Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-04
Twenty-Gfth Congress---2d sess
SPEECH OF MR. GRUMPY, OF TEssEssEE,

IWcnCy.HItN SOHSI CsSN o
SPEECH OF Mr.. GRUMPY, OF TENNESSEE,
(Coneluded)
The third assigned for the SUSPENSION Is Inc
canor which il is said the Executive has raised against
bank notes This 80 intangible matter that 1t Is dh'
cult to reason about it, If the writer had stated, that
in public document bank notes had been denounced
and their want of sufety proclaimed and men SHOWN
the effects produced by it, the subject could have been
examined and the accuracy of the assertion tested
stead of this general allegation is presented when,
from its nature, and the vague manner IN ~hich 10
brought forward is inca pable of proof or dIsprooi
This letter further States that the suspension was
wholly nyenonal between the banks and the Puohc
II is true the people have in degree acqulesceo pus
WIN, Because of The necessity under whlch the oanhs
were laborng. The foreign debt was pressing upon
Them and general apprehension prevailed that the
cnunrv was TO be drained of its specie; and that without
suspe nsion the banks would become bankrupt on nc
count of the exertions made oy ihe oank VI En rsS
through its agents here to procure coin os Inc dement,
Of thai institution What the state OF things now
The foreign debt paid and exchanges are IN favor OF
This couniry Instead of specie flowing out OF the
country, it is daily arriving IN large eve
~ arrival from England is accompanied with the annun
citation of the arrival Of large quantities OF coin. IN
short the condition OF the money relations between
England and the United States, is wholly changed
The pressure and the necessity which existed al tne
time of the suspension Of specie payments has entirely
ceased and it may well be doubted whether the public
will be satisfied with continuance of policy, appa-
rep,ly dictated by necessity, when tina, necessity no
longer exists.
attempted to be made up The language of the letter.
as follows:
"The credit system of the u S., and the exclusively
metallic system fairly in the field face to face
one or The other must fall There can be other issue
II is not a question Of correcting errors or reforming
abuses but OF absolute destruction not who shall con.
ouer but who shall survive. The present struggle mus,
be final
Now. would inquire, by what authority the writer
a.; this iasua> Has the President
apy of his friends avowed determination wish to
DESTROY the credit system? This credit system, pre-
sumo, is but another term for the banking system So
far as my opinion goes disclaim every sentiment OF
the kind Banking, in my judgment, is necessary I"
promote the growth and prosperity of the country Blu!
what kind Of banking and how far shall 1t be carried
That is the true question and the point upon which
difference of opinion exists Safe, honest banking
which shall only promise, but shall actually pay and
redeem its liabilities when required, according 10 its
gageme MIS- am favorable to- But that kind Of banking
which promises literally, but fails in the performance,
always have been, and am STILL opposed to. bank
which shall issue two three for upon lie capital
paid in may be- probably u.s. safe and entitled public
confidence; but that which shall issue twenty, thirty,
forty for unsafe and will end in dishonest bank
ruplcy II is The excess, not the thing itself towards
which feel any hostility. Recently we have in
stances Of the explosion OF banks Of the latter descrp
,on which should teach all The danger there is i'll such
institutions.
What evidence is there that the party of which am
q MEMBER, ID OppOseQ 10 Stle anu "ieieS
destrucon This to be taken for granted from the
fact that the Opposition the and directors OF al
most all the banks in the country. That they own them,
and control them, generally true probably to the ex-
tent of ten TO But il does not follow from this, that
their destruction is sought for desired That they
should be honest, and obey the laws OF the country and
comply with their engagements Is anxousy wished tor
nothing more
As to what course the Government should pursue to
wurds banks which may specie payments al some
short period, only express my own opinion, which
is that whatever cid and assistance the laws that may
be in force shall permit should, if necessary, be given
10 them; i'm other words all the discretion which may
be allowed to the Executive branch of the Government
should be exercised in their favor At the same ,me
should be unwilling to see any negotiation commenced
or carried on with hem for the purpose OF inducing
them to specie payments. They should his
show that they were honest and safe repositories before
any kind of convention should exist between them and
the Government. Them to guard them against any I'M
foreseen contingency which might arise from the de-
SIGNS or assaults Of other institutions every incidenta
aid which the Government furnish should be
tended to them The hostility Of the present Chic
Magistrate TO all banks has been charged upon Ih'
floor; and what the only evidence relied on TO esth
bsb it, IL was that the Preside mt and Secretary OF The
Treasury had suggested at the special session in Sep
TENDER last the piopety of bankrupt law in relation
10 banks refusing discharge their liabilities when de
anded according to their engagements This has beer
spoken Of and treated new and alarming measure
never before thought of or attempted. Have gentle
men forgotten that Mr. Dallas Secretary Of the Trea
sury under Mr. Madison, neither of whom eve
suspected or charged with hostility 10 State Banks
made a similar recomme ndation; and, in addition
advised tina, double stamp duty should be imposed
on every note issued by specie paying bank p
Have they forgotten that Mr. Crawford also, Secretary
of the Treasury under Mr. Monroe, recommended tn.
same measure? The communication of Mr.. Dallas
containing this recommendation made TO the House
of Representatives the 18th of March, 1916. Tha
Of Mr. Crawford was made on the goth of February
1890 These recommendations excited no alarm; M
rs thair mil Stat
banks was ever made So far from it, when the enc
mics Of Mr.. Crawford we're exhibiting charges agans
him for the purpose Of destroying his popularity ant
standing the charge exhibited was, that he fa
vorable TO the State banks. And the occasion Of
the manner in which the subject has been adverted
by the present Chief Magistrate, such give to it
different character He refers it to Congress for
sderation among those means "uuthorized by the Con
stitation' through which they may ''provide RENE
against deprecated paper currency" As such i
was referred the Judiciary committees in both House
of Congress. The majority Of members composing eacf
of these committees was friendly to the Administration
land was of the namber) yet they did report il
its favor, or introduce any bill upon the subject.
As to an exclusive metallic currency being aimed
by the Administration and its friends, consider the
charge as wholly grstuitous, and enfounded soune
metallic basis for paper issued upon It, and paper at al
times convertible into specie, is all have heard con
tended for The truth is are charged with being 70
an exclusive metallic currency, because not il
favor of paper not convertible into specie. II is true
many of myself smong the 0umoer, are in favor o.
banishipg small notes from ereaa,ion that their places
may be supplied by specie for the ordinary daily trans
sections of life
have said, this was an extraordinary letter. and il
10 me that every thing attending and connected
with partake: OF the same character II is addressed
whole subject had again and again been expressed under
circumstances much more favorabe to the bank than
those which now exist In written address made 10
some of bs constituents Immediately aser the suspen.
sion in May last, when speaking in reference 10 this
ssme bank he says: 81 incline strongly TO the OPT.
Mon that the suspension Of specie payments BY such
bank should only operate ss an immediate forfeiture
of It's charter but be made penal offence in the pres