Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1824-04-29
From the Richmond Enquirer.
No 3
POLITICAL scHEMERs-HARD TIMES
P,biic Creait-Bank Scheme

credit: because although the current oanK
hill, are not issued directly from the go. (,
ye,nment, yet their credit originates With,
and depends upon the government. The
limited States have borrowed; also, he
system of banking from q. B.; and that
,oo with the most wonderful schemes tor
Improvement upon the original model
Ranks are corporations created by govern
ments upon certain stipulated conditions,
contained in their respective charters OF
Interrogation 10 England there is but
one incorporate bank, called The Bank OF
England. Ia Scotland there are two-the
Bank OF Glasgow and the Bank OF Edin-
buryh These ,wo banks have but little
connection with the British government,
AMI will therefore be no iurIber noticed. -
The Bank Of England being both great
political, and commercial ensine, and he.
ing me model for the Banks OF the U. :.
shall DE only so tar noticed. as to give
general view of the system OF banHing.-
Or ali the pernlcious nonopolieS, that ever
hav. been tnyent-d, banks must be con-
siiered as the mOSt perDlciouS, lheir SUI
per,ority IN mischief over all other mono-
poles, arises IRON the more extensive IN
flueuce, they have than any others, over
the affairs OF mankind. Ii is monopoly
over The currency of the country tor
when every individual! has some necessa'
ry use, aud winch ought to be lett equal
}y iree TO the acquisition aud use OF every
one. Every individual has, by nature, as
absolute a right To ms own money, gold or
silver, as he has TO any other property;
and TO restrain him in the exercise Ut his
own discretion 10 using mis- money, is a
paipable usurpation of his natural right to
property. Ii il unwise. unjust AMI iyran-
nical The Bank of England was incorpo.
rated in 1894 Ii has proved 20 be the great
source oil the extrsvagant schemes OF The
British government from that lime 10 the
present day. Ii IS now said, that this
bank has as much control over The finances
of the government, as the government has
over the affairs of the bank. Since the late
peace IN Europe the government has made
several attempts 10 compel the bank 10
nay its bills IN gold or silver. An act tor
that purpose was passed few years ago,
generally called Peel's bill; but, believe
without effect. In lieu of PeePs bill,
scbe ne nas since been introduced, and,
believe adopted, tor increasing the paper
currency. The bank in the true spirit OF
monopoly, caused stipulation to De in>
sertei 10 its original charter; that during
its continuance. no other bank should be
established 10 England, nor should any
company OF private bankers be permitted,
when should be composed of more than
six nenoars; whereas, IN Scotland, the
private bankers IN one company might
consist of taIrty SIX members. Alter long
cour,. OF practice u has been observed,
that mere have been frequent failures OF
bank,ng companies in England; willis,
there never nas been the failure of pri
vale BANKING company IN Scotland. The
great principle OF distinction between
CbsItereL aud uncnartered hanks consists
10 lnis-ali the private property OF tue
stocxa oiders OF tue chartered banks except
stock itself, is exempted by las, from all
responsibility for the payment OF ne Cur
rent sank oIlis Or any otler Jink engage
mshis. rneir stock 10 bank, IS alone made
responsible tor sucn pay nents In me I'M
chartered banks, the wnoie ot tue pnvate
properly vi all, aui every siocknOider Is
IN .Isp responsible Tor all the engagements
OF ne oak OF every description. TO this
prhci9ie of oanKIRg Csuno see any 90
iecu,n ltlsa mere traffic 10 money, in
stead ot other thihys 10 the principie
OF tue exemption oil private property from
liaoill,y Tor all Oank nsagenents; | see
noin,ns but objections II b could noi
venture 20 incorporate more han Vne Da TX
upIl lai, dangerous principle OF exemp.
lion: and hnis sone iilhCu.ly III control.
ling taat one. The u and individual
states together have adventured 10 moor
porate upon this principle Ut exemption,
1 believe, above four nundred banks The
Baak ut England I, subject TO the control
of only one mead, which will always be
impelled oy an unity vi motive, aud &C
tion. and this head, the Parliament, Is
said To be omnipOtent IN ITS powers. The
multitude OF bsaks in the u. 5. are sub
ject TO the Cootrol OF twenty hye heads,
Impeiie Oy discordant views aud inter-
ests. Each of these 0eads Is also coDpos
ed OF manifold individual heads; how well
qualified 10 create aud naaage banks, let
the multitude created, and the distracted
state OF the currency determine. When
the British govern nent determined ~ ex-
teui the issues vi paper bills, u hrst con
tracted with the bank for leave to'permit
the increase OF the number vt members IN
the private banking companies from SIX to
thirty six, upon the Scotch model These
private banks were permitted 20 issue their
bills; aai the Sank of england pledged
Itself to the government 10 receive the bills
issued by the privaj+ u unvnar,ered banks
i'm pty,uent. For ,a,s pledge and tor
relaxation OF the monopoly upon the NUN.
Der Of persons composing the private oank-
ing companies the bank demanded a bo'
nus, winch was gwen by the government
The new paper issues, are bottomed upon
the whole private property oil every mem.
Der OF the issuing bank companies; and
also upoa the pledge OF the Bank OF En-
gland to support tneir credit tn Tins ar,
ranyspsot 70 lii ne seen the extreme eau