Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-06-30
~TUESD.gY., yU.1.E 30, 1898.
POLITICAL.
From tue Globe.l
WINDING tIp 'THERA\K

~ 'IHuTHe Up rs IIJITS dld on tIIT dCC0UHI, UHU
to enable the Bank to go through the process gradually,
IN case Of refusal 10 renew the charter, it was necessa-
y TIE Question should b. then finally decided:
The President in lS.2.
IL immediately commenced a system of rspid curtail-
mcnt OF it's loans. in Mar, 1852, Il had reached its maxi.
nnn, $IJ,42S,0j2 70. In December following, they
were reduced to $il ,57l ,C25 90. The Presidential con-
Jest was then over and the curiail:ncn, for that period,
reachedits MINIMUM. At this latter period, December
,ae Isl, io1Z) the public money III the hands OF the
Bank amounted 70 $t2.275,O6 -. The whole reduc-
ion Of loans by the Bluk between the lst of May and
the LIST Of December, lo3g, a period OF seven months,
was SS,SJU,421 U6.
Alter Decem5er, 1882, up 10 the lst Of August, 1898,
notwithstanding its own declarations, and those of its
friends IN Congress, that II must 20 on To wind up its
business, in case its charter was not 10 be renewed, and
alter the People had, in effect, declared that it should not
be renewed, 1T went ON TO increase It's loans and extend
It's business.
About the LIST Of August, 1888, an agent proceeded to
the Northern cities, Tor the purpose of ascrrtaining whe-
ther, ana If so, upon what terms, the State Banks would
be willing to undertake the Government agency of re-
ceiving and dis5ui sing the public money, pre- paratory to
removal OF the ~dcpOsiics from the Bank OF the United
States.
1t was upon this occasion, that the Bank again COM
lnenced a system of unprecedenledly rapid and extraor-
binary curtlil.ncnts OF It's discounts. The amount ofits
loans on the LIST of August was $d4 100 ,349 II; and the
amount of public money of all sorts then in its hands,
was 81 ,5J9,oil AZ. On the lst of December following,
u few days before the meeting of Congress, it's loans
amounted to SD ,4a3, lO4 ia, and the amount of public
money TO S5,lG2, 2GU 63; making u reduction ofthe for
mer, in the four months, of $9,7O7 PA "a, and Of the
latter, only 81, ,5cO 81.
On the I'd OF December Congress assembled; and
among the first subjects submitted TO that body, was the
fact of the employment by the Executive of State Banks,
as fiscal agents of the Government, in place of The Bank
OF the Uphcd States, together with the reasons OF the
Secretary OF the Treasury for the change.
What took place in and out Of Congress in conse.
quence, and the measures rcsortrd to by the Bank and
its friends 10 overthrow the Administration, must be too
strongly Impressed upon the minds and rccollections OF
our readers to reqairc q recital new.
The Bank continued its curtailmcnls. 1t gave as a
reason, that tie public desposltcs had been removed from
It, it was deprived Of the use Of the public money. Its
charter was shortly 10 expire. IL must now go on in
earnest to collect in lis debts, at the rate If ABOUT two
millions and Il half of dollars per month, to be enabled
TO wind mp It's business within the remaining duration of
It's charter. Its friends in the Senate repeated the same
lrpngnagr. Its presses throughout the country did the
-. lou pSas the language in which those who were
ruined by the Bank in its un-
righteous course ofmrasunes, wnA9nswcredby the Bank
and those who were engaged ia snstIiniay il and war.
ring against tie Administrations, for the purpoSS OF
breaking 1T down.
The Bank continued its curtaiimcnts duriny tie
whole OF That session of Congress, which body I'D not
adjourn until July. With that event, the curiailments
dtd not cease. They were continued until the first of
November last. AT that period, the total loans of the
Bank amounted to $40, 1j4 2Ul 81; making a reduction
IN the fifteen months previous, commencing with the LIST
OF August, lo33, of $l6,4UU, lar %; being at the rate OF
about one million and a quarter OF dollars per month.
AT that period, the charter of the Bank had only six
teen months more TO run, before it expired. The Prcsi.
dent had vetoed a bill to re-chaIter il. The People had
decided that it was not TO be re chartered. The House
OF Representatives, a few months only before, had de.
cN'N NN"e - A4NE VIZ III j.. D Il
NOT TO BE RE-CllARTEIED, by u vote of 1872 to
What has been the course pursued by the Bank since
the first OF November last: Has it gone on 10 curtaiI its
loans, and call ia and reduce its circulation, in aniicipa-
ton OF the expiration OF its charter, and in accordance
with the declarations made by il and by lis sunn,r,ers
that it would bc obliged to do so, while 1t and they were
warning against the President for having caused the pub
lc money to be taken from It's keeping, and dismissed it
asa fiscal agent of the Government? No. On the con.
tTary, as we have repeatedly, during the past three
months, warned the public, it has gone on incrcasinr ils
loans and extending MS business at an unprecedented
rate.
We have been permitted TO see the monthly return Of
the Bank for The LIST OF June inst. BY it we find that the
leans OF the tank were increased during the month of
May ) l,T2352SO - The loans of the Bank now stand,
IN this return, at the sum of $63, 642, GAG O., making an
increase since the LIST of November last of Sl7 4I4
~ 2nda at the rate OF $2.5o5,492 per month, and upward
oil thIriy-nne per cent. increase upon lis loans OF that
period, during the seven months which have since passed.
The amount of the loans of the Bank are now within
half a million in amount Of what they were on the Ist
Of August, 1888, the period when the Bank began 10 cur.
tail, because an agent had been appointed TO confer sill
state Banks, to ascertain if they would undertake ibr
fiscal agency Of the Government.
But this is not all. The Bank has zone on increasing
is circulation 10 almost a similar ratio.
is now 500, 009,A74
On the list of November last it was go. ~i5gG3'iaI
THE CIRCULATION or TUE HANK IS NV
GREATER THAN IT FVER WAS nTetp rvOn
May, le32, when its loans wcre greater than they ever
were before, or have been since, and hen the circula.
non was greater than IL mao ever before been, and gicatcr
Than 1t has ever since been, until the present time. the
amount of circulation then was %2I .3i7 G5a. beinp leas
than at present by tle sum of SO3l ,e2I.
WIKI this course OF proceedings by the Back. duting
the last seven months, and in the condition i'm which
these proceedings have placed it, When the charter will
expire by It's own limitation in the short period Of nine
months, we are frequently told through tie papers tlit
the Bank Is winding up a number Of its branches. Jhoap
at Portsmouth,, Hartford, Washington. Fayetteville aud
Utica, are among those we have seen named. Indeed
we have Understood that The final closing Of those at
Hartford and Portsmouth has been officially announced
VIVA: sort Of winding up of the aTtirs ofths Bank il
", when 1t IS daily Increasing lis whole issues, and ex.
tending the whole amount Of It's lOans' The Bank has
no idea Of winding up-at least not until after the next
Presidential election il past. The closing Of one or two
mere trick 70 gull the people. The Bank wishes 10 lull
the people into a State OF insecurity, while it may keep
its tremendous power together, 10 be- employed after lis
charter has expired; first, in defeating an election of
President By the People, and carrying IL to tie n. Off;
and then. ~ securing the election ola President favorable
oithc Bank well know the power Of money by tic ELECTS
which have been produced with IL, and OF which they have
been cye-wiincsscs. They have the wilderness ofthis in /
presses which have been changed from course Of bitter
hostility TO the Bank to become thc advocates and culo-
gisis oft, merely by the iOGn of a few tloasand dollars
And how many public men are there who can be pointed
out, whose language and actions have undergone equally !
as great a change IN relation to tic Bank, who arc sfron9. |
lY suspected Of having that clange wroHght through
similar fucans2
experiments. If it can succeed in defeating an elec.
ton - President by the People, for shat may it not
hopc2 What may IL not eXpee.? Where will II stay liz /
p%rodigaity in pouring out its treasures 70 cGsci it's pnt-
poscf Let the Bank succeed, once succeed in obtsi lining
a renewal Of its charter, il will look upon it as pery,nDaf
a re.chartcr. II will command a renewal rs often az
1T wants II, and will dct0fc its own terms. What