Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-07

"a
of ,hc community, where he powers b! The banE o! Inc
United Satps an,; lis a5scatra pfeaomnate saher Sc
vcrely and cruelty bill the reaoter parts OF the Union
IRE safe 1a ii:crGn ans Of the monster no longer
reach To- tn. rx.e ait cs III the tncn 1t no longer
strike down Exchanges. sink the price Of produce and
property ind tai;n!isl merchants aud traders IN the
town and cities Of The South and West The Tragedy OF
1898 performing .'c local theatres OF some Oh
the Atlantic cities cannot be again EXTENDED 10 Inc cou
try towns and remote States, ,.,r
MIR B. remarked upon The statements in Mr. blooie
letter; he chose torecr to that letter as being lne re-
vcaed of this proceeding against President JACK
son. and the fountain from which all the Arguments OF
the opposition drawn; he remarked upon Inc state
enls in it, that it the great transfer specie 10 Inc
West which accustomed distress in The East that nuch
specie had gone 10 the West and that NONE had bee
exported MIR. B. said he had prepared himself with
facts reply these assertions. In the Ist place.
Treasury return which he held in his hsne' showed
that than 5 463 G56 in specie had been receiV
ed all the land Offices under the Treasury order ana
like return showed that S3l2 6ll III gold, and S4Io,
004 in silver had been exported from The u states nus
year. Here then export OF specie 10 iofe'eh
countries of three times the amount Of that which went
into the land Offices yet the public to be told by the
President of the bank bearing the OF the Dnled
States, that no specie had leen expored!
Ill is in this wny that the Public is dcceVed ana '"d
the Treasury order is made the packhorse, TO be oaaeo
with every thing that be henped upon it. ihe e6
port of four and half millions of specie TO foreign
countries is called nothing-is said TO be none-"ni'e
ard half millions gone into our iano oicee, ias
continent One million and half out OF seventy five
millions has gone into The land Offices who would ee
il? How could it disturb the business OF the country
And especially, how could one million ana nall ny
going into the interior Of country, do oil this
mischief, when four and L half millions, by going 10
foreign countries is not felt or known But there was
another operation in specie of which Mr. b. had been
md which he should bring under the inquiries
OF committee, If he should be fortunate as TO be
allowed one, and which he mentioned now, not as evil
t'ence to convince the Senate, but as ground for de-
ninnA linn
in the month Of September last the merchants and bank
of New Orleans became suddenly surprised at The
mysterious scarcity Of specie 1t ilad vanished as il by
magic. meeting was held 10 know what had become
Oft and il was aScertaned that the Bank OF the United
Suites had collected and boxed up 81 500 900 in that
city, and refused dollar of to her creditors there and
that bank holding $500 GEO Of her notes, mad to send
them, and die send them, Philadelphia to be cased
al great expense, and, what material, at great
loss OF me when the city otherwise pressed for
specie by the double cause Of demands TO supply the
Western land purchasers. and failure to receive the
customed supplies from Mexico, account of the Tex
Here, them was 5000 ,apre taken out of
circulation by The Bank of the United Stules in
month, than all the land Offices received in four months
and 1t the fact was true, related 10 him. the evidence
was clear and nconlestabl that this bank was itself
making the scarcity and pressure which has false
ly throwing upon the Treasury Order and upon President
Jackson. Mr. b. asked 10 condemn the bank I'm.
heard upon this statement; but he also asked that
would refuse to have inquired into by committee.
le real cause OF the pecuniay pressure and deangc-
ment OF the exchanges experienced in of the large
cities, exclusive OF that created by of the banks
the depose act of the last session That causes thirty
odd millions of dollars abort Is 000nGG of which is mo.
ncy appropriated to useful and Essential Objects TO be sud-
denly Withdrawn from the vortex Of business and trans
terree to places where HuEt sagusle fos time be-
Ioe II can come again INTO active EMPLOYMENT. ware of
this and sensible that the public eye fixed upon this
act as The real Of Iona tide Distress the attempt
made TO turn off the effect from the act ITSELF 10 the mode
execution. Il is not the transfer Of these 30 mil!
lions, they say, which has done the mischief but the
Of making the Transient This (sad Mr.. b. is
petition of the old song about the removal of the deposites
u not the removal but the hummer of the removal
which had done all the nischefn 1888 And when press
ed TO explain what this mystical manner Of acting
which was so gcally ca!amitous the solution in
the destruction OF confidence This the solution then;
ii The solution for the President Of the Bank of the
u S. expressly declares that hcinstnnt RECESSION of the
Treasury order would restore confidence in twenty four
hours, and relief in many days. This the decla-
ration during the whole panic Of 1888; and its meaning
then and now is the same: that the Bank OF the United
States and It's animated institutions would scourgng
the country the instant the Congress would grant its pre-
sden the victory and triumph which he demands over
President Jsckson The sig months cry Of the session
of 1884 was, that the restoration Of the depasi,es or
the recharer Of the Bank would relieve the distress in
twentyfour hours, and that nothing else could re-
lieve it. Now it happens that the test of time, aud the
letter of the President Of the Bank of the United States
has shown that this cry of six months duration
trey erroneous; for the distress did and unbounded
prosperity has ensued while the only condition OH which
this TO take place has happened the deposes
restored the Bank not re chartered the distress
did cease; uneXampled prosperity has ensned which is
attempted 10 be interrupted again BY those who inter
rupted it thea.
Mr.. b. said the deposite act was The offspring Of the
land blk and became the substitute for it, That b III had
passed the Senate before Tue depose bill was brought |
IN, and, so tar the Senate concerned had made
previous disposition Of the same money That bill was
through the Senate by The votes Of those who are
considered a the ueiary dees Of the merchants and
bankers on this floor vet the disposition which it pro-
posed to make of wha. was called tie proceeds of the
sales of the public lands runous 10 Inc oanhs anh
the merchants Of the great Atlantic cities. 1t ::'ade
call Tor money, and distribution of money which mGsl
bave driven every debtor to these banks to the mmedl-
ate payment Of every shilling which he owed in any de-
posile bank; and would have produced pressure sne
which would have persaded the whole !.
moneyed system, and the whole business" community o
the nIaces where they were This is the provision Of tie
bill 1t is the third secton In the form IN which pass
ed the Senate, and went TO the House OF Represen'a-
tves: |
"SEc. 3. ind be it further enacted That the several
sums Of money received in the Treasury the nett
ceeds Of the sales Of the public lands for the yeus cg
teen hundred and thirty three, eighteen hundred and
thiry.our, and eighteen hundred and thrty7e shall
be paid and distributed aforesaid, at the Treasury al
the United States one-ourth part the first day OF
July, eighteen hundred and thrtysix, and fourth
part ut the end of each ninety days thereafter u The
whole is paid; and those which sa be received for the
years eg h,een hundred and thirty and gheen hun
dred and thirty shall also he paid the Treasury
half yearly, the ls day Of July and January in each
of those years. to such person or persons the espec
tive Legislatures of the said States shall authorize and
direct to receive the same"
Now, (said Mr. b. let any banker merchant Of the
great commercial offices count the sums which would
have been payable in the short period Of nine months
under this act They would have hcen these: eighteen
millions and three quarters OF million Of dollars he
Isl day Of July lus six millions on the LIST day Of Oc,o-
Der last eighteen millions and three quarters the ls
day Of january next; amt millions the LIST day OF
April next amounting, in the whole, to forty nine and
onehalf millions Of dollars; for shch the Of
the proceeds Of the sales of the public lands for The
years mentioned up 1896 But the section also incud
ed the proceeds OF the sales for 1857 Which be
divided out on the first days Of July 1887 and January
1888 Their amount cannot be known as he added