Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-14
'5'1scIfV-fffYh Congress---sd sess.

SPEECH OF MR. GARLAND, or vlRG'sa,
doainst IKE Sab Treasury BM-deteersd IN inc rouse
of Representatives, June 70 1855.
Mr. CHAIRaAH return to the comui't'ee my "I
cordial thanks for tile kind indulgence when en'.us
Inc yesterday evening, and trast 'hat n', or The
measure redeem the obligation ny the s"''' i? no
,;me I shall occrnv lis attention. In apPIoa'"s 'N
iu,oortnn nj and interesting subject now under cons'u
tiofs one affecting the whole financial pocy " s"'s
yernrnent feel much greater eiihuenee' a" ,s :.
much greater embarrassment IMAM uili 'ss I ;a;hi
n;es,cs And nothing but the stern and intieSioe
commands of duty to the country, 10 my consotuFns'
andto myself could induce me 10 emnal" III Tue uS1u'
sion In discussing this question, aleclhg as u u'
section Of the county, every class IN anu
every interest Of the people, shall discard every con
alteration Of partisan character aud view as great
question Of national p,cy, calculated IN It's operations
10 promote prosperity of the country, the safety oil
it's revenues the purity of the Government and the
berries of the People, to depreciae corrupt and des
Troy them II is question into which no partisan con
side ations should be permitted 10 enter; but one when
addresses itself to the grave the patriotic and serious
attention Of this House, and every American citizen
The honorable gentleman from New York, (Mr. Cam'
breeDg) commenced his opening remarks, on Yes'e'y'
in favor Of this bill, by congatulsng tie country a'
the clouds of adversely which had hung in such dense
its business and industry, hau 0ee"
paed and that the glorious sun oil prosperity, "'' i
an ob',ructed ray had ngan sen ,seovsTed from the
mate them. "Trade, said he. mas recovered i'o' uc
lowest state Of depreson confidence IS ana 'e
bank, have resumed specie aynen's a! Inc very Pdce
where the largest portion OF revenue ~ ro'eeFu' au
>
and predictions Of gentlemen thus triumphan'y re-
futed and contradIcted. r.,
fear, very much fear that the congratulations OF the
honorable gentleman premature; that they are not
warranted BY real condition Of the country and that
there is nothing justify them think when the honor
able gentleman shall have returned TO the great enpo
rum OF the empire State and seen with his own eyes
the true condition Of things there; when he shall have
contemplated in their real character, the condition OF
things in the great of the commerce Of the coun
try, he will find the brilliant the lively and beautiful
picture which he has drawn, sadly reversed The pros
perity which, for while seemed to brighten upon is
in the anticipated defeat of the bill under discussion"
the repeal of the Treasury Circular Of July, lsSo and
the prospect of more liberal policy on the part Of Tue
Government towards the banking institutions OF the
country, has Disappeared and its whole business and
energy parayzd by the fear Of the passage of tins
bill, and the evident determination OF the Executive 10
adhere perlinaciousy 10 its present policy Pass ms
bill, and the which apparently dying away, |
will gather fresh and increased strength and sweep over
the nation with greater fury and more destructive eirct
than has hitherto done for the specie, which, under
its operation will be drawn into this vortex mus,
be drawn from the vaults of the Banks and render a
greater and rapid draft upon their already exhaust
ed Debtors indisPensaby necessary 10 provide Tor the
drain.
Its true that the New York banks have resumed spe
Gle payments but this resumption has not been the re-
suit Of the policy Of the Administration. Far, very far
from it; but it has been the result Of their own vigorous
cxerlicns and immense sacrifices 4 law Of The Slate
Of New York struck all these institutions out OF existence
that did resume by the 10Th of May last. To enable
them, therefore, vent th. Forfeiture and 10 prepare
for the resumption they compelled 10 cnrta their
circulation and loans to large amount, and 10 make
heavy purchases of specie, to the great injury and np
preston of the commercial and laborng classes Of the
community. The policy Of the Gcvernmen, hung upon
them like incubus, and the resumption only proves,
that they have been strong enough torise from their fall
with this oppressive weight hanging upon them -
How, would ask could the policy Of the Government,
contribute in the slightest degree to the resumption OF
specie paymcn,s:-They had suspended because Of the
sudden and lnordlnac demand upon them; and yet ii i,
gayely con,ended, that policy which very largely in
creased that demand has produced the rcsumpon-a
conclusion altogether irrational and unjust IL true that
the policy Of the Government has produced large
taiment of the circulation and loans Of the banks; but
to the extent that the banks have been benefited the
debtor class of the community, embracing both the
merca and agricultural classes have been oppressed and
embarrassed because the demand heavy and So
sudden TO produce great Distress and require heavy
sacrifices TO meet it. To prove the truth of this argn
ment herewith present comparative sa,emen, o.: the
condition Of all the banks The LIST day Of January,
1888:
Statement Of loans circulation, specie and depnses on
the lst January, 1887, and ls January, ISIS.
Loans cad D. Circulation. Specie Dt2o.ite.
Jan 1887, S52jl57c2 Sli9sle91 S37,953io S27 LES
Jan. 1885, al O733e3 IlD,i20Si 3Gso6,i05 ei2oG27s
Decrease, s54Oia3lg s37 7C5 oos sOOsGa5 si6,l3o9J7