Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-30
Twenty-third Congrcss.--Ist sc ..,s ;

lSTuTfS, III. lS2l 80,
me motion Of Mr.. Uebstr for ieore 10 introd,,ce n
~ 10 continue The ehGrferef the Bank 0ffhe I'M
present. chatter. 80
rise, said MIR. C. i'm order 10 .,,,,;, s,s r
opportunity 10 express my opinion on the measure ,onos
Gu oy the Senator from Masachuses and the ions
"neuiateiy connected with IL, the ground that nm
SUBJECT SO Immediately with tile Of
ny class I'm The community, there should he an earIv do
s1s.On OF ier sen'imen by the members this body
culste. s " ""'''
shaii vote Tor the motion Of the Senator no, because
approve oil Tue measure he proposes but because
slider Il due in courtesy, grant leave males. th.ra h
strong reasons 10 the contrary, which is not the Ills
Instance; bus while prepared TO vote for his motion
and, let add do ample Justice TO his no,;v
uojucing The bill, approve of the measure b.
proposes In every view which, have able TO take
IL IS ooJecuohabc Among the obis cions pac. the nm.
certainty TO lis object Ii le perlec onen ~ con
lecture, whether renewal Of the charter is intended mr.
mere continuance, with the of atordop The hank
70 wind up Its siiars; and what Increases the uncer-
fanny IS, we compare the provisions of the proposc
oln WIN tne one or the other of these objects. il is
equ'"y unsuited 10 either III renewal of the charter
oe intended SIX years IL too short il continuance ,oo
long iho"ever, slate this mere minor obieciion
lhere Is another oil FAR decisive character: il seles
nohing, II leaves every thing uniixel-t perne,u,os
The present struggle which so niuriouslv aei,ses ,he
eoufy-a struggle oil bank against bank-one set of OPT
mons against ano'ler and prolongs the whole without
even an Intervening srnce the year lS42-a netioJ
that covers two Presidential terms, and by inevitable CON
sequence running Tor two successive Presdenii, eec
hons, The politics OF the country into the bank question
ara the oank question into politics. with the mutual cor
Iupuoh winch must be engende during the ,yboe
peou' heepg me currency OF the country, which the
public interest requires should have the utmost stabilize
III a state oil uncertainty and fuciuaiion.
But why should pursue the object lions 10 the nIan n,o
posed by Tie Senator from Massachusetts,, Mr. ebster
lie himself acknowledges the me assure 10 be dc fec,iv.
ana tha he would prefer one OF permanent ehsrac.
Ter. n has not proposed this the best measure hu,
mas brought II forward under supposed nm
DER he Impression that something must be lonesome.
lhIng prompt and imnediaie relieve The existing dis
usss which oveTspresds the land. concur with him in
relation 10 the dstress-lhat il is deep and -,
u ie upon us suddenly and in the midst prosperity al
most uhex implied; that u is daily cOsg ming hundreds IN
poverty aud misery; blasting hopes OF the enternrn
taking employment and bread the laborer and ,yorkS
iiul Change in the relative condition nj The ,ron.,
man anu e money dealer side, ia man of bust
ness anu The man OF property the oiher-skng up the
rapidly TO the top OF the wheel, whilst whiring
,ne "uer, WIN equal rapdity TO the bottom. While
mus agree with the Senator the distress am also
sensible that there great public emergencies in which
no permanent elie can be Afforded and when The wisest
are Obliged 10 resort TO expedients; PALATE aud 10 tenn
porize III order 10 gain lime with view 10 appv no,e
ehertua Temedy bu there also of pre-
ceIy lie opposite character; whenth best and nost er
naneDt IS The only practical measured mere Y
pedens tend but distract, divide aid conound and
thereby to delay defeat all elie and such viewed
IN all its relations and bearing, / consider The nre
ars6 90 eOSihei v' a,,Ioue 10 the fact thai Of ke
two questions blended in the subiec, under considera.
lion, he has given undue prominence TO that which
has by lar the least relative Importance; mean the
questions OF the bank and OF The currency. AS mere
bank question, as viewed by The Senator, ii would be
matter OF but little importance, whether the renewal
shonld be Tor years Tor longer sod and prefe
renee might very properly be given other
nhght be supposed most likely eceed but must
say, tat in my opinion, in selecting Inc period of six
years. he has taken that wbich will be much likely TO
succeed than one oil reasonable and proper duration
But had he turned his view TO the other and more pto
minen question involved; had lie gared the question as
question OF currency and the great point WAS TO
give uniformity, permanency and saety hat in effect.
ing these essential objects, the bank subordinate
agent, be used, 10 be used TO be modified as
TO ITS duration and other proviSions wholly reference TO
tile higher question OF the currency, cannot think tina,
he would ever have proposed The which he has
brought forward, which leaves, have already said
every thing connected with the subject OF un
Certainty aud HuctuatioD
All feel that the currency is delicate subject requir.
ing 10 be touched with the utmes caution; but in order
that II may be seen, well ie why is so delic
why slight touches, either in depres sng or eleyating il
agitate and cOnvulse the whole community will pause
TO explain the IL take the aggregate poper
~ OF community, that which forms the currency
constitutes in value, very small proportion of the who'll
What this proportion III our country and other CONNER.
cdl aud trading communities, is what uncertain.
speak conjectursy IN fixing il twenty five or
thirty though presume that is lar from the truth and
yet this al proportion Of the property Of HE
~ regulates the value OF all The rest and forms the me
dum Of circulation by which al its exchang yes are eeced
bearing, III this respect, striking similarity considering
the diversity oil the subjects, TO the blood the human
animal system.
II we turn our attention TO The laws which govern the
circulation, shall find OF the most important to
be, that as the circulation is decreased or Increased
The rest oil the property will all other circumstance
remaining the same, be decreased increased in value
exactly the proportion. To illustrate: H com
muniy should have aggregate amount Of property of 81
millions OF dollars, OF which million constitutes its
curfency IL tbat million he reduced one tent
that is TO say 600 dolsrs, The value OF the rest
viii be reduced in like manner tenth part, that is
three niOusot dollars Aud here very impottaut iact
discloses itself which explains why ihe currency should
be touched with such decicy ad why stability aud uni
ormty such essential qualities; mean, that small
absolute reduction OF Tie currency makes great absolute
reduction OF the value Of The entire property OF the COM
muni'y, IN She supposed here reduc.
ton OF hundred thousand dosss the currency re.
duces tie aggregate valae Of property three millions of
dollars, sum thirty tmes greater fhsn tie reduction of
the currency From this results important ccnsidera.
ton II we suppose The entire currency TO be in the
hands Of portion Of the community and the property
IN the bands Of the other portion the iofner by having
the currency in their possession might control Tie value
Ol all tic properly Of the community, aud possess lhe
selves Of II az their pleasure. Take The case already
Ieoed and suppose that those who hold the currency d..
ninsh one hall by absrdciDg II from cifculaion; the
eject OF which would be To reduce The Giro Eve
ADMIRED thousand dollars; ihe value OF property wond
also be reduced hale that is fifteen millions OF dol
lars Let Tie process be and lie money abstract
ed gradually restored to circulation, and tte value OF the
properly would again be ncfe iscd 90 thirty millions II
must be obvt0us by alternating these anJ pur
chasing tie point OF the greatest depression when te
circulation s he least and selling at the point OF the gteai.
elevation, When 81 The fullest tie supposed onied
class. no could st pleasure increase diminish the
circulation, by absfactng Restoring it, might also
pleasure control The ene property Of the country Let
be borne in mind that the exchangeable value OF
the business Of The community, remains hSed, and can
never be diminished or increased by increasing d.
miBishng its quantity; while fle contrary the
chsngeahle value Of tc property, compared 10 the
rehcy, must increase decrease with every addition
dnnuuon OF later Itresuls from dis, that there is