Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-26

This table exhibits the detail md the gross Of the
counts which would have been taken from the lreasu
nv in eighteen months At The land bill OF 1870 had pass
ed with the detail Of the gr"ss also ct What was actual
" required for the service Ut the Government int the
same time They amount. in round numbers to S0o,'
OOOOOO for distribution, aud $50 900 900 for the support
OF Governments; in all Sil0UOOO O0 Now, Sir, how WAS
the Treasury stand this call: Ii could not
have stood it at ALL 1t could not have stood The first pull
the first seventeen and quarter millions tor dlribu-
ton and and three quarters Tor the public service
which would have been required on the hrs day ot July
1886 1t would have failed a, the payment; and so |
declared, and my opnon. demonstrated at that
time and the event proved, when the deP's''e act
pissed and substituted smaller and later distribution
This dppusle act passed in June r le36; II b"gan tn
take etirc, ia January 1887 it proposed 10 DIVIDE out
but thirty six millions Of dnl!ars and that by nine mil
lions time and 10 commence the distribution six
months later than the and bill proposed; and yet what
was the result? The result the snppage Of the
principal dpposile banks and all The rest Of the banks
within FIVE months after the ds,ubuiton began 10 take
effect! The depose banks made the irSl distribution
in January; they nearly sunk under the second install
me in April they unable 40 meet the third one
in July and closed their donrs in May and, while
raj contributed to the result yet IL must never be
furuo-u that The committee nt the New York banks,
where the stoppage began, enumerang the four prin
cjual causes for that event placed at the head vt those
causes the operation of the DEPOSlTE OR plSTR.
BUTTON acl of June, 1886! Thus experience proved.
that the depuse banks could not stand Distribution OF
thirty six millions ncng six months later than the
propose land bill dsbu,inn and made in quarterly in
s,alinpnts Of only nine millions al lime How then
could they have Stoud distribution of fityve millions,
commencing months earlier, and the first insalmenl
amounting 10 seventeen and a quarter millions: The
thing as impossible: ii could be done; and that
go evident tina. proclaimed ill., und reiterated my
opinion this floor IN language too strong IN the udg
ment Of of my friends to be allowed IN gu to the
country, and what was that opinion boltomed upon
Upon the fact known 10 us ALL and by me rFpen,Pd n
thousand times, tina, what called surplus OF forty
millions in The Treasury, was mere DELUsioS that the
money in point OF fact was NOT in the dep"slIe banks
that il had been out; that Congress had sanctioned
and nstiga,ed the LENDING, by requiring interest from
the banks for lis USE; that instead Of being The banks
it was in the hands Of merchants adPrs, dealers,
nuacurers mechanics SPECTATORS and others; that the
banks had it with the knowledge of Congress, and
with the implied contract and fair unde rsandng Of av
inc the USE Of j, I'LL gradually ca.d for of
the public service; and that To call for all this money in
muses. and almost without notice, (or the first payment
would have begun as soon as the bill could have heen
passed0 was to COMPEL THE LARGE DEP0sITE BANKS TO
CHOOSE BrTwEES STOPPING PAYMENT THEMSELVES, OR
DESTROYING THEIR DEBTORS
All this was plain 10 me that il was amazing, in
compre hensibe, and almost incredible that any person
could avoid seeing the same Yet this is the measure,
the loss of which called upon To depore This
is The measure the patriotic resistance Of which, by Ge
neral Jackson is denounced act Ut tyranny! This
i, the measure then believed 70 be irresisbly popular,
now known 10 be heartily condemned by every conside
rate man, This is the measure, before which General
Jacks,n and all its opponent expected 10 be pros
a,ed land before which they were wiling IN have been
Frustrated if such had been The penalty of adherence to
their prncipes) this the measure which like the con.
suar distributions Of grain and money and public lands,
among The in The degenerate daysof the Roman
Republic, expected 10 purchase The suffrage OF all the
people! General! Jackson and his friends myself one
Of Them did what they believed ght, in resisting
this measure, without regard conseque personal
themselves They resisted the colossal distribution
Of 6fty-6ye millions of money They threw themselves
upon the intelligence the patriotism and the candor of
their fellow counlrymen; and the event has proved that
they were mistaken in heir estimate of that cansor
that intelligence and that patriotism! |, has proved
that the American people no, yet ready be seduced
and debsuched with The spoils and plage Of their uwn
country. (Io be concluded