The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-29
CONGRESSIONAL.
DEBATE IN THE SENATE.
SPEECH OF Mn. RIyEs, (or VIRGINIA,

SPEECH OF Mn. RIVES, (or vlRorxIA)
On has resolution calling upon The Treasury
Department for information respecting ats
fiscal arrangements with the Bank Of the u.
States.
DELIVERED ON THE 2OTH DECEMBER, 1888.
The following resolutions, offered by Mr.. RlvEs
yesterday, being taken up for consideration
Resolved That tho Secretary Of the Treasury CON-
municate to the Senate. at early day practicable,
the information called for under the following heads Of
inquiry:
l. The period at which the third bond OF the Bank Of
the United States, sold to that institution amounting
So 254,s 3s, placed to the credit Of Treasurer
on the books OF the bank the terms which il
negotiated the person acting behalf Of the bank,
with whom the negotiation was made the particulars
OF any understanding engagement that the proceeds Of
the should be left on deposite with the said bank
until wanted in the ordinary disbursements OF the Co
yernment; and what understanding arrangement, If
any, has taken place respecting the benefit which might
accIuetoth the bank in the transfer Of money it should
msketo distant psces account Of the Government.
2. The period when the sum Of 81 600 0OO in part
payment Of the second bond OF the Bank Of the United
States placed to the credit Of the Treasurer by that
bank and the nature Of the agreement understand
ing had IN reference to the payment of part OF said
bond before, and Of another part after, became due
Q. Whether any sums Of the public money
nave deposited the bank oil United STATES
other than than those derived from the payment sale
Of it's bonds if SO, the and date Of each depo
site, and by whom and by whose authority and direction
they were made.
A. The aggregate balance standing weekly to the
credit Of the Treasurer in the Bank Of the United States
its branches agencies whether subject TO draft or
not; well as the weekly aggregate balance in the
Treasury from the time the first deposite made in
the said bank Of moneys arising from the payment
sale Of its bonds up to the present period
5. list Of all the branches agencies Of The said
Bank Of the United States on which the Treasury De-
partmcnt has drawn drafts the amount Of public mo-
neys directed to be placed at each, and Of the drafts
veray drawn them, and the rates Of exchange be-
tween Philadelphia each of the places to which
were ordered to be transferred
6. The amount, far as il be conveniently ascer-
taincd that has been drawn from the Bank fthe Unit
cd States it's branches agencies, in notes of said
bank for paying Indian annuiues other claims Of the
Indians on the Government, or for defrayDg the
penses attending the removal of the Indians and in
general the nature Of the arrangements" If any,
made for the distant public disbursements in the
notes Of the bank" together with all the correspon-
dence agreements, and Instructions given or entered
into, connected with any or all the heads Of inquiry
above stated.
Also Resolred That he communicate the nature of
the arrangements made by him with those banks in
which, according to his report Of the Sd instant por-
tons OF the public money have been, placed to the
credit OF the Treasurer on special depose the kinds
Of money in which the said especial depostes" were
made whether the same were entered the books Of
the bank, whether the identical moneys deposited have
continued TO be held by the banks whether the drafts af
the Treasury Department that have been drawn those
deposles have been paid in the specific moneys deposit
ed, and whether the balances remaining part and
parcel Of the very moneys originally deposited.
Mr.. RIvES rose and said The resolutions just
read, MIR. President, carry in great measure, their
purpose and intention on their face Still 1t may be
expected of me to state somewhat more in detail the
particular views with which they are offered and
inc scope Or Tie Information they are designed 10
elicit. The first resolution 1t will be perceived,
ates 10 the negotiations and transactions which have
recently taken place between the Treasury Departs
ment and the Bank Of the United States and is in
tended TO ascertain the precise relation which at pre-
ton. For several months past, rumors of an extra
ordinary character have prevailed, that, notwith-
standing the culvulsions through which the country
had passed. TO put an end 10 the fiscal connexion
formerly existing between this institution and the
Government, the Treasury Department had recent
ly entered into arrangements with il, which, to
great extent, renewed that connection. Rumors OF
this sort could not fail to awaken high degree Of
anxiety, as well as surprise, in the public mind.
When the seven years war" which had been pro-
secuted by the party in power to put down. and keep
down, this institution, was recolleced when the
constant and loud denunciations directed against BY
the Administration and its friends were still ringing
in the Of the People, they slow to believe
thatso sudden and extraordinary change Of posi-
ton could have taken place on the part of the Go
vernment.
It was true that the Bank of the United States now
held its charter under the authority Of the State Of Penn
syvania and not of the United States But this cir
cumstanoe, according to the declared opinions Of the
administration and all its present prominent supporters
had not changed the essential character Of the nsu-
ton, essened its dangers to the country. The head
Of the administration himself took early occasion,
after the echarter Of the bank by the State Of Pennsy
vana in letter addressed to assemblage of his fel
ow-citizens, called together TO celebrate " the emanc-
patton Of the country from the thraldom of the bank
declare that this institution, under its State charter
" ,ras still The same porer, fighting under the same
panoply, and only varying The manner Of as approach"
The Senator from Pennsylvania, (Mr BucHANAN,) /
need not say, Of the most distinguished champions
of the administration had also addressed letter his
ellowctzens, in which he eloquenty and forciby de-
nounced the Bank Of the United States rcchartered
by his own State" He pronounced it to be the very
same monopoly which had heretofore conyuscd the
country, with the capital of $4,000 600, owned
by the stockholders Except the United States,
and guided by the controlling will" the same
bank recalled into existence by the Legislature
of Pennsylvania but with powers and privileges greater
and more dangerous than those which had been con-
ferred on by Congress-" The Senator from South
Carolina, (Mr. CALHOUN now a leading supporter Of
the financial policy, at least of the administration had
also sgnalized his zeal in the We all re-
collect the alarm he manifested both during the extra
and the late annual session Of Congress- lest this
dreaded institution should re-possess itself Of the Co
vernmeut deposes; and that he declared he should
consider such event Of the deepest dsgraces,
as well as dircst caamtics, which could fall upon the
country It was but the other day published
letter Of the Senator from Missouri, (Mr BENToS,) in
which, speaking of the present Bank Of the United
States he declares, in his emphatic phraseology, eve
know it is more wicked, and we have the authority Of
its president that it is more powerful than ever"
With these accumulated maledictions of the ad
ministraton and all its leading supporters on the
present as well former Bank OF the United States
after the solemn and constantly repeated declara-
lions of Incorporating hostility to it was hard