Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-01
Gomgress---2d sess.
SPEECH OF MR.. BENTON, OF MISSOURI


ward IN this debate They Such attacks ~ have
been accustomed 10 for many years ard which have
given 10 this chamber the appearance of cleo.
iianeerIng hmsrings hall of legislation We opened
The debate on The merits nf the bill; Opposition gentle.
men have converted it into The Presidency,
and confs, FIR power We have bren Obliged to fol-
low them IN this unparlampnisry conrge so leas.
as to repe some Of their attacks Having done this.
inka mp The bill and shall limit gseIr 10 brief exanl.
nainn "i s principles, and q defence Of Of the
points on which it is ossaled and shall conclude with
some observations upsn the conduct of parties and the
political prospect ahrnd
lie bill Contains two principles, and but two !
he exclusion OF all banks from the and custody If
The public moneys 2 The exclusion Of MI bank notes
from the receipts and expenditures Of the Federal Trea
snry. These the principles; all The rest is detail -
Against these two principles strong dvisinn of this
House rises up among them iew of rur vn political
friends. but the mass and body Of the dFvson are The
friends Gt the Bank of the United States The Justice
OF this opposition, ana especially in the qnarer from
which il chiefly comes well he Judged ni by recnl
iecrg that both these principles have been in fall nrce
against oil The Stale banks for nearly forty years out Of
the forty eight hat Government has been in exist
ence. They were so enforced during the whole time
TINT The two Banks Of the United States have existed
have NJ" got the by laws ri The first National Bank,
but have The charters If both and the by laws of the
second. By these charters the two Banks of he United
STATES entitled the custody of thu public moneys
I" the exclusion of The local banks and By their by
laws, The notes n these heal banks excluded from
payments 10 and from the Federal Treasury | hive a
copy of hes" aws passed 10y he second Bank of the
United States, mud merely ADOPT from the code Of the
fist one. in which his exclusion is enacted and which
runs in these words
Here SIR real the 9th and the 25iI articles Of the
bylaws of The Bank of the United States passrd i'm
u"diacIy after the establishment of tie hank and x
Guiding the notes oi all State hanks from all PAYMENTS To
the United states, except the o the specie paving
banks slna"d IN the sima p!lcs with the brunch; and
directing the no;es of hose ihUe pied Ia be presrnt
ed The back that issued them lJr payment al least,
IN every week
This by law rnac'ei in the vpar lSl7 and way
vigorously cnirced un'I h- removal Of the pns;cs
Octphrr, 1888 1t therefore seventeen years in fp,ce
undrr tie sTc'na bank ard having been twenty wears
in ioc~ under the is. bak. IT results that this rxcu
Of Soe Bank from Tie Federal Treasury las
aclunv been in force nearly years out Of the forty.
eight wLirh nur Government has existed The Sigh,
exception III e rccsvaillv of these an
exception 10 tie udire # thu local institutions; the
exception limrrd To thu few banks "cn'ed in The
same tu"n which contained The branch bank. and was
injury 10 these banks; for il caused their notes lie
taken out "i circ"lann end Ia b. presented 10 them
masses Tor immediate payment Thus The great Of
thu b:nks peemp"rly excluded from all rPceiva.
bv al their r"its; and is Tor the f-w which
mraiiy excepted ia" exception injury To them,
ard Ia my knowledge complained Of as su2h Nnw,
what the conduct Oi the 1ral banks under this ~
years xclusion from III" and custody of he pubc
moneys mndsr the provisions Of National Bank c-ters,
ard this F!y years exclusion 81 heir from FeGe
raj receipts nnd expenditures untar the enactmrnls Of
~
these long and donbc exclusions: Sir was the cnn.
duct "f con'enmrut Of sa,istactinn. Of entire acqnps
ccnce! They made no complaint they asked for no
ale IT, and h. aINHos GrGfa ,9de&rored 10 ne.ortu:
exclusion the finest Hf currency, md The nt
est state Of the Federal This they did in l-i2,
when nur tables gr"aned under memo! MS from local
banks rPc'artrr tie Bank &c the u S this they did
again 1888. when they prayed FOR the restoration OF
the d. p,sitrs 10 the nauk Il The u S and actually
fused 10 receive them; ard his they do in praying
for another Matt ,nal BANK
A celebrated French sairs, has male rs acquainted
with most worthy country gentleman, h" had talked
prose all his life without knowing il; Of these local
bank. they have been ruined FOR frty years without
knowing il During the whole period Of the eXslsnc"
% the National Banks they were in stat" ot total
exclusion absolute divorce IRON all Connection with
the Federal Treasury. With this divorce, thus effected
by corp"rllinr by aws, hcy cnn"ncd aud happy,
nav wished il Ia hn eternal! but the momen. the same
dynrcc proposed BE- effected by act Of Congress,
the banks against IT, and declare Themselves
ruined If IS done TINS i noble instance e consist;
of submission 10 Bank n iir Unite! States and
of resistance 10 The Government 0f the United States
The same OF pnc'a'.S"' alt that class II politicians
who advocate National Bank They 20 for The di'
vnrcp Of hc bylaws and against The divorce by law
Of Congress They support Bank Of the United
States excluding the 5caI banks from all connection
with tie Government. ard ;sy support the local nnnks
in resisting The Government OF The United States IN pro
pspr the very same disc"nncciion. Thry are now al
l. rplhcr Tor tie local banks and Pras" too high tor
thri,; ihrcc ago they were against lht, asa no
s.:Ise too low for them. When these banks resisted
the panic. and did well, these politicians denounced
t,nI: noY that they hare stnrPcG payment aGh lnJ"r'
p the cru.!ry nd deprived 1T" Government OF lis re-
venues these politicians rx1 them /" The FhIes--
This IL MISUNDERSTANDING m The means. not
in the object The oil cct establish the Nation
al Bank and the 10 have another loss u" 90
vrrnr,enl revenues and thcsupon, another argument
To restore their idolizcd Institution This they declare.
for they tell US. with the defiance OF over confidence.
that Ihrv take these local banks TT way housens
,.f IL, ilIp n
w:rre they will lodge ad refresh night and then gal
Top into The Chesnu street palace as breakfast ride
the ne X, morning And it will he TINS, ihr again.
and the State banks will fail agan, they did during
the war as they did in 1919 they dId in 1887 and as
,hev are nov doing in LBS They will fail again. the
+, drral Government will lose lis revenues aEa'n; and
then the cry will he rcdoub!ed for National Bank
MIR President have opinions upon This subject Opt.
r;,s not of rrcr nj adoption. basty tnrn1i"n Their
Iau da es far hacka fnli quarter Of century: and
,lry In yc been receiving confirmation ever SINCE was
in The public service during The a:e war-wlinessed The
Gura Of the State banks and sex The caames mt a
Government and nf people. destitute OF specie me
6, Rank Of the u States had expelled spccie-it had
dome VIA, Mr. Madison said i! would do IN that master
To- sDeech of 1901 which never las been nnd never can
he answered In that speech he placed at the head OF
the list of the Disadvantages "a such bhrk' 'se p"
phe,ic words "Firs BanSng Mc precious metals, ny
s,Ls,iininn anohsr medium 10 Perform TIER cgics Al
the cxpralion of its charter. in ELL 1t had c"np'ei'y
effected this work T. had banished the precious metals
There was but millions Of specie iet IN Inc c"un'
try. Two great errors were them committed trst IN
pt rrprnshng ihr Country with specie and especially
with god sstOndiy, in falling back upon Inc paper al
i,I honke for national currency In this condition,
destitute Of specie, and relying upon the notes of local
bants we ", n, into the The result was ineV'ia'
bI,-rIr explosion Of our whoe monetary sys.rm-'he
bapkup,cy of tie Treasurythe rnlnous use OF drple'
cia naner-a resort !" Treasury notes on which The
creditor often lost 80 per cent loans on Oppressive
,crmsnnd the Government forced To make common
cause whhroken banks for The mutual support OF eaeh
-, r,.d;, All this saw ] saw the caaTiies, the
L;,;.,i,n and the sus1rings of the country; and
he,rd the loud AID insoen lrumPhs OF the Federal
s",n,bs mart of it which opposed the wnr-eSulting
over an empty Treasury, an impaired public credit
I;.d 9acer currency, and the national degrada-