Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-12-30

mee, that became my duty - present petition sign
I'd by many oiny most respectable constituents the other
day, adverse to the course which shall pursue. can
however, sir neither look 10 the right nor lei-mv own
personal popularity have no influence over me-
wien the dictates oil my best Judgment and the oblga
i'S of my OATH require of particular course I'm
der such circumstances, whether sink or swim ON the
tc OF popular favor is to matter ofnerior considc-
ftlon Hismy misfortune also, TO follow, in this de-
bate, the gentleman from South Carolina (Ar LowndcsA
whose vewa are, IN ic general, luminous and
rect pom this question, however, am forced TO differ
from ha Sir, the gentlemen has dwclt upon the bcnc-
Ms arising from the baak He has presented you alone
the iair side Of the picture I'm many his views CON
with him but it becomes us to examine both sides of
tho painting R has represented this institution as vi.
tally come ced with the prosperity Of the country It's
destruction is 10 be attended with the fatal conse-
qucnccs Are comc o. ts Shall We be forced TO coun-
tenance peculaton aud from the fear the
evils putting down This system? Is so completely in.
crwovcn with our hest interests TO cndanger those
interests by putting il down; Does this Government i'm.
Decd rest on This Corporation for stability and supports
c@nnct believe IT. We are not yet reduced % such
state of degradation. Sir, If the gentleman from South
Carolina had cNot.ed his talents FOR the purpose of de-
wishing scheme by which We could have successfully
eNicat'u ourselves from cur present embarrassing sta
alton, cannot but think with all respect that gentle.
man. Lut that lac would much more bencfciglly have
employed those talents than by the he has thought
proper 10 pursue IL the evils oitc system disclosed in
The rcport and testimony be not sufficient nducsus 10
dheet Se'fe j"ctGs, IN the name Of Heaven. demand 10
KNOW, what would &c considered sufficient nduccmenD
For Sir inasmuch az believe the creation of this
corporation to be unconstitutional, cannot without
violation Of any oath, hesitate to repair the bcac, thus
itself OF doing without violating the public faith But
believing nso, that it is cSpedent put it down and
other gentlemen feeling themselves nj liberty follow
up tna INQUIRY propose to express to you my views
that subject.
would only have you look the long catalogue of
crime dc tailed in The lcpurtto those practices celebrated
only 10 pamper few, at the expense of the many-to
The corruption which, by its Illicit gains, almost laughs
at your power.
demand to know if the great objects of the institu
ton have not been defeated You create thing for
good ana not for evil Yet the good in great measure
vanishcs, and the evil alone exists You incorporate
company tor the purpose of advancing the interests of
all concerned and the machine thus created is managed
exclusively for the ACKNOWLEDGEMENT of few and not for
all Is not this 10 adopt the rule laid down by the
mttec, to misuse the powers granted as to defeat the
objects of the charter The most reprecnsiblc proceed
ing takes placcalmos every object expressed i'm the
charter is dis1ppointed and can i sll b ;nS;,od ,
The corporation has not forfeited its franchise 1t is
broad and great principle for which contend II is for
the doctrine of responsibility due from the creature 10
the creatormthc principle on which Government is
founded. The President is invested with certain pow.
ms seat-the object of his election is dsappontcdso
in regard to any other officer of the Government Shall
corporation alone be rcsponsibe There is nothing in
reason or law TO Justify the idea.
have given you instances of the loans made to ten
dlscounters forming the enormous aggregate of 1862
$50 dollars Can any pretend Justify such state
Oh uin9s! Is IL to be countCnanccd by any correct
banking principle:
And shall we now be referred TO former omissions
to Justify still further OMISSIONS Shall now be told
that because did punish improperly in its birth
we must not approach it when it has gained full size
Sha At DC SAID that because did not punish the in
i we shall not extend rctributve justice to the adult
No, SIR is the time for to inerpose viii not
that overwhelming influence which heretofore has ruled
still rule
| think the incorporation of the United States Bank
was calculated to delay the resumption of specie paw
nens on the part OF the State Banks If not mis-
taken, Inc state Banks had made preparatory arrange
mcnts towards The resumption Of specie payments they
had curaicd their discounts but the creation of this
Bank forced upon t'cn, measure of sclf-preserva
Ion continuance of the course they had adopted Spe
cie beng required the part of the Stockholders of this
institution, lcy would IL the State Banks had opened
u"ir vaults have collected their notes, and drained their
specie to the amount Of sad ustallbeii,s think h,rr
lore that the State institutions left but course
ana lat was the very course they did persis: in until
the Goth February, 1917
MIR. Chairman, look to a more efficient cause for the
resumption Of specie payments. look 10 the rcsolu
uons oil ihe State Legislatures, TO the resolution OF Con-
gress, requiring the payment of all dues the Govern
ment TO be made in specie notes OF Banks paying
specie, after the 20ih February 1917 the great cause
OF this resumption ann disposed to ascrbc mere cncr-
gy TO the arm OF THIS Government than to any nonicd
institution.
For one, enter my protest against the banking eys
tem as conducted III this country; system not 10 lie
supported by any correct principle OF political economy
n gross dclu'!onthe dream OF a visonary-a systeIo
7hlch has done corrupt the morals Of society
than any thing elsewlicil has introduced stru00r Gr
wealth. instead of that honorable Struggle which governs
Tie actlons OF patriot and makes ambition virtue
which has made the husbandnan spurn his cottage and
introduced spirit OF luxury variance with the slp
city OF our Institutions. call upon the advocates
OF banking now to surrender their errors Shall take
them by the hand, and lead them through our cities
bankruptcy meets us nj stCprun
where in the face. Shall be told of the benefits arising
to commerce from the concentration of capital Away
with the dcusOn experience has exposed its fnllacy
True Tor "a moment II has operated Il stimulus but
Ee ardent spirits il has produced activity and energy
but Tor moment relaxation has followed and the torpOr
OF death has ensued. When you first open Your Bank
Hcch business cDsucSa fictitious goddess pretending
to BE wealth. stands ut the door inviting all to enter and
receive accommodation Splendid palaces arise--the
ocean ~ covered with sasbut, alteration in the
state OF the country takes place. and when the thought
less advenurcr, seated in the midst of his family in the
out to himself long and hacyon days. his prospects are
ofersadowed and misery ruin, and bankruptcy make
thc appearance IN The form of bank curtaimcnts I'll
THIS be true and appeal to the know ledge OF all men for
ITS truth dcm1nd To know if you put down the sys-
ten too soon? Can we soon cscapc the dancers bv
ilat even If VIC put down tis Bank, the State
Banks Wiil exist Even if true the position is not
JuStiilb!e one If the State Legislatures do not follow
the example which set them, shall have ac-
Quilted ourselves Of duty II is all tat can be asked
OF US But, actually possess the lover of Arch
modes, and have foot of ground which TO rest il
Our revenue amounts TO upwards of 500 O0Q.0O0 an
nualiy. fcqulrc but fourth sixth 10 be paid
IN gold and SILVER, what would be the cficcE The er-
chants would collect the notes Of Banks and demand
specie for them and thus test would be ndoptcd nv
means OF which, TO ascertain tic sovency OF each inst.
luton The demand for specie thus introduced would
nave the beneficial effect Of introducing
the country for money is like every other article and
viii find 9 way 10 the market where il is most wanting
The system might be enlarged gradually until yonr
which occupy when urge these considerations upon
you man, regardul alone of the fleeing and ephe-
neral popularity Of the hour would hesitate in pressing
them upon you. Bu; should not hold myself entitled
to your counienance Mr. Chairman the countcnance
OF honest mon, or what is still important. The an.
10. cd