Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-06-21
POLITICAL.
1ur nrpoSTrE nAyES-TIE DEpOStTE DILL-MR.
NEnSTEH--TIIE ENNk WIG OPPOSlTlON. -

| uCDOSltpS,
from the United States Bank in October, 1857, anu Stale
institutions employed in the place OF that institution, "a
aid the fiscal operations ofthe Government Inc Fresi'
dent declared the measure TO lie hlS oTn one LOT "en
he took the responsibility Thus the SUBJECT STOOD nnti
the meeting of Congress. Until then, the puollc-eren
the commercial ly-rcmaned unaffected BY The
change which had taken place. But le" Gays AFTER
Congress met, Mr. Clay opened the campaign, ~ rising
and proclam!ng in the Senate Chamber that w ar +
| IN THE MIDST OF a REVOLUTION, BLOOD
! LESS AS YET" These words opened abe war upon
the President and those who sustalre him. from De-
cembcr until about the lst Of July following; war which,
in bitterness of feeling, manifested By the enemies OF Inc
President and the exerons made of on The part of
the money power of the country break down the Pre-
sident and place those in power who were warning
upon him. is unsurpassed in TIE annals Of Legislation OF
this any other civilized country:
Hardly day passed that there not appeals made
TO The people from tranch Of tho National Legis.s-
turc or the other for the purpose Of stimulating them
10 acts Of violence. The President and many OF his
friends and supporters were threatened IN anonymous
communications, with assassination Many OF the banks
The merchants, and many private Citizens were pushed
on to enlist in this crusade agans the Pesden and tor
what because he had taken upon himself, under the
express authority OF the Bank charter the responsibility
of disssing The United States Bank as fiscal agent OF
the Government
The whole Opposition in tie Senate declared the ex
pertinent must laiI; some declared that had jacd
MIR. Calhoun wished 10 the charter OF the United
States Bank for twelve years, and Mr. Webster wished
/.
be- reslo ed to it, and thus defeat The experiment.; in
other words. disgrace and break down General Jackson
But the representatives of the people put veto on
those attempts This is but lance at the difficulties
which ATTENDED the system III lis ncipIent state
During the recess that followed The session OF 1888, 81,
Senators were travelling the country, delivering ORA
tpns and pouring forth their violence against the Pfesl-
dent and his "c1perinent. Mr.. Webster declared
" ETERNAL WAR AGAINST SUCH A SYSTEM
in his Concord dinner speech, in which chancd its
last requiem.
During the session Of 1884, 49, the same course
ued continual kept up against the depo-
system in the Senate the grossest iasc!loodS were
fabricated and there repeated
is now nearly three years since the system was first
commenced; since the Bark Of the United States was
dismissed the fiscal agent OF the Government and
during the whole of that Time, there has been lnces-
sun kept up by the Bank its friends, great por-
ton Of the oneyed interest Of the country, and by the
Opposition in both Houses Of Congress.
With all this great power combined to break down
tie system. hat has been the Iesn Has II !a!!"G -
Has not the public money been collected and disbused
with the regularity Wien :e fiscal agents OF lie
Government left TO pursue peaceful COURSE
Have the depositr banks transferred the public mo-
nQys from part Of The Union to another wien re-
CURED with the plomptitude that the u States
Bank ever did, and TO much greater extent: flaiy
has any Of the dernsile banks even under all the
circumstances Of ingi0riOus 'odr which has been con-
s,uny waged upon ;!rm asked n single day de-
Law to pay over any Of the public money in their hands:
We answer no; and assert that the Bank OF the u
States did repeatedly crave, and word have stopped bul
for such indulgence.
The Opposition now ate. nearly thee years Of war
fare upon the system and against the experiment, find
that they break it down by warning against It. and
they attempting: through different mote, 10
effect that object They seek 10 lrgislae it down
Never did hound tollw hare with greater e.gerness
Than has Mr. Calhoun his scheme OF Gripping hy legis-
lalion the banks containing Tie pcblic depos!tes Mr.
Webster has been little less eager tan MI Calhoun
Can any one who was witness Of the OF these
uci
pose that either Of them Yah, II lrglsa;c tor lie
purpose Of pcrrcing the SYSTEM and yielding to lis
prrnanency: We hardly l!:,nk that any friend to the
! system can be thus drcciyed
Ar Webster in 1881 was for EXTERNAL WAR
auaiust the system On Tuesday last he said, Sin The
present Of things see no way but TO employ Stale
banks as Repositories of tho public money; aud have
sincere desire subject cm to such regulations and
to such only as shall make tem thu highest pracli-
cable degree. safe to III Governlsn and useful to the
country. .
What can this seeming acquiescencc "i'.ttf pTcScn:
state of Mugs' import after tie former declaration OF
Mr. w that the war G4nus il was TO be "eerna! hut
that the object is by art That which could mel
| bc effected by ct.rHaL faT?
Mr. Webster proposes all increase Of deposi!e banks;
he proposes that they shapay interest Il the surplus
is efl undsturbrd shcy must pay 80 large interest,"
But .'if we provide for distributing the surplus, thus
leaving but small in the banks and making 1t
their duty the tne to transfer the public inhts
from place 10 place when requested without chaFge Inc
|
So Mr. Webster means- that the banks shall pay inte-
rest upon the pubic money in their hands, even on the
sums which they in fact holding IN readiness Tor
transfer for the pubic Did the United States BANK
paw interest on liz public money in its hands, which Tor
len successive wears averaged eight millions oil dollars
| No Then these transfers Of The public money was
seto for the Of it. But now when these transfers
fifty per cent greater than those ever mage oy te
Bank of the United States, MIR. Webster still proposes
10 churgc interest, though, in certain contingency
when there may be but GsnaH anoatnt IN The hunks,
he is willing the arae Of interest should, o. course, Oe
! less"
Is not clear thai his proposition of MIR. Webster is
! for the sole purpose Of embarrassing the system
Again, says Mr.. Webster: .
"he bill proposes that all the deposite banks shul!
be bound keep, at all times, an amount o. specie IN
their vaults bearing certain proporlloato their deots
and liabilities approve Of this, not so much from any
belief that the solty of the banks can be secuHo oy
any such provisions as because regulation 81 inns Au
may tend in soue measure, 10 retain certain qnah'-
u Of specie in the country and by that means 10 secure
in small degree, The general circulation against Fo
! lent shocks.
We will 20 as fer Mr.. Webster or any other man,
in favor Of specie currency We are HakI MOI
operates uncGua!ly2 lie would adop; principle which
! would compel every opposite bank in the southwest 10
/ give up the dep"ses instantly CO..
Apply the principle of Mr. Webster 10 MS own olate
of and according TO their osial returns
made 10 the Legislature in lH33 they you'd ha' nseh
required TO haze had five millions and hall Of dollars
in specie when they had in fact, but one E!l!on one
| hundred Thousand dollars!
why does M.. Webster wish, hrss TO Ia EoEi t'i'
dcuosjle banks all but snail sum- and sn tax llcni
win in,errs, on tbs balace. outstanding he woue
REQUIRE of them to perform all the duties the u 5 Bank
did, and aore more in making Transfers, more by
bsn with iD.rpst Il Tor the sole purpose OF DreaE-
inr up the system, by embarrassing the Opposite banks
and Compelling chem give up the deposcs and thus
verify the ostea repeated predictions of NJ " and his
! f;snds that the "experimenl' mast fail: What re-
;a;cr1s would such an event not cause The Pres
Senr's own measure failure! The Democracy of the
country deceived! This would be the cry and up with
the bank and down with lis opponents, would follow.