Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-03-27
Twcnty-third Congress---2d. sess.
IN SENATE.
Friday, FEB. %, 1885.
ExPURGATION OF THg SENATE JoURsAL.
SPEEl,u OLE NIP REN,rAN lC,n.r.. 80.

.. At time, and under circumstances, TO involve the
p"cal rights and pocunary interests oil the people "a
inc United States in scrious injury and peculiar dang
- ms Eead Of his argument MIR Ii. said would require
devciopemcnt and detail VIII ch lac had deemcdit
cessary al TINS time, considering what had been by him
al The last session. and what would be said by others
give other which he had briefly touch
ca But at this point he approached grounds he
weu new hcd; lac saw an extended horizon OF argu-
ment and fact expand before hr and il became necessa
ry Tor him to expand with his subject The condemna-
ton OF the President is indssoluby connected with the
cause OF the Bank The first form of the resolution
mbited the connection the second form did aso every
speech did the same; for every speech in condemnation
OF the President in justification of the Bank every
speech IN justification OF the President in condcm-
nauon OF the Bank and thus the two objects den-
ucal and reciprocal The attack of one was a defence
oil Inc other the defence of the attack of the
other And thus ii continued for the long protraccd
period of nearly hundred days--irom December
2Oth lo33, to March 2Sth 1884 when, for
explained TO The Senate, upon private consultation
among the friends of the resolution, the of it
Forward to the Secretary table, and voluntarily made
the alterations which cut the connection between the
BANK and the resolution but it stood upon the
record by striking every thing relative TO the dis
mssal OF MIR. Duane the appointment of Mr.. fancy,
ana the removal OF the dcpositcs But the alteration
was made in the record only The still sub
sisted IN iact now lives in memory, and shall live in
history Yes, SIR said Mr.. b., addressing himself TO the
President of the Senate yes, sir the condemnation
the President ndissoubly connected with the cause
oil inc Bank with the removal Of the dcpostcs, the
newal OF the charcr-hc restoration of the dcposies-
the vindiceiion of MIR. Duane-te rejection of MIR Ia
heythe late OF electionsthe overthrow of the Jac-
son Admins traonthe fall of priccs-ihc distress meet
lngs-the distress memoIias-the distress comnitlees-
the distress specches-and all the long list of haicss
measures, which astonshed, terrified afflicted and deep
y injured the country during long agonzcd pro-
traction OF the famous PANIC SESSION All these
things are connected said MIR and became his duty
to place part of the proof which established the con-
nexion before the Senate and the People.
MIR B then took up the appendix to the report made
ny the Senate Committee of Finance ON the Bank
commonly called Mir. Tycrs Report and read extracts
from instructions sent to two-andtwenty branches of
the Bank contcmporancousy with the progress of the
In fhp oh, an,
effect OF which, and their conncxon with the debate
IN the Senate, would be quickly Promising that
the Bank had despatched orders the same branches i'm
the month OF August, and had curtacd 81 .OC6 600
and again in the month of October to curail @ GOO
and oncrcasc the rates of their exchange and had ex
pessy stated III CIRCULAR on The i7th II that month";
that this reduction would place the branches in posi-
ton OF entire security, MIR b invoked attention to the
shower OF orders and their dates which he was about TO
read lie read passages from page - to So inclusive
They all extracts of letters from the Prcs, M of
the Bank in person the Presidents of The branches
for Mr. b. SAID il be remembered as one of the
peculiar features of the Bank attack upon the country
last winter, that the whole business CONDUCTING this
curtamcnt and raising exchanges and doing whatever
II pleased with the commerce. currency, and business of
the country was withdrawn from the Board of Dircc-
tors, and conhded to OF these convenient commit
tees oil winch the President is cX-otico member. and
creator; and which, III this case was expressly absoved
tIotn reporting to the Board cf Directors The letters
from Samuel Jaudon Cashier are addressed direct
TO the Presidents of the branch banks Mr. b. read:
January I'D, 1884 1.-THE present situation othc Bank
and the measures of hostility which are undcrs God
to be in contempluton make it expedicnt to place the
institution beyond the reach of all danger it then d
reefs that by the first of March the discount line shall be
reduced to sum named being the branches proportion
of cutailment of 1920 900, to be effected in about
TWO months and raises exchange New Orleans To- not
less han two per cent discount with limitation TO pur
chase except on New Orleans and the North Atlantic
cities This letter is directed TO the Cashiers of The
branches at Cincinnati Lexington, louisville st. Louis
Nashville and Natclcz.
January 30th, lo3I.-"With view to meet the com
ing crSs IN the banking concerns of the country, and
especially to provide against hostility
understood to be in contemplation by the Executive oil
GERS at Washington general reduction has been ordered
at the several Offices and have to ask your parti-
cular attention to'accomplish it,"
On the deieat OF these TO destroy the Bank
depends, IN our deliberate judgment, merely the nc
cuniary interests but the whole fee institutions of or
country; and our determination is, even by temporary
sacrifice OF profit place the Bank entirely beyond the
reach OF those who mediate its destruction The letter
then directs the local discounts be brought down 10 one
million i've hundred thousand dollars, and the rate Of
change on Western Offices be raised To not less than
Two and half per cent This letter is directed the
else.
February |, SD The state of the Bank and the
country and the Of hostility understood
to be in contemplation by the Executive officers make
itexpcdent place the institution above the reach of all
contingencies to this object, every part of the esta
bishment must cooperate; and am accordingly d-
Tccted TO instruct to put the business Of your Office
on the following footing" This letter is directed TO
three Offices, Buffalo, Utica and Burlington and directs
them to Keep their local discounts to small sum- which
is named and places restrictions the purchase OF
change
January 81, 1871" The situation of the Bank and
TIE country and the measures OF hostility which
understood 10 be in contemplation make 1t Droper 10
place tie Bark entirely beyond tic reach of any contin-
gcncy iscter is directed the President of.
iice at Baltimore and prcscbcs reduction Of discounts
by the LIST of March 400 600 30 raise the rates
oil exchange from those liked The first Of October pre-
cedng. to not less than and half per cent on the
west not less than two per cent. New Oflcans and
not less than one per cent. south Of Washington CITY,
Tie letter, the day was sent 10 three tibcr
v, richmond 10
only varying the amounts of the reduction and i'm the
time TO make IT, the 10th of April being fixed for the.
completion Of the reduction.
January ~, 1S34"1 he state of tho Bank and of fe
county, and the Of h tlity apausl If
which are understood to be- ia contemplation make ii
proper to put the Bunk into position entirely out If the
reach OF all contingencies for this purpose am direct
cd to request that you will place the business Of your Of
fec on tie following footing. To reduce the discount.
by the first OF April to OO0O0, aud 70 abstain from
purchasing bills OF exchange payable places on the
Mississippi and IFS branches including all the western
Offices. The state Of things here is very gloomy and
unless Congress takes decided step To prevent the
progress OF the troubles they may ougr0w our con
troll" at IS n moment of 5rcat intetcs,
and exposed to sudden changes iu public auirg which
may induce the Bank To its policy TO them OF
these Dangers should any occur you will have ear
~ advice This etcris directed To thc President Of the
branch at New Orleans ony.
January "a, lS3i.-'t The state Of the Bank and the
country, and the of hostility to the usti.
tuton, which II IS understood in contemplation ina
uexpcdent 90 place tie Rank bcy ord the reach of all
contingencies; am therefore, instructed. &c 10 re-.
duce discounts to named by the LIST of March 10
raise exchange to not less than US and half per cont
on Western Offices not less than two per cent ON New
Orleans and not less than one per cent SYofh OF W.