Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-04

been greatly exaggerated and that the natives for that
en- are 10 be found, primarily in the belief that
tue present administration may be brought into Jisfayor
with the People. and may DO overhrown tbrongh the
agency OF the panic which attempted to be gotten up;
ana secondarly in the hope that the same panic if sue.
cess'uy Produced may subserve the interests OF the in
su'nion by which it has been and is be raised
secondly as to the immediate cause of the pressure
co"cu uy With the Senator from Massachusetts, that il
an error to attribute the mere fact of the change of
e uePoses he reasons be has assigned for that opin-
ION are sufficient They be ampliiied and enforced
ou Is unhe eessary upon the present occasion. Past
experience concurring facts and the nature of the rans
aouon' an combine TO demonstrate that such change
would not, necessarily draw after il such a result.
concur also with the honorable Senator (Nr webste) in
!ne position that the evil complained OF Is TO be attributed
20 e change which has taken place in positions which
the Government, the Bank OF the United States and
the State Banks have heretofore occupied relative
towards each Other and 10 the acts which have followed
al c"dnse' ihese POSITIONS as at present existing, are
pronounced BY the honorable Senator to be false That
me attitude which the Bank of the United States has
CHOSEN 70 assume towards the Government and the State
Banks Is false position, I most che fully admit hut
mat there has been any thing the either the
government or the State Banks to Justify or even
that attitude, deny, and hope TO have an opportunity to
auenH TO disprove From the Government directly no
oanoaa ne obtained or were expected, and il well
known that the State Banks which have been az
the hsca agents OF the Government had their
loans many millions, and to the utmost limit by
hc puhhc deposies in their vaults is neither shown nor
pretended that the other State Banks have curtaed their
oahs, IN consequence OF the change of the deposes ex
Sep mmeh he curailmen,s by the Bank of the u $. and
us branches, have compelled Them TO do So We have
however record evidence from ITSELF that the Bank of the
oea States has cnraed its loans since the first ay of
august ias AMI up TO The FIRST day December last
enormous amount OF 9697 OO0 and all this cur,ailment
mas place In the entire absence any rcyuson in trade
9 scarcely ~ le country or any other peculiar
existing or anticipated. We need not
then grope in the field OF speculation for the cause of the
pressure: IL stands before recorded in letters
anu ngures which cannot le and which leave us with
out excuse Tor misunderstanding for affecting to misun
derstand il. o " ~
Thirdly to the motives for this conduct nm tho mart
.. We nank, nave already said deny that jusi6abe
one is TO be found either in the conduct of the Cavern
e,' OF Oh ne otate Banks, towards and repeat the
assertion neither or not this curaiment of its business
has been rendered necessary the part of the Bank in
consequence Of former mismanagement, need not in
quire inasmuch as the Bank ITSELF and all its friend, and
supporters mere and elsewhere, strenuousy deny
ha It's present condition furnishes any necessity for in
creased me ans have looked carefully the
IONS originally given by the Secretary OF the Treasury to
The state banks in relation the course TO be bv
them towards the Bank the u S. and find there nothing
70 warrant an apprehension than any position existed on
the part OF the Government to niure the Bang or TO en-
oarrass II In the prosecution OF its lawful business
nave examined with equal the instructions given in
regard 10 me transfer drafts and the circumstances under
which they were TO be, and fact used And these
acts oil the government taken come xon wi the large
amoant OF money sill left in the Bank and which, upon
dherent suPposiion, would assuredy have been also
wi hold na'",:n unuenldpIe evidence that
no a'sPosMon was entertained or manifested on the
part OF the Government to wrong this institution
me only design evnced to exercise legal right
oy the charter 10 change the deposies and
cohue an unconrronisng, 10 be sure but constitutions
oPPos,on 10 me renewal OF the charter OF The Bank
'or these constitutional and legal acts il has pleased
vengeance Il
neither alege believe: That the State Ranks have
made The sigh est hostile movement as ans H. neither Ia
nor can De pretended What them the motive for this
rapid curalimen! have the slightest doubt Mr.
PRESIDENT that in the language of the resolutions hold
my hand is to be found, and found only in an at
tempt OF the Bank, time of general prosperity to
produce pecuniay distress and alarm and in exercising
us power with view to exort renewal of its charter
rom The lears OF The people, So much for the pressure
and the causes Of it,
VIII now consider the remedy for the evil which the
oe"!oI proposes Leaving the discussion of every thing
CONSTITUTIONAL POLITICAL and expedient, the Senator with
MS usual tact, goes directly TO the matter in hand and
with The utmost confidence he tells us that the remedy is
not 70 De found IN the restoration of the depostes
oil The present bank Whaev else NAV be sad
Of THIS avowa must, least be admitted that il does creo
dit TO The candor OF the Senator For myself thank him
and the country will thank him Also Ills time Mr. Presi
dent high time that things should be called by their right
names in relation TO the depending controversies that the
ven wib which has hitherto been attempted disguise
The subject should be torn off, and the people shoud
know what is The question which is in fact Occupying
The attention OF Congress. This being done by the de.
claa,ion OF the Senate, there is hope that we
may hereafter be- il have not heretofore been aided
by contributions of public sentiment, so far as the
senate may think proper TO allow influences of that
sort TO enter into its deliberations And sir venture
the prediction that il the expressions now upon our
hlOs, or those which shall hereafter be placed there
as evidences Of public sentiment, shall be examined
viii appear that the good sense and ingenuity of
the Senator in deyisDg this remedy, has only placed him
upon level with the common opinion of The - boJe cn
muny, as TO the real question 10 dispute: that every pa.
per favOriDg the views of the opponents of the adj.
mln's'raion, has and WILL expressly implicitly re.
4
"Baok or no Bank and that the real issue has that d
ecion, not The disposition of the Government depo-
stes-A petition for re.charer is mere matter of form
which can al any lime be brought forward. few DAVIS
or even few hours, sufficient for the object and we
ought not permit ourselves 10 doubt that such pedton
VIII be forthcoming not, according The decision of
this merely incidental question, made 10 assume
The place and importance OF the real issue.
But, ME- prcsdent, while highly approve of the open
aud manly ground taken by the Senator from Massachu
sets, differ with him toto Gallo the remedy he pro-
poses. There is no induce which can prevail upon
me 10 vote Tor the charter OF the Bank OF the u. s.
would oppose this Bank upon the ground its fragrant vo
sons OF the high trusts couded it, but my objections
are OF deeper and grayer character go against this
Bank and against any and every Bank be
by Congress, whether be located al elphio or
New York, any where else within the twenty four
Independent States which compose this confederacy upon
the broad ground which admits not Of compromise that
Congress has not the power, by The constitutions ncor-
pOrate such Bank.
may be over.sanguine, Mr.. President, but do most
firmly believe that in addition The invaluable services
aready rendered 10 his country by The President of the
United States, lie is under Providence destined still 10
render her greater than ALL by being mainly instrument
al in restoring the Constitution Of the country TO what
was intended TO be by those who formed what il
was understood be by the people who adopiedi In reev
ing That sacred instrument from those constructive and inn
piled additions under which Congress have claimed the right
TO place beyond the reach OF the people, and without
sponsibity, moneyed power, not merely dangerous TO
public liberty but Of character 80 formidable 10 set IT.
self In open array against and TO attempt TO overrnle the
government of the country. believe the high destiny il
yet in store for venerable OF disproving the exalted
pnen nj long paid him by the great APOSTLE of
'ibat he had area dy filed the measure Of
his counrys glory, and that he yet accomplish what
neither Thomas Jefferson his lustrous could
H.