Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-11-01
EsDE,s'6'aGAH4.

: Tar LETTER OF THE SECRETARY OF TILE TREASURY
This document, which we laid before tue penic yes
tcrday exhibits in its simple statements the true cause
of The difficulties which environ all who are cePendan
on credit with the banks The power OF the BANKS &c
grant facilities, every one knows, IS now ocreeu 10
great extent from the control OF The j0ty millions when
IS accommodating in the shape OF Government surplus
BY the operation Of the revenue laws as adjusted ny the
compromise rather the bargain OF Aiessrs Clay ana
Calhoun. While this large sum remained in deposlie al
points where it obeycd the laws OF trade. and the cred
II impaired took The current which the channels oil com
mcrce required, all easy with those engaged IN 'he
legitimate business Of commerce. But by The tiePoS''G az
Of The last session, the Secretary OF tie I m
orders TO ren0rc The dtpOGiteS On the sFaot'ui anu
removal Of the dcpositcs from the Bank OF Inc Y. Stles
made by the President preparatory TO the close OF hat
institution. a prodgious panic was created A''iouE"
nothing was taken from The Bank but ID the way OF os
bursenent, and to be put into immediate cFcuiao' a
The new depostes made in State Institutions competent
70 throw them into instant use, in the same chan'cs
in which they had before moved with the curen! OF COM
MERGE vet tev served foundation Tor the lacltiouS
panc Of CLAY and Eiddlc and ther aoettors NOW these
worthless and their part!zans have contred real pres
sure, which they arc aiding with the accompaniment
of panic They have requiyed not only that the dspo
sites be reored tut that they be coHt"nay o" ne a0re
By the Of The last session they declare that no oanR
shall hold more than ce-ourt!S Of the amount OF lis
ca ocl on depositc Then the act requires succession
of removals throughout the next year, beginning with
the first Of January next, to distribute The acPS's
among the several State treasures This series OF re-
preparatory orders for The transfers. The banks ae
OBLIGED to take measures 10 comply with the law. Tins
witidraws the from the business in winch 1t Is
engaged and while coming into the banks tor trans
fer and while ii is ransitu, and while it is held up,
awaiting the disposition OF the State Legislatures, there
must be revusion III the course OF trade.
Is there any remedy for this: Must not the trans.
fers he made? Must not the law be executed! Ger
tainy. The Secretary Of the Treasury has done no.
thing but what his duy He has given notice 10
the State Governments to be ready TO receive their
quotas Of The deposes. c has given reasonable notice
to the banks Of the of transfers required OF each
and of the time when, and place were required Every
indulgence every delay is granted compatible with the
faithful execution o! the law for the removal OF the de-
poses from bank to bank, and from the banks to the
States and yet the men who we're III raptuTes at
the passage of the law for the removal OF the deposes,
are breathing execraos against the President and Sc
creary for taking Indispensable measures to It's faithful
execution.
But the county will mark another aboninable feature
in the conduct of lie party, who claim all the merit OF
the removal Of the dcpoSeS, now going into eilect-
They first attempted 20 rouse the Indignation OF the pub
lie, uDd 10 excite panic, by throwing cut continually
from their presses the charge that the PRESIDENT anu
Secretary of the Treasury lad resolved to defeat the
operation Of the law, and had conrived scheme 10
evade it. Some far 10 intimate that the RE-
sdent determined to set the law at open defiance
Not than four days these vile lnsuuons were
repeued probably for the twentieth time, in the lntel
Cenccr by quotations from other Federal prints, which IL
backed by an luminous editorial to confirm them. All
this was done in the face Of the printed circular Of the
Treasury, notifying the States to prepare TO receive, and
the banks to pay over, the DepoSltcs Now that they
find that the preparation made by the banks to enable
them comply with the law presses their friends the
oucry is raised that the distress of this new removal Of
the Dcposilss is the work Of the Administration :!
Such the anxiety Of the Opposition for the pns
sage of the Deposte act-such the eagerness OK
their presses every where that it should be enforced to
the letter and the hour that can scarcely doubt bat
that the bill originated in another scheme, to produce
political effect by another panic is certain that they
are making the most of it for that purpose The
gers of the deposite banks mostly belong to the Oppo
sition The mercantile interest," deeply affected is,
to great extent on the side in politics. The
stock jobbers and spectators are so almost to man,
and it would seem that they all willing to increase
the mischief brought them by their friends. by
the help of panic, and invoke naryrdom to serve The
cause of Whggery, by aggravating TO extremity, by
universal destruction Of confidence, the pressure of
law which their leaders pressed through Congress with
such triumphant satistaction.-G Globe.