Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-21
,s;,yenty-fifIh Congress---1d sess.

u
SPEECH OF Mr. GARLAND, OF NIRG'sA,
9s;ust t4e Sub Treasury BM-delieered IN the House
20 of Representatives.. June go, 1855
CoNTiSuED
IF the object Of the bill under cons'derauon' oe "I'
as II is proiesspd not to be- destroy the BANK c'rGha
ZION !, would he we'll 10 inquire how tar II IS cecuau
10 produce that effect The extent OF oahk i
rency snd it's value as circulating heau'i', u'
cntireIv uoon public confidence; Tor cohuuehIe 10 @
80, f r. .,x,ence nd the main ngredenthy which
i - sustained deprive Of this md brcces Pais'ea
and ,vorlhcss There is individual commence, now
ever general that impart TO BANK note efcnsuoh
81 5enrs. of credit, zach extensive usefulness
a, Thai Of ID. Government and can SO successfully I'm
mir credit destroy that usefulness as ITS withdrawal
The extent of circulation, and value asa medun which
the condenc Of the Government impaired 10 the notes
of the late Bank Of the United States is familiar to all
without il their circulation would have been local, and
subjected all the depreciation of the notes OF local
hanks The fact that the Government had been in the
habua receipt Of the Of specie paying banks and
its sudden rejection Of them would be OF themselves
sufficient to nict the deepest wound upon the cred' OF
the banks and destroy The value OF their circulation.
The present state Of things amply demonstrate ms Il
If Congress shall sanction the present views oil Tue Exc
cu,ive, the blow will be mortal and the banks can'o'
recover, they may nger out an existence o. nc"
but they can their former health oue W.
COR and maintain that sound circulation WHICH tue
trade and commerce Of the country so nperio"sy ue
mands In support of this opinion OF ihe 'nospehsao,e
necessity of confidence TO sustain sounu pahK ho'e
crcn,.,on cite from speech Of The honorable gentle
man from New York, (Mr Cambreleng) delivered IN
this House on former occasion, the following expires
sion "Bu credit Of the banks does not depend upon
the ,nounl Of their Species if did every bank IN Eng
land Scotland Ireland, and the United States would
have long since permanently suspended their payments
Bank credit public destroy tha
and The institution must suspend It's payments LII conn
dence be so indispensable credit, the want OF 1t Is
whitening and destructive.
But Sir if this specie policy be permanently adopted
BY the Federal will not lead to It's adoption by the Sae
Governments and ultimately the annhlatIon of the
whole banking system for nothing can more ehsctnc
ally anniha,e the State institutions than the refuse! OF
their notes in payment of the Federal and Stale Govern
men, revenues Their circulation would b. 90 restrict
ed and local. without it, TO be uerg wof'hiess-
This would reduce the country 10 It's specie
which have shown to be utterly Inadequate. sr tn''
exclusive gold and silver currency Is out VISION o the
imagination, dream Of the nSht when Vanishes VIII"
tina break OF day; it is like tie Dead sea fruits,
(Which tempt the eye, bd, turn to ashes on'he nPs
None, Sir, would be VIKING 10 reduce the Va'ue VI "e
property the specie Standard or consent 10 meet
debts contracted according TO the value OF the usua cur
rency at the specie standard The sacTihce wouiu oe
Tunous and destI
Mr. Chairman gentlemen say that they do not desire
N destroy the banks ask them if they could adopt
measure better calculated to eec, ii: If any measure
can be successful in the work OF destruction as that
which is founded upon the mputa,ion ofraud, corruption
and insolvency and proscIbes their notes IN The receipts
Of the Government And yet such the upon
which this measure is sustained. II gentlemen do not
desire the destruction OF the Banks why arm the Execu
tive with power which will enable It to overthrow
mercy Of the Treasury Department. Already The opera.
tons of The Treasury Department, have inflicted severe
blow upon the credit Of The Banks and it is asked
to strengthen the Of the Department, by mparng
10 il powers which will enable it to strike decI
sve and effective blow. ask gentlemen to pause and
ponder before they mpart to the Executive tins exraor
dinary power over the State institutions Sir, when
these institutions crumbing TO pieces before our
ewes we shall feel the extent Of the power which has
been impaired 10 the Executive, and mourn when /, is
too late the folly OF our rashness.
MIR Chairman, never can, and never will, consent
to impart this Government, powers, by which il can
subject the institutions Of the States, TO its iron WILL
annhla,e them forever. 1t could, should feel as If
had broken down the strong wall OF defence by which
the States protected against the power OF this Co
vernncnt and surrendered the citadel OF their rights al
discretion IL is very TO impart power, but very
difficult, resist It's operation when impaired Already
the barriers which protect the rights of the States against
the power nd Of this Government
bling TO pieces Pass this bill and every vestige is de-
stroyed ender the deceptive garb OF an pendent
Treasury you place the institutions Of the Stale,
petely the power of the Executive. The manner IN
which the destruction OF the banks may be effected, is
manifest. The public money, while IN the hands of the
collectors and receivers, may be employed IN specuat
ing in bank paper and thus keep constant and exhaust
ing upon the banks for specie to their utter desruc
ton. -.
Blu, the blow will not fall upon the banks alone if
would should feel but little concern; bu, il will fail
heavily and more desruc,ively upon the people them,
selves The banks be enabled 10 meet the constant
demands upon them for specie, must collect from their
customers 10 extent which will greatly Cypress and
harrass them. The Indebtedness 10 the banks by the
people is about $3.50 600 0Oo and that to be paid under
diminished aud diminishing circulation, and reduced
and reducing value Of property and prices Of produce,
would produce stale of oppression and ruin which it
is sickening contemplate. Is this llouse-is this
country prepared for this; trust not.
But, Mr. Chairman, con6ne this measure 10 the con.
sderations Of economy alone and who does perceive
that from and and the Of portaon
that the advantage decidedly in favor Of convertible
a. k,,.,n IL,
is much more extensively transacted in specie than in
England or in British India, but much more in India
than in England The annexed table Of The Of col
lection three countries will very accurately test
the economy OF each system SO far as Government is
concerned
india-Rersnues and charges of collection for 1885, "a