Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-03-31
Fifteen months reduction Of Depositcs.

December 2,I554o7 .... / ,s75 20
January, le2O, 3,5G0,7l2 Jan, 1885 3s7s95l
Here, said Mr.. e. is similar and parallel reduction
OF deposes in this bank and Mt period of real
pecuniary distress to ITSELF period when great frauds
were discovered IN its management; when a committee
examined it, and reported guilty of vioatinp its char
ter when its stock tell in fe weeks from $50 10 %.
when propositions to repeal its charter without the for
mainly OF scare tdciGs, discussed in Congress:
wheh nearly all presses, and nearly all voices con-
oenned E and when real necessity compelled il TO re-
euce It's discounts and loans with rapidty and TO
lar greater comparative extent than those which has at
nueo inc iae reduction Yet, what the state of the
country! Distressed to be sure but no panic no con-
Vuison IN inc community no cry of revolution And
why tns Inference If mere reduction OF dcpositts
was TO be attended with these effects at one time WHY
not at the other Sir, said Mr. B. addressing the Vice
president, the reason is plain and obvious Tho hank
was uneonnected with politics in 1879 II had mo do
sre at that ne to govern the elections and TO over
tuTh an administration IL had political
AZ haa no resident of the bank then make war upon
the President of the United States aud 10 stimulate
and AID great political party in crushing the President
VINO would not sign charter, and in crushing the
House OF Representatives, which stood by him There
was no resolution then condemn the President for
M9lauon oil the laws and the Constitution And il was
inns fatal resolution, which now propose TO xDungc
winch did the principal part Of the mischief That rso
uon was the root of the evil the signal for panic meet
hg panic memorials, panic populations panic speeches
and panic Jubilees That resolution exhibited in the
Senate chamber, the scarlet mantle of the cons,1
hung out from his tent it was the sgnal for hot,I
That resolution and the alarm speeches which attended
IT, was the t0cSiN which started continent from, ts
repose And the condemnation which followed IL and
he Nsxu
YORK, Virginia. and Connecticut elections COMPLETED tho
eHect upon the public mind and upon the politics and
commerce oil the country, which the measures OF the
Jam hdd peeh cooperating for three months to produce
ANA mere ne must express his especial and eternal
uer' now all these movements Of bank and Senate CO.
operating together, II not by arrangement at least nv
most miraculous system of accidents TO cndanUer The
political rights and to injuTc the pecuharv interests T
The People ofthe United States could SO far cscnnc tI
eFdHoh oil he investigating committee ofthe Senate
as not to draw from them the expression of one SOLITARY
rnS suggestion OF one single idea, the application
Oh one single remark, to the prejudice of the hank
surely they ought to have touched these scenes viii,
something more than few meagre stinted and starved
INES OF FAINT ausion TO the ',eto measures To
90 f0Me"""tt0"j those new measures which were so
taisely so wickedly fabricated TO cover the
ana preeditated plot upset the Government by stmn
l1Hhg inc people TO revolution through the combined
operations OF Pecuniary pressure and political alarm
The table itself Mr. b said was entitled TO the gravest
recollection only for the comparison which &C.,,
CO.. puI me TACT OF showing the actual progress and his
tory OF the removal of the deposes and BLASTING tlt,
Whoie story OF the Presidents hostility to the
from inns table II is that the deposites in pont of
iact have never been all taken from the bank: that the
Ieloval so lar as 1t went gradual gentle; that
an average OF three millions has always bee there thai
hcIIy our inIons was there the first day of Janua
Y last and before these facts fabricated story of the
PRESIDENTS hostility to the bank, his indebtedness and
htHelerinhailon TO PROSTATE, destroy, and ruin the
institution, must fall back upon its authors and reoo
upon The heads of the inventors and propagaors of u
groundless mputaon.
Mr.. Is. could give another fact TO prove that IL .os
the Senate and the Bank and the Senate more than
the Bank, which produced the distress drng the last
te Bank were much larger both before and after the
Session OF Congress- yet there was no distress in the
country except during the Session. and while the alarm
speeches. were In conrse of delivery on this floor
thus, the curtaiment from the first Of AUGUST 10 t
rst OF October was $4OG60O0; from the first of Octo-
per 10 the meeting OF Congress in December the chr
taliInent was $5,61l 900 making 80 707 900 in four
months ana no distress in the country. During the
Session of Congress, seven months there vos c,saiJ
ment of 50 42S l3S; and during this time the dis,rc
ragged From the rise of Congress- last of June to the
hSt oil November, period of four months the cutail-
Il H. al
heard in the country Why? because there were mo
panic speeches Congress had adjourned and the Bank
beng lett to its resources, could only iniure
nifty. ~ ''"
Mr. b. would finish this view of the conduct of the
bunh IN creating wanton pressure by giving two in
stances one the of the Deposite Bank in this c
w inc oter was the case of Senator opposed TO the
Bank. He said that the Branch Bank AT This Mace
nau maue a steady run upon the Metropolis Bank
from the beginning to the ending of the panic
session. Inc amount of specie which ii had taken was
SOOo'OUuj evidently for the purpose of bloSinr nm
the pei bank in this District; and during ali that
time the branch refused receive the notes or brancJ
9rmis OF any other branch, the notes of the mother
'ahA, oI CHECKS upon any city north Of Baltimore On
te pet bank IN Baltimore would take checks because
tne design was TO blow up that also. Here said MIR
D. was acear and Hagant of pressure for spcce for
the mere purpose of mischief and ofaddng the Meropo
lis Bank to the list of those which stopped M that
time. And here Mr. b. felt himself bound 10 nav Lisr
spccts 10 the COMMITTEE oiFinancc that went to examine
tle Bank last summer That committee at paoca I6 aud
~ OF their Report brought forward an unounded CHARGE
N~ ao"iiihsuaLOnf OF making ~
branches OF the United States Bank, To break them
while 1t had been silent with respect TO well founded
instance Of the same nature from the Bank of the Uni
ted STAIRS towards the Opposite Bank in this District =
Ihelf language is: The administrative department of
tne Government had manifested spirit of decided
hosullty TO the Bank Ii had no reason to xnec ans,
indulgence or cemency at its hands; and in this OPT
mon, II entertained 10y the Directors about which
mere can be but little question, subsequent events
very soon proved they were not misnkcn 1I,,e pro
sdents address to this Cabinet the tone assumed
py the Secretary, MIR. fancy, in his official eommu
nicat0h TO Congress, and the Developments subsc.
9uenlly made by Mr. Duane in his address to the nub
nS-al confirm the correctness Of this anticipation
me measure winch the Bank had cause fear was the
accumulation by Government of LARGO masses ~ it ,
una the existence thereby of heavy demands against its
omces-(P. l6) " In persegcrng in ts policy Of re-
oeeining ITS notes whenever presented and fj,ereb,
continuing them as tHirerSai medium Of EXCHANGE h,
opposition to complaints that head from some of The
Dranches' aee copies Of Corcspondcnce) the security
oil the institution. aud the rood of tho eo,,,t., -