Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-17
TWe,stv-lifln Comgress---2d sess
IN SENATE-WEpS Jun. 81, 1885.
SPEECH OF MR.. WRIGHT, OF New foaK.

[CoxcLUpED.]
Fifth The next aud most Important comparison be-
tween the two systems, the influence OF each upon
the Government Of the country and lis finances. The
sed system would place the money OF the Govern
inent at all times within the power and control OF the
Government Ii would enable The Government al all
times to pay its debts in i currency moi dep'ecla'
ted currency equal TO the standard OF The Consii-
tuition and the law. IL would render the Government
financially independent and maintain 1t IN that position
Under such Il SYSTEM we should no more hear, what we
were daily hearing in THIS hail. mat honest c''zsns
had been eirauded BY being paid their demands against
the Treasury in bank paper, WHICH was deprecated
or worthless and that Congress ough ut to indemnify
them for laer losses thus occusloned. hese were
some OF the benefits certain 10 be derived to the
Government from the adoption OF the system pro
yded for by the BILL but there another and, in his
Judgment, far greater benefit, equally certain 10 flow
from its adoption. 1t would exempt the Government
from the constant and innumerabe mputations OF Inu
res TO trade the currency to credit to the private al
fairs of individuals and banks, from its financial nnve
men,s Was any person whom he addressed insensble
TO the moral and political evils growing out OF these
complaints To thei. strong tendency 10 ALLEVIATE ihe
feeling of the people from most valuable institutions
and to bring them look upon all government curse
and not blessing; calculated not for their protection
but destruction aud ruin? He would remind the Senate
very briefly Of the course OF these complaints for the
last four year5.
The Government removed the public money from
one single bank and placed it in several others. c!a
NOR followed tie act; panic was excited; banks tailed
merchants failed, money was mace scarce the cnrrrn
cy was disturbed credit received shock and for some
four months IN succeSsinn heard nothing here but
scenes Of Distress general ruin, and almost famnc aud
all in a time of great plenty and abundance, not ."
the OF HE only. but of money as our coun
try had witnessed The panic passed on, ann bnSl
ness of every description and enterprise of every cha.
racter sprung into increased life and activity The pub
lie lands commenced sell rapidly, and our revenues
became excessive. Then came the second complaint
which he proposed TO notice. and 1t was, that The whole
s,ie mil hint
fathers OF the Revolution, under The operation OF The
"pet bank SYSTEM, was going or gone was being ex-
changed, for what? For "bauk rags." That complaint
lasted US for the Of session OF Congress- hut
nothing was done, By legislation, TO remedy the evil
The Accommodations Of revenue had by this time come I"
be vast. and this gave rise 10 third complaint II was
double in lis character and contradictory with ITSELF and
vet it entertained during large share of one ut
sessions, and finally produced legislation II was 10 day
that the Government actually l"cking up in The
banks all the money OF the country, while the honest
and hard working citizens we're suffering Tor lis use
Tomorrow The almost countless millions were loaned
By the uel banks to vurtes of the Executive and
beers Of the dominant political party To enable them 10
make specuIaons in the public lands, and in all other
descripiiens property the in Of fl7 business
men, and the ruin Of the poor. So lar these
plants carried, inconsistent and contradictory as they
were rs 10 make sensible Impression upnn The public
mind and finally 10 induce almost ali the members "t this
body for the depos:te law of $50 which 10 dis
sipate this boarded fund and place in safe with
the States The Secretary OF the Treasury commenced
the necessary 10 execute this law, and
soon found that the money which had been III urous'y
boarded debates here had been in iac rather too
much disspated before Congress interered with it,.
This raised another complaint. The Secretary wan
tony executing the law because he did not like its pro
visions He giving drafts upon the banks which had
the money for acceptance and puymen' as Inc law re-
euired WHEN if he had given them for transfer merely.
the hunks would no, have been injured During the fist
part this process the sale Of the public lands connu
ed at On accelerated puce and although Congress made
strenuous but irutess effort to remedy te evil IN"
complaint commenced again that the public domain
being exchanged for irresponsible bank paper. The P"
sident took up the subject after Congress left it, and di
rected The land officers receive nothing but gold and
silver in payment for lands This laid The foundation
for a and continuing complaint The payment at
the immense deposes the States produced the
sy Tor equal collections the part the deposite banks
from their These collections "ccasnned
scarcity of money, and II was The "Spcc!e Circular
which had done it. Their foreign debts pressed upon
the merchants, and the calls upon them from the banks
dseuabled them to pay; bot the Specie Circular had
wrought the mischief by marching all the gold and sl
yer Of The country the West 10 purchase lands EN-
barrassmeu,s continued to ncrease extensive failures o
merchants and others took place; and finally, in May
last all the banks OF the country suspended payment
Still the Government was principally in fault the Spe.
Gle Circular had taken all the metallic currency to
the interior, and prevented il from going to Europe
60 paw our foreign debt-and the banks could no,
pay specie until that debt was cancelled Time passed
on The funds of the Treasury were in the banks,
Congress became necessary to relieve the debtors Of the
Government, and supply the Treasury with funds
The banks complained OF, for their excuses and
mprovdence and the fault TINT Of the Government
for having placed in their hands such immense deposes,
to be called for suddenly, and for having checked
their excessive issues of paper BY the Specie Crcunr
Congress convened and the present President trans
rnted his Message proposing to end these complaints
BY an entire Of al! business connection be.
tween the National Treasury and the banking inslilu.
lions This, at once, changed The face OF things. aud
ahowed the President and The Administration hostile to
the banks; and now, although the foreign debt is paid,
and foreign exchange down to por the banks cannot
sumo payment for fear of the Government.
He would ask, in all candor, and in all sincerity. il
sny history Of facts could show conclusively the
;up,opely of this connection between the finances of
the country and the affairs Of individuals and banking
interpretations eff there a man who heard him,
who did not see and feel the necessity Of relieving the
Government Of his country from these constant and
contradictory complaints The proposed system will do
that and in his judgment, that alone would be of
the greatest benefits which could be conferred upon the
nation.
If such will be the influences upon our finances and
Government, of the system proposed, what influences
are TO be expected from the State Bank System: Ger
tain!y place The money Of The people beyond the
troll of the servants Of the people, and within the
troll Of the banks; 10 disenabe the Government pay
its debts except in deprecated currency, whenever
the notes Of the banks deprecated; abandon
is money collected and accumulated in the banks to
meet its debts, for that purpose and to re-
SOFT TO credit to raise the by which legal pay
nents can be nlade TO render the county, at all times
unde. all circumstances and in every emergency,
tina, of war not excepted and after the money for the
public use has been collected iron: The people, financial
" dependent upon banks, in the management of which
il has no voice. and over which, it has no conto to sub
iect the Government to all the complaints which have
been recapituated and volumes of others of like cha
racer Short subject the Treasury of the nation TO
all the fluctuations, TO which an ordinary banking or
commercial house subject; to make instrumental in