Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-03-31
'Gyemty-third Coagress---ed. sess.

option of the truth of this postion il was nroner 10
recoect that the bank made It's first curtancnt in Au-
gust when the appointment of agent arrange with
inc Depose Banks, announced the fact that the Bank
oil inc United States to be the deposit
tory OF public moneys The reduction under that first
curtament was "a U66,000 The second was in Octo-
Der, ana under that order for cuailmcnt the reduction
was 80 900. The whole reduction then consequent
upon te expected and actual removal of dcposcs
$9,oJl 200 Al the time the whole amount of de-
posltes on the first day OF October the day
val or rather Tor the cessation TO deposit in the United
States Bank took effect, S9,S6S ,435 and on the
day ofFebruary, 1884, when the third curtamen
was ordered there were still 50 0G6 SCI these deposes
on hand, and have remained hand to that amount
ever snce That Tie Bank in the two first curtail-
ments accomplished between August and January
had actually curtailcd to the whole amount and to the
exact amount, upon precise calculation of amount of
deposites hand the LIST of October and still had on
the LIST of January fraction three millions of the
oepostes In ITS possession This simple statement of
sums and dates shows that there necessity for or
derng further reduction OF $500 900 January as
ne Bank had already curtaied to the whole of
the deposites, and SD 800 Nor did the Bank put
the third curtamcn upon that ground upon the new
measures in contemplation; thus leaving her advocates
every where still to attribute the pressure created by the
third curtamcn TO the old of the removal OF the
deposiies This simple statement of facts is sufficient
TO snow that TINS third curailmcnt unnecessary
What confirms shat view, is that the Bank RENTED
Europe, fast collected the whole amount of
the cnrtament, and $lO5O0O over there lie idle un-
III she could raise the foreign exchange per cent
above par, which she had sunk per cent below par
and thus make two sets of profits of operation
IN distressing and pressing the country.
A. No excuse Tor doubling the rates of EXCHANGE
breaking up the exchange in the West forbid
ding the branch at New Orleans 10 purchase sngle
Dill on the West, and concentrating the collection of ex
change on the four great commercial ctes.-For this
Mt d. sad no apology no excuse no Justification,
ohered by The Bank. The act stood unlustied and UNI
Justifable The Bank itself has srunk from the at
tempt TO justify it committee in report of which
the Bank Procaims itself to be proud gives opinion
In ITS bret notice of few lines upon this TRANSACTION
but leaves 1t TO the Senate to pronounce upon its wis
dom and necessity The committee, Mr.. b. said had
failed in their duty their country by the manner in
of hp in
few lines and then bnkcd the question of its enornitv
by referring to the judgment of the Senate lie made
the same remark upon the cotemporaneous measure of
the third curtament and called the author of the
report (Nr Tyler to defend his report, and defend
the conduct OF the Bank now if he could; and REQUEST
cd HIM TO receive all this part of his speech as further
nsaiment paid Of what due to that report on the
Bank
.. That the curtament, and exchange regulations of
January, were political and revolutionary aud connect
themselves with the conemporaneous proceedings of the
Senate for the condemnation of the President THAT
TINS curallnent and these regulations were wanton and
wicked, was proposition Mr.. Is. said which resulted
us logical conclusion from what had been already
shown, namely that they causeess and unnecessary
and done upon preteXts which have been demonstrated
to be false. That they political and revolutionary
o connected WIN the proceedings IN the Senate for the
SuhueHiiatlun oi the PRESIDENT he would prove.
In the exhibition of this proof the first thing TO be looked
t9ls the chronological the cventshe time at which
tie Bank made third curtaiIsent and cont c,r,J
these exchange regulatons-and the time at which the
Senate carried on the proceeding against President
viewed under this aspect, the movements are not
only connected but identical and nseparabe The time
Tor the condemnation of the President covers the period
from the 10th OF December 1888, to the 2Sh of March
1851; The Bank movement included the same ne
rod the orders for the pressure were issued from Inc
2st o January to the LIST of February were to ac
complsh their effect in the month OF March, and by the
ist oil April, except IN one place. where, for reason
winch viii be shown at the proper time the accomplish
ment OF the effect was potraced till the 10th day of
april These, Mr. b. said, were the dates of Issuing the
orders, and accomplishing their effect; the date of the
adoption ofthe resolution in the Bank for this
is not given the report, but must have been i'm th
Tho Of
must have been days before the issue of the orders
and was in all probability few days after commence
nent OF the movement III the Senate against the Presi
deht he next point OF connection, Mr.. b. said in
the subcctmatteT and here necessary TO recur IN
e OSha io ana to the sccondiorm, of the resolution
for the condemnation of the President In the FIRST or
Pumordal FORM the resolution was xpressy connected
with the OF the Bank 1t was for dismissinr Mir
Duane because he would the deposites and
appointing Mr.. fancy because he would retnove them
In the second form Of the resoution-hat form which
naturasts would call its auTela chrysas state the
phascOogy of the varied but still Tho
eonnexion was retained and expressed The names of
Mr.. Duane and Mr.. fancy were dropped and the re-
moval OF the deposes upon his responsibility was
e alleged offence OF the President In its third and
ultimate transformation all allusion the Bank was
cropped, ana the vague term, revenue, substituted;
but 1T was substitution Of phrase only without any al
teraton OF sense meaning. The resolution is the
same under all its phases II is still the Bank and Mr.
fancy and MIR Duane and the removal of the deoos;,e
which are the things TO be understood though no lone,
or prudent to express All these substantial objects are
yeiled, and substituted by the empty phrase
winch might signify the Force Bill in South Carolina
and the Bank question in Philadelphia The vaaueness
OF tle expression left every gentleman to fight UPON his
own nook and to hang his vote upon any reserva
ton which could be found in his own mind and MIR
B would go before the intelligence Of any rational man
with the declaration, that the connection between the
condemnation OF the President and the cause of the
Bank, was doubly proved; first, by the words of the
resolution, and next by the omission of those Words
The next point OF cOnnexion Mr. b. said was detected
IN tie times, varied to suit each State at which the
pressure under the cuftailment reach smaxuum;
anu the manner IN which the restrictions upon the sale
ana purchase OF bills of exchange made TO fall ex
cusiyey and heavily upon the principal commercial ci
Ties, at the moment when most deeply engaged in the
purchase aud shipment Of produce. Thus ln n York
where the great charter elections were to take place dur
ing the hrs week in April the curlament was TO reach
ITS maximum pressure the first day Of that month I'm
virginia, where the elections continued trouobout
the whole month OF April the pressure was not TO reach
ITS climax until the tenth day OF that month In Connec.
ucut where the elections about the first of pr
the pressure to have its last of the screw i'm the
month OF March And in these three instances the ONLY
ones III which elections depending the political
bearing Of the pressure clear and unGeniablc Ihe
sympathy IN the Senate ia the results Of these political
calculations, was displayed in the cxultaon which broke
out on receiving the Of the elections in Yirpinia
new ork, and Conncctlcut-an exullation which broke
OUT INTO he most e1tavagant reOicings over the sup.
posed downfall Of the Administration careful cal
cuaon 70 make Tie pressure and the exchange fcpua-
uons ia upon the commercial cities the moment 10
inJure commerce most also visible in the times fixed
Tor each. Thus, ~ all the western cities Cincinnati.
LouisYlle Lexington, Nashville, Pittsburg st Louis
We pressure was TO reach it, maximum by the first day Of
March tic shipments Of western produce to Orleans
being mostly over 10y that time but in New Orleans the
pressure was to continue till the first of April because
the shipping il pfotracled there tl that month.
I n M fh fIaf. ffffgn ar.t III