The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-02-09

ed Mr.. burwell, by stating tina, the failures
had exceeded in the aggregate the sun, he
had mentioned, but in no single instance had
the loss To creditors exceeded 100000 dol
lars. III stand corrected, only 60O,C COO dol
lars-why, sir, thus moderate SUN would ru-
in a whole county lii had alien upon the far
mers 1.-the apprehensions Of the public
should ccerce you To renew the charter at This
time, shall consider it perpetual. The same
means which secured il now will net be for
gotten. or neglected hereafter You may rest
assured the magic terror OF bankruptcy will
be revived when there is occasion.
Perhaps the growing wealth of the people
may hereafter raise them above the cortrol
ofthe bank, with ten millions capital. but If
you should unfortunately adopt the favorite
project OF some. to establish a grand national
Bank with capital stock equal to SO 100000
dollars if afterwards you keep pace with
the growth of the nation. you may indeed
despair of all contro! over it in future. 1t
will become so interviewer with the fiscal
transactions OF society, and SO intimately
blended with the existence of the govern
ment, that their duration will be coequai--
The dangerous power OF bank extended
over the continent, with capital which
would necessarily embrace in its funds
all c,the individuals of wealth and influ
ences would produce the same effect with a
national debt TO that amount, and when you
recollect that this ma -hine will be controlled
and managed by the executive branch OF
7he government, you cannot but feel the
most serious apprehension of the conse-
onenCes. Sir, do not discuss this question
with party feeings-I look forward to the
time when the bank md government will
feel in unison, and act in c. Hcert; the oppo-
sition Of the bank is temporary. and will
Soon yield to its obvious interest II is that
perind to which my fears are Directed
Who can doubt that the present misunder-
standing is the result OF momentary eau
ses Yes, sir, the quarrel is an unnatural
one, explanations will take place, reconci-
liation will ensue, and then we may deplore
their intimate friendship infinitely more
than their hostility now
Banks are commercial institutions the
first impulse of their nature is to make mo
ney and support the power which can pro-
mo their profits; the individuals concern
ed in them will feel political passions, and
may indulge them, but they will learr. from
experience the wisdom of suppressng he,p
passions when they hazard the less of pro-
tit and patronage. / have, therefore felt
no disposition to know any thing about the
directors OF tohear the instances of politi-
cal intolerance and individual tavoritis,p.-
II would be sill, to found our views of the
tendency of such all institution upon its con-
duct during particular period. / am a.
gains giving any set OF men such exor-
btant power over the persons and property
of The community 1 am opposed to a moni
ed aristocracy, which can hunt down who.
ever may be offensive to them, and not from
hostility to the pai ticular persons who now
compose the bank Sir, the time may ar
rive when the government m Y fall into the
hands OF men whose policy may in my est-
nation lead to the destruction tf the consti-
tuition, and the corruption of public virtue
Would you wish to see such men Bothered
up by the influence of national bank -
Would you be satisfied to see the good sense
of The country hoodwinked by money influ-
ence! A corporation, possessed of such
ample funds, could control presses or es,a-
blish them to support the most ubiquitous
men. and advocate the most detestable
principles. You should bear in mind that
this influence cuts both ways, and it is bet
ter to leave public opinion unfettered, trust
sng TO inc sound sense and discretion of the
people, free from the operation of all ex
traneous power.
What would the world say il you should
demplsh this bank to create anotlieri Is
there man in the community who would
not condemn you. and justly reprobate a DO
hey so shorl-sighted and selfish Such con-
duct would give full scope TO swindpg and
speculation; and scenes which stain with
shame The history of this republic, would be
renewed. Sir, the system of paper credit
against which / have entered my protest,
and 10 " hicil ! attribute the artificial and
insecure state of this country, deserves no
thing from you You need not violate the
institution TO preserve and extend it with
out your fostering care, enough will remain
TO alarm those who prefer solid wealth GO
the mere appearance OF it; although those
who think the wealth of nation can be
augmented by printing few reams of paper
will he issatished--they exult in the de-
cepiion and premature prosperity which
flows from pubic deluson, and will be over
thrown the first momeni your real conditi n
may be tested by difficulties /, SIR have
been accusi stoned to think the wealth of a ma
ton consisted i'll its productive labor, and
its capital could be safely augme nted only
IN the ratio OF the difference betwe en- its con
sumption and productive labor. ThIsis The
true mode of acquiring capital, the process
will be slow but the advance will be per-
manen. 1t will depend upon principles of
economy, industry, and steady exertions ::
IL is incompatible with prodgality, speculate
on, and profilgate acquisition OF wealth.
Virtue is the basis OF one, deIuSion and i'm
posture Of the oihtr--a people thus situated
ste ably exerting its powers, will furnish
ample means to procure circulating med:-
um and prudent habits will add to i; with
sufficient rapidity ! have always prefer ed
being happy to splendid nation Sir.
have now closed my remarks; the particu-
lar situation assigned TO me by the House in
re citation to this subject has comuelJed me