Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-03-22

Government and the Bank for . renew al without a full
examination OF the policy OF again conerrng upon The
Bank OF England any exclusive privilege. The prsc-
tee had been for government to make secret arrange
ment with the Bank; 10 submit il immediately TO the
Propretors OF the Bank for their spproba'on and 10
call upon the House tho next day to confrm Il;
without ahordins any opportunity OF fair elaboration
20 much tntOf ,uson ia tesu ob AIMED upoG II.
backing nAd, aud W he na;ur. cure cy 10 tn
las, h'tsen yeas that wac particularly necessary l.
enter upon full investigates o! the policy OF renew
ing The Bank sharer before any negotiation should be
entsre upon, betwtea he government ard the Bank
snd he trusted me government would not commence
sny gu uesociaoD. until the sense Of Pdram. nj had
been 'tk"n on this impor'a"t subject"
"hr HUNS said II was OF very great Importance
that bis msjsstys ministers shsuld take immediate
steps to tree themselves from the tramnels in which
tsey had long been held by tie Bank. AS The Ia.
terest OF money was now nearly on level wit-
what IL was when the Bank lent large sum to 70.
veromeu,, he hoped the chancellor Of the Exeb.qaer
would not listen to any application fer renewal Of
the Bank charter, but would pay oil every shilling
that had bean borrowed from the Bank ...... .
Let the country s,g.lsmen recollect that the Bank
was no" scing as pawt-broksr co large scale,
and lending money Gu estates system entirely contra
~ to the gins intention 'i,ha' institution.
He hoped, before The exprs ion cf tbs charter, that
sreeu'ar inquiry would bS made iato the whole sub.
ject"
Mr.. Ed,card EHiee at, Uhe bank Of Epglard) 10
great Incorporating body. enjoying privilege. which
belonged 70 DO oh:r cofpcrston and to ohsr cIas
OF his mtjesty's su, jee,s. He hoped that
the exclusive chatter would never agan b. granted;
end tina, the conduct Of The BMk during the last tel
or twelve yesrs, would make government very cauli-
Gus how they entertained any such propos ons. The
right honorable Chancellor Of the Exchequer, (Nr
Rohinson had prote against the idea of lining
any point 10 the prejudice Of tue INK: be the w ht
however, hat the Bank had very l,i. 10 complain
23S"
The Chancellor Of the Erchequer d. pr, Gated the
discussion as aiding 10 a praeucal result"
MI. .3ier0ndr Bdring, OBJ eted 10 il as Irsma-
ture and unpec.s
S. JTI[iinnl Pulfsn.u Ic an,,b.r d.he.a\ TIL.
preudcss IN ,svor OF the present bank have
tom the long habit OF considering il sort Of pillar
which Go,tinS can shaks. 49,. The ba,k hss
been sup: ortd, and i'll supported by the fear and
terror which, by means OF it, mouopoy il has had the
power 10 in,pfe Iswell known hat ,here il hard.
~ an eN'ttsve raider, manufacturer, or baker
either IN LanIon, ar dttanre fr IN II, 10 whrm the
Is NIX could not do aseticu. injury, and could ot.n
bring IN even insolvency. ....... consider The
p;wer given by the monopoly 10 be ct hs nature Of all
ober Ge- &c power, Viii Ia corrups the po, much
as II co'rup;s the savt. L il 10 he nature
o. mon that monopoly must be III conduct
ei. Whatever language the (privais) bankers
may feel themselves obliged to hold We, Que CT be
lieve thai they have any s,.action in being and
hHung, under dominion which has proved so gre-ou.
ara s, ci'ast ons can never believe that the
merchants and bankers OF this country viii proy. nm
willing TO emanciaats themselves il they can do il
without risktrg the resen me Mt Of the Bank Norman
10 France was heard to complain, openly, OF ih- Bas
!ue "hi'e IL existed: The me rchans and banker. OF
th'' country, have the cd OF En- hmeu and will b,
happy TO relieve themse!vss from istiop II ps,ns,u
al terror, II they ccud DO IL consistently wi due re-
gard 10 their own neres'.'
HIRE IL authority added 10 resson-the force of
great exampls added to the weight ot unsnswerable
r"aSons, in favor Of Early discussion So that ttus,
nave eheetra'iv put aside hat old and eouve n cnt OBJ
lection 10 the time;',hat mot heNI lie and accom-
mods'ing otjecicn which applies % all ami all
e"hJects, and is just avaia, IL for cutting of LAT.
debate oecauie it 10 too late, it i. for s ny an ear.
ly nne, because It is too early.
But 1t is said thai the debate will jure the stock.
boiders 'hs' deprecaes The value of their prOpr,v
spn 'hPt Is wrong 10 sport with the vested of
Ind vduals. This complaint sup2osng il 20 come from
the s'ockhoders thernselyes il bnb sb,urI and IN
grateful. IL is absurd, because the stockholders a,
l"a't 90 many OF hem io gners mus, hsy-
known, when by accepted a char,sr of Limited du-a
tier that the approach OF its eSpira ion would renew tn
deoae upcn the propriey Of exisence; that every
ci'lz7n had right aud tvery puhc IN wac under an
obiga'ioN TO dectre his sentiments free that .here
WA no'hing 10 me chrer, numerous a. u. p,cniar
privileges were, to exempt The INK from at freedom
OF speech and writing wnIch ex:erds TO all our public
anai''' and 'h' 10 charter was not to he rene ed
here, a. the Bnk Of Engond charter had formerly ben
repewed, ny pfivats arrange ent among il, friends
suddenly produced 10 Congress and gallon, throu yh
without the knowledge of 'he country. The Amer.
cen part ot the sockh 'id'rs, (or would not rery 10
the complain OF the foreigners must have knosn all
thi; and have known II WHEN they accepted the char.
ter They accepted, 'n'j'c to his known eon,e
qu-nce; nnd, hereiJ'e, the com aiLt about II in IN
their properly, IL sb rd-That /, /, ungra,eI mu.t
b, apparent 10 ell who will reject upon the er.a, pr
vieges which these stockholders will have enjoyed for
=
derived from their charter. They h we been dvidiny
seveu rer cent per arnum, unless when prevented by
the!r own aanagemtn'; and have laid IN real es
tae o. three millions OF dollars for future division; and
The money which has done these baudsom things in
stead OF being diminished imp4ired in the aroces
IL still wor largely upwards of 100 cents to the dol.
lar say, l25 cent? For the peculiar privileges hcb
enabled them to mike these profits the s,nckbolder,
ougat he sate'u ike all persons who have been
highly favored wi undue beDe6s thew m istak.
privilege Tor ariah-a favor for a du'y,-and resent
az an a'tark u'os their property refusal (, rrolonp
their ar due a' in'ages-There 20 ground o. rhese
complaio!i, but for thar k and benrdlcon4 r,be, for
PRINTING the Bank to live out il, Numbered d.vs
That Fs'i'uiioo ha' forfeited is charter Il NAV bs
SHUT np any hour. IL lives from day 10 day bv The
Indulgence OF those whom II day a'tack4 and if snv
ore ignorant OF this TACT let him lock At IN. case Of
the Bank Of The United States against Ovens ard
obe'' decided in he Supreme Court, aud ieooried iD
I'd PEERS. :"
Hare Mr.. b. read part Of this case sb wing N a,
WA case oil u'dry Al the rate OF IS yer cant and ina,
Mr.. Sergeant, counsel Tor the Bank resisted ibe A,
csI"n OF me Suprem- Court upon the ground that /,
would expoe The charter OF he Bank to foreire and
that the deel'ion was. nevertheless given upon In,
ground 90 'hat the Is nix being convicted OF fakins
usnry III violation 81 rs charter, was liable 10 Ia de.
priv'd Of its charter At any time that sefe Facs,
should issue against ~
Mr.. u. resumed:
Briore proceed to the consideration Of IN, R.,o,,
iion, wish to be indIged in aivertips 10 rule or
Pt"cipe, oi Pa'Ian eDtsry pric'ice wtth IL il only
nec"sssTy 10 rsfd now In nrGef to avoid the ro .ib
81 aoy necessity Tor recurring 20 il hereafter I, q
ire RUE Wrich forbds any mpmber to be pre sent
winch II i'c' reqri es him to Withdraw -durrz the
disc"sIon Of any question IN which his private in
may De concsrred; asd authorizes the eSpurg from
tn Journal OF sDy vote which may havs been given
under the predicsment of an inefeSt,d roo,v. + d.
m GeFr If -