Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-25
Twemty-third COngress.--Ist sess


Twenty-third COngress.--ast Sess.
SPEECH of MIR. WHITE OF TgNx.,
On me motion Of mr.. We6ster for ieare to bring in a
Bui FOR protonging the charter of the Bank of The
O",fed states; deiioered IN the Senate Of the United
States, March. 1891.
CONTINUED
Again.-if it is necessary and proper 10 incorpora,e ,
Bank, as a fiscal agent, which | do no, admit. ,,,ere c,n
ne ei, ~ power 10 establish such Bank as thi. we can
hei'her wish, nor expect a Bank OF Issues, and OF circula
ton; all we can possibly need will be, a Bank Of discount
aud d,ePosite, and thst OF small capital. Such a Bank
would be perfectly able to make our collections, preserve
and pay out the public moneys; and i'm addition 10 ,ie dis
charge oil these duties, such a Bank could, and would,
most etteclnally check ercesSire issues OF paper bv the
State Banks; it could also grant discounts to a reasonable
extent, to commercial men, or others; and likewise by
ur'l"s on The different branches, in different, sections OF
country, could furnish The means OF remittance, TO any q \
tent, tina would be reasonably required.
Indeed, one on a scale, silk more limited, would answer
every hscal purpose. a Bank OF deposite and transfer is
~ "a' !he government could have occasion Tor. How
then II Is possible 70 can fairly deduce a power TO es.
.aonsn d pshS, ana vest IN The corporation ibe immense
powers winch tins charter coniers, l am unable TO discover:
therefore, will not consent to use a power which do
NOT th'nk we possess, TO proluug the existence of such an
institution, Tor day, a year, or tor any other term whatever.
Holding these opinions, am not among the number of
those who can ever be embarrassed 10y the question, " le.
ther the United States Bank ought To- he pi,ced i'm Ch.s
nut street or in Wall street.
Mr: President, II we had the power to create a Bank,
insistItls bad policy 10 exercise il as is now proposed.
me objections 10 extending his charter are. in nv
opinion, stronger than they were to incorporating The B.pk
originally. Inc theory OF our Government is perfect
S""'NJ u'dhc All sue IL every thing to which, tb.y
nave aJust right, and give no one an advantage, 6y lac,
over any other. This we ought, as lar as we can. Ia car.
ny out In practice. When the act Of incorporation was
passed. uere was an apparent equality, at least. because
every ci'izen had an equal opportunity of subscribing Tor
stock, but ii we extend he charter The value of the s,oct
Is Immediately increased, and the present, stocLboiJ."
nave by law, a privilege extended TO them, in exclusion
OF every other person. q
But, sir il | am mistaken in every thing l have said, |
sun contend The charter Ought mol to be prolonged. The
Immediate benefit to he derived from the oasssse of tbis
onl' i relief TO- a distressed community. TO form a pro.
per estimate oil the remedy, we ought TO have some opinioo
have produced it. ""e"
L am not among the number of those, who deny that
there Is any pecuniary distress. That there il. i'm manv
paris OIL The country, a want OF money, and considerable
sscrihces because II ca"not be Obtained, i verify beueve.
these suHenDgs have not yet reached tte particular
country which l in part represent; but as all others. a 9
well as my immediate constitute ls, are TO be affected Inv
my vo.eS' l consider 1t as much my duty to relieve the
businesses OF o'hers, u IN my power, as il would be TO re-
lieye the dislresses OF those Immediately represent.
wil! add, That there does not live in the U. S, the human
being, whose condition would not gladly make be,ter
"net mas ie1 10 uese pecun'ary wants, is a question, OH
which there has been some variety OF opinion. 1 think it,e.
ny OBVIOUS mat The operations OF the Bank OF the U. S. have
been the principal cause. She has not only RETAINED iron,
granting the usual accommodations TO men in business. bui
she has been operating the wrong way: she has been cur
taxing her DISCOUNTS; This has compelled tate Banks 10 90 a
likewise. Money then is made much scarcer than for,ner.
ly. The demand for Il is increased. Under The ,a,;f
laws, cash is now to be paid in some Instances ,vbero crn
dit had formerly been given. In other cases where Ions
credits had been given, short credits are now allowed
The long credits aud the short credits have been falling
NN ~ W. S"'HS 'f'O' u bdnh Has Caused hills IN Ia.
purchased payable in the large cities, TO a greater amoun,
than formerly. These different causes have created an
iie'e"seu uehahu money, and the Common means oil
obtaining II are withdrawn. To these ought TO be added
The doubt aud uncertainty, as TO the result OF our leeisla.
ito" which prevents men oil business from adapting their
proceedings 10 amy settled course.
The result Of the whole is, the business mart of tho
community need more money than formerly. and can nh.
tai" less, 1 ieIleVe there is suffering and distress, aud if
TINS Bank Is TO wind up, this suffering must, at o g
Rod, be increased. If we admit, which 4 uhink we oush,
noi, 'na! The wi'hdrawal OF the DePoAtes made some cur.
taIlmen' OF her business necessary, on the part OF the
Bank, do not believe we ought TO doubt but thew have
been carried farther than was necessary. Ons thing. /
think, has been clearly shown, by the honorable Senator
from Missouri, that is, tLat no additional curtsiinents TO
make the Bank safe, can be necessary.
Ihis Bank, them is the main cause Of this suffering and
this distress, and to relieve them, we are asked TO extend lis
powers for six years longer. Heretofore il has pursued lis
0ton interest; will it not do so again? If lis interest
prompts 10 liberal accommodations, thew will he granted
and circulating medium, wall be plenty. Hits objects can
be better accomplished by Withdrawing accommodations
and lessening The circulating medium that course will be
pursued, and our pecuniary sufieriugs and dislresses will
again return l nave no confidence in such a remedy;
it Will probably he worse than the present disease.
How would the Bank employ its vast means, during The
prolonged time! l think just IN such manner as would
most promote its own interest, without any special regard
TO the interest OF the community All persons, natural
or artificial, dread dissolution. The natural person vytu
cling to existence as long as possible; he will lsy hold of
any Thing within his reach, by which he can nreservs
himself ior an hour, a day, or a week: just so with this
corporation; il will use its whole power TO procure a o
ne~al oil the charter, after the lapse OF The six years. II
VIII use It's means 10 increase The number OF its friends,
gu" w Pt Ha OpPObeulS ln q SITUATION not 10 thY ART
ITS views. 1t will extend lie business whenever, and
wherever, such a course will cid its prospgcts il yvtIl
contract its issues, and curtnil its discounts. wbenever
anu wherever opposition to lis plsns can be put down.
by oppression. | have no idea that the directors
now, or at any other time, have engaged in any
scheme oil oppression, because they defiant in iuGicG
ing an injury upon any Que. Corporations, IL is said. have
no souls but they are managed by those who have
and by those who will be attentive to their own interests
and VIII use their powers 10 promote them. Prolong fbis
charter, aud your control is gone; the Bank will act a. II
may UIlhk best; u VIII, and must, miugle i'm your poIidc..
is permanency viii depend on dispiacing enemies from
power, and supplying their places by TIC promotion Of
friends. No means will be lief, unnied, to accomolsh thts
object. That II should interfere in politics, is iuheren, in
the charler llseH. IL Is = partnership between The povern.
ment aud individuals. 1T is a mixture OF political power
WIN money, and 10 every controversy in which the cor.
porauoh can nave an interest, the Bank vii interfere In
eieclons, On The one side or line other. The principles
cOptdlned IN the charter lead necessarily 10 this result. and
we need expect nothing else. The very object of ev.
tendi"g Tor SIX years u, TO relieve The community
presently, anu IN Tie meantime, 10 see whether this Bsrk
snalI be continued afterwards, or some other substituted
How then can we doubt its course, during Ills period?
VIII extend is business first, aud contract 1t ahtery srIs. If
success Is hkely to be alisiDed by such a course.
~ its businesst Is ever 10 cease, why not at the end of nhe
present charters II is admitted the resources Of tic n
try never were greater than now. There is no reason .,
believe debtors viii ever be more able 10 psv. W. bays
nae oINfess ahI suNenng for FIVE or six months; if lire
charter IS prolonged, this must be gone over again six
years hence, and here is no reason 70 think I'VE ShaIi he
OcUer able TO meet the demands Of the Bank then. ma