Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-11-26
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40 FOR THE ENQUIRER
mise. like The Bank most
sss
aoysas 'y as.s e s
sop erberns become history Their priv"
sPss take h" Of the good hs, ps Of the bad and thus those
from JcSsrscn. '''''
other advantage Ssa
too Of Banks IS lend too much and put
One the valuable which the press Of our
country has recently issued, is work Banking, by
VIM Nj. Gouge. Esquire, of Philadelphia Mr.. Gouge
has evinced interchangeable industry and research in col
ecing aRd embodyng facts, illustrative of the perncious
effects OF Banking institutions The ani-repubcan
dency OF onied corporatioDs-he arisocrsic feelings
which they engenderte decentralization OF society and
the artificial distribution Of wealth resulting from them,
truth And Notwithstanding the prevalent aversion all
arguments against the Banking system indulge the hope,
that this work will be extensively circua marely
considered The administration OF the Bank oil the United
States, has not escaped the searching scrutiny OF MIR.
Gouge. beg leave to quote few remarks OH this sub
jet: con certain day in 1919. Says Mr. there
but $50 900 between and bankruptcy. This was
The whole amount of specie i'm the United States Bank
Philadelphia; and If dha had been exhausted, shock
would have been given TO Bank credit, which would have
caused general suspension Of specie payments" Again
he observes page 30t -" Those who fancy that the
Bank OF the United States would be able to continue spe-
Gle payments in time Of forget The fate OF he
powerful Bank OF England Ttoice, in The midst nj pro-
found peace has this very Bank Of the United States been
on the verge susPendtng specie payments; AVID the
Bank OF England itself 1926 from bankrupt
cy only by the Intervention of a Sunday, the discovery in
the cellar OF the banking house OF 500 900 pound notes
by putting which in circulation again, the Bank Graded
lis promises TO pay, and by unexpected supply OF gold
from The Continent" Mr. Bhidle said that sc ike tho
power OF steam, Rank is useful in prudent hands, but
OF tremendous hazard when not controlled aud the prac-
Teal wisdom in managing ii, lies in seZing the proper
moment TO expand and contract -takDg care, in work.
ing with such explosive materials whenever there il
doubt, TO incline TO the side Of safety" Without intend
ing to disp,rsge "the practical wisdom Of Mr. Biide,
take occasion TO express my apprehension that The INKS
are Taught with "such explosive MATERIALS. that they
cannot safely be entrusted the practical wisdom" Of
This, or any other country Between 1911 and 1880 165
Banks exploded IN the different States Of this Unon!W
So much Tor the 'prGeticdf osdom" OF this enlightened
age Mr. Fifdle thinks the value Of paper money "coD-
isis III its cltsicyi's power of alternate expansion and
contracton,-to suit the Of The community" MIR
Gouge shows. that when the demand lJr money great
esi The Banks are compelled contract their issues and
wee versa That u Is simple regard to their own p ohs
That ind the Banks xpsnd their issues, and regard
Tor their own safety which prompts them 10 contract theft
Issues, aud not regard Tor " he 0Hnis 0f The cum
muHng" Unless "the wants Of the community" harfno.
nlze with he interests IF The BaHbs they exhibit
Of their charity or sympathy. without discussing the
consliuonaliy Of the Bank Of tie w. =, MI q. proves
u uhhk) conclusivey, that the Bank u nota Unnecessary
and Popar means for conducting the financial
Of the conedefacy The days Of Ist institution
bored la despite of the cldiorOus denuncidou OF the
Bank advocates in despite Of the yels oil faction, the