Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-15

redeem all their bills in circulation, there can be no douo'
OF that fact. Let the people pay a small part OF VIVA
they owe the banks, and the banks will lie able 10 redeem
all their bills. II the debtors will pay ten per cent. o
what they owe to The banks in gold and silver, the BANKS
will pay all their paper in circulation without the ieas'
delay; but, until this is done, it ls better 10 Jet them y
on as they now do the Public will be saie, 'ne jan
will sustain the business Of the community, ana 10 loss
will accrue 10 any body. But 10 break iiem uP' anu
compel them to close their business, would only IMPURE
the men and business Of the District, ana 90 no goout 10
others. Therefore, it seems 10 me tne oe.el cou.ss
would be. 10 continue their present charters LOT d iiini'eu
time. which NAV be done by striking out all Inc amend
menl of the Senator from Missouri except Inc hrsi
clause, and alter its date to the time that shall be agreed
on, and this is all that may be necessary al this Nhe.-
The banks then may 90 on, and they will resume specie
payments as soon as the people are able to pay them. l
will not make the motion to amend The amendment, out
will only suggest it for the consideration OF the SENATE
Mr.. Benton uttered a strong ana earnest cohue'hia'
ton of hose banks which had resumed specie payments
They had no notes out of their own, and were helPlnS
TO circulate the notes Of other and non specie paying
banks. He considered them as the worst and most cui'
pable Of all, and MIR. B.. was not to be bamoooz'eo oy
any such pretence of resuming specie payments.
MIR. Tiplon again spoke earnestly in favor OF giving
these banks a fair opportunity to resume with the o'hei
banks Of the country. without destroying themselves ~
distressing the community. He entreated inc SENATE
not TO give this bill the go.by, but TO act upon II prompt
~ and definitively. Tic expressed some surprise at Mr..
BIS condemnation of specie paying banks.
Mr.. Benton reiterated that condemnation IN strong
and unqualified terms.
Mr.. Grundy commended the Bank of Washington,
so far as it redeemed lis own paper when It was present;
ed. In doing this it only fulfilled its engagement; and
it was uncertain whether it was 10 be condemned ior
aiding in circulating the bills of other banks. II II oa
it in the course Of It's useful and necessary business, II
was still in the way Of lis duty; but II II did 1t under an
engagement to benefit other banks by a circulation oil
their notes, it was highly censurable. Mr.. e. spoke also
in favor of delaying action on this subject III congress
could see whether these banks would actually resume
specie payments. he was wholly opposed 10 ac'ng al
all at this time on the subject.
MIR. Hubbard spoke in vindication of specie paying
banks, in reply 10 Mr.. Benton. He opposed, also, the
continuance Of the banks for 70 years, as proposed oy
the BILL, and advocated their continuance TOR a shorter
period, ill Congress should have time 10 consider anu
determine what ought 10 be done.
MIR Niles spoke earnestly against the eiii, as sancuon'
ing The violation of law, and as enlisiing Congress unoet
the banner of non.resumptlon, which he described US al
ready triumphant over the laws and the country
Mr.. Davis spoke in opposition to all measures OF oeiay
or postponement on this subject. The committees OF ms
House and the other, had examined the condition OF
these banks, and, on the whole, had become entirely sa'
tis6ed that they were right. If Congress were not now
prepared to act, Mr.. d. regretted it, Tor they ought 10 oe
prepared. A kind Of rod in pickle had for some time
been held over these banks, and it had operated 10 pro,
duce very great injury to the banks themselves, ano
through them to the community. Restrictive and me-
nacing propositions had been made in Congress from
time to time, and a determination had been expressed to
carry them into effect. This, Of itself, had imposed re.
Stralnt upon the operations OF tne pu1hs, b u > u PlSfSHS
their afordinr the necessary facilities for business, and
had thus distressed and embarrassed The community, ana
in some cases, had produced bankruptcy. Mr.. u. also,
in reply 10 MIR. Benton, vindicated those banks when,
like those in his own State, were now endeavoring 10 re-
sumo specie payments.
MIR. Benton explained that he meant his remarks 10
apply only to those banks that pretend to pay specie,
when they had no notes in circulation. Such, he SAID,
was the case with the Bank Of Washington; its specie
paying was a ~humbug.
MIR, Davis could not deny that il was so; he had not
seen the notes of the Bank Of Washington in circula'
ton; but he insisted that, from the very nature OF the
case, their notes could not circulate. They would be
Immediately returned upon them for specie, TIL specie
should be- at par with paper, by a general resumption.
After q few further remarks from Mr.. Niles, in favor
of acting on high legislative principles, without regard
TO temporary Inconvenience, and from MIR. Davis, IN re-
: The amendments or substitutes of Messrs. Benton and
Hubbard were ordered to be printed, and the action on
the bill was informally suspended, al the request of
Mr.. Buchanan, who wished TO examine further the
original bill.
The Senate adjourned, after an executive session.
HOUSE OF REPRESENTATIVES.
On motion of Mr.. Lyon, the Speaker was directed 10
notify the Governor of Alabama that a vacancy had &C.
CURED in the representation OF that Stale, by the death
of Hon. Joab Lawler.
The Speaker laid before the House the following Exc
cutive communication, viz:
l. From the Secretary of State, communicating the
names, grades, removals, dates Of appointment, &c. of
all ministers and other diplomatic agents of the U. S.to
foreign countries.
On motion of Mr.. Briggs, laid on the table.
2. From the acting Secretary of War, a report from
the Commissioner of Indian Affairs, in reference 10 the
payment Of The annuity due 10 The Seneca Indians Tor
the year 1897.
On motion of Mr.. Fillmore, laid on the table.
On leave, petitions were presented by Mr.. Hoffman,
Of New York, and Mr.. Bouldin, OF Virginia.
MIR. TilIinghast asked a similar leave, but it was object
ed 10; and his motion TO suspend the rules Tor the pur.
no,o mae reiocfed without a division.
CONDITION OF THE TREASURY.
The following message, in writing, was received from
the President of the u. States, by the hands OF his pr.
vate secretary, Abraham Van Buren,, Esq.
To The Senate and House Of Representatives.
submit 10 the consideration of Congress a statement
prepared by the Secretary of the Treasury, by which 1t
appears that the United States, with over twenty eight
millions in deposile with the States, and over fifteen
millions due from individuals and banks, and, from the
situation in which hose funds are placed, are in imrne.
diaie danger of being rendered unable to discharge, with
good faith and promPtitude, The various pecunlary obll-
Cutions of the Government.
. The occurrence Of this result has for some time been
apprehended, and efforts made 10 avert it, as the princi.
pal difficulty arises from a prohibition IN the present law
10 reissue such Treasury notes as might be paid IN be-
fore they fall due, and may be effcctualy obviated by
giving the Treasury during The whole year the benefit of
the full amount originally authorized, the remedy would
seem TO be obvious and easy.
The serious emberrassments likely to arise from q
longer continuance Of The present state of things, indu.
cs me respectfully TO invite the earliest action of Con
gress to the subject which may be consistent 10 q due
regard for other public interests.
May 10, 1888. M. VAN buren,.
TREASURY DEPARTMENT, May 10, 1888.
The undersigned would respectfully submit TO the
President the following statement concerning some fs'
cal embarrassmenls which are likely soon 10 happen, un.
less averted by early legislation.
1t has been usual for the Secretary Of the Treasury,
except in the annual report on The finances, and in re.
plies TO special calls or directions by either House of
Congress, to give information respecting all matters
which apperiain 10 his office, through letters addressed
to the appropriate committees. For some months past,
and on several occasions, that mode has been pursued in
respect to these threatened embarrassments, by giving
to the Committee of Ways and Means such information
concerning them as the public exigencies and a seasona.
BILE foresight seemed to require. Some suggestions and
cAI. .aaananled with thnm haxe lie mise henn inlra.