Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-03-22
Thursday, MursA II
IN SENATE.

\ n
p,:.: 49,, ;i '., ,,,,,o1 no uossrs
rr.,an S,,thad ,nI r,,, ~ (h;,, and referred %.
H. So S, ,h Cne;,,,o rs him. ,uad,. an
rrev,r,hl ,oor on ,y,r u,tun of George ARMSTRONG
h;h ,rs ,cn.n,ad
NJ sou,b,rJ t-om ,1,s Comrft,o nm Naval Allairs
r s ,' c,r "r la - IEn, H,.an,n which
s -o,d and nrdarcL ,r -, scro.d r.,d;nr
nrrOSIrr n,yE.
Mr. Vehse, said H.. ,vshrd Ia r,vc IN nrint an extra
number of the late re,or, tr, the Treasury Depart
mon, ON the condition. of the Dcsit Banks up Feb.
ls3G This d,cnuent he tho.sllt 50 important that it
onrh, n no known extensively by The people From
hs rrnor, il apyear,d that there is $50 100000 Of the
nuhlc money il, the Dcposilc Banks: That the whole
amount of their socci is but about SIT UUD 0U that the
nmount Of all their liabilities is S72GUD,JD That
amanu the Inadequate means of meeting these liabilities,
about 900 nOU were witlu, amy specification, and
were throw without J,e limits u Regular and ordinary
means Mr.. w. partcuiarZcd the Bank ol Michigan,
which has $500 liD0 of tie public NEUTRALITY-SUSPICIOUS. in
specie and only about m 300 o.: spccilia,! and visible
means Of mcctns its liabilities leaving dricr,icy OF
about $3.50 900 AL: W. thou ghl it highly desirable
thai such state q. things slouId be publicly known.
L r,oyd Tho pr;niu If three Thousand extra copies Of
g.. r.nort
air B.ulon seconded the motion lie was an enc
mn, n The wbnl, n,n,r ssem He attributed the whole
.v;, IN In, ;n,lnr,rc and cyauI,l Of tho u ) Bank
n. had struck ut l;,a, Bank for promoting such sys
tam of fictitious CURRENCY and . should &c still
ready 10 strike at tic Depusc Bank, because has
regulation and that vi his friends is involved il their
prrcec,jiuus
MI CLAW went into the statements Of the Report with
more PARTICULARLY. lie said that ilr. Webster had
Overlooked portion ci tle liabilities Of the Drposc
Backs. These liabilities are actually S11 .0OO 0't) Nlr
&. expressed his approximation of the Gaagrrs ahead IN
relation TO tho surplus revenue and the currency uf tie
county,
MIR Claw had like the gentleman from Massachusetts,
been very seriously impressed BY an examination the
document 10 which Tx! attention oil Tie Senate had been
Called and in reference that docuucn he had direct
ed certain pGpcrs Gc made out, which he should, al
proper tine lay before the Senate lie struck with
tho total insecurity OF the treasure in e kccpnp-
Of these dcpose bank aud the great dsproporion
tween their liabilities and their capacity to meet them
They irht be cu!cd on for sevcnlv.scven or seventy
ii hi millions Of dollars in any one OF the three hun.
dred and sxy.Ye DAYS of the year and they had only
abut len millions To NEE, that demand about one riy h,
of what they mu.l be cxcL on 10 paw and if there was
ans truth in the Sims OF the times they were on the eve
Of Great pager crisis and could any man say how SOON
that Gay wouIt arrive when this demand would be
made These druos!,e banks were in fact only the
nominal debtors to the H. States The real substantial
debtors the u States we're those whom the
banks had loaned this public money And who were
they: The Secretary Of the Treasury did not, nor did
any body else know We have, said Mr. e., Collected
the Peoples money to vast amount, and this money
has been loaned ou: to individuals who were net known
to the officers Of Government. We arc, SAID Mr. g.,
the actual creditors and we 90 not know our debtors
In one instilu,ion in his own State called savings ill.,
s,itu,ion having Il capital of $1,000 dollars there were
UPWARDS of 800 Gu dollars oil the public money d, posted
Let us uo said he 10 the ,;lrupos Of the country the
great CITY Of New York la cac of tie three dcposLe
banks of that CITY, the loacy deposited by the Govern.
ment exceeded It's capital. Now, what security had
they for this money: Suppose great deficiency OF
Southern crops uny other crisis, creating necessity
for the expectation OF specie to Europe instead ofte ord
nary shipments, each oil these banks would be compelled
TO call in; this would compel other banks TO call in
like MANNER and panic, and general want OF confidence
would ensue Then what would become OF the public
money? You have not, SAID MIR. o., even the power TO
make the periodical Tcs Of your Debtors for these
banks not real debtors for the money has been drawn
from the People, and loaned ont To- persons whom YOU
don Know lhc c'S 'riu1"h o tl'S VaS treasury mast
challenge the alIcnon "i every i:Iah mere WAS II"
other way 10 remedy e eva, ne ""n!n ihVie Tie At
tenon OF the senate 10 Ihe ois'rlon':h u inns 'H":
In the single city OF New York tErrc was deposited
onc-thrd OF the whole OF The public money; Mh'c III
the State OF Kentucky SEHiN was deposited III 81.
wings hst'ullnh II" knew WI IL th"t Il would DC *a"
that the principal part ct tins money was drnsiied Iii
places where II was principally colicctrd hu: let him
ask II other circumstances n"l 10 he tak:'A into
view as vel! as The collection Of the revenue; This
millions deposited III the city of New uri, c;Givl-
lent to grant Of iiOo 0QU and e drrnSilc Of the whole
surplus equivalent lu grant OF sue 900. There
was some advantage derived t. the United States trom
the dcposite Of the public money with III" Bank &" the
United States because the Government Was laryr stock
holder of that institution; but in the distribution oil this
surplus il ought TO be deposited that The while
try should share alike IL the dsposa! vi the deposits
AIR. Calhoun SAID, that conhdcnt as his impressions
were OF Inc dSSas,1 state Of the currency Of The c"un'
try, he had not believed 10 bc Of great magde
II had commenced three years ago. lie would MT eater
into the causes, but would consider th fearful rcspcis:
bility of the remedy Something i;:'St be danr and
tha, speedily, deep wound would he inflicted The
body polite If they permitted this session 10 pass with
out doing something: ruin must follow, which would ca
list, the part Of Tie Government, Sstrm Of speed
atlun and swndling. They had seen SHAT gold had
doneit had corrupted the country. lie understood This
increasing Of tie army Cold come into HE Country
hrst said lie, and steel settles the conflict. He put 1t
10 the Senator from New York, (Alr Wright) Is he
con'cnted that his constituents in New York should
nave h'''en millions 9" Tie 'aoney Of his Ar Calnouns)
constituents and OF the constituents Of other Senator's
was ne !Elend TO his country and would he, as
man ' JuSnee assent |" Tins species ct robbery? for he