Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-15
Eweray-tEtth Comgress---:eA sseas
IN OBSERVATION-DISCLOSURES Jan. 81, 1885.
SPEECH OF MR.. WRIGHT, OF New YORK,

rea,inn principally TO the State banks and it was IN re-
ference to the interests of those institutions that he pro-
posed the suggestions he about TO make lhe Pr"
position is gradually, and after The term OF some SIX or
years, discontinue The rcce pit of their notes III
payment of the public Dues although they may be, at
the me specie paying banks and their notes may be
convertible into specie, the will of the holder al their
banking house, wherever that may he located The oh
lection u.s. that this rejection Of The paper of these banks
the part OF the National Government, will Tar dts.
credit their circulation generally as TO cripple their oPc
ratonS destroy their powers OF usefulness III the local
sphere Df their legitimate operations, and finally annl.
late them Is there ground for this apprehension; How
are the charters of the State banks obtained and Tor
what purposes; Is it that the circulation OF lhrir
notes shall extend over the whule Union? Is it that
those notes shall take with them. wherever they may CO.
the faith and credit Of The w. States. and be the legal
currency OF The Federal Cover nmeul At every point and
| place in these twen,ysix States; No: no such idea
ever entered into the mind of any man, who, MS mem
Der of the Legislature of his Stale, has voted tor local
bank charter. The only ground upon which those ap.
picalons pressed upon the State Legislatures s the
accommodation OF the commerce and business IN le I'M
mediate vicinity of the proposed location OF the bank
| Look ut the statistics which are always made part OF
the argument in favor of particular Stale charter Are
they the statistics of the Union No: they are the Sta
slcs Of the village, town, or county, embracing The
location of the proposed bank and they are Intended TO
prove the necessity Of the banking facilities proposed TO
he furnished by the charter at that point DID any man
ever suppuse even that the State Legislatures to Which
these applications constantly and perseVerng!y
addressed considered themselves. in their very liberal
grants in this way 10 be authorizing currency Tor the
whole people Of the United States, aud especially stand
ard OF currency for the Treasury of the United States
No Such position would not he assumed by any man
here would It by any man in the country. Where
then arose The obligation OF this Government 10
the notes of these institutions, thus chartered. and fer
such purposes payment Of the public dues: lie could
not see either the obligation the duty; and certainly
no one would contend, in the notes were TO be re-
ceved that they should be kept hand as the money
treas oil whole
| How, then, were they TO be disposed of in
to consult the safety Of the public funds IN they
to be perpetuay received: This question admit
| ted of but one answer. They must be presented at
short intervals The banks which issued the and con-
verted INTO money into the legal currency OF the conn.
try In conformity with this manifest princ pie the bill
provided that these notes should not be made matters OF
opposite under the regulations contains for special de-
posiles in banks IT would be folly TO deposle, merely
for safety the representative of value, in The place OF the
value ITSELF where the open olihn existed To constitute
| the deposit of the one or the other Which would:
them be most useful 10 the Stale banks to receive their
notes cash ut the Treasury, aud constantly convert
them into Specie gradually TO discontinue that receipt
altogether and collect the revenue IN The legal currency
oDv? To allow them from six 10 seven years 10 conform
themselves their business, and their conditions, to the
changed OF things; to commence Immediately TO
receive their for the public dues, Tar those
aoes redeemabe in specie upon demand at their
banking houses. and TO present them for payment at
short intervals and in large masses: For himself, he
must he thought the provisions oil the secuon in
question were more mild, and more favorable 10 Tie
Stale Banks, than the alternative he had contemplated
The subject however. before the Senate. liwould
be discussed by Others who had bestowed more thought
and research upon this particular point than he had
the merits of tie question: in every aspect would Dc
fairly and fully presented aud lie would content himself
with whatever decision should be made. Should this
proposition with favor he should ask the sense
of the Senate upon the alternative, and lie would not
himself to doubt that The one or Inc DINER "0ulu
| be adopted
| The twenty fourth section merely calculated 10
carry out the which preceded it, by making ii i'm
peralve upon all dsbursny officers after The time when
the whole revenue should be coeclablc in the legal
rency Of the United States, 10 make all their dsburse.
mcns in the same currency, upon penalty OF dismissal
from Office, and forfeiture Of any compensation which
might be due TO them at Tie time oil their violation oi
the law. The twenty fifth section might, perhaps, be
considered as some what connected with those which have
rone before it, il requires The Secretary oil the Irea.
sury to prescribe the times within which The drafts oil the
Treasurer drawn upon the various repositories accord
Ing 10 their respective distances from the seat OF Govern
ment shall be presented for payment and alter which
time they shall not be accepted and paid by the deposl.
tury, without directions from the Secretary The
object Of this scclion it will be was 10 prevent
these drafts from being made currency Tor circulation,
based upon the credit Of the Government. Since the
suspension of The banks in May last this use has been
made of these drafts TO extent and II was thought
desirable check the practice IN It's inception The sec
ton was copied from provision oil The bill which passed
the Senate at the extra session. and which was inserted
in that BILL amendment, By the Senate itself.
He would relieve the Senate and himself from any
further observe to the details OF The bill te had
omitted several Of great Importance; and among them
he would mention those which made provision for the
official bonds Of the several repositories lie believed
these provisions broad and AMPLE and such as were best
calculated the public lreasure and he thought
every Senator upon examination, would agree with HIM
in this opinion He would not attempt to parcuarlze
the other sections which had not been noticed but would
merely remark that none OF them introduced any new
principle into the b and that he thought all would be
found to reach the object intended by them
Such Mr. President, said MIR. W, the system which
the majority of the Committee on Finance have consl.
dercd il 10 be their duty present the Senate for The
safe keeping transfer, aud disbursement, OF the public
money Of tile United States This system is strenuous.
IL opposed no, by the political party uniformly opposed
10 The presen! administration only but by some OF the
respecied and influential individuals among those who
have hitherto been it's friends and supporters What,
then is proposed by those who cannot give their support
to the bill before you? The system OF State Bank de.
poses seems TO be especially urged as the untago-
mist prpposi,ion and under the impression that there
was 10 rest The present controversy so far as distinct pro-
positions of any character would be submitted TO the
Senate he proposed to institute comparison between
the advantages and Disadvantages Of each system, as
| connected with the prominent objections which had
BEEN heretofore, urged against the provisions oil the
| bill
First then, as to the safety of the public money
der the system proposed by The Dill, ana udef the e'a'e
| bank deposlte system
The bill proposes 10 require ample and sufficient bonds
md surelies from all the repositories constituted by it,
as one step towards The safety of The money entrusted
| to the keeping of those agents,
II also proposes provide vaults and safes at The most
important points Of collection and disbursement, in this
resnect placing itself upon par with banks, far as
| physical securities are concerned
i further proposes to adopt The Use oil the vaults and
Ges or the bans at all places where those securities
are not provided by the Government using The banks
for safety simply, by the system of specin depos'ies,
and not in any as fiscal agents OF the Treasury
,,xJ, bichi ha cpnGtI
the b holds out to the people against The loss Of their
Tbe State Bank deposte system presents the capitals
Of The institutions security for deposites IN Inc same
W E,h Of on,