Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1857-12-17

continued to represent his district TO the present
time. Our limits to-day will not permit US to re-
fer to the various incidents cnnected with his bril-
liant career-the congressional debates furnish
the completest portraiture of his character as q
statesman. His elevation to the speakers chair,
an Office only second in Importance to that Of
President, by the unanimous vote of his party,
clearly indicates the high estimation in which he
is held by the representatives of the people.
In every respect Col. Orr is eminently qualified
for the arduous and important position to which
he has been elevated, and we feel confident that
he will perform the duties of presiding officer
with frmness, impartiality, and entire accepta-
bity to the whole House Washington Union.
Speech OF Edward Moore, Esq, on the Bank
Question, In the House OF ofRepresentatives,
Dec. 9th, 1857.
The House resolved itself into Committee Of the
Whole to consider sundry resolutions and Bills Of
fered in relation to the Banks:
Mr.. Moore said he did not suppose he would
be able TO shed much light on the subject of dis.
cussion before the Commttee-he acknowledged
his want of familiarity with Banking in its various
ramifcations and complicated machinery. He
felt that he might safely, without giving offence,
assert that there were many other gentlemen on
the floor, who would find themselves cropping in
darkness when they attempted to compass the
mysteries Of this abstruse science. He objected
to the Legislature giving its sanction to the Illicit
traffic hitherto INDUCED in by these corrupt ins-
tu,ions, whose modus operandi we did not. nor
could understand whose influence bore directly
upon the interests of almost every citizen of the
State, and which, by their reckless disregard OF
every restriction imposed upon them by law, for
the protection of the community from the abuses
Of their chartered privileges, have been mainly
instrumental in bringing down upon the country
n ruinous monetary crisis In the lengthy discus
sion had before the Committee, the question had
been narrowed down to two points. lst. Is 1t e1-
pedent to repeal or suspend the I'd section OF the
act of 1910, imposing upon the Banks the penalty
of per cent. on all bills which they may put IN
circulation and fail to redeem by specie payment,
upon their presentation by the holders! I'd. Is it
expedient to devise more stringent measures to
prevent the banks from such gross defalcations
and abuses of banking privileges, in future? The
first enquiry seemed to be the most prominent be-
fore the House. and to that he would address him
self more particularly. He was in favor of ex-
acting the penalty from oil the suspended Banks.
Although we are told now, by the friends Of the
Banks that it is true, they have abused their
banking franchise in amost every conceivable par
ticular-that they have violated their charters and
flooded the country with an unsound currency and
| irredeemable paper, thereby spreading financial
embarrassment throughout the State; yet they
alece that it is unwise to enforce the oct Of l840
and appeal to the magnanmity and forbearance Of
the Legislature to save them from the penalties of
the law, because there is a general financial re-
vulson throughout the world, and they therefore,
could not foresee the danger. nor provide against
the present crisis He would ask if the Banks
had presented themselves in an attitude which
should commend them to the forbearance OF this
Legislature Had not every friend Of the Banks
here, openly acknowledged, that almost every
Bank in the State had abused, and grievousy
abused, their banking priyileges-that they had
INDUCED in every sort of illegal tratlc-placed
themselves entirely without the pale Of Legislative
clcmeucy. and Justly forfeited the confidence of
the people? If the banks had confined themselves
to their legitimate business and it should appear,
that from the operation of causes which they could
not control-from al external pressure that they
could not resist-they were rendered unable to
meet their obligations to the State and people, he
would say then, that they might with better
grace solicit the forbearance Of the Legislature.
But the reverse is evidently true, and they conse-
ouently merit exemplary punishment Again it
is said that in view of the present distressing crl
Sis and the increased panic likely to succeed the
enforcement of the Act Of 1910, that 1t is an in
auspicious time to press rigorous eSaction OF the
! N.
at what other time the Legislature contemplated
prompt requirement of the penalty, if it was
| not, when the banks were guilty of gross defaca-
tons as at present, and which would only happen,
most likely, in times of monetary revulsons and
prcssures 1t was against these very contingen-
cies that the Legislature intended to provide by
the law of 1840 1t has been said that the prece-
dent established by the remission of the forfeiture
under the Act alluded to, could not be attended
with bad consequences-that prevention was the
object of the Law and not correction. He said,
the argument is equally strong in favor Of the e1-
action of the forfeiture for prevention as for cor
recton for when the Banks in future shall be
guilty of similar defalcations, will they not again
expect the forbearance of this body. and say to us
when the penalty is required, that we must relieve
them of it-that we only wished to prevent them
from violating their charters, by providing this
peualty, and inasmuch as they have already com
mitted the offence it is TOO late to exact it for e
purpose of prevention. In his judgment the true
policy is to enforce the law and the present was
proper occasion.
! But the appeals, made against the collection Of
the 5 per cent, under the law of 1910, have not
stopped here and for fear that persuasive entrea-
ties might not avail, we have been told by the
friends of the Banks, that if they were not re-
leived from the requisition Of this law, and be
permitted to pay from their counters tne ol!s VI
other banks that they would contract their circu'
lation, and withhold the money necessary to pur-
chase the present crop, and thereby entail upon
the country a more aggravated and prolonged
money panic Mr. Chairman, they bid defiance to
the legislature which gave them existence, and
hurl into our faces threats of vengeance, if we
refuse to Weld to their demands. Are we to be
deferred by such insoent demonstrations? He
agreed with the honorable member from Ahbeville
mir. McGowan, that it seems to present question
of submission to the Banks. He was willing to
encounter their ferocious vengeance when this
issue is made, and would enforce the law at all
events. He was surprised to hear it said that
members gave way to passion when they advoca-
ted an observance of the laws of the land. Does
man indulge in mad passion when he advises the
enforcement of the laws of his country as matter
of policy? 1t struck him as strange PROPOSE
tion.
Mr.. Moore deprecated the influence of the pri-
vate corporations the affairs of the country
they have usurped the power of regulating the
currency, which is the proper province of the Le-
gislature. We are by the present system of Bank.
ing, dependant upon secret administration OF
the banks for sound currency. They have per-
yerted their charters into powers of Attorney, so
to speak to legislste on the financial affairs OF
the country, and the consequence is, after ruin
GUS expansion Of circulation for number Of years