Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-02-14

Nd Of the measures
sullle OF which absolutely
I'D on az the present sessioa
slon made by Mr.. Love was rejected
Folk then moved to postpone all the orders of tho
day. Tor The purpose OF considering the several bill to
which he had referred.
MIR. McKim demanded the yeas and povs o,- ,hi
motion; which ordered and wese Ycas In7
Nays -. "''
So the House determined to postpone the orders of
table. FN"''
OPPOSITE RANKS
Inc ilousc then, motion of Mr. Polk uroceeded A.,
the consideration of the bill regulating the denoses of
inc public moneys in certain local banks The bill
read ~
Mr. Polk said that it was transcript or IN. hin or,o
last session. and differed from it only in very few nart
kulars was only necessary for him TO present few
monument facts in connection with the present system of
kP.,g ana a.s19ESlA1i u1iliiic money, to shew the
u'rpu as an experiment. the fid5i'c rcvcmucs wTf1
collected and transferred, promptly, efficiently, and
put loss TO the public. This was done without Tho
P sion of any law but by virtue of the discretionary
pver vested IN the President Ii deemed propcr
inns discretion should no longer be left to the Exc
c; and tor the purpose OF limiting and defining his
80 as well as to provide guarantees for the security
- 'e public money this bill introduced In the
1c' view which he proposed 10 take of lc suisc,
NC would first examine the safety of the local hanks ~
so gents and second their ability to perform the n
t "a hsca agents of the Government As proof that
-, banks were unsafe constantly pointed
c 81 ' transactions of 1915 and 1916 The unayaohle
i III tho Treasury referred us proof that the
80, Duiks were irresponsible and unsafe The proni-
~ 81 hnent urged against the local banks last wear
we t. urge sums lost to the Government. by the fail
1 Inofe banks prior to the establishment of the Bank
Oh ine 'CnNcd States
ilete M Polk read some passages from the speech
~ genti 0an from Georgia, (Mr Wildc9 delivered
last 't Won, IN which he predicted great losses in
49, - "a mango &c. rs the results OF the expert
III M ~ Ered to the losses formerly sustained by
u ~ consequence ithe failure OF local
Z mes News, Mr. Polk said, rested on a total
pr the truth, and lac was preparcd To
siS rom aoc ents before him, which were prepared
Ny ", atoithe whole amount of the unayaila-
~, az n23 BIDS accrued duringihe years 1871
- at the time when the Bank of the u
~ kcration, the unavailable funds amount
- usand dollars. Mr.. Polk made de-
tailed The amount lost by the local banks
durn! ears from 1915 to 1895, and contend
ed thar gainst the safety OF these banks was
afforded >. in the year 1919 the Bank of
the Until itself on the verge of bankruptcy
and all I'LL was the funds of the General
It's possession; and il was
subsequent this unavailable fund accu
mulatcd w Reta.nng the House, he had
presented smp Show that up to hut 'if1ffc Of the
charter of the 'l} were no unavailable funds He
would now undS rove that the Government hae
ost double as nnu Bank of the United States as
t had blythe local
MIR. Rolk then statement of the losses OF
he bank of the u Is up to the year 1884, from
which it appeared losses of the Government
IS Stockholdcf tuition, had amounted To
81 2U1 900 IL n,ioS hat the Government as n
must nj '3{X chance of profit or loss
n the transaction of Of the Institution and
he same remark wot 3wcll TO the State banks
y which the Govern W less than by the u mi
ed States Bank The% facts TO prove that the
,tate banks any more uns than any other bank.
ne chances of loss necessarlv onged to the relation
Nstlng between debtor and cree pr lie would bare
: niude to the fact, that by III commercial houses,
nose bonds were taken with IcVea security, the
government lost during the ~ and ~ near
TWO millions of doll0rs Look at M nc OaIances report
to be due to the United States Mounting to seven
zen millions. On the wholeS the I[o sc would ind that
lerc was as little lost likely TO be ny local banks
by any other Institution or Other class o. indivdu-
e with which the GovernmentInieht I'VE transactions
From the returns of the Secretary of ne Treasury in
gard TO tho condition of the Ideal bal II appeared
at theT Liabilities, in proportion TO IHK resources
ere as small as those Of the UniteN Shc 6anH, or the
ahE oil England. The condition Af tine niied States
ank was better now than i'm 1892 Ahenit as declared
DC the safest bank in the world Nor az tune II
"a out nine millions to meet IiabiliNes IN ~ TO
'y-tWo millions. In regard 10 tIAp saf' <<5sa the
PoS s banks, there additional euara pro-
eu ey thls Dill, in provisions which hS wen 20 re-
90 piT Folk then proceeded to sliew Mat d 2 ePo-
BANKS had lc liability discharoe ISe fsca lues
ihe GoVcfnment aud ia proof Of dis posiAion aied
"hgtn' the present rates Of exchange charged inc
PySl.e Danks' Ia comparison with the rates cha W
c BANK OF the United States. And he conn hat
hncfcaI exchanges, as well as Government ri
~ Transacted by the deposits banks as prom w $ "
w, a. p''c expense as by The United States Ia
/ 'is Is OF course bHt an outline of Mr. P's
u NOT an attempt at full port Of IT, which fin
Hlr. Gordon submitted the following amendment
H. . eeiete@ oymc SENATE dad House If Represenf
cfguI-
at, from and after The day Of -; 81 sI' "'o
INC collectors Of the public tevcn,9
ccs where the sums collected shall not cxconS ~
c,b r.. dollars per aRnum, shall Lc ti,cv n
= ,.' Icasurer to keep and disbursc tlo CO..,
u oc subject to such rules and repuatians ia .'
~ O9hd and security, he shall prescribe cs,,t
~, 'Accuuoh OF thcr Office and shall receive in
'i'oi 20 the compensation now allowed by law "
.oJ tS .' ,nc sums disDurscd so That il does not
w s"O sulh OF doliafa per annum 4
Sec. End IL further enoefed. That ~ H..
dol.I
-. ..,, dollars per annum there sbslI
YpPointoa sy ihe President by and with fLe sdsfe
'Ji - nc senate, receivers Of the public rcvc ,
~ ana security to keep and dis6urse f,. noLi' s
"Ho DC syolect TO such rules and regulations ne a.
n9ulcf snail prescribe and shall receive for o;s ~
I H. per centuD per annum on the sums H..
80. 800 p,"siueu u docs not exceed the sum If r.
ec' D. H"a be Il furtior onaefd That from and ate,
ted e,.y the whole revenue Of the
~, " ''ii DC Paid ~ the current coins Of Tie limited
lr Gordon said the blanks yerc lee - l.. eu.,, y
Judgment Of the House. lie had submitted I. 80 y
pyPys,'on on former occasion. He did so unde, r
'vl ula' tne government Of the United Statcs
eo no constitutional power 10 ,o.k, I,...t
led States. lie also isaintaaed t,st \, - a
oraance with The spirit Of our ast.szeTrrsZ 4 Sest
man with tlic power Of c.,1t..1su-l III o,
y jug OF ies oli|,t|I would
~ certain
49, W Il j 8. Il + + s <z Exccu-
IS +. This
~. q TO Che
- hose ele-