Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-02-16

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| ces, than apprehension for the conse-
quenccs which will ensue Should the char
ter be rescinded. IL the legality of it's
| corporate existence be brought in aues-
ton, nothing can save IL from ruin for,
so soon as lis duration, lis soivency, OF
Its responsibility become suspected, eve
ry mole III circulation, every debt il has
Contracted. would he demanded. Com
pei!cd H.. lis charter 10 pay its debts in
specie, II must require those due 1t, la
The same nedinm. On The Isl of Ocio-
Der last, there was due 10 the Bank the
enormous sum OF IS, 72I 900 duliars-
Some portion Of this deb, 10 sire, is
due from The Stale Banks, but il will all
iaii ultimately, not upon corporations,
"hicli lave only a legaleXiSiencr, but up
on ii'epeopIe. The State Banks willcur-
ISL their discounts, and the people will
be conipslled 10 pay in short space of
iine ever. dollar they owe the U. States
bank, anl tar the greater Fart of What
they owe The Stale Banks. These debts
can be paid only III specie. and what is in
The country Is already In the Banks....
Such an exaciiun upon the people, would
be ru.nOus Ia our commerce, whetlerpx
iernai or internal, consequently to our
agriculture, 10 the arts, and finally 10 tie
Try. The States would interpose their
authority. as they have already repeated
ly done, and suspend their execution
laws. And, thus would the United
States Bank be compelled 10 pay their
debts, and al the same time be deprived
OF the means of collecting those due IL.
lhe federal government would be brO't
INTO collision with every state sovereign
IS, and The beautiful harmony of our po-
liiical system would be converted into
discord and disorder.
Ii is All axiom In politics that every par
ilcular interest which is recognized by
law as forming an integral part of iI,r
wealth and resources ot'a nation, Is enti.
Tied 10 the protection of government. Ii
Tins cannot be c0DirOverted as general
priHciplc, how forcibly does il apply
To an interest which has received lis
peculiar modification, and eXposcd itself
to new hazards on the faith OF The solemn
pledge of the nation They Who veniur-
ed their fortunes in tile Bank of The U.
States, relied less upon their own sagaci
~ than the wisdom oftheir rulers. They
acctptrdtbe charter offered, moi because
they had studied its complicated details,
but because III VAS usiiered forth under
Tie auspices OF d government al once an
|
Are the, 10 suffer for the imperieciions
OF lis charter? Should they be ruined be-
cause their government has prescribed
inadequate checks 10 offices Ill their LA
lure liable In abuse Above all, should
they bear the blame of nisconduciiu OH
GERS over whom, by The charter itself, they
could exert no control?
Thirty millions of dollars can be no
small part OF the active, circulating capt.
tai OF The United States. Suddenly TO
change the manner IN which that capital
is vested, must produce effects which will
mol speedily pass away-mercl.antsc could
no longer obtain their usual aecommoda-
Observation-Disclosures no longer draw their
dividends. Your memorialisis cannon
despair OF The safely ot their country /; il
has great resources which no temporary
policy can wliher, though ii may oIslruct
their Development, aud waste Them for
time. They could mol however fail 10
look upon "a revocation OF the Charter q /
The Bank oi The United States, as DANCE
rous 10 ever, interest of their coun:ry.-
Never again would the patriotism or Gre
duii,y OF the people risk their fortunes ON
The National faith IN d crisis Ut public
calamity. Your memOriaiisis would gard
the issuing a scire facioS as ianian,ount
cause they think IL would produce that
effect i'll law, bni because The mere pen
dGncS OF ID suit would excite a popular
disirust, wlE b would destroy lie credi,
at the Bank, before the deiusion could
be removed. Every mischief which
would fol ow Il revocation of the
charter would equally eIisue from is
SUNG SciFe Jacsas. The country
already nearly exhausted of specie ouId
be inundated By the polluted currency
which attended both our wars.
Now that the Bank exists, every man
III America Is interested in lis maiite-
nance. 1t is National benefit, il for no
other reason, than thai ii affords the must
efficient check Oh the abuse OF such IN
situations by the States.
Nor can your memoriaIists look with
out alarm upon the Vast increase oil exc
cutive power contemplated III the propo-
siliOIs now under discussion in your no.
n0rsbIe body. II adopted, HEY would
give 10 that branch oftlie Government a
power nearly arbitrary over the greatest
monied institution in our country. In
guarding against the subordinate perils
from misconduct in Tie Officers and Di-
reciors Of iIe Bank, lei us not endanger,
mol this institution only, but even the IL
berries Oh our country.
The great capitalists in the u. States
may survive iIIe shock hiclI would be
given To public credit by an extinction
OF the charter. The most numerous class
OF sufferers will be The small traders.
country people, farmers. who, couleni
with their moderate fortunes, OF inron,.
petenI, from age, from sickness, or from
misfortune, 10 increase them, have vested
their small capitals in STOCK, az Wedding d
certain aud permanent revenue, without
requiring their personal labor. Widows,
too, unable 10 manage their estates. l,avc