Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-02-26
FOR THE ENQUIRER.

The evils Of Banks are sufficiently felt, when
they are left to themselves, uncopnected with
higher authority; but these evils greatly in
creased, when the Government which gives them
birth, shall connect itself with the Institutions
The objection to such partnership s first
seen in the principle, and next in the expedi-
ercy involved in the measure. at the principle il
may be said, that it ia directly at v-ar with the cor
porate s. sovereign character Of the Staic--The
commonwealth has no occasion 10 engage in such
schemes OF speculation, because it has ample means
by the language the constitution, Of raising all
sums Of money, required for governmental purpcs-
es; and speculaticns, should be left to individuals
IN such mode and manner they may choose to
select Besides, the commonwe aith may be los
er in such'speculations, in truth she is beev-
ed to be, TO a very large amount. in her connex-
icDs with the present banks--But the view OF
principle does not stop here; there is a constitu,
tional view of the subject, which it is not my
purpose to discuss, but which will barely men
ton, since my own opinion always ha. been that.
neither the State or Federal Governments, have
any rghtfui power TO establish Banks. The ION
section of the LIST article of the Federal Constu-
ton is in these words, viz " No state shall en-
&c ter into any treaty, alliance confederation;
" grant letters OF marque and reprisai; coin mo-
&c ney; emit bills Of credit; make anu thing BIZ
gold and siirer coin a tender, in payment Of
" debts; pass any bill of attander, ex post facto
" law, or law impairng the obligation Of con-
i" tracts, or grant any title of nobility" l know
that this view will be met with this question; what
neither the Gen. Government or State Govern
ment possess the power 10 create a Bank. Ger
tanly not is my answer, and answer upon the
authority of the consitution-Do we not know
that all debts due 10 the State are payable in Viz
GINA Bank paper by express law, and is this not
makins4paper instead OF gold and silver, Law full
tender! Again; are not individuals compelled, by
tese very state OF things, produced by Banks, o..
blged to take paper in payment Of their debts? Il
80 is this not, virtually, saying that creditor
shall use paper in place Of god and silver from
his debtor?
Sophistry may obscure, but fair argument can
never establish the opposite view OF this PROPOSE
tion-Tbe country had suffered too much in the
days Of the revolution, by paper money, ever TO
believe that, when the Federal constitution was
framed, its makers had any other object upon that
branch OF the subject, than TO destroy oil Doice-
70 make the same kind Of money, that had been so
fatal to the best interests Of the people; and they
took most effo cual mode Of executing their pur.
pose, by STIMULATING, as they have done, that the
states should have no power 10 make any thing but
gold and silver coin, tender in payment Of debts
whilst at the same time, no such power was dele.
gated TO the u. States government
Thus, il seems clear, by the Federal cons,itr.
fion,that the states have imposed such reslric.
ton upon themselves, az that, then cannot make
any currency less than metallic. land even THE
power, thus limited, is questionable whilst the
constitution no where delegates 10 Congress The
power Of making paper money II the states DO
not now emit bills Of credit, should be glai
10 know what s meant by the creation Of Banks
W the State-the taking Of shares az partners in
me common trade, ard the authority Of law, foT
Knitting the bills, which cannot be any thing
isss than bills n credit, because they pass cur.
shnuy upon the credit Of the Banks, with the State
LrotcH partner.
But DO not mean 10 enter into laborous dis
cuselon OF the constitutional power, either Of the
state or General Government, 10 establish banks:
ior have lived long enough 70 know, that those
who are in power, will pay but li'tlo regard 10 con.
s'isutions, If any imaginable goo purpose can be
answered by their violai6n-and II the minds az
the people cen be but once distracted. artG,, AID
talented mon will find bat little diHit atty in r,ak.
ing the people believe, (as they have already of
On done) that on .NOnddy a lhirg may Dc quite
Constitutional, whilst, on IUesdoy, the same thino
would be an Outrageous violation Of that satre.
Instrument In such state Of ,hings, Il will bt
readily seen, that the only security Tor good roo
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