Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-06-26

selves The ambitious desire he has always mani
tested of getting again into the administration his
work on the importance Of religious opinions, and
the Memories Of NJ. de Calonnes, have greatly
| impaired his reputation.
FOR THE ENQUIRER.
BANKS, NO. KIII-(and the LAST
Whoever will undertake the task of invesiigat-
ing the principles, influence and effects Of Banks
will find, in the progress Of his labors, that SO far
from narrowing the field which lies before him. il
will expand into boundless region, until his
mind is lost in the mighty wilderness which rises
up in the vast expanse.
Its like entering an acute angle at the point,
the further you advance the wider will be the space
all the affairs OF mankind, become entapyled with
! banking operations, wherever they may be estab-
lished, and the mind is unable TO grasp the nigh
~ and fatal consequences, which spring from their
extensive, ard alarming powers. One vide ad
| rum, marks the whole community, which all
can see, aud all acknowledges; yet few il any, are
able 10 seize upon the effects, and trace them TO
| their legitimate causes. How, then, can a rene
| dy be expected! If mankind cannot be convinc-
ed OF cause. ii is in vain to reason upon effect;
yet those who see or think they see, evils, Of great
magnitude, desolating the land, owe il 10 the so.
cety, in which they live, TO trace these evils 10
the fountain from which they spring, and implore
The sovereign power TO behold them, and apply q
remedy.
believe the Banks in Virginia have been man.
aged with as much fairness and ability, as any
others have been; but maintain that il is not in
human nature, when made directors of these in
situations, to avoid and guard against the evils in
cidentai TO their existence, and the only reason
which need be given here, is, simply. the iupe7'-
lection Of man.
| Here might stop, and, indeed, had resolved
TO close the subject, with my last number but
have been charged with being the IS Dolilah OF
the United States Bank, hired, 10 put down the To-
| cal Banks. ~ feel, aud acknowledge the com
Piiwcnt in the part of tsis quotation, and spurn
the snSutuGtion contained in the o,her Ny
opinions OF Banking institutions, are not new
ihey have been uniform, and stand recorded in
various places, and in various forms and had the
writer OF the article in the Telegraph, taken the
trouble TO read the second number of these humble
essays, he would have found nay principles acans,
| oil Banks, plainly declared
But, am asked, :" would abolish the State
Banks, aud leave the State exposed to the over
shadowing influence of the u. s Bank.''i Again,
say that would abolish all Banks il could,
but am sure that have il not in nv power 10
cause. any one. 10 be abolished: they already
nave hold upon society, too firm, and too ex,en-
sive, 10 be broken by any thing which, ADLER
pens than mine, can say l will. however. nse
the occasion which is presented OF Offering short
comment upon the question contained in the En-
quirer In the first place, will, in turn ask, in
what possible way do the State Banks present any
barrier 10 the influence Of the U. S. Bank. And can
1t be supposed, that halt u dozen Bands, planted
IN lie same community, engaged, precisely, in the
same operations, will produce less mischief 10 that
community, than one OF them would? The thing
seems to be impossible II towering tree
with wide spread branches, will oversbadow a
whole land, will not half a dozen of less size.
when planted around it, cause the shade 10 be
deeper thicker and darker! Such would seem 10
me 10 be the certain consequence. | cannot for
my soul imagine, what has given birth to the
opinion that the State Banks, shield and protect
Us IRON the evils of the u. States Bank Have
they Capital enough to contend with the u. S.
Bank -Four millions and a half of dollars must
make but a feeble resistance TO ffty millions, If
war between them should arise. My own opin-
ION Is, mat the United States Bank, have il com.
Piete'y IN Its power, to destroy any Bank in Vir.
ginia, whenever il may choose to do so; and
moreover believe that nothing but the interest of
tnat Bank, prevents the exercise of the power
Has any Bank in Virginia ever been known 10
relieve an individual against an unreasonable
pressure from the u. S. Bank? / have never
heard OF such an instance.
no means are within my reach by which 10 as
CERTAIN TIE extent OF paper, which the Bank oil
'Hginia' and Farmers Bank of Virginia together,
nave IN circulation; but will suppose that their
notes IN circulation, amount to something like six
millions OF dollars. fhis be so, why may not the
y. States Bank, employ as much as four millions
OF MS means in purchasing up this much of pa
per belonging to the Virginia Banks, VIII anu
calculating mind say tina, il cannot be done9 And.
u done, could the two Banks together be able TO
stand The run for specie, in discharge OF these
notes
1t seems 10 me that these things are TOO paIpa-
Die 10 require argument. Thus then, il must be
seen, that The State Banks are always in the now
er oil The U. States Bank and may te DESTROYED
BY IL al any time, when it shall he ts pleasure 10
DC so. How, then, can the local Banks offer anv
protection to the people, In what can this protec
tion consist II cannot be in the form of money
because their danger becomes greater. as the
amount OF their issues shall increase, and II tbev
were 10 attempt such thing as relief, against The
pressure oithe U. s. Bank the very attempt might
cause their own ruin, provided the u. S. Bank
should take offence at It. The idea Of local Banks
oeinB barrier against the overshadowinp infl,.
ehce oil The y. ). Bank is erroneous and delusiye
ana ought not TO be INDUCED.
me truth IS, that the local Banks are not ONLY
always Ia the power oil the L. States Bank, hut.
mtS V9Y circumstance, enables the u. S. Bank
20 control and manage them, as it may choose
VINO does not know, that when the United States
bank begins 10 curtail, the State Banks do the
same hing, from necessity: and, il is only when
NE =. ,. Bank Is pressing by curtaiments, that
any relief would be wanted from the local Banks; &
Their own necessities TO curtail at the same time
would put to fgh, all hope Of relief from that
May, 1929.
See Enquirer Of The 18th May, 1920.