Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-20

the time the rst charter { the Bank OF the u STATE a
granted by Congress- the important effect that ~ vou,J
have upon the ncy oil the country did M, ;,med
sely present Itself 10 that body, 10 thos.
wno voted against The charter As has already been ssi
those Who voted against consdcr ed il mproyer
the Government had just CONNIE ed aud they
III" MOI perceive the necessity of to conduct and cary
on the hsea operations OF the Government The auho
TO create Bank is fatty from the pow er un.
ger The Cons tuition, coin money egua,e the value
cieo TAKEN In come xicn with the prohibition upon the
states, oissung hills o, credit. coming money! or making
any ning but gold and oliver legal ,en'er in payment
OF ueb'; power evidently vesed in Congress Tor reyu-
'sVns Tue currency OF The country, which at thst time
was generally gold aud silver, since sub.i,u. oil In
yea, measure by Bank bills or paper II thcrefo,c
Bank Of the listed States cannot be created Inv Con-
gress hs Important function oil the Federal Government
ne 10" OF The vaiue OF the currency which sun
plies ne place OF the cOin is male by separate and dis
,e. S'ses' wh'ti is essential that the u a,es should
Union. " N'' P''' W '"e
Mr. Winston reminded the committee what were the
.ec's oil such regulation al the currency by the Stair
aS' oe'ween Tie years ISL and 1SlT, when the pre-
se'. BANK oil the Y. y weniino operation We saw Banks
rapidly increase in the States Kentucky among Others
hsh her hHer OF Banks and the currency by means
OIL and The absence oil national Bank under
the control of the various State Governments MI W;n
son would appeal 10 the Senator'S 10 say what was the
state OF the currency at that period was i, mo-, i, s 49,,
and u ress! The State Banks were wroug,
upon TO make exra,agaa issues far he yond cir
power 10 redeem; suspension Of specie payments followed
consequences so long as the State Banks could throw
paper h'o circulation carrying interest for the pa.
per oil It's customers which better carving interest
cy were encouraged 10 throw much paper into crru.
aion as possible This suspension specie paym.n,s
which commenced about 1914 1915 and coninu.J
with many OF the Banks until 1920 had the inma lat.
80 W appreciate me currency OF the country, exactly
P'oPo"on as these excessive issues were made in va
lo"s parts oi the Union, without the pow of
IN go'u or silver The depreciation Of tho local currcn
Sv varied IN different places. The paper of the Banks AZ
Washington and B,timore from 20 TO 22 per cent be.
low Pa'; at Philadelphia IL to Is per cent below
P0; IN New York and Charleston il from to 10 per
cen in the interior OF the couniyy the v,;oJ
more ana was st greate Pisburg was 25 per cent
view England true 10 her prncpl OF industry economy
accustomed prudence had not made excessive issues
ana hei paper currency very little or none
All these were the effects having no a,ior Ri g.
check these imn,oderae Issues The e,c, ,t ,;s mr,
anu unequal depreciation OF the local Bank pspcr Of the
country po"ueed from the suspension of specie payments
Wa '"d, tic uuues and mpos,s, which, by the Consu
uoh are declared shall he uniform tlroug bout the u
oeeame "equo and where the currency ever sound
became Their Intention TO deprccsfe it, that these pub.
TIC dnes should not press NOSE heavily them than on
on DINERS Mr. Winston would ask does not the detail nj
these facts within the recollection of all prove The necos
SHY OF National Bank lie would ask to what no,.s
matin we '.sora'on OF sound paper currency,
"ah,"S paper currency better than specie itself! "A.
would answer TO the Bank Of the u Alter The Bank OF
he 3 vent into operation, in January 1917 delegates
rom ne Banks oil New York, Phila,ielpha Bal,imo,e
ana Virginia met in Ph,iiephia a by an agreemer,
WIN the Y 3 Bank, specie payments were ,o h, resumed
simultaneously, and the Bank of the United States upon
certain TERMS 10 receive the transfer OF the public noues
&c. But could these Banks have resumed specie nav
enls' without the ai OF the Bank OF The United States
iney couid not The specie .ying Banks combined win
the United States Bank and the local Banks We I;i
gradu ly TO take in their paper Mr. Winston tberio
sa'.' mat the Bank OF the United States has this effect
Is executing one of the powers delegated under Tho
Constitution, to regulate ami make Uniform the value
.; ane euraeney. Gentlemen may say the only power
Su unuer e constitution IS, TO coin money and regu-
rue 'aue thereof; but when The money so coined l.
placed ia The vaults OF the Banks and paper currency
nostneu IN It's place, that ought be regulated and
me VaiMe hxed-which can only be done by , limited
States Bank AMI branches. Mr. Winston s.;h cn,,i
we 90 back 10 the days Of metallic currency again n.
ohu say God Grant all these banks could be pu, down,
fIrf n, H.
our institutions; bur, it banks be necessary and nnen
saoe ior commercial purposes let them be controlled by
sounu ahc sau'ary check Mr. Winston said If we could
20 not 10 Tue Spartan Of iron. but the age Of
our ,orealher' TO the oil gold silver il would he
vs. WEI out we must have banks let have such as
WIN secure us sound and wholesome currency II is
not important where the Bank paper come, Tram i,
Is nor material 10y whom il is made or from what
BANK provided it is good in ITSELF and redeemable at
all times In specie. The fourth resolution is in tIs
words; Resolved, That the General Assembly cannot
recognize as constitutional, the power which has been
c'aihcd ny Congress TO establish United States Ri
because In The opinion OF the General Assembly as tev
nave heretofore frequently aud solemny declared that
power Is not given TO Congress by the Constitution of tho
United States" When did the General Asssmh, t e
queny declare?hut he that the word e.
sr'e Ken OUT as 1t came from tie House OF De-
iegates. Mr. Winston would then ask when did the 90
Rsdture soieS'niy declare Bank of the United Stses mn
constitutional! 1t did but once in tbe session of
iIiV, Ioii' ana az That time resolutions were adopt.
GU" uec'a'thS Ue men Bank with The
usual Instructions to Senators aud request ,o our
10 vote against the renewal of the char.
TX, In
pure. "hat was the course taken by those Senators
unuer our instructions? one, while he ole god Tho i,
suc"os denied their bgaory eect the 9th disobev
Ell The instructions. IL is true they were censureJ ~
next session oil the Legislature not because of The bank
but because one (Alr. Gles) had attacked vital pncnJe
IN representative governmeni-the right 10 ins,rc H.
Teseifdftp"; and the other MR. Bre1D had disohsve
that instruction. But Virginia never bas beC,ro 80 80;
tn"t tune, adopted resolutions declaring the RanL or ~
Dd'h vi he united States stulionaI. and them
mainly occasohed by the state Of parties; and Mr. Win.
son n'nks he can shew, by the Virginia has
aNch e" years thereafter, that these sentiments " b
respect 10 The unconsti!uonaly CT Bank of The IL =
were not permanently entertained. Mr. w said tb,,
Virginia Md not give her express and 6irerf osse,I
sue nu i"phediy, and that too by the strongest posbIe
implication 10 the present Bank Chatter of the II States
James barbour, Esq was elected the I'll dsv of In
uay 1913, as Senator Of he United States IN .un,I a.,
vacancy occasoned by the death of Mr. Brent having
Deeh elected The very day that information was given S
Governor Nicholas, 10 both Houses of tile General -
semoiy oil mat melancholy event; and that too nm lilo
very Jay mat The hrs, Bank Bill was put upon s mas
sage I'D he House oil representatives. and rejected bv The
'e'e o. Mr. Cheves, the Speaker. And The cleo.
oh o. senator TO supply the vacancy was tbus has
,ehen' because II was thought important knowing Thai
Tue Bank Bill would be brought up and thai V7roni
ought 10 be July represented in Congress Did Viz
gii adhere TO her solemn decisions! Did her rents
sentative, James Barbour, 70 with 10 nse s
EFFORTS against the passage Of the Bank Bill or did hi.
ex-senator, or any OF them They did not MIR s,;J
ne believed there petition or petitions oot I'm In ia;
very cy al That time, in favor Of Congress CREATING a
uoha' oahS; and not outstanding that, our new Ssn,,or
"as SEM on without The scratch Of pen, in the form If
instructions against Bark. Yirginia did by tha snoi
"Pne"iy give her assent TO The essbhmcnt OF Ills
BANK, which we called on TO ssy is uucon.,,
hona' The hrs Bank bill reported by Mr. Cshnun 49,
ods'h upon capital OF fifty millions Of dous six nil
onS on'y OF specie, the residue OF treasury notes ina,