Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-27


s-''N, which alone could justify The
81 'l.ilShneEi OF the United States Bank,
"ti1 have existed Lui for the state banks,
~" surety we have now abundant evi-
dsnce 10 convince NJ, that lire total aboiI-
non a. all banks, would be = public
blessing ~ understandable value. II II we're
established, thai banks, could moi be
Incorporated by The states, IN conssquer
al 'iie power gwen To congress, ty The
5'h ciaiise oi the 9th section, and The
prohibition on The states in Tie l0ih, and.
Thai a federal bank could mol he created
unless necessary To The collection oi duties
IN The way prescribed by the cousil,u-
ION, or 10 carry into effect some other
power expressly given, we should am
very coDhdeni bave no bank whatever.
Into this subJect ~ is improper here Ia
enter more al large My principal object
MAS toseNpress my regret, that Amphyc-
ton, should have thrown the weight of
his respectable opinion, into tie scale
where n now lies, and Ia admunish others
That the right To establish state banks, is
not undispuled. will only add that il,e
time Is fast approaching, If il have not
already arrived, al WHICH every thinking
man must be convinced, that q hank Is "a
machine loo potent, TO be managed by
amy government whatever. The Bank of
England II Is probable will never nav
specie again, except for a lew moments,
a-u men, only i@r The purpose, of delud-
ing the public.
To writer in Philadelphia paper
calling himself" A Friend of line Union
and 1.-The be the individual suggested In
anoiher gazette, Justly So calling himself.
WIN take the liberty TO remark, that he
100 has fallen INTO AN error, similar To that,
MO winch the court had fallen before
bim. They argued uof Ihe case, but If |
may use the expression, the argument OF
III. Maryland counsel. A Friend of the
Union instead Of discussing the subjec,.
has confined bHnself 10 the a, uume,t OF
Ampiychon. Ii lie had emplo, ed the
wheie strength of hS faculties, free as
they appear 10 he from all passion or par.
~ prejudice /; think he would not have
| thrown out The defiance, which | have
neniured To accept. In saying this, do
MOI chaiienge him TO continue the dis
cussion. My next UNDERGRADUATES my
lahors. But hen he has read tina. num-
| Der, hope, if lie thinks the doctrine
| unsound II he Is persuaded that il does
| not contain fair, rational, safe exposi-
| tion, oil the constitution, which |. friend
| oil the Union, also cherish ant; venerate
as the bond of that UuioD, he " i'll for the
PuOlic good, expose The errors, lie NAV
ae'eGt III The argument, which in my
humble Judgment does prove, the bank
10 be constr uiional, aud The reasoning of
| The cour! 10 be erroneous"
IlORTENSIUS.
Wehave heard parallel drawn between
| .hepreseni times, aud those two famous
European bubbles the Mississippi, and
'he south Sea schemes.-They were the
most ruinous bubbles that ever burst upon
| commerce and IL is curious that they
should have existed precisely century
ago. he Mississippi scheme, (embrac
ing d"lnsIve plan Of commerce with
Louisiana) exploding in France I'm 1919;
the South Sea scIieme Ca trade with the
o"utii Seas) IN England III the years 1910,
and 1920 Both were paper schemes
founded subscriptions of stock and both
were designed 10 facilitate the redenp-
lion of public debts-but in poini OF
specuidiion and of ultimate mischi. {, they
appear 10 have been carried considera DIV
idriher IMAM our own paper schemeS.-ID
france, the Mississippi stock was run up
10 1900 per cent. Shares were split lid i'm
such small paris, aS made the frand &C.
cessible 10 the humblest individual. Paris
giiltcrcd with fictitious wealth Strangers
hocked from all quarters to gamble in The
speculation. 30 that il was currenti,
Delieved. there nigh then reside al Paris
hall million Of strangers more il,an usu.
al, that 1900 new coaches were set up.
Nothing scarcely to he seen bui new and
splendid equipages, new house and fine
~ in apparel. Lodgings scarcely TO be
had for money, ami the highest prices
given for provisions &c. in that CITY,
Yet In d few more months after, the very
reverse OF all this was seen 10 be HE mis-
cradle condition of both city and coun.
Try"
The South Sea stock was auc,ioued of
al 1000 per cent. Shares were spin upon
mic the smallest fractions 10 accommo-
date duprS and fools. an astonishing
spirit OF gaming seized upon the nation.
Tie bubble burst. "And now (says An
derson) towards the close of this wear of
narvels, were seen tie great losses of
many families of rank, and some of great
quality, and the utter ruin of merchants
before OF great figure, and also OF certain
eminent physicians, clergy, and lawyers,
as well as Ot many eminent tradesmen:
some OF whom, after so long living in
splendor,were nei able 10 stand the STOCK
OF poverty and contempt, and died OF
broken hearts; Others withdrew TO remote
parts OF the worl, and never returned"
ihe WIN piOJec's, dbu extravaganza OF
ibai era have never been equalIed. Ii is
INFINITELY superior 10 any that we see
Ill the present times. The gtossest frauds
TOO characterized them. The present
times furnish no parallel 10 tlese-some
indeed have shot up in the hoi-bed of ou,.
N0t'0i,at Bank-bm how much inferior
III magnitude or number.
The official statement ofihe Massachu.
sells banks made in January last really
asiOnIsbes us. ] he seven Boston banks, |
have notes III circulation S |, I40 $50, de- |