Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-13

The removal tho Dcposes and M. of thu
Bank are "Io'aly different systematically different
80 says the BAnk-so say, tho gatherngs-so cay
some OF the country three score squadsso SAYS Poor
Richard; and he hopes the people consider them totally
ub ono things digging the tree p hy the roots.
camnfe'n the ground, is sno her totally different, hing
'"e president hal, in this matter. he will have done
"o.'o nan nothing Hut, the comp onise! Was ever
sue" 'noience heard Of since the Foundation of this CO.
vernmenH The Precedent OF the u States 10
9s oath with corruptng Banking corporation What am
mink Of u! Ought bot this, Of itself, to induce
every man who has amy regard for public virtue. any
speet Tor the institutions OF his country, at every risk Of
ann''ate that corporation? II think much more about
these high matters. tear shall rave like Poinde her
when he thinks OF the Mount Sass Land Office or be-
POOR RICHARD
' fSs s UNITED GHSh Isl s nrMATTrEsEsENrAT'vEs OF
ne men'o'al o. me undersigned Citizens of Richmond
That the people OF this city having heretofore At pub.
expressed their conviction that tho removal
OF 'ns depoes OF the public moneys from the Bank Of
'"e Oned States in the manner aud under tho circum
IN which they removed was at once mpoli.
NC anu unjust, arbitrary Illegal and unconstitutional,
Oh tue public isi pledged 10 the Bank by its char
er' suhverve OF the powers OF Congress In respect Of
e pubic Treasures and by consequence OF the principles
o. ue government and, in lis effects injurious to all
me INTERESTS Of the coUniry,-your nemoriaiss without
repeating and obtrudng the houses OF Congress
he general reasons then assigned for those opinions
esve TO renew In this form, the expression of the same
sentiments, and with profound deierence and respec n
declare to the representatives OF the States ami of the
~ ongress assembled, that subsequent reflection
"s connrmed all their objections the dangerous priu.
cpe OF the MEASURE and that experience has sine. but
100 certainly verified their apprehenons Of It's conse.
quences. 80 ~
That see and feel these di.a,,rou. CON
sequences In the universal and
wn'en. ever since this unhappy measure adopted
snd' especially, during the last sixty days. have grown
day ny day. sn are yet growing more and more agra
vailed and appalling. Renancss to or from other parts
oil the country longer be effected without yreai f
yi lnus. .rJ
change on England which had been for MANY wears eoua
oy sustained has fallen from eight thirteen per cent
nuctuaing too from day to day. according TO
circumstances, to make il manifest that the reduce.
rates are not owing the relation. of commerce
me Two countries on which exchange ordinarily depends
out are impu,ab!e to the the money market =,
nome. Many who have Ineans and ample me ans find
themselves unable TO command them. Tobacco and flour
the two principal staples oil this city have Tho
one twenty, the other from fifteen 10 twenty npr can,
certainly without any unusual increase Of the supply and
Wnnout any known dminuton Of the foreign demand
So"'msson merchants hitherto in The habit OF making IL
oeral advances TO the planter and farmer upon the credit
OF eir crops entrusted to those agents for
On wnen me principals have relied to meet engage.
menus formed In the confident expectation of them
nave been compelled in common prudence to withheld
all advances whatever that the whole course i'm
portant branch OF business has been sueniv ~
rather violently suspended. The Banks are yvhoiv -
pabe oil afodng accommodation or relief adequate to the
emergency and are themselves cramped in their opera
uons anu men who depend on bank ation not
asa capital TO trade on, the means of having ,be
Out only as the Of ensuring punc,alty in
engagemenfs equally participate in the general dis
"ess and peril Manufacturing esiablishm enIs recently
commenced with the favorable prospects, are i'm,
peded suspended or abandoned; plans OF internal inn
provemenf, requiring contributions of capjtaI nv nvii
ais Tor the mpshment of them must FIR iha nr.,
aieas' be relinquished in despair Every branch of
eroe and INDUSTRY every work, every trade, every
cAhg' are suffering under the heavy pressure aIreadv
general bankruptcy. - NrF''"'"'0" VI
That your memoriaiss entertain The most assured con-
hdence that the curailments of its discounts wisely
made by the Bank Of the United States in authorization
anu n consequence OF the removal of the public
considered positively aud without relation In the cuss
Wnien Induced or rather compelled il make them would
not oil themselves have constituted any adeoate camse 10
account Tor the state OF things thai has eAsued And
your inemoaists apprehend indeed that the removal nj
The deposes would have produced no such eec ia "a h.Y
been witnessed, il the had NOT he ON
WIN me peculiar circumstances, which in fact attended
10 wmen e'ihceu hat II was act OF hostility tow arJ
The Bank, aud which have given fatal shock 10 the nh
nc confidence In the currency Of the country consisting
cheny IN Bank credit. But the President apparentIv
not adverlng to the extreme delicacy of every sv:
lem oil public credit claimed and exercised the noysr
OF compelling the Bank of the United States to wind
up s ahrs before The expiration Of its charter and
consequently TO reduce the scale of its operations
ANIL partially at beast, TO Withdraw its notes from crcn
aon' anu ne accompanied The exerion this pow er i'm
remuneration oil vengeance for the misconduct he i'm.
Pu'ed to the Bank; he claimed and exercised mower
aso oy ne distribution OF the public moneys among s,
oahAs OF ms own selection to enable them TO suppy the
accommodation which the Bank of the United states
should withhod, and 10 substitute their po,e.. for d.,
M." " snVu,u o'aw in retaining power, at the same
mme, 10 withdraw the public derosies from tho.e State
BANKS at his pleasure, and thus compel them in their
'urh 70 contract their operations When this was ner
SeVed ana understood, II the Bank of the United
STATES only That was affected with anxiety and alarm the
state Banks aso as well the public al large lost con
noehce; uncertainty disnay and panic ensued the ope
ration. OF the State Banks held in and H.
whoe business OF the country bring ndssoubiy conp,i
caen WIN The banking system which the nation
became OF necessity, embar assed and endangered 4,
men, he shock given public credit by the NJ the
resuen' and the disorder OF the currency
ma, shoeR, me uncertainty the doubts, the fears the ap.
prehensions oil run in the result 10 which i'm tho o,on
OF your memoriaiss the evils, under which the conntrv
y no" suefng' and must con nue suffer ill the cans.
ina, produced them shall be removed must be Imputed
anu your memoria'nts are convinced, that no sysem of
M e'euN Can consist with an arbitrary absolute pow err
IN single man, vested by law assumed and
n' 10 ann'hlae 1t, or any part OF at his pleasure or ac
coong 10 MS views OF justice poicy-espec.IIy af err
ha' power has once been exered either through mis-
take or design as 10 impair IL and the against
ncn such power Shall array itself, must be abandoned
or the power nust be resisted aud abolished.
That 1t seems to your memorialists that supno<;ng 10
determined that the charter of the Bank of the Unjssd
a'es shall not be renewed the obvious policy (.ering
mere was no reason TO doubt s perfect m
permit to retain the public deposites until The expra
uon OF us Charter alter which danger can be aopre
nehaeu from It's power, and competition wi the State
BANKS no interference with teir operations will he po,s
bic, much less any couUterscon OF the Of tho
goverbnen aud 10 extend from time time "a couve
ehce SHOULD dictate and Congress should approve The
term allowed 10 the Bank by lis charter TO wind up lis A.
drs 20 as ena lie IL 10 accomplish The object with the
eas, possible oppression 10 its debtors: meantime the
bauk oil The U. s. and the State Banks would have gone nm
III harmony, as they have hitherto done; and the wisom
OF The Legislature might have devised udirious nebod
or me SAFE keeping aud distribution OF the public re
ana The equation Of the CURRENCY which, being the act
., we legislature, night have challenged public conf.