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

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such would not be the tact but principally because OF
he ultimate responsibility of the Government aud OF
their being receivable in payment Of all dues to the
Treasury. They would rest, therefore, upon slmos'
precisely the same basis OF credit the paper
Of or Revolution, the assigna,s OF Revolutionary
France, aud The Treasury notes OF the late These
were receivable in iii charge Of debts due 10 the Urea
surv, AMI the Government was OF cour'e ultimately res
ponsble for their payment; yet the two former dcecat
ell almost nohng, and the latter thou sh bearing in-
trrest, Sunk tn 20 cent. below But the note
Of central Government Bank without branches, would
subject 10 depreciation from which constitutes
conclusive objection TO such an institute There
to0d De nothing to limit crceSsire issues but the dis
| erection and prudence IF the Government or Of tn
direction. Human wisdom has never devised any ade-
qna- security gainst the excessive issues and
queny, the depreciation OF bank paper, but its actual
and easy ard prompt convertbity into specie at the
pleasure OF the hod'r. Experience has shown that,
where the paper Of bank is, by any means, habual-
y circulated at places remote IRON the point where il
is issued and not connected with it by regular com
mprcial intercourse the re will exit that easy and
prompt converibli,y which is essential to the credit
Of bank PAPER. When bank bills are confined to their
appropriate sphere OF circulation redundant issue is
certainly and immediately followed by upon the
bank for specie. This timely admoniion is useful
to the bank 20 the communty 'or it enable. the 1T
os To vo with uDaiing cer'ainiy excess equal
" inu ous 10 BOTH and which human sagaci'y could
an ic'pl'" or prevent, by calculation merely Wnat-
ever, therefore, in system OF bank circulation,
vents the rehnx Of redundant issues, necessarily de-
sroy the only adequate security again-t these nuri-
ous and ruinou, sxcessrs
| Bu' a Government B,pk, without branches, would
he obnox'ons ano'hpr objection. which could no,
be ohvisted. Ia loans wculi b. confined to the Dls-
ct OF Coumha; ar, IL extended t. tbs various parts
NJ The uniop-'o say nohnl Of the incorv nlsnce to
which II wou" expose those at a distance who Obtain
ell accommoda'ions-ihey would be unavoidably grant
ed without any knowledge Of he circu Instance. Of tn
persons upon whose credit The Government would de
pend tor repayment would in fact, be, for all use
'ul purposes, mer- District Bank.
These views Of the subject have brought the com
n''ee to the conclusion, that, if Governm"n Birk
shond be estahi-hed il wouli hive a. least many
branch a. the Bark OF the United States anl probably
nave IN" hrmness TO resist arpica ion to es,abi
prahch coming from any quarter OF 'he Union, how
ever njndcious tn. oc alton might be, upon rect
principles Of commerce" and backing
The Bank Of the u. States now employs five hundred
agents, in the various of the Union where its Off
ces are established From this fact some idea may he
formed oil the very great addition which would be made
to the patronage of the Executive Government by the
establishment oil such bank the under consider
alton.
But the patronage resulting from the appointment
the annual appointment-of these agents, great as it
would doubtless be, would be insignificant and harm
less when compared with that which would result from
the diSpensation of bank accommodations the sand
ing amount Of at least fifty millions of dollarsi The
aind almost instinctvey shrinks from the con'emol-
uon OF an idea so ominous TO the purity of the Govern
ment and the liberties OF the people. No government
OF whch the 60 nnittee have any knowledge, except,
perhaps, the despotism of Russia, ever invested
win nar'nas" At once en- prodii"ns in ,t influence
WI" dangerous IN Ns character In IN" most dpsnP
rare nnHn"iai eNtremi"s. other Er,opea an govern
n'h' ha' ever ventured experiment go merrill
"uS. " The whnl" parcniga Of the English monar
chy w-re concentrated in the hsnIs NJ tho American
txecuive, il NAV be well doub Ell vha,h.r the public
nh"t'y would be much -rd,ngarNi nv i, "a would
nv ms vat pecuniarv machine, which would para IN
inc mar ds OF every administration fftv millions OF dol
ars: 20 n fund Tor rewarding political pNiiZans
Wiihont assuming that co-rup u,e would he m sde
81 ms new spe"ie- OF government patronage, a verv
slight acquaintance with tn practice Of s noi,ical
yhlta r. -. -
suhci"nt TO SATISFY any rehsrfing mind that all The
vii Consequence OF corruno, wou'i wv from t.. ex
erclsr Htv" not our prl ica contest ton frequently
drs'neraed into sAlfish scramble fnr tho Offices Of
the country! Are there not ,hnse who sincerely and
honestly he'"v" tat ihrse offices are Legitimate ob
I'tt' OF POLITICAL warfare. and the rghtul reward NJ
the victorious ra-iv' Ard, disrtArea'od anil p,rioic
"a the great body Of political marty is admitted
to be, the fact no less rus han IL is lamenable hat
the most devo'-d and active par'za~s are very often
mere sol'ers # fortune who watch the noical siSns
and enlist A. the eleventh hour, under tho h,nnara o.
The party most likely to successful Such being
more or less. the comnoson Of all political parties.
what would ba the probable made Of fiftv millions
OF hank patronage by political party which ron'c
entousv held the doctrine ,ha, all IN. offices in the
Gilt OF the Eyecuv should he divided among TIE ma.
iizanS Of a 'ncce'.fu' political lead r. Would the
same principle no more appca IL bank loans,
and would not the Treasury Of the United States I'M
der the sancifying inference Of marty dAIusion and
party iDfatuaiion. he literally plunlered, by mer
c"narv reainers bankrnpts in fortune and advenurcro
in politics!
Even II The aininstraii shonId he ever so much
disposed tn resr'i, the abuse Of ths patronage, T.
would be Utterly mnra c'icabIa exorce any eff
control over The number If bank directors who
wonli he scattered the Union, anil, who, upon
all The known principles OF human rature il may he
conhden'Iv predicted, would nrn"p'ly consist of bu-
sy and otciors political parizans
Such would he he dspositares -acting not under
The public eye, hut under the p-otos ing mystery ~
cert Of concsanNn and secrecy deemed Indispensable
in banking opar'tionf-to whom not only The whols
Treasury NJ the union would he conflad 10 he sonan
dered, PERTAINS, in pTofgate favorsm. bu, the tre-
mendous power ef uniting The whole rroper,y Of the
nation under mortgage, for the rpdpmpfon IF The bills
issu-d ~ their discretion To cav no hing If 'ha utter
insecurity nf he public revenues uDd.r snch system,
w species of legislative power, unknown to The
FO6 u'inn, would be- committed IL these ire sponsi.
bile bunk directors, Of which human sagacity can
predict the conseqvp'ces
j"st ANALYSIS of the operation of granting loan. bv
his Cover men' bank. in exchange for the notes Of
rrivas individuals, viii show Inst II involves the en-
erciso The part Of The directors o the to-fod pow
or Of Apnronra'ing the public revenue in the mos
danSernus OF all -discretionary Ioans-and Of
rIsdeing the responsibility Of The government, IN an
unlimited extent. for the payment Of the debts at
the same time created against IL. These are among
tue highest functions Of legislltive power and have
been expressly and exclusively vested in Congress
Unless, therefore, il he assumed, that Congress may
righ'nly transfer the with which IL ia inves-
ted to these hank directors, it will he difficult tn find
any warrant either in The letter shirt Of Inc Cons
tuition, for The creation Of hs Tremendous engine of
Whether al the branches Of the legislative authority
united have constitutional power 10 lend the pub
lie revenue either 10 indviduas corporai'ons or ates
without reference 10 the objects which il sha be