Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-09-03

mdrkS on inc article before us.
Some Of the "wisest aud most virtuous
men of the republic" still DENY the right
of the government 10 "crea,e" This ins,i.
tuition, nor do they even now " consider
this question as defnitiveiy settled" What
they consider an usurpaiion sf power, i,
Is still competent Tor them To redress by |
all The fair and legitimate means within
their power. That The constitution prohi-
bited the creation OF bank WAS once
the doctrine of tho old republican school
lit was one OF the rally ing points which
distinguished them from the Federal
party. II il be violation of the con
stitutlon, no time, no precedent. /.
no act, can sanctiiy the usurpa,ion
If " the acts OF every department
OF the government" can make 1T ''right-
fully To exist" then might the alien and
sediiiOu laws also righiinlly EXIST
because they were equally passed by
Congress, sanctioned by The Executive
and enforced by the Judiciary But il is
not every act of every department which
admits Tue constitutionali,y of The Bank
law for, The old Bank of The U. States
was rejected upon this very ground
by the congress of 1871.
Those who consider IL as AN usurpaiion
will sill labor 10 restore III" constitution
to It's original purify. They will regard
the question as still open, wh never the
present charter shall be forfeited or ex-
pire, or any of the powers of The States
may be made TO bear upon il on fair and
constitutional principles.
Perhaps few institutions have hitherto
so completely disappointed the promises
which lis godfathers made for II al the
baptismal touDt. II was 10 equalizn ex-
change.-lt was Tin the words of MIR.
Dallas,) Il" supplya circulating medium
Of equal use and value in every state,
and lis every district of every state" II
would be d mockery 10 enquire seriously,
whether il has effected this object -
Witness the present Iaies of exchange
from North 10 South, and from West 10
East.
For our own parts, we never yielded TO
the idea that II was at all times i'm the
power of the bank TO receive the notes of
It's branches IHdlscrIminately. But such
were the promises of its friends, and under
ihis general impression, II was also gene
rally anticipated, that no difficulty could
be made IN Transporting the funds of the
government from one place TO another. The
charter, indeed, attempts TO remove any
difficulty in the matter, providing express
~ that the said corporation shall give the
necessary facilities for transferring the
public funds from place TO place within
the y. States, or the territories thereof,
and for distributing the same in payment
OF the public creditors, without charging
commissions or claiming allowance on
account of difference of exchange" Ii
is not denied that it has facilitated the
fiscal operations of the government
but has il given all the facilities which
were originally promised; or has il given
the necessary facilities for transferring
the public funds from place TO place." as
specified by its charter? This is the
point at issue between the Editors of the
Weekly Register and the National Intelli-
gencer The Board of Directors, under
this clause of the charter, refuse, "(with-
out such ~ Office as shall be sufficient TO
make an actual transfer OF funds from the
places where they may be collected, or
where the notes are payable, when they
consist OF notes ct other offices than those
where they are coIiected,) 10 meet The
Treasury Drafts except at the points
where The funds are collected, or the uotes
payable (; and that the president be re-
quesied 10 assure him (the secretary of
the Treasury of the willingness and zeal
OF the Bank TO forward this object by
general operations i'm anticipation of no.
lice, according to any estimates lie may
furnish"
Certainly the Treasury ought 10 be
disposed 10 accommodate the Bank, as
far as II can. TIE Secretary ought
always, where he has il 10 his power TO
prepare the Bank beforehand for any
considerable draft he may have occasion
10 make al a distant place but cases OF
an extraordinary aud sudden demand for
money may occur. Ifthe bank is indebt-
| ed for that SUN 20 tue government, IL it
has been duly apprized that il is i'll pos
| session Of the government funds, MIR.
| Niles contends that il is the duty of the
| bank under the expression of I" ne
| cessary facilities" to accommodate the
| treasury With drafts upon any of lis
| branches, III every case of emergency
| or not. We shall not attempt 10 discuss
this question technically !; &c much may
be said on both sides" But certainly
| il was the impression, at the creation OF
| The Bank charter, that where tie bank
| was possessed of government funds, il
was by drafts TO make those funds avail.
| able 10 The government al any point,
| where II should require The use of funds
The National lnteiligencer con!esses
| that the Bank has committed errors,
| and OH the part of some of lis officers,
worse than errors. II he had said, gross
| mismanageneut,a and unprincipled abuse
| OF power, lac would have said correctly.
We know of no institution ia this coun-
| Try which went so madiy TO work
| (adding 10 the evils Of disordered cir
cuIa,on Which II protested 10 cure, aud
none which exhibited such abominabIe
gambling, and has more corrupted the fine
moral sense of our cOuutrvnicn. That il
has decidedly improved under MIR.
Chceves's administration, we most cheer.
fully admit. lie is an honorable citizen
| nf distiuruiSLad t.,I,nfs I,,, oil L.. 80.