Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-18

were created by the States; and tho works of The S,ass
s oe respected; the stock in those banks held
oy American citizens, and ought to be njuriously
sailed TO give value TO stock held in the federal bank by
foreigners and aliens The very mode OF carrying ON the
warfare against State banks has itself been an nury and
just cause OF compisn, Some of the mos, inc on ids
rabe have been picked outther Affairs In The
most un'avotshe ight-ond then held forth as fair sam.
PIE oil lhe whole How much easy wouI /, have
been TO have acted mere grateful and more equitable
pari part more jus, TO the State governments which
created those banks, aud the America an cyens who
stock IN them? Instead Of huntiug on, far rcmo, anil l.;
considerable banks aud nstu,ing most dspareginx scru
uy o'o 'heir small affairs, and milking this high Senate the
Conpcuonsheatre or the exhibition OF their
"y not take the higher order Of the State banks Tbos
whose names aud characters are we'll known; whose
ovA upon Tue exchange OF Loudon and New York, is
superior 10 that OF the Uui,ed States Bank whose
aideposites greater than those of the rival
he Bank Of the United States, seated in their nricbhnr
mood! whose bills oil exchange are as eape,lv sorSL a.
| as those OF the fedora, bank which hive re,rc5oI ~
change below The rates OF the federal bank: and which -
every Psuen'ar that tries the credit, is superior IN ,h
oo m' Is receiving so much homage and admiration
'ir d. sai there were plenty of such Stat, b,nt. W. T. .
; hey were 10 be found in every principal
h"SS, mVm view orleans TO Boston. Some OF them had
oee seeceu Tor deposite banks others not b, h,re .
no u'mcu!'y In making selection of am amp. number
"s sPt'' oil hostility to the State banks, Mr.. b. said
n1ri, Of ,, origin, and seemed to keep pace with the
o attack upon the political rights of the State.
hen the hrs' federal bank was created in III. wear I79
Nv DIS even made by its charter, place oil depose for
'e Puo'c moneys Mr.. Jefferson preferred The STATE
o'Ns al MAJ timc and declared imseifin his cab.i
opinion 10 President Washington. Mr. Galla,in deposited
ha,e ~ e Puonc moneys IN The State banks during the
VI Tue long period that ne was at the head of The
rfeaSury AT the dissolution of the first bank Of tle
ni. o,s'es lie turned over all the public moneys
Whch ne teid in deposite to these b,uks ,k;r, ,,;
S'o 10 pay out oil the treasury warrants drawn upon
them In gold aud silver il de,ired by the holder Whsn
~ present oaak was chartered, The State banks stood upon
an equa iootDg with the federal bank aud ,y.r. -,
upon an equality with ii as banks OF depose In t ~
thS'er "hich created the federal bank Mr. n ,y,s al
Of the Faux e IN 'nnaamenIl article OF the Constitution
'an"shmen OF sranches-and which presen,cJ an arrn
menu IN Jus'icaion oil the removal deposite+ which
'me au'ersafies OF that measure periinacosy de-
chnc 10 answer The Government wanted b,ut, q, ID
ho' OF circnla ion and by that article the state
banks arc made Just much banks oi ie,osa , H., ny
states as me banS Of the Uued States is They are mn,
upon eSaet equality, so lar the federal rovernmsr,
of she s'ipulacs but for one single branch or
me Che" States Bank, and that to be placed at Wnsln
ION Iiy. As Tor all other branches tLe;r as,,hushs
was "'ue 10 depend not OH the WILL or power ol ,ha q,
~ e!'sh'-hot on any supposed or re al necessity
y" ner part 10 have the of such ,o
coninGehcies over which she had no control. con,,'
.ePehG'ng one upon the mere calculation of ,'roG,
~ % ny ,ho bank se'f; tie other upon the subscrn.
VI s'"VN within State and the duplication of its l.
gsag re. In these contingencies namely if Tho Ri, ~
III I'eu states thought II to her interest to esiab
nsi branches IN the States, she nieht do IL. o r.
zoOo shares OF stock were subscribeI for in -, ",
anu ,herenpon an application was made bv Tho So
hi 9, iuL '''e Institution OF branch, then its ess.
'"0' "'uih The State became obliy a,orv u,,, a.,
o"nS In neither contingency had the w ~. pYn VIC
o ' neceSSes oil tue Federal Government, The Isosi
tho -, OF consideration, III the establishment Of
'"'Nh' III not established and so far as tho o,v..,,
"leh Is concerned, 1t might not be- then the State Rt
e'ec'ed by The United States Bank and annrovd b ,
site for tie Is auy' were TO be The banks OF depo-
n j, ' ~; ieIecai moneys This an argument A.
d. sa'd' In Justification OF the removal of Tho hir
o ,Io W ie use OF me Stale BInks, which gentlemen
so uch pains 10 decry State B,nks[have hss, ,
,%o h' pun Is rot the only argument in favor ot
thoSe banks which can be drawn Ion H., 'o' OF
i " me same Congress which Chartered M. r.
Se, oahk. lie alluded TO the joint resolution of 1910
resoln,;on I to,eeuoh oil The Federal revenue. Tina.
'Hsouuoh admitted the notes OF all speci.
udhks 10 receivatitv in payment o fI.rI' s ''",e
was resolution OF cardinal importance t,r ,L ~
men, r,ioh, P"fer currency aud, with in amend
' ''Sh' oe made tile chicien instrument of ra.,,;
,S' ana eventually suppressng the small poo o;,
was OF opinion that this resolution and tho ~ ~,
had hau In reciiiyng and purii ,ipg a Il, sn,, "ee'
-, mao oeen too much overlooked The hon,e" ~ 81,
aS ha9 0eeh directed TO another object The vor ae
i u ie resolution seem TO have dropped il fran, ',h
-necuons and that Tor the purpose of dong hono ., @
olher oolec, which was formerly a strsDrcr, '" an"
uon Mr. b. would cDdeavof 10 correct tjs "''e
,yoT s%ppy 'ne deiect OF this natural affection liz
o"u oI'hg Forward The orphan resolution from ,, 49,
'ui.y IN wi'ch 1t had lain for eighteen wears and
~ oO'e "ie Puo"c IN proper aud becoming pon, ~
view III emdnated from the same Conetcss ,,,; ~ VI
tered the Bank OF the u. States and ,ras J nth ch@r-
more eihcieni remedy than that bank for rc cc; Tor
"So'"e'eu currency OF the day. Its profes,cj H.,
"'s' !" regulate lhe paper currency of The Stat ~,
"h" 10 regulate il by the power OF tire F,deraI
Ws 'hiouSh Tic agency Of the Treasury Deo,r,o,
". " rs tie ooJect OF the resouon and the mode Of ~,
comprising Ia object, obvious ,nd sn,nI - ~
suggestion, as II was eicacous and certain in u" us
uoh IL was merely Tor Congress 10 Iss i,s - W. Pera-
"e COLLECTION oil the revenue, and to Rrso, ~. 'eI
NNH DVr sFECiE'PAYING BANKS sI;orrn 49,,
THEIR NOTES RECEIVED IN pAynr~Ts ~ LAVE
In, MENT This brief enac,,nen, drew ,lI
hhe between good aud bad Banks between cnrro, 'ne
uhcnrreh paper IL sunk one and raised Tho ob nm i"
resolution was passed The 30th Csy of Anil VIC
Jt twenty Gays alter the passage of the act io e,tn
pI PRESENT Dink OF The United States-a circu,ns,a
wmch strongly implies that the Congress which ,,e
ne chafef 10 The Bank did consider b,, RI t.
@ ,esofatt0"' as The true remedy for a disor.ered emu |
'e"'y anu Tue proper regulator Of the local Banks
1t was argued, and well argued. at the t,oo -, |
muse VINO were entirely friendly TO national B,nk ~
INC introduction OF a new paper circulaon TO-. t
oeuy ioI nisordered paper currency,-that tI,s rro
SEW n'"onai BANK then under discussion was NOT Io
rcWeuy' mat the engine for Congress to use was H., ,
revenue system, and The inerdicfior from rever, ~
mens, OF al local paper which was not nrecI pay
rent 10 so'd and silver; that gold and silver was ,i I
currency OF the United States: that Tho f,, o 20"
CONSTITUTION were hard money men; and that !, 900. a..
:, Si"'o 'h''e OF congress to hold the Stale R,,Ls q,
Ie 'es' Oh specie payments that the new Rant NJ ,I
Oeu S'des' independent OF lis come xion with tho e..
"ou'u not he able 10 got its notes into circula
h'hi anu mat The whole strength of tho Coyo,.. |
ought to be put forth compel tie p,vmen, ~ 49,
ana taxes TO The Federal Government in The Ieci s
cy OF The country, that is say in gold and silvs,. 49,
I'D '"e emu ihe revenue be paid in this local c,,
cy' anu me sooner that was brough, about the better
mar. Is placed great reliance upon The re- s,or,,;o, IF ill.,
go'u currency Tor putting down sua note circua,io,
NO man would choose carry a bundle of emil Do,
notes I'D Ills pocket even aud clean ones ucl
ragged and iIlhy ones, when he could gel goI in ~,
place. limitation upon the receivabiltv Of theso 49,,
III payment oil Federal dues would cou,nIata III. 80
Is I'D 'bs point OF view that The Joint resoi,