Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-03-22
Ihgrsday, MarcA Il.
IN SENATE.

utpIl v
lip,on, Southland, and Ewing OF Ohio, and referred
Mr. swift, from the Committee oil ,laims. made an
report on The petition oil George Armstrong,
mrSoutlard, from The Committee on Naval A f.,irs
reported biil for the relief of Kean buchanan which
was reao ana ordered 10 a second reading.
Sir webster said he wshed riove 10 prnt nm extra
number OF the late report from the Treasury Depart.
nent on inc condition of the Opposite Banks up l Feb
u 1880 This document he thought so important that il
ought TO be known extensively by the people From
inns report At appeared that there 3C 600 600 of the
public money in the Opposite Banks: That the whole
amount Oh ter specie IS bat about $40 000 that the
amount OF all their liabilities is $72000,0 900: That
Hos ie nadeCuate means of meeting these liabilities
about $5,OOo,OOO without any Specification n,,i
were thrown without the limits regular and ordinary
means Mr.. w partic ularized the Bank of Mcbi,,,,,
which has $SOO,000 OF The public money $50 0oJ in
specie, and only about 500 900 of specified and vishI
means OF meeting its liabilities; leaving dedc.ncv 81
hpout SJ9U,nUO MIR. w. thought ii highly desirable.
mat such state OF things should be publicly known
lie moved the printing OF three thousand extra copies of
tiereport.
MIR Benton seconded the motioa He was an ono.
10y 70 inc whole paper system lie attributed the whole
eyii 10 the influence and example oil the u S. Bank
re hla struck at that Bank Tor promoting such sys
tenn OF fictitious currency and he should be sill mira
ready to strike at the Depose Baak because his own
reputation and that of his friends is Involved in their
proceedings.
Mr. Clay into the statements Of the Report with
more particularly lie said that Mr.. Webster had
Gvcriooked portion of the liabilities of the Depose
banks These Liabilities actually S77 600 600 Mir
~ expressed his apprehension of the dangers ahead il,
country. W
MIR. Clay had like the gentleman from Massachusetts
been very seriously impressed by examination OF the
doc unent TO which the attention OF tie Senate had been
called aud IN reference TO that document he had direct
cd certain papers 10 be made out which he should at
proper tmc lay before the SENATE He was strck vii,
the total insecurity OF the vast in the KEEPING
oil these depcsite bankS and the great dspoporOn b
tween their Liabilities and their capacity TO meet them
Ihey might be called for seventy seven or SEVENTY
eight millions OF dollars ia any one of the three hun
ored aud sl%yye days of the year. aud they had only
upoui zen millions TO meet uiat demand about eighth
OF what hcy migh be called pay and If there was
any truth IN the sgns ct the times they were on the we
Of great paper Crisis; aud could any man say how soon
that day would arrive, when this demand would he
made These dcPosiie banks were, in fact only tb,
nominal debtors To the u States. The real substSnol
debtors the u States were those persons 70 vLo H.
Dl0ks mad loaned tins public money. And who were
they! The Secretary of the Treasury did not nor did
any body else know. We have, said Mr. C.. collected
the People money TO vast amount, and this money
has been loaned out to individuals who were moi known
10 the officers OF Government We are said Mr. {,
me actual creditors, and do not know debtors
Ia one institutions in his State called savings in
stituton, having capital OF SO 900 dollars there were
upwards OF $40 900 doars of the public money posted
Let us so, SAID he 10 c metropolis of country the
great city of New York In each of the three deposite
banks OF t'at city, the money deposited by tile Govern
ment exceeded ITS capital Now, what security had
southern crops, any other CRISIS creating Necessity
Tor the expectation OF specie Europe instead the ord
nary shipments each OF these banks would be compelled
TO call in this would compel other banks call in in
like manner, and panic and general want of confidence
would ensuc Thea what would become Of the public
money: Yen have rot, sad MIR. ca even the power to
make the periodical Of your debtors; Tor these
banks are not real debtors for the money been drawn
from the People, and loaned out to uersons WHOM, vo
don't know. The distribution oftis treasury mus:
challenge the attention Of every man. There was no
other way 10 remedy the evil. lie would invite the al
ention OF the Senate 10 tic distribution oi this fund
In The single city of New York ihpre was deposited
one.ihird OF the whole OF the public money while IN
The State OF Kentucky S30O0OO deposiicd in sa
wings institution. IIc knew well that 1t would be said
that the principal pant OF this money was deposited nm
places where it was principally collected; but let him
ask If other circumstances were not To be taken ,u,
view well the collection OF lc tevcnue This ten
millions deposited in tIe city OF New York was e0uvn
lent TO grant OF $5OUO aud the depose of the whole
surPlns was equivalent TO a grant Of 800 600 There
was some advantage derived the United Suites from
the deposte Of The public moey with the Bank OF tie
United States because the Government was LARGE stock
holder OF that institutions but the distribution of this
surplus II ought to be deposited that the Whole conn
try should share alike in the disposal Of the deposcs
Mr. Calhoun SAID, that confident as his impressions
were OF the diseased state of the currency of The coun
try, he had not believed ii be of SO great nagnilde
1t had commenced three years ano He would No, ntcr
into the causes, but would tie fearful responsi
biIty Of The remedy. Something must be- done and
mat speedily, or deep wound would be inflicted on the
oooy polite II they permitted ibis pass with
OUT dony somethlng ruin must follow which would en-
list, on the part Of The Government "a system Of siecu
laton and swindiing. They had what gold had
aoneit mad corrupted the country lie understood this
increasing Of the army Cold come INTO lie country
first, said be, and sieeI settles Tie conflict lie put Il
10 the Senator from New York. Mr. VriotA f. h.,
contenied that his constituents In New York sboLi
bage fifteen millions of the money of his (Alr (ao
constituents, ana OF the constituents Of other geuaor2
Was be friend to his country aud would lc ns a
man OF justice assent 10 this species Of robbetys for he
could call ~ ~ no otncf lie had boped lterr
was still virtue and PafiDsn left correct tins evil
an parry sft ought 20 be discarded, aud now was the
Time 10 ser who friends Ol the country aud al,ve
purity feelings and who yokcd down and chained
70 IT. Ho boped number Of these documents might be
printed, that the public might see the state of flin e
were IN ne Pnoic FUNDS given away 10 private ind.
Youals called corpOTauone presented the country nu
anomaly. lie hoped the Senate would adopt the motion
MI Wright observed, tIat The senator from ssonfh I
Carolina had asked him most important question and
as he conceived most improper one The gepfen,uo
had asked Wm, was hc friend TO his country" Il,at
was an insinuatinn, the 10 which, rested NOT sb
binl. ls country must answers and proudly and l,,r
Icyly would be place bis public actions there by the side
Of those OF That Senator and Jet Tie pubic answer ile
would not put That question 10 The gentleman from
Carolina, ~ tp any other gentleman. So much tor lie
application 20 his hune self bc would not tfooblc the Sc
note iuIthcf aDoui j he honorable Senator COMPLAINS
oil TIE inequality OF the deposlcs 0f the public money
Would nc carry bis fccOecti1ns littie back I,a Se
reeOlect Hite more than two years ago when they
were told by HIMSELF that the transfer Of these pnbc d.
poscst Tor the purpose OF equabzing them in different
parts 81 the country, denounced Us corr,,ot aimee ~
power fct now he complained tiat these f,anxlefs
were not made and that tie public money was 10
~ particular places. Was there any nopev
IN Ue hunks OF N ork, which had been collected there,
The gentleman did not say there How then va.
me Department % be- complained Of for this accnfnaa
lion Of money ~ New York II was IN conformity vtb
be opinions exposed on that floor two ycars s t
he money was suffered 10 remain IN New York which
led been collected lere, There was vast amount col.