Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-21

| however, seems 10 he Tie fashion at The
times. On this subject ~ j. probable ~
shall hereafter make a f,w r,narks.
We believe The gres. mass oi the A
mercan p"O,;le are no" con, inced tia,
| g'ea' political. and mora! a, III, r.suh from
! the irIudicious Hianagsu'r at banks
| experience has sl,ewD that those Who con.
; duet them, have ii inihe,r power Ia ..t,np-
| e" or enhance property AZ ihtr plrasurc,
by enlaiglVg or contracting their opera
| lions. 10 what ap -uuioI tuiiaie CONDITION
has naiio', arrived, whose properly and
Industry arc subject Ia such enormOus
fluctuations, growing on, "i ilr peculiar
interest OF mismahag' Eeut al a JeW men!
IN TIE Iepor' before nS, re TIM ~ asst RI
ca 'hal irequ"Et changes M The quantity
aud >aln' ol the circulation will 0tcut.
where banks " are created by au autho-
my, having no power TO regulate The
currency ana especially wher. il;ey are
ci a'cd b grea variety Of authnri;ie~,
lndrpcnden, OF each other, y piarti,.al-
~ incapable oi acting III concert /,
Is impossible to iniagiUca currency more
slcirus, than that which depends upon
The VII ot nearly four hunare banks
entirely indVp ndeTi OF each other.
when released from AL restrain, against
excessive issues" We do aot urr,r;d
Ia captain i5e meaning of ih,s quotation
--markt aud guarded az il is, we call
nn, object 10 the proposition IL asserts
!aken IA reference 10 the uaiiouai
bank, compared with The multiplicity OF
hanh alluded IS, and The avowed prim.
cinlrs OF Mr.. Crawford himself Upon that
subject, Il may be Intended moi oui, 10
imply preference for that many hrahed
monster of federal usurpaiiyu, but
declded hostility 10 the state Institutions
Ill sscsi be The meaning, and such III
our Judgment Is lis ial. import, taken Ia
conjunction with the ccn,exi-we beg
leave 10 protest against the inference
which is left To be drawn.
we are jealous oi all banks and espe-
ciaily OF the national bank- because we
believe thai institution both uncousri,u-
iionai and dangerous TO The hberlirs'and
happiness OF the people This is not the
lime aud place 10 urge our constitutions
al objections. Enough has keen SAID on
'iiai subject aIrcady-it is, however, q fit
occasion 10 advert 10 the effects, viii II II
is capable OF producing, both in relation
10 HE community aud the government.
The melancholy OUdiiion of The coun-
Try, pr"A'lnalrly ana principally occasi-
"nrd By the cupidhy and mismanage
;m"nt OF monied institutions, shews The
OF producing. There is no sutiis lent res
friction imposed 10y their charters, upon
i,'r national and state bank, 10 qua rd a
galnst redundant and dcprcciaied cur
iency, excerpt, perhaps, III Massachu-
seiis-since the resumption of specie paw
menlS, We have had no protection against
excessive Issues, Tut the apprcheiisious
among Tie banks UtTilnS upon each other
III his way they have operated upon one
another as saluiary thecks-Auulhllate
The state banks, and nlIai is there 10 con.
lroui the power OF The national bank g.
Is II tar 10 contiue The comparison. as Mr..
Craw lord seems TO have done, 10 400 state
banks, unrestricted IN their issues ami
pouring forth floods OF VICIOUS paDrr
VIII not the states profit by the errors
which they have committed g! L. 40 hgh,
10 rise cut ctchaps! Surprising them To-
prem by The mistakes oil the former, Of
SaniZaiioD OF their banks, then ought wc
n"t TO compare the cons quenVes growing
out OF iew STATE banks, restricted ~
'hey VIII b. both BY statutes aud by car
cumstaHces, with those wilich are 10 gron
on' "i one general national system q
We say Then, narrow the range OF STATE. m.
Sihu'ions let spurious state monsters
go down To the tomb of he Capuiets. TO
whic,i they are irrestisiblvi tsniins:
lei such onIs survive the shock, which
are fouAdc $ upon" capital seeking i'm
Vesimeni, aud established In places
which hare commerce and manufactures.
requiring tier fostering aid" Is IL pre,
sum"blt That they wlll not furnish a r,sore
eHec'uai protection against excessive is-
sues OF paper, against fayourilsm i'm the
use oi thelT iunds, against an unfair and
irregular huciuation OF prices, than is
furnished by one mammoth Institution.
spreading over The Union and uncbe,k
III Ms operation by rival esiablsbments?-
Shall we transfer The whole business of
regulating our paper currency into the
hands OF snch an institution =? Will not
monopoly blast III The hands ola bank an
II does IN every thing else Is nonied
institution so pure as not TO abuse its
power! IL money the only thing that
is not susceptible OF corruption Is The
monopoly OF money the only thing that
VIII not run lnio excess? What would
be The situation of this country, if there
were only one great monied institution
oVershadowing this iand--uot as the
0ahK OF England confined 10 one. spot,
but spreading lis branches into every Dor
non OF The Union ; throwing iiS paper
alone into circulation, without even one
Gen, from private banks, as we sec i'm the
poliilo al economy of England? We will
not detail all the consequences OF such
d powerful engine upon The people Of this
country; but We merely point 10 lis ef
fecis upon prices. The value of every
mans property and industry would be en-.
tlrely III the bands of few directors Al
Philadelphia, who may at their pleasure
suddenly scatter the ialiacious appearan-
ces OF prosperity over the land Or cloile
II III The gloom Of real distress. This sub
Jecl is interesting we are tempted TO
pursue II but we have neither time nor