Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-03-27
VOLUME XXXH.--No. IOY.

ION, was proper To pace the institution beyond the
reach OF contingencies, &c. Then directs The DISCOUNTS
to te confined to their present moderate amount and ex
chahges TO be raised To not less than and half per
cent on the West not less than two per cent on New
orieahs ana not less than per cent South of Wash
gtoh CITY This letter directed to the President Bos
ton, only.
When Mr. b. had finished reading these extracts he
turned to the report made by tho Senator from Virginia.
who sat on his right, (NIr Tyler) where all that was
said about these of hostility the pro-
Prey oil the Banks conduct in this third curtailment
ana IN this increase upon of exchange were com
Pesscd into twenty lines and the wisdom and necessity
oil them were left 10 be pronounced upon by the iudg
mcnt of the Senate MIR. b. would read those twenty
lines of that report
a" The whole amount of reduction ordered by the
above proceedings (curlacnt ordered Sth and 18th
OF October) S., So, SOC The same table No A
exhibits The fact that the 3d of January further re-
ducuon was ordered to the of So 800 OOO This
was communicated TO the officers in letters from the Pre-
sdent stating, that the present situation the Bank and
the new measures of hostility which understood to
pe III contemplation, make 1t expedien TO place the in
stuon beyond the reach of all danger for this purnose
am directed to instruct your Office TO conductts bust
ness on the following footing (Appcndx No g. CO.
PIES OF Ieters) The Offices of Cincinnati Louisville
Lexington, st. Louis, Nashville, and Natchez were fur
Their directed TO conne themselves TO 90 DAVIS bills ON
Baltimore and the cities north of it, of which they were
allowed to purchase any their means would ms
MY; and to bills payable on New Orleans which they
were 20 take only IN payment of pre-exisng debts 10
the BANK ana IT'S Offices; while the Office at New Orleans
was directed TO abstain from drawing on the Western
ohces and to make its purchases mainly on the north
Atlantic cities The committee has thus given a full,
and somewhat elaborate detail of the various measures
resoied to by the Bank from the 18th of August 1888
OF their wisdom and necessity the Senate will best be
able TO pronounce u correct Judgment"
This, Mr. H. said, the nieagrc and snted manner
in which the report treated transaction which he woud
show to be the cold blooded calculating and dia.
bocal which the annals Of any country this side of
Asia could exhibit.
ect to be found at another part of the report and open
ed the report at the place for Mr.. Bl
MIR is. said the two pages contained but few allu-
sons to this subject, and nothing to add to or vary
what was contained in the twenty lines he had read
lie looked upon as great omission in the report the
more So as the committee had been expressly command
ed t. report upon the curtaimcnts and the conduct of
the Bank IN the business of internal exchange He
had hoped have had seaSehinr INQUIRIES and detailed
statements OF facts these vital points He looked TO
the Senator from Va Nr Tylcr for these inquiries and
statements. lie wished him to show by the manner i'm
which Inc would drag toght and expose view the vast
crimes of the Bank, that the Old Dominion was still the
mother othe Gracchihat the old lady not yet forty
fve-that she could breed Sons to emulate the
lame OF the Scinios But he disappointed The re.
port dumb, silent, spcechless upon the operations
OF the Bank during its terrible campaign panic and
pressure upon the American People. And now lac would
pay one instalmcnt of the speech which had been
promised some time ago, the subject of this report
for there nae OF that speech Which was strictly an
phcabe and appropriate TO the head he was now dis
cussing.
Mr. b. thOn addressed himself to the Senator from
Virginia. who sat ON his wight (Alr Tyler and requested
nm TO supply omission IN his report and to inform him
what were those measures of hostility alluded TO i'm
the two-andtwenty letters OF instruction of the Bank
and repeated IN the Report and which made the
pretcxt for this third ourtalnent and these new and ex
traordn@Ty restrictions aiad impostons upon the pur-
chase OF bills of exchange,
Mr.. Tyler answered, that it was the expected probbi-
ton upon the recevabiiiy of the Branch Bank drafts in
payment of the Federal revenue.
Mr.. y resumed I he Senator is right These drons
are mentioned in one of the circular letters but one
of them, the understood to be in contenl
pation, and which understanding had been made the
peteNt Tor scoHrging the country. He Mr. b. was in
capable OF theatrical artifce sta &c kin crave
debate He had question but that the Senator could
answer his question and he knew that he had answered
tpsfm Ms cu;Jo
against the Bank; he wanted proof to tie the Bank down
t. this answer, to this preteXt to this thin disguise for
her condact IN scouFgjRg the country The answer is
now gwen; the proof is adduccd ard the apprehendcd
prohibition ofthc eceiy0bty ofthc branch drafts stands
both as the PrecXt and the sole peex for the pressure
commenced n Jaruary, the doubling the rates of ex-
change breaking up exchange between the five western
branch banks, and concentrating the collection of bills
OF exchange upon four great commercial cities
Mr. b. then took six positions which he enumerated.
and undertook TO demonstrate TO be true They were:
j. That IT WAC untrue in point Of fact that there were
any new measures in contemplation, action destroy
the Bank
3 That it in point of fact, that the Presi-
dent harborcd hostile and evengeiu designs against tho
existence of the Bank
g. That in point of fact that there was
any necessity for this third cuailment was order
ed the last of January.
d. That there no excuse, Justification or onoloov
for the conduct of the Bank relation to domestic X
change III doubling its rates, breaking mp between the
five western branches, turning the collection of bills up-
on the principal commercial cities, and orbddng The
branch at New Orleans TO purchase bills any part of
the West
s. That this ourtament, and these exchange repula-
tons in January, political and revolutionary and
connect themselves with the resolution in the Senate
for the condemnation Of President Jackson.
o. That the distress Of the country occasioned BIZ
the Bank Of the United States, and the Senate Of The
United States and not by the removal Of the depostes
Having stated his POSITIONS MIR. b. proceeded to de-
monslratc them.
!. As to the Hc1o measures 70 destroy the Bank Mr.
said there such measures. The one indicated
that OF stopping the receipt Of the branch bank drafts
in payments to the United States existed no where but
in the twoand-twenty letters of instruction of The pro
that the measure existed; the language is in coniec,
piaon ~" undo rstood 60 be in contemplation
upon this hnsy ptetcxt OF understanding Of some
thing in contemplation and which some hing ne yer took
place set Of ruthless orders out 20 every QUAR-
ter Of the UniOn to make pressure for money and to
embarrass the domestic exchanges of the Union. Three
days would have brought answer from WISH
ngton to Pbladelpha--from the Treasury 10 the
Hankand let il be known, that there was no inten-
ton to stop the pgceipt of these drafts at that time
But it would scplu, that the Bank did not recognise
the legitimacy ct Mr. Tancys appointment! and there
fore would not condesccnd to correspond with him as
Secretary Of tc Treasury But time gave the answer
even if the Rank would not inquire at the Treasury
Day after doy, week slter week, month after month
passed OF, and these rcd0ubtabe measures never
made their appearance. Why not then stop the eurtlil.
mont and restore tic exchanges TO their former footing
February March, April May, June-fve Inontbs--one
hundred and fifty days alb passed away; the new inca.
surcs came; and yet the pressure upon the coun
try kept up; the twoand twenty orders were con.
unucd III force. What be thought Of institution
whIch being AIMED by law with power the moncged
system Of the whole coumtry should proceed exercise
that power TO distress that country for money apon