Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-30

use egs.neBt 10 grant banking pfiilcga-, u, ''a.
the put!,c may enjoy paper circaai;an a. Isl '''
con vesblc into specie This is the only direct
winch vast majority OF The people have IN oahhs'
That restriction then which would first strike every
mind MS necessary To secure tins advantage, IS that
each bank should be compelled by its charter always
10 keep such lair proportion of gold and silver III ~
vaults proportion 10 lis immediate liabi'ts' VI -
other words lis circulation and deposi,es' Us eAPe
Renee has shown 10 be necessary 10 enable !. !"
nne the payment Of specie in the worst oil ''n'ps
But this is the very restriction 10 when no pd"n
will submit IT i. can possibly AVOID IL. i"ey WI m
agre- To all other restrictions in preference, ana WIZ
continue 10 resist tins 10 the very last. Anu y, 'us
j. The tombstone which separates the alloy IRON, ~
nu,o cod without a certain, reasonable and hxea
pro,orton of pod and silver III the vaults u '"''N
COMPARED with its circulation and crpost9, re Pu
lie have no security against the Suspension - ~,
paymep,s A bank ,nay br perfectly SCUM a' 49,.
eventually 10 pay all its debts; and YET no' na'e
one dollar of gold and silver IN Its vaults It's
,n,I ability 10 meet its engagements, depends upon
,ho aventnal soyency of those who nave BORROWER
liz money. But the ability OF Bank d, all ''"es -
redeem its notes and deposltes IN specie, up
H.. amount of specie atall times IN It's vaults ne
r;ance of banks in this and in all other countries, has
DEMONSTRATED the necessity Of such restriction. Has
Tho senator from kentucky acted upon tins principle
IN preparing his bill' The bill requires the BANK 10
boo, on hand one dollar in specie tor three Of us clrcn
lest even this might prove to be too severe ies.r'c
ION hc has actually moved to strike IT out Now, SIR
| would not rive button for that restriction
IN. circulation of the Bank Of the United States
will he nothing when compared with It's deposes. he
eat commercial business OF the country Is transacted
almost exclusively without the use OF Bank notes
When a merchant borrows one hundred thousand dol
lars from Bank IN the city OF New lork, ne mas u
ulaced 10 his credit on the books Of the Banks lie
nav his debts with this Bank credit, without the use OF
oh la n n n
his creditors These Bank checks founded upon Bank
de noses and not Bank notes. constitute IN great de-
o-cc the com mercal circulation oil the country why,
Then did The Senator from Kentucky, in preparing ms
bill REQUIRE the Bank to keep no proportion c specie
whatever 10 meet these deposItes They are inme-
date liabilities OF the Bark much as Bank notes
and payment of them gold and silver may bc de-
mandpd IN large masses, equal TO Two, three, or lohr
times the whole amount of the circulation And, yet,
the Senator by his bill, has excluded these depos'tes
altore;har aEd he desires To- get clear even oil
the restriction requiring the Bank 10 keep one dollar
in specie for three OF It's circulation.
According to the testimony Of MIR. llorsley Palmer,
the late Governor Of the Bank of England, before
of the House Of Commons, 1.-The average
proporon of the coin aud bullion which the Bank
thinks It prudent to keep hand, IS al the rate Of
third Of the total amount of all her Liabilities including
depo,itrs as well as issues and We ought 10 require
our new Bank always keep hand al the very least
this proportion of specie, If We intend that Il shall al
ways remain specie paying Bank
Another restriction has been imposed upon The parent
Bank in this city. This Bank IS TO be prohibited from
altogether; because, says the Senator, If
IL were permitted make loans here IL would afford
too great facility 10 members OF Congress and oiii-
GERS of the Governmental borrowing money. II thus
were The object, why did not the bill declare, IN e5
press terms that members Of Congress and officers of
the Government should never receive loan from the
Bank or any Of its branches. This would have been
The only preventive apabe of producing the slghes;
effect Does any person really suppose that The distance
between this city and Philadelphia will prevent any
member from making snch loan; But there
will be still more convenient branch at Baltimore, with
in TWO hours ous To which can resort. My lIie upon
the ISSUE that ii the secrets OF the charmed house
al Phadrlphia should meet the light of day, il will be
found that thousands and hundred of thousands, and
even millions of money Of the Bank have found their
way INTO he pockets Of your public and members
q. Congress notwithstanding the distance. have re-
celved information the subject, which do not feel
myself a. liberty disclose: but what the present Psesi-
dent Of the ) hos published in his report, IN regard to
the indebtedness Of members Of Congress to the Bank,
IS known to the world And here permit me 10 say that
was rcoced learn from such high authority as the
Senator from Virginia [ilr Rves that If there was any
one man in The country more committed against Bank
of the United States, than any other man, 1t was our
present President. THIS declaration has inspired me
with hope IN the future. No. Sir. instead OF the DIS
lance to Philadelphia Baltimore presenting any OBJ
sacle in The way Of members Of Congress and officers
Of the Government, the present bill VIII greatly iaci!i-
tate their accommodation by bringing home to this CITY
III. nine aIl.powcr;ul directors Of the parent Bank.
Private friendship and political sympathy between our
public men and these directors will produce such cps
ties as Tie following 10 the directors OF the branches
Baltimore and Philadelphia: "Pleasc to make loan
If fifty hundred thousand dollars to The bearer.
The romantic walks in the groves OF the Capitol, with
bank directors viii be admirably calculated 10 produce
his effect, and IN n few years. we may lind rs long
list Of suspended debts OF politicians IN the new Bank,
rs already exists in the CID So much for thus restfc
ton.
| had intended 10 make some remarks against grant
ing 10 this Bank the power Of dealing in foreign ex
change The exercise Of this power contributed much
to The rain ii the late Bank. But forbear for the
present The Secretary Of the Treasury, in his pr"ei,
deprives the Bank Of tins power and the removal oi lhs
RESTRICTION in my opinon the only particular in which
that probe, has moi been improved by the Committee on
the Currency.
Am thcn, right Mr. President, in declaring, and
appeal 10 you gentleman well acquainted with
banking (alr. Bayard Of Delaware then occupied the
char,) that this bill throughout contains not single
efficient practical restriction upon the business OF the
Bank or one which would be regarded as such by any
man who understands the sub ect No surplus VII!
ever reach the Treasury-neyer.
need not dwell upon the remaining particulars con-
sttu,nu this Government Bank which IS, That II
will receive upon deposite all the public money al the
people Of the United States, 10 be loaned out al plea
sure for benefit, withou. any restriction whatever
on this privilege
Then, SIR, this is the real Government Bank-the
directors controlled by the Government-the greater
portion Of the stock held by the Governmcnt-ths sur
plus profits, if any, given to the Government-and the
most profitable business of the Bank founded upon The
use of the money Of the Government And why
shoud such charter have been offered TO Congress by
the Treasury Department. shall not say tina, it was
concocted there Tor the express purpose OF creating
mere engine or instrument of political power but II
Talleyrand hmsefhad been as great hnnnc'er as ne
was drpomatst, he could not have devised charter
more completely adapted to effect the purpose than
the bill now before US presents. The influence OF tins
machine, located at Washington under the eye Of the
Government, will be felt every where throughout the
Union.
may be asked, as have spoken so strongly against
this city as the location Of the Bank where should
desire Ia have il established at either
in Philadelphia or New York; and should prefer PHI
ladelphia.
1t is very cruel for gentlemen to sneer at Philade-
phia in IFS misiortuncs honestly believe that much
of the extravaganza and folly of the late President o!