Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-08

ject He would the from was
mistaken m what he said in relation the powers given
to the War Department on this subject. lie (Mr. W.
would merely say, that the power claimed by that Depart
ment as to the pension law different; by tina, has
reference whatever, either to the law oil 1885, which
commonly deDon,inated the 'pension law or the law OF
1881 The officer at present at the head OF the War De-
psrment. Is the officer who the decision
oil his predecessor In that respect having thought
wrong that any payments should he made la virtue Of the
provisions OF the last act by the Bank Of the United States
but that the payments should be made elsewhere than by
the Bank. He (Mr. wy sure that the gentle u,an
from Kentucky would not 20 Tar say tia. the oili.
would thus his own opinions so paipaby He
thought the Senator had not thoroughly examined the
subject. he would have found very marked dT.r.
ence between what he supposed be the facts in rea.
ton 10 this subject and the real state OF the When
the gentleman should have x.nined the naer he was
| Of opinion that he woHld be satisfied.
MIR. w. said that his feelings compelled him to make
remarks In reference to what had been said by the
gentleman from Kentucky In relation to the Attorney
General whom he had slated az having been affected by
the pesleniia atmosphere n which he present
moving. tie (Mr W. would say, that the Attorney Ce-
neral be affected by any such influences Tor he
was man Of lntegry truth aud eandor and would not
give an opinion which he did not In his conscience be-
lieve 10 be right
| The IN ton agreed TO.
MIR Chambers offered the fol owing resolution; which
/ lies day the table:
Resolped That the Secretary Of the Treasury be in.
:ue'ed to report to the Senate the weekly accounts Of
the several State Banks selected by him the Deposto.
res OF the public money, from LIST December, 1885,
LIST February. 1884, TO the last returns made him.
setting forth the amount the end each week OF the
public money in each OF said Banks Of debts them
Il notes IN circula ion and OF specie in their vaults
MEMORIAL
Mr.. Wright TO present the memorial of large
number Of merchants aud other citizens Of the city Of
New York. the subject of the condition Of the inan-
ea' operations Of the country, and expressive Of their
opinions oil the necessity Of atonai Bank He held IL
to be act OF justice to admit that he had received this
memorial from mos, respectable committee Of gentle
men OF the city OF New York, who had hitler
for the purpose OF presenting it, He informed by
this committee that the memorial bears the signatures Of
5000 persons great portion merchants and trad.
in the city Of New York, the of whose
opinion was entitled TO very great weight in This body
Tie knew some Of the members of the committee person.
ally, aud all OF them well known him by reputa.
taon and him great pleasure bear his testimony
TO their high responsibility. He considered expires.
sion OF opinion, coming from such body, entitled
| great weight.
He then moved that the be read referred to the
Committee OH Finance, and ordered to be printed.
The memorial having been read
Mr.. Webster then and said that the great number
OF the siEners oil this memorial aud the Just testimony
which had been borne character and
of those who had affixed their names to H. might
be received as full testimony OF the great degree Of
public distress which prevails at this In the
course OF twenty experience in Congress- he had
such memorial lie had his doubts it, in the
whole history OF Government, any memorial had ever
been presented. in which such pains had been taken
give respectful and an emphatic expression Of the
Deep wide. spread and earnest conviction Of public su
iering, exhibited in this memorial 1t reminded
him more OF some instances which had occurred in Co.
vernment In Europe, which was, in degree popu-
lar one but less so than having its
real aud nominal, but not spnging directly the
People under institutions he in the British
House Of Commons where, under less suspicious or
ganization than happily existed now, great Of pe
uons with prodigous number Of signatures was pre-
senied Gentlemen knew how tables Of the House of
Commons were loaded with these petitions at the COM
mencement OF the American There was presented
memorial from one Of the northern counties, by Wing
member against the American contest and when the
senger brought one end OF TO the Clerks table, other
end was not to be seen. member remarked that there
was the head OF the petition but where the tail II
was answered. that the tail had yet left Yorkshire.
The proofs OF public distress which exhibited
a be at and to0
plain to be mistaken. The suffering pressed so hard up
on the People, that they scarcely could find ade
quate to its expression; they could hardly dare
their lips TO utter the results of their convictions This
was the present state OF things great degree public
be investigated 1t had been commended on one side that
the cause was to be found in the OF the
hand, it was asserted that it all attributable to the
conduct Of the Bank ITSELF which, the at
tenpts made to put down. and the oboquy with which
was assed being in possession of the means Of reev
ing the existing distress, ought have applied its
funds Tor the purpose Of affordng such relief He
deemed it Of great Importance that, in the existing
circumstances OF the country, the Bank should do
what could, and should convince the People that il
extended all the relief in it's power yield It
duty to exert its power, to the verge OF its safety
for the purpose OF assisting the property industry Of
the country to sustain itself under this
weight Of distress He trusted that the Bank would do
SOL it ought to do II; it was its duty to do il.
But it was that il should keep view the
circumstances oil its own situation that its charter had
~ two years to rum and that any thing like instantane
Gus collection OF its debts would be impossible without
pressing the industry Of the country 10 ruin lis onlv
course therefore that which dictated by strict
prudence, and that IL ought under that diciaon TO give
effect to the full extent OF its power the earnest solicit
tude which he believed thar felt relieve country
But OH the other hand, the rule of prudence
that II should have constant regard own SAFETY and
10 the necessity which existed for winding UP its affairs
within the time prescribed by law. The Government
had taken its stand and declared purpose 10 be the coll
lection and distribution Of its revenue by means of the
State Banks alone, had held out the idea this scheme
would be successful and had pledged itself TO carry il
through; still he trusted that the Bank would discharge
its duiy afford evidence that there no fault in its con-
would relieve the public Distress far could do SO
with safety, and beyond the line Of safety would not be
| justified in advancing step.
He knew not what would be the extent TO which the
pubic distress would increase, where il termi-
mates but he thought he could foresee the end Of those
public men who closed their against the cries OF dis
Iess which were coming in from all parts OF the country
tie implored gentlemen round him, whose tables were
loaded with petitions from the People, recoect that
the history oil the last twenty years. there had not been
iound IN this country equal amount OF Distress While
this distress was so strongly felt along the Atlantic from
Maine TO New Orleans, IL be the result from settled
causes that the tide will flow inward and run I'D all the
little streams in the valley OF the Mississippi until 1t ex.
tended Iseli Into every section OF the Union
Mr. Wright said that he thought that loo wide an ex.
tension had been given the facts admitted OH the sub.
ject OF the existing Distress He stated that he dired
with the signers OF this petition both as TO the cause OF
the distress and the remedy TO be applied.
The motion was then agreed to- aud the petition was re-
ferred.
PUBLIC DEPosITEs.
Inc wee President announced the special ORDER being
he report OF the Secretary OF the Treasury the