Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-07
Twenty-Gtth Congress---;sd sess'
SPEECH OF MR. NILES, OF CoSSEcTlcur.


(Continued)
MIR Presidents: There particular charge more
which | will notice when shall have done with the
ppntlenans remarks OF yesterday IL Is, that there
was an agreement circulate The notes OF the Bank oil
the States the financial concerns OF The tIoVern'
mpnt. II ls cauird that any such agreement has
been made By thu Secretary Z" the Treasury but some
letter ot from the Pdynnster General, or
sp.ne officer connected with the military service
frrred 10. having directed the disbursement OF the
notes of the United States Bank II there has been
any such order there EVIDENCE that has received
the sanction Of the head ut tue Treasury. and reason
to suppose that such BE- the all the moneys
placed special depOslte The Bank 10 be paid
out on The drafts of the Treasurer. Under existing
laws, dbursng officers not prohibited from Offering
in bank which equivalent TO specie on
the spot where offered This is certainly a strange
complaint 10 c"me from the quarter does who, for
the last years has repeatedly and so earnestly
urged the pr"pre,y and necessity ct receiving and pay
ing out the hills al specrpaying banks a. the Senator
from Virginia; Not 10 do this he has declared, Ia
discedt the "chi bank currency TO proclaim Ia
be- worthless aud induce the holders Of bank notes TO
them upon the anks for specie In his speech
al the extra session he the necessity OF receiving
and dsbursng the bank note currency d measure Of
indispensable Importance. But would not thr ex
ample of the G"rCrnment in The lndscrimlnae rr@c-
ton nt all Oark paper have important moral intu
ence in exciting the eaousirs and suspicious of the
whole community? II the government. by its acts
shall declare Gsuk paper l" be worthless unsafe. will
not the people also take the alarm: Will not general
dstust b. created OF all banking Institutions and will
not every person holding their paper become impatient
10 convert it into sper": He speaks of the 'Ius,
sIr and pa'e'ni p"iSCy which ;he Government ought
{. pursue ards banks receiving and isbu
their u",es And yet, at MI thus. ii s made
ground at complain VA, The mites Of The Bank OF
the United States have been received and dshursed by
some subordinate discussing agents. IL gentlemen can
blow hot and cold al the breath ii will doubt be
difficult tn please them
1t is claimed that the transactions with the Bank Of
the u have been advan''g' Gus I" that institution, at
the expense Vi the Treasury-ihai The avals Of the
bonds have hern drawn out by drafts payable al the
South and Wcst, at pnius where exchange Phadel-
phra bore large premium Bat the truth rs. this pre-.
mum was IN consequence o! the de probation Of The
local currency On Specie Treasury notes, bank
notes convertible into specie. the difference in exchange
very irih'ug appears from The Secre;arys report
These distant place, OF payment DECLARED by The Sc
cretery OF the Treasury Ia have been convenience 10
the Treasury md benefit 10 the public service.
IL dnu, true that these trans ci1us were bencf.
cill to the BaiSs; hut 1t does not follow from this, that
they dlsnlr anita L. the Treasury Ii may also
BE- coatended, that Mr. Bdd!e speaks Of them having
been highly satisfactory 10 him, and somewhat in
strain of cxulta"n and Boosting This is weakness
Of possessing talents Of certain description.
In the letter. winch he speaks of the pacifca-
ton between The Bank and the Treasury he very mo-
deslly claims the sole merit, only Of having sustain
ed American credit IN Europe, but OF having brought
about the resumption of specie payments by banks
which restored the currency, notwithstanding every
wrii.infomed in the Union knows that he placed
hrnsef at the head Of The non resuming banks, and
brongh, all his aud Influence into requlsition 10
proong the suspension Mr. BIdde also boasts that the
Transactions the binds, brought the Treasury into
Cooperation with The Bank restoring the currency
Thus is a mere inference Of Mr. Bddle from the facts
Bot If il had any tnnnda,nn Why should the Senator
condemn il, "l"n he has repeatedly and earnestly
urged the necessity Of operation The part Of the
Treasury?
There have been other instances Of this weakness still
more conspicuous All must recoilect, that years
since distinguished minister Of the United States,
h.. E'ttr,n rn.Ia nod
tinn OF indemnify highly honorable 10 the country and
60 himself bot unfortunate, as to boast in
Of his nicati"1s of his having overreached and
ou,wtted the FrsnCh GevernHen and in rquence
OF thus unfortunate nGiScretion the country
being involved in with of The most powerful
nations the globe d. not allude 70 this by way Of
but only tor ILLUSTRATION. and 10 show that other
great we'll as MIR Biddf, have sometimes fallen
into this unfortunate have now. Sir examined
che facts Of ,hc several transac"ns which have b en-
made the subjects at such severe and condem.
nation II only remains FOR me 10 consider the more
general charges .untaned in the more comprehensive
question whether these facts sustain the charges against
the Administering. contained in the speech of the Sc
nator made in advance Of the iacls 1t has been EN-.
phaticaly asserted tIat the documents accompanying
the report triumphanty sustained only all the spe-
cic charges hut all the nerences deductions, and i'm
putaiions, made in advance of the report.
What Sir. are those charges There are three only
which shall notice, passing over all of less Importance
and the numerous inpu,alons and insinualions with
which the speech ahuunds. The first which will no
tce is that the Secretary Of the Treusur, has restored
the connection between the Treasury and the Bank of
the United States; that that Bank has again become the
fiscal agent Of the Govsrumenr; that this connection
originating from Executive power. unreguled by law
.s sss sed IL ts Not state i ebn;se
too strong, viii refer the published speech OF the
Senator. revised doubt by himself "These questions
acquire still eraver character and deeper interest from
the significant speculatinns, INDUCED the appear.
ance At Mr. Bddl.s letter. by certain leading Jour. !
nails knD~n L" be friendly 10 The Bank. and supposed
10 be more or loss with views One of
them, Commenting the letes of the President the
Bank, says, the Bank viii doubt in the course of
short time, ny an sen>'h'e process, become the fiscal
agent OF The N"verhment Another with reference to
che same letter, says 1T viii be serious and not iiunro
babe spectacle, II we through the instrumentaty
Of concerning circumstances Il National Rank 70 es,
tabshed wi,fou, The action o Congress-" This gr,vs
charge liz rst introduced in the name and on The an
tborily Of journals friendly the Bank and If cor,sa
hostile to the Administration. This is mos, e.ceao,
authority for any neutrsi decide moi only
The acts but the future purposes Of The Admins,rn
ton II is, however endorsed and atrmed BY the So
major who with emphasis. National Bank re-
established uihout Me authority Of COnpress, What s
easier mpier than to do IL by the nsensibe process
already commenced Let the Executive at its own
~ and pleasure adopt the PENNSYLVANIA Bank oc The
United States the fiscal agent and depository of the
Government lei it jim the weight of the public reye
nues 10 the already enormous capital Of that institution
let suPsradd the credit arising from the connection
with the Government I" the extensive and p.rysd;pr
Union, and have you not National Bank re.estaJshed
o all inteRts ard purposes-rs ,citoat N. RIM
rrsRee Of Congress, and an despite of its authoSye-
nd would il not be National Bank OF the most dan
lerous and possible kind created by the fat of N,
Executive aone and allied With the Executive snd de