Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-10-20

in the value of the paper medium produce the
utmost derange mcnt IN the property OF Abe
country. IL isa species ct surieptitious high-
way ROBBERY, ans. produces all the injurious
consequences TO the industry OF the country
that cooid result from the general prevalence
2nu iiupuhity of that Practice. Now, 10 Illus
tra,e what have been saying, / will suppose
that II VIII require one hundred millions of
dollars TO answer the purpose of "A circ u.at,n.
meo INN Tor the Uu.ted States. That at u pai-
ucus"r lime there Is exactly this quantity Oh
paper an the market, aud at the same time
there are debts owing 10 the amount OF ore
hundred millions OF du.lsts, pay able Ia twelve
months. suppose that the banks, dc tuaied hN
the hhsaii2ble instinct OF sell interest. we've 70
issue an additional quantity OF Il Itualrei
millions OF paper before the eXpira ton OF the
twelve months. The value OF ANY ihiny is
dhcriiy ds the demand and imyerSciy as the
quantity. As the demand for paper nediuin
would be exactly the same, aud the Quantity
doubled, 1T follows tdat one dollar at Tue cur.
rehcy III Which the above debts would be pad,
Would be worth unly haif as much as the cur.
reacy III which they were contracted. Thus
W The mage OF banking, iiity millions OF The
property OF the coumir, would pass fr.u, The
creditor 10 the debtor part OF the community
nus, ram approaches The mansion OF honest
iho''StrS, In au Invisible ior;n, whIch +" no art
can eiude, no force resist, no ant ie ,rcypn; "
Aud all hi. for the sole benefit of the Stale
hahAs, who literally flourish uron Tie ru,n oi'
The country. For, without IL SINGLE cent uf
specie IN their vaults. they are iloOd,n. ,nt
country with their paper, thereby r,c..i,ir,,
interest Oh such quantity OF their wn no,ps ;ts
they choose 10 Issue, without incnrru. any
expense bui that OF buyin. Tue paper on whi,.i,
tneH are stamped. Such WIS lii. dreadful siti,
atioh OF thc country, aud such the saiuiul bu.
siness oil the state backs, when HE National
banA went INTO operation. From tins situatiun
lie country has been redeemed tu Ih,s dis
graceful business the banks have ht en- arrest.
ou. ana II Is IN VAIN to disguise tbs fact, that
nj II.
against the National Bank. The great I'M.
portanceot the National Bank consists i'm tins
that " is the oniy means by winch congress
eau exercise t"eir 'egttinate power of reg uat.
lug tile currency OF the copntrv Yct vb.t
is perfectly astonishing. we hear the condnct.
orS oil respectable Journals asserting that The
National Bank is reduced 10 a level viii, ti,s
stare oanhs. NOW, EVENT. that institution had
NOT ire pehehcidi tendency have exui,iued
OF teiciast tie state banks 10 nav snoc," .ii
mus restoring the paper currency TO a Sonnd
state, such an assertion would he unite uniu.ti.
able Stlli. tie National Bank wonlJ bo i'm.
p "n'ani' necause us paper wonld have a more
general circulation, aud would be les, ,isnre.
CARED, IMAM the paper of the state harkv
nave shewn that the paper OF all hanks INNS,
10. As mitch hello" par as will nav no 49,.
pShcc OF transporting specie from the bank
whefe they are payable to the MAG. ,in,.
they circulate. This cause alone oper,,,,. NV,
tle hills o! TIE National Bank. Bu, t;,o ,,rnr
oil The state banks is exposed 10 Am udjit;oi,ai
eauss U, appreciation IN distaut markets the
want OF Il known aud established ch,r.', ,.
HE holder of = bill Oh the National R,ni' ,.,','
resides III New Orleans, has only 10 enconnt.,
the eXpence of conveying the specie from, ,ls
Dsnk but The holder of bill ona state bank
In Philadelphia, is not ONLY eyposed IN ih;s av
pense, but TO the risk of not ge,ti,,r s,.c;.. -,
All IL is obveuS that the latter. which annI;ss
exclusively TO the state banks is muci, H.
most powerful cause of depreciation. Wbiic
a., ..e pi'iS OF state hank i'll Philadelphia would
uonai Bank would be only two. in a Mace M
remote as New Orleans because. allhonyb The
stale bank may be in good credit an home ,b;s
.aIH",' IN me nafGTe of things, be known
ABROAD ana tins, for the same reason iL,i me
notes OF merchant, whose credit is es,abii,h
eu, anu whose Character is known all over IN.
Union, viii be more readiiyreceived i'm remain
places, than the notes Of a merchant whose
- eu il. aiu puhctnahty are not knowH beyond
me precmcfs ot his own mel. hbourhood Ia
iact, the National Bank has done aud cont;.
hnes TO do immense good fer the countrv
ana ihe compliant Is, that It caauot do what i,
pSs,casx impossible Ii is required to as
sumo "a KIND OF commercial uhiuuty. hayiny
us agents stationed at every po,ntin the JIniou
Win their bags of gold and ,iiyerready to take
mp the bills OF the institution. It's hardly no .
10 merton, IN addition 10 the al yanla-
yes above explained. the bonus which the po
'eTHment received for its charter
nave pointed out some of the ADVANTAGES of
the National Bank, ~ call upon IFS ounonents
~ Poln' our any disadvantages resulting from il.
III 'act' all they can do is 10 talk about yiSiona
~ expectations, which its authors never en-.
outraged. anu complain that the community
mas been deceived. because these exnect.i;o,;s
aave not been realized. know not.linr .f The
directors, and shall say nothing for or against
theni, farther than their Conduct is involved
IN IN ane principles have discussed They NAV
nave acted Improperly and if ,hey have roi.
len their paper into circulation by pro.nisinr,
wIat they have suddenly refused to do. they
deserve censnre, But, let us not confoumd
pars VIII, men the bank with IFS off
tiey are gniiy OF them but Iet The hant
stand as monument OF the political saracity
o! ilose who brought tinto being, Let M, tIiss
pl'lar' winch gives stability 10 the temple of
w., he shaken from its foundation by
me interested c'amOurs of the state hauks AMI
'"o" dependencies. AMER!CANUS.
TRAY