Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-24
Tvyenty-fidth CoBnsrcss---2d Sess

SPEECH OF MIR GARLAND, OF VIRGINIA,
AGAINST The Snb TrtaSvry BW-dn'rcrd in tie House
Of Representatives.. June 90 1888.
TCexTISuEp.l
II is most singular MIR. Chairman, that the Secretary
Of The Treasury, with full know ledge of all the losses
sustained to the Government by the Stale banks, either
repositories Of the public money, by the depreciation
Of their notes otter having most satisfactorily in his
port Of 1874 exposed the of their losses, and
successfully proved that they the result of the
ames Of war, and their patriotic efniis 10 sustain the
Government in The arduous and doubtful struggle, in
which it engaged should only nrrny these losses
but bring up the depreciation al their notes in judgment
against them. After ably vindicuting the State
banks against these identical charges in his report OF
1854, and proving mos, cOnclusivey that there was no
thing in them 10 impair confidence, and comparing the
State bank with every other SYSTEM the Secretary con
cluGes by saying:
"It gratifying to reflect, however that the credi,
given by the Government whether to BANK PAPER or
BANK AGENTS, has been accompanied T.; Losses
in the experience under the system State banks in
this country at their WORST PERIODS and under their
sEvEREsT cALAMITiss. than ANY OTHER KIND CREDIT
the Governmrn nj has given in relation its pecu
ninrv transactions. Hence, uness the Sioes and,the u
States should both deem proper gradually, and in the
end entirely dispense with the per system nd Inch
anticipated, the Government cauno escape
occasional losses from that quarter. and hope
escape all losses from banks fiscal agents except BY
the employment in their place al other and individual
agents who will probably be ound sSrespoRst6te SAFE
Convenient and economical
This conclusion covers the whole ground and is de-
csve refutaton Of the Secrearys report Of Feb Eth
last To prove The deliberate and strict examination
which brought the mind Of the Secretary to this concu
sion, cite from the report the following expires
sion
Justice 10 The Stale banking institutions body
whose conduct in particular has certainly been Oh
econable, but whose injuries In the Government have
been almost incredibly exaggerated aud whose great be
ne6, it both during the existence Of our two Nation
al Banks and while NEITHER of them existed have been
almost entirely overlooked, has led 10 uake this
tiny, and submit its results, under hope that il will in
some degree, not only vindcae them from much
mer,ed ceu,ure but justify this Department Tor the
6drnce it formerly had in the great improvement of their
condition, and Of the financial affairs, recently imposed
on them.
here leave 10 any member of this House who may
choose 10 undertake it, TO reconcile if lie cam The deli
berate expressed opinions Of the Secretary of the Trea
sury in 1884 when the State Bank deposi,e system
faroric measure, with the opinions Of the officer
n le3S founded upon certain data but conf ectura es
timu,es and computations when the State Banks not
farored. Sir | could cite twenty expressions of like
character in The same report.
But this is the only testimony Upon this subject,
find in the Globe the following endorsements OF the
vndca,ion Of the State Banks by Mr. Woodbury. in the
report OF 1884,
ain this document, Mr. Woodbury. gives some curious