Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-05-07

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| ton OF the House.
Our own experience has demonstrated the great dan.
ger Of having large Of the community indebted
to the Government Ii was a deep conviction Of thi.
danger that induced Congress to abolish the system oil
cr.dit sales in tn disposition oil tn. public lands Con
gress has been compelled To Well tn >sinx i'm.
poruni OF the chasers of these lands, by grant
ing them no, only r.pested induigenees, but by
uniting some millions OF the debt. What, then, would
be the situation Of the Government with a debt o
hty millions difused throughout the country aud du,
TO il from the most active, -nterprsing aud Influential
classes oil the community! Nothing that has moi
happened can be more certain, Than that every unia
vorable vicssule in trade, period OF commerci
distress and embar would give rise 10 impo-
tunate and camerous calls for indulgence and for
iud cious extension of discounts which adminisra
ton would have the hrmness to resist Every who
has witnessed the urgency and unanimty with which
the representatives of the States indebted for public
lands have pressed the claims of their citizens for inu
gence and remission must be satisfied, that, If the cit
zcns OF all the States should become indebted much
more largely for bank loans the Government would have
scarcely any faculty of resistance, when appeals for in
diligence should come from all quarters OF the Union
sustained by the strong plea OF public distress and en-
/ barrassment
| The policy of extending indulgence to the public
debtors, and of granting more liberal loans 10 the
mu y, would, in the natural of things, become
the avoritc theme OF those who aspred to popular favor
Political parties would come TO be divided upon the
question OF observing towards the public debtors strict
banking policy, indispensable the maintenance of spe-
Gle payments, on the one hand, liberal Government
policy, necessarily involving suspension of specie pay
the whole class of debtors always the most numerous,
and active portion OF the community, would be naturally
i'm favor OF increasing bank issues and extending bank
indugcncie scarcely be doubted that specie pay
ments would be suspended in the first great pccuniary
exigency. growing out OF embarrassmcnts in
merce, deficiencies i'm revenue.
The Government, therefore, which is under the most
sacred obligations to constran all the banks maintain
! specie payments, with view to the uniformity and
soundness of the currency, would by its >ample,
pctuate the great national evil Of uctuating and
deprecated circulating medium.
These evils, which would he so highly probable in
time oil peace would be almost certain in the event Of
war; The tempt alton TO supply the Federal Treasury
by the easy OF hank issues rather than
the unpopular process of internal axaon would be too
fascinating TO be resisted We should thus experience
what every nation has experienced in like circums,an
ccs the manifold evils of paper currency having
relation 10 any standard of intrinsic value. In these
views the committee fully sustained by the opinion
of Mr.. Lowndes, expressed in 1919. These are his
words: "Ihat the destruction of the UNITED Statcs1
Bank would be followed by the establishment of paper
money, he firmly believed; he might almost say, he
knew. 1t extremity from which the House
would recoi, If now proposed; but ii the resolution
the table were passed, it would very be proposed
The subject too large for accidental discussion
Gentlemen thought the amount of Government paper
might be limited, and depreciation prevented, by the
rate OF interest which should be exacted. Inadequate
every where the security rtcularly Intellectual
in the u. States"
involve the country in paper system, is not, in the
pinon OF the committee, the greatest it, The
and, the hands oil bad administration the
irresistible and corrupting influence which il would
crcse the elections of the country constitutes
objection more imposing than all others united. No
matter by what means an administration might get into
power with such tremendous engine i'm their hands;
would be almost impossible TO dspace them without
some miraculous interposition of Providence.
Deeply impressed with the conviction that the weak
point Of free Government is the absorbing tendency of
Executive patronage and sincerely believing that the
proposed bank would invest that branch of the Govern
ment with weight OF moneyed influence dan
m IFS and tpl mi
uon than the entire OF its present patronage, the
committee have felt that they were imperiousy called
upon, by the highest considerations of public Duty TO
express the views they have presented with frank
ness and freedom demanded by the occasion. Ii is at
the time, due their own feelings, that the
sh ud state unequvocaily their convictions that the
suggestion of the Chief Magistrate, which they have
thus freely examined proceeded from motives OF the
most diSinterested PATRIOTISM and exclusively de-
signed to promote the welfare of the country This is
not the mere formal and hearess homage, sometimes
offered up to official station, either from courtesy in
terest but tribute which is emineny due and cheer
fully rendered, the exalted character of the distin-
guished individual on whom it is bestowed.
Extract Of letter from an intelligent merchant IL,
Charleston, South Carolina, Ia tie Chairman Of the
committee of Tays and Means, uHust rating the
exchange operations Of the Bank Of the United
States.
"1his effect of diminishing the difference OF ex-
change between the various points of the country,
evidently produced by the bank. The advantages pro-
duced by this institutions in the intercourse between the
Western and Atlantic States be duly appreciated
ly by who SECS passing before him, the actual
ration OF the stem of exchange il has created For
example: Lexington i'm Kentucky, annually accumu-
laes large surplus of funds TO her credit in Charleston
derived from the sales of horses, hogs, and other live
stock, driven TO that we as to other Southern
kets by her citizens Philadelphia is indebted Charles
ton for exchange RENTED dividends bank stock Sc
and Lexington is indebted Philadelphia for mechan-
disc. without the transportation of single piece OF
coin, Lexington draws Charleston, and RENTS the
check 10 Philadelphia in payment of her debt there
which operation adjusts the balance between the three
points OF the triangle almost without expense trou
be Could such facilities be obtained from any other
than institution having branches in different parts of
the Union, acting co-parners in concern? Local
banks, whatever might be their willingness, could
commodate in the same manner and TO like extent"
"ThP discouniino of bills he low terms established
by the Branch Bar at his place. IL great bereht TO
tn" agricultural n'ete T. particularly in enhancing the
rice OF cotton and rice ;wP'e the hank to stop is
ons there s saving how far these staples would be
depressed. The private raers in exchange would take
IN" place If I've bank in tina, business their profits
or bills would he taken ont Of the pockets OF IT. planters
as the msrChants would always regulate the price they
would give Tor agricultural production, by the high
or low rate at which they could negotiate their bills
On account Of its with all prts Of the Union,
the bank affords this important advantage TO the public:
it ia always purchaser End always seller Of exchSng
private dealers " "Before this bank
went in'o operston exchange was oia tIO per cent
ri her for against Charleston. which a los' to
The planters TO " a. amount all the produce OF Gsor
gia and South Carolina, end Indeed might say, all
the produce Of the Southern and Western States" y