Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-20
FOR THE ENQUIRER.
No. 5.
POLITICAL SCHEMERS-HARDT TINES.
PubIic Credl-Bauk ,Scbcu,,

Public CTedi-Bank Scheme.
have been induced TO consider the system of
banking under the head of public credit because
although the current bank bills not issued direci-
Is from the governments yet their credit originates
with, and depends upon, the government. The .
States have borrowed also, The system Of banking
from G.. 3. ; and thai 100, with the most wonderful
schemes Tor Improvement upon the original model
Banks are corporations created by governments unon
certain Stipulated conditions, contained IN their
pecuve charters OF incOrpoia alton In England there
Is hut one Incorporated bank, called The Bank OF
England. IN Scotland there are iwo-fbe Bank of
Glasgow and the Bank OF Edinburgh. These Two
hanks have but little connection with the British go
yernment and will therefore he further noticed
The Bank OF England being boih great POLITICAL
and commercial engine, aud being the model for the
Banks OF the w. ,. shall he only FAR noticed
give general view OF the system OF banking. OF all
The pernicious monopoies, that have been in
vented, banks must he considered the most perni-
cious Their superiority in mischief all other
nonopOiIes, arises from the more extensive influence
they have than any oihers over the affairs Of mankind
u IS monopoly the currency Of the country for
which every individual has some necessary nse n nj
winch ought TO he left equally free tho acquisition
aud use OF every one Every individual has, In na-
tire, as absolute right 10 his own money, gold or
silver, as he has 10 any other property and 10 res
taiu him IN the exercise OF his own discretion in
'ng his money IS palpabe usurpniios Of his naluf al
rghi 70 property. Il is nnwse, unjust, and tyramni-
cal The Bank OF England was incorporaed in
1851. u has proved 20 I've the great source of The
"xiavagant schemes Of The British government from
bank bias as much control over the fnnnccs of the
government, ae the government has over he affairs Of
tie b'uk Since the late peace ~ Europe tie Cn-
yernmeOi has made several attempts To compel the
bank 10 pay It's bills ~ gold, or silver An act for
that purpose was passed few wears ago, general,
called Peel's bill hut, believe, without fGrci In
lieu Of Feels bill, schcmc has stree beeu Miro
duced. and, believe adoJ rcd, Cor nci casing lie
paper currency The back ~ the true spirit Of mo-
nopoy. caused stipulation 70 I've inserted 10 us nri-
giBal charter that during It's continuance, 10 other
hauk should I've established ~ Epgla nd nor should
aug company Of private bankers I've permitted which,
should hc composed OF mure Than six members .
whereas, ~ Scotland, tive private bankers IN ONE
company might consist of hurry six sjea,bers After
long course Of practice II eep observed that
there save been hepneut failures Of bank ps crmpa-
MES ~ England. whilst here meyer has heen fl,e
l9Sure ol private banking company IN Scotland.
phe great principle Oi JeiuctiOn between chartered
and unchIrered banks Consists in this--sH Tie ur-
vaie properly of The Stockholders Of be chartercd
banks EXCEPT stock 'sclf - exempted By so rinm al
responsibility Tor Inc psymen Of the cutie snk bills
or any other bank eng 'gemcns. Their stock IN hank
Is alone nHde responsible for such payments. Nv The
UnchWterrd hanks, he whole of he private ptoperty
NJ all MD every siockholdc IS b iun response lor
All ihe engagements Of the bank Of every desrrip.
ton. To his principle of banking cannot see AZ,
objection. Il IS uallic in money ins,cad ri
other things. To the principle OC ihe exemption o
private rsoperi! from lia0liy Tor al bank ergagr