Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-30

In sooiety-he rich the poor The propeTv boIder or
tue money holder; and, in making these remarks I am
not scu0ted by the slightest feeling of opno;,io q, h
aver MY object is simply point out important rela
uv's udt exist between them, resulting iro,n the laws
e" govern me currency, in order that the necessity
LOT uniform, stable, and safe currency 10 q,arI AGAINST
dangerous control OF one class another NAV be Clear
oh s'a"a 10 my place simply as Senator from
SCUM Iaroina represent her this floor and TO adj
vance me common interest OF these States as far as w,
law law .ne constitutional power, and far il can be
e eohss'ehy WITH equity and Justice TO the parts-
am The parzan as have said, of no class nor Iet
me ado' OF any political party. l am neither of the
opposition nor OF the administrations If 7 act viii,
The ormer in any instance, il is because 4 snnrnva
o, 'her course on the particular occasion and shall
%"sys 1e happy to act with them when do APP.
Pe. oppose the odmnisiraiion--ii desire 10 see
power change hands, Il is because L dsapprove oC th
general course OF those in auhory because thew have
eepaee from the principles which they came into OIL
nee; because, Dste al oil using the immense pove ami
onhse put IN their hands 10 secure the liberty o tba
County and advance the public good they have pervert
Gu INTO party instruments tor sonal ohs Ru,
mime has rot been, will il be systematic opnosi,ion
ha'eyer measure OF theirs may deem right, shall
cheerniiy support and only desire that thew shall ai
FORA me more ir' quen for support and fewer
'or opposition, Than they have heretofore done.
WIN these Impressions and entertaining deem cop
Wchon mat an unhxed, unstable and uctustne c,,Irencv
Is TO be ranked among the most fruitful sources or nv;
"neher viewed politically in reference TO the business
transactions oil the country, give my consent 10
any measure that does not place the currency ON so5
ioundation III thought this determination would DELAY
lid 80 necessary 10 mitigate the present calamity, il
wou'u oe 10 me subject OF the deepest regret feel
hat sympathy, which trust ought for the suffering of
sonony OF my ielioT citizens who their hopes Isilv
WHhefed. however, console myself with the renec
ZION tina, delay will not be the result but on The con,
tehei viii be haseped by the view which take Of he
surJce' hold impossible that any thing can bn oao,
ed, egardng the subject as mere bank ouesIion ViJ
III hat ght the opinions OF this House and of the oo
", Oh Congress Is probably defniyey made up
III Tue senate II IL known that we have three parias
whose views, considering Bank question anpea a.,
oe irreconcabe All hope then, of lief mus, Centre in
aSns more elevated view, and in considering il in tic
true light subject Of currency Thus rssordaL r
a oe surprised H. on full investigation, there will not
IT, sehsi N"o's coincidence oil opinion between
"ose whose views on slight inspection, would seem ia
DC contradictory. Let US iben proceed TO the nyosis
uon OF te SUBJECT under the aspect which have pro
What, then is tie currency of the United States,
"hst lie present state and condition? These are Iha
questions which propose now TO consider viii . -;
asoer'einpg what Is the disease what the ramedv
anu mha me means oil applying it, that may be ne
70 Ies'ore our currency TO sound condition!
ne regal currency OF the country: thai in which alamo
ueOs can DE discharged according law are certain gold
ana copper coins coiaed at the of the u S.
ana issued by their authority under press provision t
the Constitution Such the law. What now are The fct,
mat the currency consists almost exclusively no,e
eoa having entirely disappeared, aud silver in great
me asure' expelled by banks instituted by twenv-6ye
distinct aud independent powers, and notes issued under
ofe, a" PvIin "a Iav InIr ta1es 5a,
coih 'he ae'uai money, (ior such call bank
notes. and regulate its issue consequently its va
lue III we inquire as 10 their number, the amount of
'Iei' issues aud other circumstances calculated TO show
their actual condition, shall find that so rapid
has been their increase and so various their cbonose
that accurate information can be had AccorJinn
fo>tbe latest and best that | have been able IN ss
certain, they number at least four hundred and 6ftv
win capital OF not less than hundred and forty five
millions oil dollars with issue exceeding SEVENTH mill
lions; and the whole OF this immense fabric standing mon
metallic currency Of less Than fifteen millions Of dol
1s OF which the greater part held by the Bank Of the
u States 1--we compare the in circulation with
The metallic currency In their vaults, shall find the
proportion about Elk TO and if compare the latter
WIN The demands that may be made upon the banks we
shall mud That the proportion is about eleven we
examine the tendency Of the SISTER. at this moment we
shall find that it's the ncreaae-rapidy on the increase
of len n,illin, n.
lore The Legislature OF Xok butrecenty one OF five mill
lions was established in Kentucky; within short period
one OF large capital was established in Tennessee be-
SIDES others IN agitation in several OF the other States
Here Mr. PoI,ero Louisiana, said that one OF eleven
millions had just been established in that State1
This increase is not accidental II may be laid down as
law that where two currencies permitted 10 circu-
late in any country, one Of cheap and the other of
GEAR MATERIAL The oImer necessarily tends grow upon
the latter, and will ultimately expeI from circulation un
lees ITS tendency increase be restrained by powerful
aud efficient check Experience tests the truth of ts
remark the history OF The banking system clearly
illustrates. The Senator from Massachusetts ruv said
that The Bank OF England derived from that Of Am
steIdam, as ours III turn from that of England
Throughout lie progress the Truth OF what have STA
ted TO be law OF the system is strongly eyinced. The
BANK oil Amsterdam was merely bank Of deposiie--a
store hou'e Tor the OF the bullion and precious
metal brought into that commercial metropolis through
an me eb""nes oil its widely extended trade. 1t was
placed under The custody OF The city authorities; and on
the deposie, certificate issued as evidence of
the Tact, which was transferable, ene the holder
TO demand the important TACT rs as soon
that large portion OF The deposies mig be withdrawn
i
aud that the resue would he sufficient TO me the re-
turning eerihcaee Or, what s the same in fife that GER
iitcses might he issued without making deposie This
suggested the idea OF bank OF discoUnas well as epose
The fact thus disclosed fell too much in with the re-
nus OF The system be lost, and accofdngy when trss
pdntsd England, suggested he idea Of bank oil dis-
count and OF depos,e; the Veiy essence OF which form
Of banking ha Oh which their prol depcnds consists in
issuing greater amount 0i than has OF spe Gle in
It's vault But the system is regularly Progressing under
tile imPuire oil the laws that govern it, from ia present
form to mere paper machiDoa machine Tor fsbrIcape
ana issuug DOies not convertible into specie. Aresdy
BIS il once reached Ibis condition, bolts England and tie
United States, aud from hic it has been forced back i'm
both TO redem piOn oi lie notes with great difficulty.
This natural tendency u The system is accelerated in
our country by peculiar caGses, which have greatly -
creased It's progress There two powerful causes il,
operation The one resulting iiom that rivalry which
mus, ever take place in States situated are under
Gepeia Government, aud having free and one com.
mereisl intercourse. The Introduction Of the banking
system III one STATE, necessarily, Ills principle intro
duces into all tlo others, OF which have seen srk.
ing iusaon The part ct Virginia, some Of the other
Southern states, which entertained, principle strong
aversion 10 the system; yet, they compelled, after
long snd Stubborn fostance, to yield their objections, or
permit ,hcif circulation be furnished by the surrounding
states 81 e expense Of their capital and commerce
The cause which thus c0mpels Stale initiate the
example OF smother IN introducing The system from seiide-
icnCe will compel the other States Ike manner and from
he same GAUGE, 10 enlarge and give increased activity
tie banking operation, whenever sHy OF he Satess
TIC example OF 50 doing lie part; aud thus by mutual
scon and seton, be whole system rapidly 6ccelerat
/ ed 10 tho final destiny which have asigned
he T. strikUgy eXemphhed IN the rapid progress Of the
system since first introduction Into our country AZ
the adoption OF our Constitution, period Of lony eve
years, there we're bot 'hfee banks ia lbe United sates