Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-03-24
GDW GMMS lIQMAG,
BANK or THE UNITED STATES.
MIR. BENTON'S SPEECH.
SE.N.4TE--W EDNEsDAY, Feb. 2.

tCoNTINUEp]
4. II tends TO bsset AID pro'ong unnecessary
ware. by furnishing the means OF carrying them on
without recurrence To the people. England il the req
dy example for this calamity. Her wars for the resto
subsidies created out Of Bank paper The people of En-
gland had in'Atet in thss' wars which cost the IN
about Coco, 900 600 OF BIT, i'm twenty-five year, in
addition 10 he supplies raised within the year. The
Kings che put back upoN the French throne were not
able to iii on IT, Twice she put them twice they
tumbisd of in the mud; and all that remains Of so
much sacrifice of life and money the debt which is
ternal the taxes which are IL terahls the pensions and
Titles OF some warriors, and the keeping of the Copst
BOurbons. who arr returned upon their hand.
IL tends TO ags'avste the IN quality OF fortunes
to make TIE rich, richer, erd the poor, prorer,--in
mul ipy nsboes and pAu1er' and TO deepen aud widen
tue gulf which separates DIVES & LAZARUS. great
moned power is favorable TO great capitalists; fer j.
the principle Of money to favor money It'll unfavor-
bile 10 email capitalist; for il il 'ha principle Of money
to eschew the needy and unfortunate 1t injurious
to the laborng cases because they receive avors
and have he price OF the property they with TO
quirs, raised TO the paper maximum while wages re
main at the s'vr minimum.
6 IL tends to maxi, AMI 10 break fortunes. by the
max and retihx OF pap'r PcCfus, issue', and su don
Constructions, perform this operetop, which can b.
repeated like planetary and pes,ilepa vi-iatons, in
every cycl' OF 20 MANY ysar'; AT every periodical re-
turn, transferring millions from the actual nosesso-s OF
property to the Nsp'un"s who preside over the dux
aud reaux Of paper. The lat operation of hi. kind
performed by The Bauk Of England. about FIVE yrar.
ago, was dsseribed by Mr Alexander Bring in the
House OF Commons, in terms which entitled to the
knowledge and remembrance of American citzns.
will read bis description, which ia brie bu' IMPRESSIVE
Alter describing the prouse Issues OF 1928 "a he pain
ed the Reaction in the following terms:
They, therefore, all at once gave sudden jerk 20
the horse on VIII GO r@ck they had before suffered the
reins to hang loose. They contracted their issues to
considerable extent The change at felt
throughout the country. few days before that,
enc knew what TO do with his money! cow no one knsw
where to get H.
The London bankers found Il acessary to fol-
low the same course towards their country correspon
dents, and these, again towards their customers and
each individual towards his debtor The consequence
was obvious In the late panic Every DESTROYS to
obtain what due to him, TO his banker,
or to any ether whom he had claim; and
even those we really had immedate u-e for
their money, took it back and L. lie unemployed in
their pockets, thinking it unsafe in her. hands. TIL
effect OF this alarm was, that houses which eak
went immedia ely. Then went second rate houses;
and lastly, houses which were solvent, went beeans.
their securities were unavailable. The daily call to
which each individual subject, put it on, Of his
power to assist his neigbbor. Men known TO
seek for assistance, and that, too, without fnding IL,
who on examination Of their affairs, proved TO b.
worth ZOO 600 pound',-m"n, too, who held them
selves secure, that if asked Elk mcnhs before,
whether they could contemplate such an event, they
would have said would be impossible, unless The sky
ehould TALL or SONS other event equally improbable
should occur"
This il what done in England FIVE years ago, il
is what may be done here in every FIVE years
t'he Bank charter il renewed Sole dispenser Of mo
ney, ii cannot omit the Oldest and most obvious means
OF amas'nS wealth by the AUX and reHux OF paper.
The game will b. in is hand, and tn only ans
wer 10 be given 10 that 10 which have alluded: "7He
sultan is too Just and mercifI to abuse his pour
cr."
III. object TO the renewal Of The charter Mr. Pre-
sden on account Of the exclusive privileges, and an
hrepublican monopoly, which it gives to the stock
holders IL gives, and that by an act OF CO. gress
to company Of individuals, the exclusive legal pris-
leges
l. To carry on the trade Of banking upon the reve.
nue. and credit, and in the OF the Uaiied States
Of America.
2. Top'y the revenues Of he Ulion 10 their own
promissory votes
To hold the moneys Of the United g atcs in de.
poste, without making compensation for the undrawn
balances.
a. To di,croIit and dlspage the notes o. other banks,
by excluding them from the collection OF the federal
revenue.
8. TOhold real estate receive rents and retain 10,
dy of tsnan'ry.
8. To deal in pawn, merchanllss and bills Of ex-
change
Z. ToestabIish branches In the States without their
consent.
8; To be exsmp, from liability on the failure Of the
bark.
To have the United States for a partner
10. To have foreigners Tor paners.
H. To he exemp, from the regular administration of
justice for The volaions Of their charter
IL. To have ell these executive privileges secure to
them as monopoly, IN pledge Of the public faith moi
TO grant the like privileges 10 any other company.
These the privileges, and this tho monopoly Of
the Bank. Now, let us examine len, and ascertain
their effect aud bssriog, Let us contemplate the mag
VI tut p'WeI WHICH iuey create, ana ascertain
the compatibility OF this power with the ssf,ty Of this
republican government, and the rights and Interests Of
i,s free and equal constituents.
L. The name, the credit, and the rev nues Of the
United States, are given up 10 The Of IN company
aud constitute In themselves, an fmmerss capital 10
hank upon.-The name Of the United STATES, Ike thai
OF the King, is tower Of strengths; and this strong
tower 10 now orfwork to defend IN citadel If mon
led corporation. The credit Of the Union i.ineaIeu.
lible apd, nj this credit, going with tbs name and
bsing in partnership with the United State, the Sums
corporation row has po'se'son. The revenues OF the
Unon are twentysix millions Of dllars, including the
Post Ohicsi snd all this IL much capital in the bsnls
OF The Bsnk hecsuse the IL received by IT, snd
IL payable In lie premissory NOES.
Jopay tho revenues OF the United Statss In their
own noes, until Congress, by Law, shall otherwise d.
ree-Tbi'is part Of the shsrier incredibs aud ey.
traordlnafy rs II may spp'M. The prouis ory uotes
OF the Buk are 70 he received In paymsnt OF ey, nv
hing The Uoiied States may have TO seII-in dis
ehsrgs OF every debt due 10 her, until Congress. Nv
law, shall otherwise drsc'} so hat { this Brk lie n
prototype in r. gland, should sitp payment, s prous
sOry potss would still be- receivabis at every cu,,o,
house, land office, osl office and by every co'e,ot