Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-06-05

precious metals. Every attempt to exercise such au
monty bears upon its face the stamp OF injustice
Charles Nil OF Sweden, once transmitted message TO
the Senate OF the Kingdom, thai he would send to Govern
them of his boots. The same iao,arch succcs.vev
issued eight ten copper counters, each of about The
weight OF hall cent, and decreed that they should pa..
Tor Swedish silver dollars. Ills creditors wer, ccn,-
PEELED receive themi but to pass hcm on upon others t
the same rate wasbeyund his power With two metallic
legal tenders OF different intrinsic value the Bank like
every other corporation individual hos the opinon aud
"W"y WI" make Tue option, 10 pGY in the tender OF low
est value Their debtors having The same opon will as
universally Pay tie corporation IN the tender of low
est VNu' 10 lorhd the Bank from receiving foreign sill
yer or domestic gold coins advance, wou he 10 ex
pei them, unless special dcpo,cs forever hom their
vaults 10 forbid Ur Bank FROM paying them at AN adj
vance would he prohibition 10 issue Them at all They
are commoc, ia the market which will be bought and
s0ld 10y all the brokers aud State Banks i'm Nm. rn,,
whether bought and sold 10y the Bank OF The United state
or not The participation OF that Bank in tho taiHc lar
from tending 10 disturb the legal value OF the coin and
render that portion of the metallic currency uncertain and
uucU1lnS, mas tendency directly the reverse, To pro-
mint uie Bank from masking allowance of advance lpon
spanish dollars, would he prohibition to import ypccjc
conN','- ct h'' COM at all IHen, either it would be
imported the extent by other institution, and ili
Ndua HdIcts or dicrc would Doe deficiency in The sup
ply u specie. IN te ioincr case the tluctuaon the
value OF that kind OF specie would De neither more nor
less than - aud ia the latter would be much greater
The fourth charge reported by the majority of The Com
miuce, is that OF selling stock obtained from Govcrn
ment, under special acts of Congress-
Ia un %, IN many oiher parts 81 the report the sub
scFber has had occasion regret the want of precision
ia Uc statement OF the charge. Here almost every word
Ia wcH ,s Gh?se Is sremNkablc Tor its loose
Ia
unuGr me denomination "Si0eh obtained from SoveIn-
Wehf would naturally understand the evidences of
o'n maze TO 'hr Government by ihe Bank ITSELF In the
contract OF loan there must be debtor and creditor, nei-
ther oil whom can with propricly be said TO obtain any
unng from the other. In the OF ambiguous language
mere Is always danger ot ambiguity OF conception In
this case, ii the Bank Obtained Stock from the Government
was because the Government obtained money from, tho
Bank The loans could not have been made v,iJlout
cI authority by act OF Congress, and that authority was
expressly given The Bank is prohibited from u,,ycbas
ing any pubic debt whatsoever but il is not prohibited
az rspftt Of
lawfully possess. With regard to hc loans TO which The
report OF the majority Of tc Committee refers The snck
which represented the monies borrowed was made trans
S''Spe ny u,e very acts o Congress which Authorized
the loans The Bank received the certificates ranslrr
he upon 'c lace and neither that act the charter of
e h"K nor any other law OF Ihc land, prohibited the Bank
from selling them lithc obicc ofic argument of the ma
Jony report upon this charge be- urge that in the new
charter which may be granted TO the Bank clause
should be introduced 10 prohibit thc Bank from sollu M
cecacS OF he stock OF authorized loans by the Bank
to the Governments il i, obvious that such clause ,r,J
be precisely equivalent 10 provision that the Bank should
never loan 10 the Government AZ all clear that Con-
ErcsS could lay 40 Other competitor with the Bank for the
odh under The same restrictions could the Bank ur-
i '" res" io'' ever enter INTO competition with
other proPoScrs for thc loan restricted Among the
great public benefits oil a National Bank with canfnl
PIoPo'ohcd TO the extent ot its operations, The subscriber
considers TIN, very facility furnished TO the Government of
CONTRACTING loans upon moderate terms, The exigencies
OF me p"Ic interest may require, holds conspicuous
RANK Il" -'..44 those very loans wich the majority
report refers, TO bc signal c&rpcs Of the benefit of the
Bank to the nation. lie is well assured that If Al t,c
TINE wien those olus contracted there had been
no ationaI Bank, the loans must have been made ron
terms much wo?e lGrjcnsomc the borrowers while the
public Treasury would have lost all the profit OF the mar
ucipaton in the loan Tie nation as stockholders of one
hiIh OF the capital OF tie Bank.
me i'ih end sixth subjects Of charges considered by
the MAJORITY Report amounting TO violations of the char
tcfS come within the puyicw Of ono and the same nrc
pic Ia"' consist OF expenditures made bv authority of
the President aHH Directors of the Bank for The ,rnos Of
improving and adding vai"a to tl,e real c,i C IS
IN the course OF their business they have become law full
Po''e'Sc"' mere are two donations Of 1900 dollars
10 10 rft,f Il gf,r. a.
canal basnSior building Of six Warehouses; and pcbaps
sone other houses There appears be in the principle
o these charges something Of an instructive aversion TO
lI'' 'liVve,'en'S-na sentiment with which the sub
scIiber must disclaim all sympathy whatever The Ma
Joly h'por presents tie donations 10 the turnpike
'"" companies as offences highly aggravated by the cir
cunsiance that the General Government had decljpc5
making appropriations for sinaf otects-which dccIin
ing ior SHdT affects becomes ia tie very next sentence
oil the report, direct refusal OF the Government TO cx
pend It's revenues on the rcry same objects
Ei ihI' assertion, in cicr OF its forms is liable 70
n"ch controversy and must be received with much ouol-
hca'ion is admitted in 10 the Report to be ros
So'e 'h@ VI, improvements were in the ncgboYlioo of
tue rca' estate OF the Park and upon the ground that such
donations would increase tie value OF thai, real estate: and
tins possibility the majority would have found TO he no
1--WE ,Sci lhGy had thought proper 10 ask for OK pla
,T u u''''e passing cchsurc upon The transaction
ne assertion therefore altogether gatuous at the
n@d declined to make appropriations for SINH
:" oiJecIs he Government has made many aud very
large appropriations for the construction of road. bpcals
they would give additional value the pu lands troIb
or near which the road wu TO pass Vas the ,,;, a.
guncut upon which the first verv expen.yc ,yorl 81 i,
ternal improvement, the Cumberland road was undertake.,
~ mas S"chccd many stubborn objection satisfied many
uh" ScIuPc SuGducd many constitutional obstacle So
decisive has been lis effect, that il would be difficult t
name single instance oil the refusal of Congress- 10 make
an appropriation 10 assist la lhe construction Of road when
mas Gceh maze apparent Congress that would raise
inc value OF the public lands IT, therefore the proceed
lnSs OF The Bank 70 be influenced bv the ex,ruc nj
e Governments they he'd c fun sanction Of their aibo
my ior their appropriations for these tupikc roads Nor
Is II Just To consider them in The cit of donations mr.
Eraulucs wdstcul OF the property Of lie rhIolcrs
of
dciPhi could have no imaginable motive o.hcr han that
promoting the interest OF their sfoca holders an! making
their funds more available. With regard TO thc buiIinf
OF houscs Hc Majority Report quotes the restriction in
me charter upon the holding of real estate bv the INK
ne cooperation Is permitted 10 hold lands cncnepfs and
ncreudmens bona dc norg'ged 10 il by way Of sccuri
w. or conveyed To ii in satisfaction of debts prcyiouslv
contracted n the OF It's dcalnes or prrcEascJ ~
safes upon judgments obtained for such debts II il not
"CE'" l' llc Bank holds more Of land t,au
~ mus aN"Wrd Ivy Idw. But tc iJiy Report seems
10 con>Hcr te restriction affecting no, only the onand
" o' "hS winch they might hold but the RIGHT of inn
proving mat which their owu-.c common proprie
tlry right II there hId been any manifestation Of i
sire on l9e part o DO" Corporation increase the qGantiy
OF lHtlr nd', ;cuCWcnts, aad hcrelitamcus nj
~ HclI inc subscriber would have been amour the first
10 cchuc irr design, aud c icadcst to restrain them
Hou VIC Indulgence OBJ such de- sire hv law. But aost
~" e,c laudF were held u one place incinuan in The
'"' "' ono they bad, according 10 the declaration OF
'ne fIcdet OF ihc Bank, into their possession
strongly against their own ncnaions he stated and II
appears 'o Dc perfectly natural that all The lands which
ta"c mo Jeir hands considered by them as incut
nhce- ih'i lucir design Co posc OF then, "a spce
9I[ as m possibly cOull That Tor Ibis purpose tbcv
mao erected small uui"r OF houses 70 uokc both he
land ON which they stood, and ODE ADJOINING snIs more
Ir4rlN sal. tff