The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-06-28
SENATE or THE u. STATES
UNITED STATES BANK.
SPEECH or MIR. BRENT.
CONTINUED

w III rSSpeCl 10 the expectancy OF re-
charter'ng this Institution, / am somewhat
surprised that any doubt should be enter.
tanned. 1t appears to me chat gentlemen
have become incredulous beyond all posi-.
BILE bounds. believe, sir, it was a wise
saying OF the sage Plato, that incredibly i,
the fountain OF knowledge. But even to
THIS maxim there must be some limit. as
seems to be illustrated on the present oc-
casion, when increduiity. has been carried
beyond all reasonable bounds. When pe-
neral distress Is IN view; when all abound
us Is proof OF the fact; when men in the
best credit, men VINO have heretofore had
the greatest command OF money, now feel
the want OF it; when there is general cry
OF distress from your large towns; when our
table Is loaded with petitions from all OF.
ders ut people in our country, depicting in
The most vivid colors their present suffer-
ings and gloomy antiCipations; when the
surrounding banks are curtaiiing one
haif OF Their accommodations when our
whole commerce is paralized by the various
aegressions 1t has experienced, and by the
shock winch the agitation Of this question
has already given IL, for gentIemen 60 shu,
their eyes to the effects OF he dissolution of
this Institution is to me astonishing. In
another point OF view how can il be ouesi-
onedf The honorable gentleman from Ma
ryland. whose knowledge we have all be
h' fitted by and acknowledged on various oc-
casiohs, mas said. what is most unouestion
ably true, that money is like any other ar
ticle OF trade, valuable in proportion to its
ABUNDANCE, or rarity Then If YOU strike
out OF circulation the increa sed capital cir
culated ny the b ank of the u. S. is not a re-
lative scarcity to be expected! But it is
not merely e the extent Of the increased
capital circulated by the bank of rthsU. s,
that money will be driven out of circula-
ton. Those gentlemen who tell you that
the state banks IN rhis period of Calamity e
distress can afford sufficient accommodate IL
on, are IN my estimation infinitely mistaken.
The state banks will in the first Instance
frequently tend to increase the evil. The
same men who have accommodation II, tine
bank Of the u. S. very frequently have il
also in the state banks. The bank OF tho
U. >. finding it necessary to settle it's ac
counts, is anxiously employed in drawing
intoits vaults all the money it can to settle
ITS affairs The state banks, knowing there
viii be run upon them, are also ORA wing
IN the money due them by the very indivi
duals whom it is imagined they can accom-
modate by extended loans, Those state
banks which were to relieve the merchants
0eC- will join in the pressure; in order 70
secure themselves, they must produce the
same curtaliment to their Customers which
is used by the bank of the u. S. So ina,
not only will the amount of the capital Cir
culated by the bank of the u. S. be driven
out OF circulation, but much also, for a time
OF that paper which the state banks were
in the habit of issuing to individuals. 1t is
Impossible to say to what extent the circu
iating medium will be diminished; that it
he.t to- xyfo
there can be no sort OF doubt. And the de-
preston OF the price OF -four at this period
is proof that the present approximations
have already produced this effect; for al =
though would yield much to the superio.
rity OF information of the gentleman from
Maryland ON mercantile affairs as on most
others, yet in this instance his information
is not, IN my estimation, correct l. is a
notorious tact that -four is now in as great
demand as ever it has been i'm Cadiz. lis
bon and Gibraltar. 1t is not long since
saw an account o. -four having sold a, 20
dollars in Gibraltar Now, sir. If a mer.
chant here knew he could get this price
there. of from 18 TO 90 dollars, as is un-
questionably the fact, would tempnrarv
deprt ssion of the prices at LIVERPOOL a.
has been imagined by the gentleman from
Mary land, have any effect mere! None q,
all. 1t our merchants could get 10 or q
dollars at Lisbon, the depression of pric,
at Liverpool would not have the least ope.
ration here tits an unquestioned fact tina
the price in the ports / nave mentioned i
constantly kept upland yet the price di,
fall at the moment the bank question wa,
thoughtto be decided; think, it fell tw
dollars Immediately and il was no doub
! from the difficulty Of draining money
rh - .sfao -