Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-03-07


sdcn Of the Bank, for The regular Board Of Directors
appointed by the Stockholders; and which Board alone
had the right to make loans and discounts.
9th Its refusal to exhibit its books and proceedings 10
Committee OF the House of Representatives for the
purpose OF asccrlnng the truth grave charges
of misconduct preferred against il by the Government
Directors and cnlly for the purpose of asccrtanng
whether the distress of the commercial part of the COM
niuny had MT been causccssy produced by the con-
tSanccs OF the Bank TO bring the Administration the
government INTO odsnm and contempt with the people,
aud to force re-clIarer of the Bank itself.
'ul Its late inipudcnt and outrageous seizure Of the
dividends OF The public stock, TO pay the damages the
French BILL and its threat to make further seizure for
pretended compensation for damages for the removal
oil the public Depostes.
These he presented the meeting as some of the rca-
sons which had divorced him from the u. $. Bank in
spite OF all his predictions for IT, IL well known
that one great subject of controversy existed between
the friends and opponents of the Administration which
was whether the late panic be ascrbed the
OF the President IN causing the depositcs be removed
or TO the misconduct and cOntrivanccs of the Bank
aided by the panic speeches in the Federal Senate
Mr. Nash said it had been with painful reluctance that
he had admitted the belief chat the late panic and dis.
And he thought he should be able make it manifest To
every gentleman present 10y little attention their part
TO few facts which he would then state. Let il be
borne in mind, that the LIST day of August, 1888 the
Bank began its curta and by the day of October of
the same only 60 days thad called 81 O66 of
which S2673 OBJ drawn from the cities of Boston,
New York, and Philadelphia alone This sum, If
had been dffuscd the whole country would not
have been sensiby felt but which, when brought to hear
mostly upon those three commercial points, produced
great and serious distress in those places This move
ment OF the Bank, too. was aided by the circumstance
(of which the Bank knew how to take advanage) that
the system of cash Duties which the late adjustment of
the Tariff had produced, then taking effect which,
added to the duty bonds given upon former
which were then falling due created unusual demand
for money upon those importing cities which it is well
known import fourths of the whole of the foreign inn
portations of the United States. Hence il was that the
Bank knowing the great demand for money in those
cities chose To concentrate the pressure those pacu
lar points But this not all to shew still further
q nlun Di tho hnfA
fortnight only after the curta commenced a Resolu-
ton was adopted by the board at Philadelphia directing
their branches to discount bills that longer to
run than ninety days, and commanded the five Western
branches not TO discount; any bill that payable in
the Atlantic Cities By this device, the whole West and
South Western transactions arranged make
all their bills and drafts payable in those Cities and from
the length OF time that the bills had rum would gener-
ally fall due about the meeting of Congress and after
During all which time the Bank sierny enforcing
ITS curaiS at those very points, and the panic orators
the Senate laundering their denunciaons against the
Executive and depicting in the most graphic manner
the ruin and distress of the country The merchants and
importers of those Cities being pressed they in turn
pressed the country merchants, who in their turn also
pressed their country dealers. Was it wonderful them
that there should have been both panic and distress visit
ed upon the community:
MIR. Nash said he would pursue this subject fur.
ther as 1T was manifest that misconduct of the kind
he had noticed was sufficient TO drive from support
the best and most steadias friends of the Bank and
to create doubt of the cxpedicncy of an institution
OF the kind If suitable substitute could be found in
the State Banks, aided by the operation of the Gold
BUS, lately passed by Congress- For his own part he
was most heartily disposed TO make the experiment.
and II possible to dispense with institution so ire
sponsibe in its character, and prone to abuse He
said prone to abuse because we are told that the pre
sent Institution was managed by gentlemen ofhgh cha
racer, which if it the case only hcwed the in
hefent vices of such corporation and were only ne
cessary to suppose such institution the hands of
corrupt and vicious set of Directors to oresee the demo-
ralzing and dangerous influence it capable exert
ing on the country He said he had felt the full force of
these views, and was determined far his feeble aid
could effect It, to carry out the policy of the Adj
mnisraton or ut all events to make fair experiment
to do without Bank He was not insensble that hcre
were many advantages in National Bank, which he
could not sec how could well supply in any other
way-but when he compared the good with the evil he
was forced to the conclusion he had stated That small
inconvenience ought 10 be encountered, rather than
put in jeopardy the morals of the people the safety
OF our institutions.
Mr. Nash said there was another topiS upon which he
deemed 1t his duty to express his opniSs he was
sure it was expected of him to do He alluded TO the
PRESIDENTIAL question. Upon that subject he declared
his determination to vote for, and support that individual
for the Presidency who might be selected by the great
democratic party of the counry that he had hesita-
ton IN saying, that Judging from present prospects, he
thought that individual would be Mr.. Van Burcn-and
So he should give him his support, unless something
should occur to justify change of his opinion.
That in making this declaration, he did not mean 20
affirm his appreciation of all Mr. Van Burens votes and
probable opnions but he believed there nothing
his history more obectona than would be found in the
political life of any other individual upon whom the De-
mocratic Republicans of the country could be united
AND ne would further remark that in the selection of
voter could seldom if ever be reconcied with the choice
OF the whole. There must in such matters be some de-
ference TO the varying opinions of our friends who have
common object with us; and with him, the leading OBJ
Jcct was the preservation of the Union and the admins
traton OF the government upon the principles of the pre-
sent Administration, which he believed had saved the
Union itself from ACKNOWLEDGMENT, and arrested partial
system OF cgsaton upon the subject of the Tariff and
Internal Improvement.
Mr.. N. said that in selecting President mere per-
sonal considerations could seldom have any influence
The President was only the instrument by means of
winch certain principles of policy of constitutional
construction, were to be carried he should therefore
act upon this question reference to those general con-
sideratons which he had indicated. He could not for
bear however, remarkng upon the extraordinary effort
which the opponents of MIR Van Buren, had been making
ior The last or years, to break him down with the
american People. Among other things, a war of cpl
thes had been waged upon him. and the terms sPetti-
logger of Kinderhook, the "Arch Magician and "New
York tactcan, had all been used IN connection with
ms name And where, asked Mr.. Nash are the overt
acts TO justify this charge of management and intrigue
For his own part lac would say that the interesting po
siuon winch Mr. Van Buren, about assume TO his
country had led him attentiyely to enquire into his his
tory, and he believed him 10 be a viruous talented and
patriotic citizen
Mr. Nash said, there was still another topic upon
winch ne was prepared to express his opinions which
mad an immediate connection with this election but as
TINS was meeting only Of the friends Of the Admin
istratl0n and has worthy competitor present he
should abstan TO certain extent, from doing al
ludc SAID he to the disorganizng and mscievous doc
trine OF Notification, which had been lately preached by
certain class OF politicians 10 the South and which MI
N sald was scattering the seeds Of disunion through
the land, and led to habits of thought and speaking upon
the subject ct our Union, fatal hc feared to its prcscr
yato and subvcrsive of the theory of government
But he forebore And would only return his thanks TO
for Tho s.I