Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1836-04-02
TWENTY-FOURTH CONGRESS
IN SENATE.
THURSDAY, MARCH Is, 1886.
DEPOSITE BANKS.

printing Of 5000 extra copies Of the
statement ofthe affairs of the depos-
tie banks transmitted by the Secreta-
ry Of the treasury.
In making this motion Mr.. WEB
srER called the attention Of the Sen
ate TO the document from the Treas
ury, showing the state of the depos-
ite banks at the latest dates. He quo
ted from the tabular statement some
Of the leading facts. The immedi-
ate liabilities Of the banks amounted,
it appeared, to nearly seventy-two
millions Of dollars, viz. the public de-
posites.S3O,678,879 81; the private
deposites, Sl5,O43,O33 "a; the bills
in circulation, S26,243,688 SO.
The amount Of specie held by
these banks, it further appeared, was
S1O,198,659 "a; that is to say, there
is less than one dollar specie for six
dollars debt, and there is due to the
Government by those banks more
than three times the amount Of all
the specie.
There are other items (said he)
which swell the amounts on each side
such as debts due to banks. and debts
due from banks. But these are only
equalling quantities. and of no mo-
ment in the view ] am taking Of the
Question.
Among the means of those depos-
tie banks | see an item of IS other in
vestments," of no less amount than
SO, 777.228 70. What is meant by
these ''other investments | am not
informed. l wish for light. have
my suspicious, but l have no proofs.
Sir, look at the reported state of the
Farmers and Mechanics Bank OF
Michigan, the last in the list. The
capital of that bank is only S159.OOO.
Its portion of the public deposites is
no less sum thanS783,764 IS Now,
sir, where is this money? 1t is not in
specie in the bank itself. All its
specie is only S5l,Ol1 95; all It's dis
counts, 10 rs. &c..are only $500, 900,
or whereabouts; where is the residue I?
Why, we see where it is; it is inclu-
ded in the item .. due from banks, So
1876 81" What banks have got
this! On what terms do they take
it! Do they give interest for it! Is
it in the deposite banks in the great
cities! and does this make a part of
the other Liabilities Of these deposite
banks in the cities! Now, this is one
question: what are these other liza
bilities! But, as to these g other in
| say again | wish to
know what they are. Besides real
estate, loans, discount and exchange,
! beg to know what other investment
banks usually make.
In my opinion, sir, the present sys-
tenn now begins to develop itself.
We see what "a complication of pri-
vate and pecuniary interests have
thus wound themselves around our f.
While the present state of
things continues, or as it goes on,
there will be no lack of ardor in op-
posing the Land bill, or any other
for distributing or effect
ually using the public money while
this state of things exists, or as it
goes on.
We have certainly arrived at a We
~ extraordinary crisis; a crisis
which we must not trifle with. The
of revenue must be |
Every wise politician
will set that down as a cardinal max
m. How can it be prevented! For
will not do it. This | am
perfectly persuaded of. shall vote
or every part and parcel OF the for
Ificat,on bill, reported by the militia
y Committee. And yet l am sure T
ha' # that bill should pass into a law,
I will not absorb the revenue, or suf-
lciently diminish its amount. Inter-
lal improvement canno; absorb it;
heSe useful channels are blocked up
" vetoes.
How. then. is this revenue 70 be
Of! l put this question seri-
usly to all those who are inclined
0 oppose the Land bill now before
he Senate.
SIR. look to the future and see what
vii be the state Of things mex, au-
umn. The accumulation of revenue
lay then probably be near fifty mill
'ns; an amount equal. perhaps. to
ne whole amount of specie in the
What a state of things is I
nat! Every dollar in the countryir
he property of Government! il