Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-03-22
The Vice Prssidsnt then directed

event oil the renewal Of the charter n ust sp.sdi,
o. come ooundle's aud M eont,ol- BILE The Bank 1,
now authorize ed TO owo Effects lapJs inclusive to the
amount OF h'y I've misns Of do!l.rs al TO issue TO
the amount OF 'hriy-hve mliors more. T. Il o AXE
o'n-y millions; aud In add ton THE sum- ,he
an opening Tor an unlimited increase for. there /,
in The c, aret 10 issu many more ro,e
congress, ~ law, may P"rmi'. The opens the door
10 oouDclets mission for wba, be more
ed han tho will AMI pleasure Of ucc, s.ive
The indirect power OF he Bank cannot be stated 10
nSnro'i bu' II can be shown to he immsns-. In the
nrst place, has the keeping OF the public morss now
| s"oon.og TO twenty elk millions per anuum, (the
Pos Office Department ncludea,) a,d the .ra,u,tou.
use OF the uDdrawn balances large enoc Oh to eops.
ut~. In themselves. the cspi al Of srea, Eat. bank
La the next place, lie proms ory notes are receivable
by law, in purehae of al. prore o~ nee by The ULed
States and IN paymtn Of all debt. due the m; this
may increase ITS power to the amour, CT The annual
revenue oy creating demand Tor its note, to bat
amount In the thiri place il wear. The name Il tn
United States, ami has the Federal Government for a
partner; and this nare and This n,j6
the csdi If tbs Bank with the CT, dt Of the ron In
the fourth place is ermed with autho ,y 10 parase
snu dise'ed the notes oil he, uk- xcudug ihem
rom all payments to the UH,t States aud, this added
10 all It's oher powers direct and indirect. max this u-
snutoo the uncontroab. mcnar CHI of he monisd s,s
TEN oil the Union-To whom lie all this power graL,sd
10 company Of private individuals MANY OF them for
egners, and the mass OF them residing in remote and
narrow corner Of the Union ected by any sym.
paihy with the fertile regions of the GREAT VALLEY
IN winch the natural power OF this Union-the pow
oil numbers,-wl be found TO reside long before the
renewed term OF a second charter would expire. BY
whom Is all this powe TO be exercised, Bv Direrto
| ry ut may hey OF seven governed by n maioritv IN
may oe) OF FOUR and none of these elected by the
pie, or responsible to them Where is il TO be e>erc
elE Al single city. distant thousand miles from
some OF the states, receiving the produce of Of
mem Except one no interest in the welfare OF any OF
them Except one y no commerce with the people with
or'hches IN every State; and every branch subject
the secret and absolute orders Of the Supreme Central
mead: thus constituting system of CENTRALIsN los
e 10 the iederative principle of Union encroach-
ng upon The wealth and power OF the States, and Or
gan'zed upona principle to give the highest effect
the greatest power This mass Of power thus concsn-
raed thus ramitied, and thus dire must
~ become, under prolonged existence, the absolute
monopolis OF American money, the sole manufacturer
OF paper currency and the sole authoritarian authority
II Will be TO which the Federal Governments the State
Governments, the great Cities, corporate bodies ner
chants aders and every private citizen. must of
cessity, apply Tor every loan which their exigencies
may demand-IHE RICH RULErH THE POOR AND
IHE BORROWER is TINE SERVANT OF LENDER
ouch are the words OF Holy Writ and it the authority
oil the Bible admitted of the history of the
world is at hand to give it, But will not cite the his
tory OF the world but eminent example only and
'nat oil nature so high and commanding, include
all Others and so near and recent, be directly an
phcabe TO our own situation, speak OF what happen
ell In Great Britain, in the year 1895 when the Bank of
Eog'dnd' 10y brief and unceremonious letter TO Mr.
PITT, such as miser would write 10 a prodig,l in
pinch, gave the proof OF what a great moned power
could do, and tUo,id do, TO promote its own interest in
crisis oil national alarm and difficulty. will read the
e'ter. IL Is exceedingly short for, after the compli-
mens omitted there but three lines of IT, is
in fact, about as long oil execution leaving
out The prayer OF the Judge. 1t runs thus
IL is the wish Of the Court of Directors that the
Chancellor Of the Exchequer would settle his arrance
nen's OF finances, for the present year. such manner
as not TO depend upon any further assistance from them
beyond what Is already agreed or''
Such were the words of this memorable no,e sniff
cen'iy explicit and Ineligible but appreciate fuI
~ we must know what was the condition of G. Britain
al that time Remember, il the wear '95 and the
beginning Of that year, than which more portentous
one never opened upon the British Empire The war
with the French Republic had been raging for two
years Spain had just declared against Great Bri-
tain Ireland was bursting into rebellion; the fleet in
the More was in open muny and cry for the re form
oil abuses, ard the reduction Of taxes reounded through
the land. IL was OF alarm and CONSERVATION
and OF imminent actual danger TO Great Britain and
this the moment which the Bank selected TO notify
the minister that no more loans be expected
what was the effect OF this notification II TO par
ayze the Government and TO subdue the minister 10 he
purposes of the Bank. From that day forth Mr. PHI
became the minister OF the Bank and before two wears
were OUT he had succeeded in bringing all the depar
ments OF the government King, Lords and Commons
and the Prvy Council TO his savish condition He
stopped the specie payments of the Bank, and made its
notes the lawful currency OF the land. In '97 he OBJ
tanned order in council for this purpose i'm the same
year an act of Parliament confirm the order and af-
forwards series OF acts 10 continue it for twenty years
This was the reign OF the Bank. For twenty wears il
was dominant party in England, and during that dis
astrous period the public debt increased about
t4oO 900 900 sterling, equal nearly to two thousand
millions oil dollars, and that by paper loans from bank
which, according TO It's own declarations had not a
shilling to lend at the of the period
omit the rest. say nothing of the general sub.
Jugatlon OF the country banks, the rise in the price
oil food the decline in wages, the increase of
crimes AMI taxes, the mutt plication OF ioris AMI
bsggas, and the friehfu demoraliz, tion Of .ocaty
omit all this. only seize the prominent figure j.,
the ricture. that of a government ARRESTED in the
m'dstV WAR and DANGER by the VETO 0f a MO.
MED CORPORATION; ard only PERMITTED TO 20 OH up
on coalition OF assum' the oGium OF stopping Sd Gle
payments, and Sustaining the prom sory of ar III
solv nv bank as he lawful currency OF the land Tb
singl. bgur. suilces to f. NE character o the Tin
fn, hen the government becomes the "servdnt OF the
lender, the people thomselve becomp it's ssyes ia,
no the bank OF tn United atss, if -ch ere act
in tbr same way? Itcer'aoy can, md just a. certain
" will. when time and opportunity shall serve and
interest may promp l, is no purpose lha, gentle
men may forward ard vaunt Of the character nj
the United States Bank, and procl i'm il too lust and
merciful TO oppress the State. | must be per sd IN
repudi'e both the pledge and the praise. The secur.
~ " insufficient; and the encomium belongs TO Con-
staDtinope. There were enough such 10 the British
Parliament the year before, nay, the day before IN,
Bank stopped; yet IN ir pledges and praises mel her
prevented the stoppage, made good The damage tina
enssed. There were gentlemen in our Congress to
pledge themselves in 1910 for the thsn expiring bark
oil whish the one now existing second edition; ant
their serutityship bad been ccepfed and the old
bank Te-chsr'ered we should have SEN this govern
meDt greeted with note about August, lSIl,-sbout
the time the B'iii'h bu' ming this capa-of The
same tenor with The received by the Younger Piit
10 the year 30: Tor. II is inconesabe that that Back
was owned by who would have zlo,i.d in
arrssDg he government and the war it.en for wan,
o. money Happily, the wisdom and patrIo,i.m of JEFF
Ter under The proviJcncs Of God prevented that in
fanny and ruin, by preventing the renewal of the old
bank charter.