Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-05
'Tvyenty-Gth ConSress---:sd SEES


SPEECH OF Mr.. NILES, OF CossEereUr.
In Seuats Jlnuarv D. lc9-In reply to the remarks oil
Mr. RvIs on the resolution sn6;tlcd By hI:n calling
the President for addiluna! niorma'ion relative 10
the Transactions between the Government ahc The
Bank o! the u Sates growing oul OF Inc safes OF 'e
bonds Of said Bauk.
MIR NILES address ed The Senate as follows
Mr. President IF any thing could surprise me,
coming from certain quarter, 1t would be The REMARKS
of the honorable Senator who has Just taken MS scat
CNr Ryes;1 and the same observation VIII apply with
equal force his speech the other day. on his rs' reso'
luton Of inquiry, 10 which the one no" undef conslue'
ration seems TO be soft of supplement have, how
ever ceased to be surprised al any thng COM
inc from those who be satisfied with nothing long
as they permitted to have The direction OF public
affairs What have we witnessed now ana on the coca.
sion referred TO? Senator who during the last two
sessions least, first and Foremost, at all times and
on all occasions, In den0unce the Administration Tor
course of policy alleged BE- hostile and rurnous to the
banking institutions OF the Country suddenly changes
his position, and @.Ih equal bO'dness and apparently
with sincerity aud confidence, charges the same ADM.
nslgaon still pursuing, ms wa4 generally supposed The
same general line OF pr!cy, with having i'rnned an TN
proper suspicious and dangerous connection with the
banks-a connection which has restored the dcposiie
sysem without law, aud which will finally result in he
establishment. Of National Bank without te action Of
Congress
The Administration is ass2'rd and denounced
with tone of as2pry srid passed for having doD-
precisely what, have heretofore often been told Ivy
the Senator IN king The charge and IN s. with whom
"
legged course OF policy friendly TO The present Bank al
The United Safes and other Stale BANKS, BY the
men by whom has been long and often denounced
for hostility 10 banks and he crrdi, system
Sir how is lIis s'raur. movement the political
boards TO Explained: shall endravur TO demonstrate,
before h,yc done" tina, there has been change in The
genera, r,.ry nf lie Administration this subject
But if there had bccn that would be explanation II
il was rIsh, year ago 10 conduct The h:arc,
Germs OF the GJvefHtn al - 10 aS"r toe banks. y
proper Will gentlemen urg" certain measures on
the Administration, and II. c0"armn II FOR adopting
those very measures: Ii shat Is no" alleged against The
Secretary Of he Treasury true the Senator aud hs
associates should b. The las. in The country
dem it, Can they Blow ho and cud n Tie same breath
and censure policy to-day that hry themselves
nended yesterday Were they sincere IN charging the
Administration with hosl'y to the banks last sesson:-
If SO how can they turn round uud ccnounce IL,
il what is alleged was tue, oT having revived The de-
posile system: ne opponents q! ihat system might.
with pF"pIe,y complain; but with what Prop''c'y or
consistency do ceusurcs IRON his friends; Have
the opponents oi III" Administration generally assumed
position; l. hs position O"e that belongs 10 the
armed neutrality only: | alXioGs Cor lutrrm.a
lion tins sub ct and think IL wins; important TO
the country, know whether The Government is 10 be
assailed as heretofore on ihe ground {" a alleged hos
til;y banks, to The credit system 10 trade Commerce,
manuac lures and the business OF the country or whr
lhsr this ground Is 10 OF Abandoned aud new aud di
rectly upnnse position be assumed Wt told from
two high that lrIs ground is abandoned Mr.
B.cdle hose know icd.- On Tins can hardly he
doubted, the controversy between the Government
and Bank end; that lac has no longer any thing
to complain Of; that the Bank over and that he
now abdcates all political p1wer which the hostile poll
cy Of the Government had compelled hIH 10 assume
And the Senator ftpn VgiHia corsirms this statement
He says that not only is the eud, but that Il
treaty offensive and defensive has been entered into he
tween the Govrrnucnt aud the Bank Of The u S Flu
events will doubtless throw more light t,is sub
c but us the inatt"' now stands we are bound TO con
slider that the Opposition have abandoned their old
ground and assumed position.
Taking this In be the tact, The next question Is To
the OF his new movement Is IL chang" 10 the
policy of the Administration: Certainly not Tor there
has been change further than SHAT change oi
circumstances has uccasioned This lie would cndea.
vor TO demonstrate Mr. Niles said he would ASST IN
cause which he beiared to b. The one !e could
discover no other Inc canor, which has been long
and successfully keep, up OF hostility the par, OF the
Goyernmen, towards the banks and credit, has
ed its purpose; il has done all could for The Opposition
aleast for the present. II will dnub, be resumed a
ter while but il is now rather stale and has lost It's
influence But il has worked we'll; aud, aided by the
cooperation of the money rower has produced two
MICS agated The country ptod giousy and ,evoutoniz
ed several Sales considerable portion oil the people
believed this charge, boldly made; persegerngl
insisted upon, and Of the friends OF c Adj
nnistr alton deceived, and thought its
were whether designed or not unlriendy 10 the mo-
ueyed institutions Of the country. The suspension OF
the banks in May, 1887, gave somewhat Il aspect
this controversy, and the measures which that event
rendered sccssSy Cor the Government TO adopt gave
additional force and effect TO the cam0rs and denuncia
tions against the Administration, which was held respon
sbe for ali The disorders OF the currency and the
raj arrangement and interruption OF business. The al
dona interest which these circumstances gave To The
subject in connection With the discussions this doo
the Independent Treasury BILL and other propositions
relating the finances, aroused universal spirit of IN
quiry. The subject has been taken up by the public
press and has been thoroughly examined and discussed
Not only have the aud measures OF the two
lies been extensively discussed but The principles tot
which the friends OF the Administration cou.endcd, have
been partially brought into practical operation. We
not able to pass the independent reasury bill, We
abe 10 resist the attempts 10 restore. by legs
laon the connection between The revenue OF he cuun
try aud the banks. and 10 MAINTAIN that separation which
their suspension of paymen, had occasoned. We were
enabled to resist all attempts 1t interference the part
Of Congress 10 aid the backs either by the funds the
credit of the Government, leaving those institutions 10
upon their own resources and the operations
OF the laws of trade And above all enabled
to hold the standard OF value the only safe
and true regulator OF the currency; sustain aud
hold up tie credit Of The Government the standard of
gold and silver The wisdom vt these ss bee
proved BY their results Their beneficial rtiucnce was
perc ived sooner and more eXenSlri w. than then
their most strenuous advocates anticipated By sustain
ing the specie standard and in the transactions
the Treasury, receiving only specie paper deemed
equivalent the credit Of the Government main,an-
ed which operated to raise the credit of the sound
banks to the standard The general result is
known The country recovered in little more than one
year. from the most shock and rcvus!on 1t ever
experienced.
The banks in most Of the States resumed sHccc pay
men,s; the currency restored the exchanges, IN
great measure, regulated commerce revived and every
kind Of business became active and prosperous If
compare late period Of the prusa,ioa Of tie currency
and credi, of the country with similar period our
history The rapidly with which haze recovered from
the late revulsion, will appear astonishing Then, the
suspension lasted four years. Ind large secUn Of the
Union, from six 10 ten years, with the assistance and &c