
ber- the depression of all stocks ten, some twenty
some 'mr'y per cent-and The low prices OF commodities,
are proofs abundany sufficient, to show the existence
OF the pressure! But sir abor-that extensive of
oil inerests-American manual laborees, or will feel
the shock more sensiby lar ensiby than capital or
property CT any kind. Public works have stoned or
must stop; great private undertakings, employing many
hands, have ceased, and others must cease & great
lowering OF The rates OF wages, well depreciation
OF property is the inevitable consequence of causes now
In full operation Serious embarrassments in all branches
oil business do certainly exist.
am OF opinion therefore, that there is undoubtedly
very severe pressure on the community, which Congress
ought TO relieve IL and that ihis not an
instance oil the ordinary faction, the ebbng
ing OF commercial affair; but is an extraordinary case
produced by an extraordinary cause.
In the next place, sir, agiee entirely with the IIt
Bos resolution as TO The OF this n
We were in state Of high prosperity, commercial and
agricultural Every branch OF business and especially
manufacturing, was pushed far, and credit as well as
the capital OF The country employed to utmost
limits In this state OF things, degree of overtra-
DING doubtless took place, which, however f nothing else
had occurred would have been seasonabIy bv
he ordinary and necessary operation OF things. But on
his palmy state OF things the late the
bic effect.
And think sir, that such cause is entirely adequae
10 produce the effect; That IL is wholly Daura and ba
ought TO have been oreeen that would produce such
effect Those must have looked the surface OF things
only as seems TO me, who thought otherwise; and who
expected that such operation could be gone through
with without producing very serious shock.
The Treasury, in very short time, has withdrawn
from the Bank SSOOO,OOO within fraction. This call
oil course the Bank has been obliged provide for and
could not provide Tor without less inconv enence
70 the public The mere Withdrawing OF so large a sum
from hands actually holding and using it, and the trans
fernng OF il, through the Bank collecting and through
another Bank loaDDg it, il il loan il, into other hands
Is, Itself, an operation which, il conducted suddenly
must produce considerable inconv eDieDce And this is
all that the Secretary have ANTICIPATED Bu,
ths not the one. hundredh part OF the whole evil The
great evil arises from the attitude in which the Go.
vernmeDt places itself towards the Bank Every thing ia
10 false position The Government, the Bank of the u s
the State Banks, all out OF place They are dersnged
anc separated, and osDg against each other Instead of
amy, reliance and mutual succor, relations Of jealousy
OF dlSrusi, oil hostility even are sprDging up between
these parties. All act on the defensve-escb looks out
for seIand the public interest is crushed between the
upper and the neither milestone. All this should have
oeen oreseen IL Is idle say that these evils might have
peen prevented by the Bank il had exered itself to pre-
vent heD That is mere matter OF opinion; IL NAV be
rue or II may not but il the business of those who
proposed the removal Of the Deposles ask themselves
no" was probable the Bank would act, when they
should attack it, assa its credit and slege the violation by
II OF its charter; and thus compel IL 10 take an altitude a.
iea1 OF sterh defence. The community have cerlaiuIv
HRI 10 nOIo nose anwerable who have
got into This quarrel with the Bank and thereby occason
cd the evil let The conduct Of the Bank in the course NJ
the controversy, be what it may.
In my opinion, sir, The great source Of the evil is be
shock which the measure has given to confidence in Inc
commercial world. The credit Of the whole sv.,c,, 81
the currency of the country shaken. The STATE
Banks have lost credit and lost confidence. Thew h,vo
suffered vastly than the Bank Of the United St,te
it'eIi' at which the blow was aimed.
me arrangement OF internal exchanges is one Of the
disastrous consequences Of the measure BY the ori.
BuU S chsr,er by It's uoquesioned soldity, by The fact
every where, The Bank Of the United
the internal exchanges OF the country with vast c,
and al an unprecedented cheap rate The STATE bsnIs
can never accomplish this for the reason given in Inc
Boston Resolutions they act with the same con
cert, the same identity OF purpose. Look the Prices