Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1823-12-02

provision in the constitution by which the
states were prohibited from creating the
banks which now exercised the power that is,
the power of issuing mere bills of credit notes
not redeemable IN specie, on demand) hut
b. nks were then but little known. There was
hut one, the hank of N. America with capi-
tai OF only 5 400. 900; and the universal opn-
ion was, that bank notes represented gold and
silver, aud that there could he 40 necessity TO
prohlht banking institutions under this i'm
preston; because, if their notes always rep
resented gold and silver, they could not be
multiplied beyond the demands of the coun-
try. Mr.. Calhoun then drew The distinction
between banks Of d-posi,e and banks of dis
count; the latter nf which wsre<tifrn lin 1899
but little understood, and their abuse not cen
ceived until demonstrated by recent expert
ence. No man he, remarked, in the convention.
much talent and much wisdom as il contain
ed, could possibly have foreseen the course of
these institutions; that they would have null
ilplied from one, to two hundred and sixty I:
from capital of 100000 to one of eighty
millions; from being consistent with the pro-
Visions OF the constitution, and the exclusive
riSht OF Congress TO rrg,aate the currency,
that they should become directly opposed TO
both; that so far from their credit depending
on their punctuaty in redeeming their bills
w"h specie, they might go on, al ioGnitum, in
violation nf their contracts without dollar i'm
their vaults.--Restore, said Mr.. Calhoun.
these institutions to their original use cause
them TO give up their usurped power cause
Them 10 return To their legitimate offices of
places of discount and deposit /; let them be
no longer paper machines restore the statt
Of lnings which existed anterior TO 1918
winch WAS consistent with the just policy and
interests OF The country-cause them to fulfil
their broken faith"
To effect these objects, of the highest i'm
porlance to the nation, Mr.. Calhoun proposed
perhaps the only remedy.
A national bank. he said, paying specie
iseii, would soon have tendency 20 make spe-
Gle payments general, AS well by its influence
a. example. Ii will BIZ the Interest of the ma
L"n" Dank 10 produce this state of things ::
btchust, otherwise, It's operation will be- great
~ circumscrlbed, as il must paw out specie or
national bank notes for, he presumed, one Of
The mrs, rules of such bank would be, To take
Inc notes OF 90 bank which did not pay in gold
and silver. A rational bank of 50 millions
WIN the aid ol those banks which are at once
ready TO pay specie, would produce power
inl effect all over the Union. Further, n
national bank would enable the government
To resort 10 measures which would make il
unproiiiahie 10 the (locaD banks to continue the
VOCATION "i Their contracts, aud advantageous
!" return 10 the observation of them. The
isAu'hg measures OF this character would be To
5" ~ the banks refusing to pay specie of all the
proits.arising from the business of the govern
me", ito prohibit deposits with them, and to
retuse.fo receive their notes in payment of
dues to the government" -
These predictions have all been absolutely
iuihlird, with one signal eXceptoa-I allude 20
me loss OF nbout S 100000, deposited by or
der OF Mr.. Crawford in certain non-paying
bapks at the west, in or;.2s!.aE, to Tbs above
sound advice of Mr.. Calhoun
We have Seen that the extract from Mr..
taihoun's speech, given in the Enquirer with
lhr significant preface" He also" is cacula-
TED To produce the erroneous impression that
MI calhoun thought the state backs were 81
many nsurpstlons on the constitutions ofthe u.
,. =" For the He also" he Enquirer might truly
hH'r said, such was the monstr0us doctrine of
Dir. Csawi0rd alone. The following are his
own words In support of The old banks Mr.
Crawford said -" Had these great states (Vir-
sinls New York, and Pennsylvania who have
undertaken,hy THEN Instructions to influence the
decision "fthis questionhy Congress, confer ted
themselves with this right TO establish banks,
should not, upon this occasion, enter into an
Investigation of that right. But these great
states. not content with the exercise of an
,'surPedlopthority, are by uSurpation, attempt
I"g 10 lrgislate for Congress. And. Sir, what
IS The Inducement of these great states to pui
down the bank of the U. S Their aparics
confined tcith their toue Of domination -
They have erected banks in many of mhici
hey hold stock TO considerable amount, and
they wish 10 compel the z. S. To use their
banks "s places of deposit for their pablo mo-
ney. by which they expect To increase their
dividends. a nd in tba.h Ea il h..
have no stock, many of the individual mem
bers Of legislatures stockholders, and
90 doubt, were Influenced to give instructions
by motives Of sheer avarice :"
Here we have denial If The tChoie of our
creed, with insult and outrage superadded 10
the htFesy. But il has been said, in the
Enquirer, that MIR Crawford has whispered 10
some Virginian regrets that he ever held this
language but has he publicky and solrnnIy
recanied II 3? II so, where is the evidence of
tue Fact ? Let il he borne in mind that he was
NJ The time Of the offence, Senator Of one Of
the small states. and had not (nor did he till
The caucus of 1876 lift his ambition 10 the Chief
NagIsiracy OF this NatiOn.-- Nor will the
defence which has also been get up--that the
many repTehensible sentiments contained i'm the
speech acre uttered in The heat ofdebote-avsil
him on lhis occasion. The speech, on the
face oft, carries the irresistible cnnyi Teton. that
Il was coolly 4nd deliberately written out with
his own hand Ur the press Let the enemies
Of Mr. Calhoun shew that he has ever uttered
sentiment rspugnant to liberty or has ever
outraged any, even the smallest state or district
IN the union, in the manner Of FIR CraW ford
and !, as one Of The voters of Virginia, viii
instantly say-let him be abandoned 10 his
fate.
On ihe subject Of internal improvements, ]
have already quoted lin my third number,
hr. Calhoun's views very much At large, and
did not find that he had more than touched ON
The constitutional question. His spsech, il will