Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-07-17
POLITICAL.
from tho Globe.

From tho Giobcl
BANK POLICY AND BANK MANEUVRES.
In the proper discharge of periodical task which
we nave felt 1T duty the public 10 im,ose nm
ON ourselves have again made inquiry of the Tr,n
sury Department. as to the movements of the Bank for
the past month We have been permitted TO exomns
the statement of the Bank of the Ist of this month
which shows the operations of the last And what are
they? Will il be believed after all the JecIors,ion e
the Bank officially put forth during the nlcmornh ns
mic and distress session of Congress of 1894 thai f
the public deposites restored to the Bank il
ust go on steadily and regularly to curta business
call in its loans and be prepared wind up its bns
ness at the expiration of it's charter To do this il
was stated that the loans of the Bank must be called in
al the rate OF two millions and half of dollars per
month The same statements and declarations were
made by the supporters and defenders of the Bank in the
senate An eongatioR Of the charter proposed and
advocated in that body by of the leading ,nelra
of the opponents of the Administration and Supporters
of the Bank. 1t was advocated for n short t;,e onl,
because 1t necessary to adopt some measure capo
81 atOrdng relief IN Me present energency and OF en-
aehng the Bank to wind up more gradually than it was
represented II would be compelled do, unless time was
added 10 that provided for in che charter that purpose
The bill to eongate its charter, well as ali the
propositions which made, and stoutly coended
ior TO force restoration of the Deposes of the public
money to the Bank ofthe United States failed Con
gIess after seven months session, nearly the whole of
which was consumed ia discussing the various projects
DEGREES and articles of the Bank and its friends in their
warfare upon tie Executive, adjourned without having
done any thing towards .'0ordRg relief in me DroSen
emergency which are the words employed bv Mr. Web
ser in the Senate the 18th March or of having COM
PEELED the Executive to restore the tesostes 10 Tho
Bank " '"'
Notwithstanding this relief came as soon as the panic
notes which had been rung through the Congressional
Halls ceased to sound. The files of the n York Jour
nal OF Commerce show, that in less than three weeks
thereafter and during the calendar month in which
the adjournment OF Congress took place, commerce
nourshng, money was abundant, and commercial con-
hdence was general in the city of New York
The Bank of the United s--->--true to It's own did.
ra'ions and those ,yhich it had induced friends to
make went on curtaIng its business. Between the ST
of July and LIST Of November 1891 il curtaicd 80 27O
III al. This added to previous curtailnent he
q md lar ui I,:ci,
had been regularly going during these eleven months
amounting to $i3 f35,377.
When November came, the Bank found, that 1naid-
ed by its friends of the Senate all cgrtaents were
of no avail People wore happy; commerce. both for
ana uo'heStiC was prosperous ana many OF those
who had been scduccd to take part in its warfare had
become ashamed and Disguised with tie parts which
they had acted They found that they had been de.
ceiyed.-They found when they attended to their own
business and left the Bank take care itself and
left il to its fate that they had difficulty in OBJ.
taning all the money facilities which their business c
quiree, unassisted by the Bank of the Uned States
and that their business thus attended to- was flourish
ing and profitable. The people cared not, inquired
not what the course was which the Bank pursuing
They were willing it should go and collect in lis
debts at any rate 1t pleased they ready to bid
dehance, lhey needed not the threats which had a
teH months before been made, or the power which it
then welded.
The Bank managers, finding this to be Tie case aad,
if forgetting all their former solemn declarations IN
regard to the near approach Of the expiration the
charter, and the necessity Of going on to call in the
loans for the purpose Of winding up the business Of The
Bank when the charter did expire, all at once chunpcd
their course of operations. They commenced in no.
yember last to extend their business by increasing the
Bank
onte ist of November the aggregate of the loans
q 81 sorts was ..-...-..--.......... $40 151 20l
On the LIST July inst, it ........... 60 l974 02
Extension, --.- $l9sAd3J491
Making extension Of almost TWENTY MIL
LIONS OF DOLLARS in that short period.
What commercial county in Chrlstcndom ever before
called to experience the evils attending such con
tracftnp and auatcp Rot
November 1894 the Bank curtailed is loans Sic 4O6
117 So And between November, s3d aud Juiy 1886
it extended its loans $l9,4d3a01 being in the first in
stance curtailmcnt Of almost twenty per cent on
its whole loans, and in the latter extension Of more
than oTtytw per cent. upon what they when at
The extension Of tho circulation of lis notes by the
Bank within that period, have been still greater in pro-
portion.
circulation Of the Bank .......... S15 0Gs 81
On tho lst July, It was ............... 25332, go
Increase, .........,............ S0,363.0sg
Making an increase in the circulation, since Maven
Der last, Of S9363 USg, or nea5y SIXTY PER CENTlN
The extensions Of the loans of the Bank dnripo tho
month Of jane, have been j5j 0f6; and the increase
Of the circulation during the month is 1913 3i6
and this indeed, to amount Of circulation greater tan
IN the city Of Boston alone the loans have been in
creased during The month 0f June SS 3Gs aud since
the lst Of February last, $3l52sS At the latter pc.
Rod, The total Of loans the branch at Rosten was
$2s02,025 On The LIST July, the aggregate was
With such rapidty docs the Bank exoana n il cc,.
tainly in the debt to the local Banks ~ tie sst state
rpent IL in debt TO the city Bank of Charleston
South Carolina ~ 672O00 AID the specie which il had
IN is vaults at that place at the time was but
eIOl4O00 Has the Bank entered into q treaty Of amtv
and alliance with the Charleston Bank that IL thus
trusts 70 tncr honesty ~ also largely indebted
the city Banks IN Philadelphia New York Boston and
Baltimore.
II is thus that the Bank is winding up lie business
nine months only before ito charter viii expire