Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-22


will oaiy consent to the introduction OF Poynings
law; that law eunaagiy devised TO keep Ireland in
subjeeton to The crown Of England; that law, by which
the Irish Parliament could pass no bill except such
the heads OF which were furnished from the Castle
They who tell that the President thinks this Govern
has no consliut onsl power 10 ncorpo ate Ma.
onat Bank, either forget his avowal OF opinion in one
OF the most solemn acts Of his official h.e or they do
not think he then sincere No, sir, the President
does not concur with the General Assembly OF virgi.
MA OIL this point lie may, with perfect consistency,
approve charter Of Bank which shall be concerned
with his ideas OF expediency aud, as his avowed obec
ton to the present one Is, that is capable OF interfering
with his Government. we may infer that he will APP
prove the charter Of another Bank constructed as 10
be under the control oil his Government and il he will
not his successor may An honorable gentleman from
New York (dr Wigh) has, understand, explicitly
declared his opposition renewal OK the charter OF the
present Bank, and to charter OF any National Bank
do not question his sincerity But know that all men
are, less, tho OF circumstances tina,
strong temptation, or impcous necessity has often chang.
ed mems opinions, and yet oener their of conuc;
they may mount TO degree OF which no human
hrmness can resist aud think not at all improbable
that The developments OF this present year. 1884 NAV
serve 10 show the people Virginia the inine mt danger
not 10 say certain prospect oil Bank over The ji.
ecuon OF which an overrung influence will be given to
the President, and which will thus combine the tendency
o' the present Bank TO consolidation, with
tendency OF the Government to monarchy Ii such an al.
tentative be presented 10 u.s. we must snake o,r choice ~
evils.
Or, perhaps the developments of the present year may
open to US the prospect OF that Bank of the United States
the scheme oil which darky minated TO the public
In the first message OF the President Congress- at the
first session after his first same that was
commonly called Treasury Bank. do not know iba,
iny penetrated the design perhaps it not intended
TO be ntelgibe TO ordinary minds perhaps it was at
the Time IN crude, undigested state-but as l under
stoou Vndeedi could make nothing else it, the plan
was TO convert the OF the United States between
the time oil the collection and the disbursement OF it, into
control the President Now sir surpose the a,te,na
tive shall be presented 10 whether The charter OF the
existing Bank OF the u. S. shall be renewed or such
Treasury Bank as this established? Such a Treasury
Bank as this! would give the President the means of
purchasing crown; matter whether he should employ
those not they would constitute the poentaity
of knely dominion, and would trust such faculty to
President; not if he the father from whose
IONS sprung power dangerous TO his virtue, de.
srucuve oil the virtue OF the people odous fatal danna-
tory otour free institutions.
AT all events, sir, the developments of tho present
year must enighen to the nature and effect OF the
'chehe which, so lar as any scheme has been
to the Senate by any friend of the on This
foor or announced to the public by the President in
hose answers oil his 10 the Committees from the great ci
lies, the scheme OF the Government; and that is IN
leave thugs exactly i'll their present state The Piesi-
dent has formed league Of State Banks OF his selec
on In which he has deposited the public monies collected
AT the places where they
power himself withdraw these depostes from them Al
his pleasure He has power to examine their cond ion
al any time and to scruinize their conduct-Congress
has no such power He has urged them 10 trade on ,e
deposes Tor the purpose OF giving TO the
puOhc; which we be they naturally
TO do without his prompting. Now, in the first place
ask any man who concurs with me in the opinion that
this Government the phrase nov la lis proner
meaning the whole GovernmentD has no constitutional
authority 10 create National Bank for the puopsse of
making fiscal agent, how he possibly think tina,
the President has constitutional authority frame
OF stale Banks and make them fiscal agents? L. there
any man who can be reconced to measure which he
Objects TO as having tendency consolidation bv the cir
eninsance that 1t has also tendency monarchy In
the next place. say that, by this scheme The President
has secured 10 HIMSELF If not directly, power to dis
pose oil the public treasure in the interval tho
collection aud the disbursement OF vet an absolute con
troll over the State Banks depoc which is very near
y the same thing. Take that Manhattan Bank again
ia al b.,
lions oil dollars. The public revenue collected in New
YORK is, at least, twelve millions of dolarsone half of
which, six millions OF dollars is deposited i'm tho Man
haitian Bank. All banks trade the average amount
oil The deposltes conded il, which is a.cerained by
experience; Let us suppose, then, that the average
amount OF dtposieso the moneys the United States ON
which the Manhattan Bank will trade one third of The
whole amount Of the depoSites q am not pretending TO
accuracy in these estimates neither is accuracy
70 my pupose) Then the President will have given this
Bank capital to trade equal tue whole amount of its
capital by charter What becomes Of The authority OF
the state Legislature OF New York, which has limited its
capital to two millions OF dollars? But let the Bank pro
coed 10 trade the public deposites no matter how eau
lousy ana men let 1t presume to dsobey any orders
from The President, however unreasonabIe-et his sus
pcions be aroused, with without cause-and let him
ousn mistake, or caprice, or anger, or passion for
guest withdraw the public depostes it, and leave The
Bank an overtrader exactly the amount 10 which has
traded the deposies; who does not see that tho R.nL
IN sneh state OF things, mus, be placed in imminent eo
Pauy, not condemned TO instant bankruptcy? that TO
AVOID the danger OF ruin, it be his And who
doubts which alternative this artificial being wi,bout
vi sou', oooHu ny lhe law oil It's follow
interest must embrace? The power which the President
has secured 10 himself this league OF State Banks il
quite as unconstitutional the incorporation of ,onal
DahR oy Congress-ndeed, much plainly far
more pernicous; Tor is not only assumption of poye
not delegated by the Constitution, but it is an appropra
uon o. The usurped power 10 The Executive DEPARTMENT
III an attempt shall be made TO regulate the exercise of
this power by law, shall whether the object can
by any coniiivance be accomplished meantime it re-
CURES Pohiica sdgacy 10 perceive, that if the preva
'e ho"ohs OF Executive perogatve shall be sustained
all such attempts must be vain and nugatory
The Developments OF the present year NAV open ano.
Their view TO the people oil Virginia. and of this whole
Union III is, presume, known to every body who has
bestowed the least attention the subject that il was by
means oil the public depoes, the xon
es with the mother Bank and with each other and The
consequent absence OF all rivalry among Them that the
Bank oi the United States has been enabled and that
has been its Interest," 10 facilitate exchanges between the
different parts OF the counry, at moderate rate The
members OF this league of State Banks are no more likely
than those OF other leagues be exempt from rivalry
nor VIII even the master influence of the President be
able TO make them work in perfect harmony The reye
que oil the United States, collected the mort of New
York, equal least $l2 900 The deposites Of
and these Banks TO make distribution of il tbrouphout
the United States. This must give them should think
and through them the city Of New York vast proportion
OF the whole business OF the domestic exchange of tbe u
States; add TO which, in consequence OF the concenra
ton oil so large proportion OF the import trade OF the
country in that city, every dealer in foreign merchandise
in the South, West, Southwest, and Northwest must have
money current in New York. or credit there am not
ae to estimate the value OF such advantages nor in.
deed sure that clearly understand them: am throw.
ing out hints for the consideration others better in
formed. Will not New Yerk avail herself of ali snch
self 10 The uttermosl Will she not make lie nj
M them When Vvb.ro b., a.