Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-06-03

objection II would however, be wanting in candor on
my part not TO declare that my impression Is that
Bank oil the United States, engraed upon the old will
be found under all the circumstances of the
hne the greatest adv sDisges and be liable TO the
est objections; but this impression /. firmly fixed
TO be inconsistent with calm review Of the whole ound,
or to prevent my yielding the conviction oil ason
should the result OF such review prove that any other
preferable Among It's peculiar recon,me njaons may be
ranked the consideration, that while would scrd the
means oil prompt and eectual apple alton miig
aud finally removing the existing distress il ould a, the
same 'me open TO tie Whole community fair opportunity
participation IN the advantages OF the institutions be they
what they may.
dictate preerence1 that the present bank he selected
the agent 10 effect the INTENDED Object What PROV
VIII be necessary will suggest those that have
red to me, mainly, however, with view OF exciting the
reneciion OF those much more familiar banking opera
lions Than myself and who o, course, comp
TO form correct judgment on their practical effect.
Let, then, the bank charter be renewed for twelve
years alter the expiration Of the present ter with such
notifications aud limitations may be iudg ed proper aud
that after that period shall no notes under tel dol
lars; that Government shall receive in its dues any
sum less than ten dollars, except in the legal coins
United States; that it shall receive in its dues the
notes OF any bank that issues notes OF denomination less
than 1--we dollars and that the United States Bank shall no.
receive in payment, depose, the Of any bank
whose notes recev able in the dues of the Cove rn
men; nor the notes OF any bank which may receive the
notes OF bank whose notes receivable by the
Government. At the expiration oil six years iron, Ia.
commencement OF the wed charter let the bank be
prohibited from Issuing any under twenty dollars and
let no sum under that amount be received the dues
gold be raised at least equal 10 that oil silver take
effect immediately, so that the country may he re-
penshed with the coin, the lghtest aud the port
able In proportion to its value, take the place OF the
receding bank notes. Ii is Tor state
that at present the standard value OF gold is several per
cent less than That OF silver the necessary effect Of which
has been to expe gold entirely from circulation aud
thus to deprive us OF coin well calculated for the cir
culaton oil country great in extent and having so
vast an Intercourse, commercial social and political, be
tween all its parts, az ours. As additional recomnen
dalton TO raise its relative value. gold has Of late
lntno lfanf ,tnft
union-Virgnia, North Carolina, and Georgia-to the
industry OF which. the proposed would give
strong impulse which in turn would greatly
the quantity produced.
Such are the which have occurred me. There
are members OF this body lar competent judge oil
Their practical operation than myself, aud my object is
simply TO suggest them for their ree con, for that
others who more familiar with this part of the SUBJ
jet, will not present enter into an inquiry as TO their
efficiency, with view OF determining whether they are
July adequate TO effect the object in view There
are doubtless others OF similar pion. perhaps
more eicacious, that may TO the experienced
would Freely embrace, as my object is TO adopt the beet
and most eihcient And may be hoped that, il xpe-
'enee II should be found that neither these provisions,
nor any other IN the power of Congress- fully ade
quaie 10 effect the important reform which have pro
posed, the cooperation OF The States may be afforded
least TO the extent OF suppressing the circulation notes
under hve dollars, where suci permitted be issued
under their authority.
omitted in the proper place my for sug
geshng twelve years The term Tor the renewal oil the
charter OF the bank. 1t appears TO me that il is long
enough to permit the agitation and distraction which no
short to enable us 10 avail ourselves OF the full benefit
the light OF experience, which may be expected be
rived from The operation OF the system under its pro-
visions. But there is another which appears 10 me
TO be entitled TO great weight The charter OF the Bank
oil England has recently been renewed Tor the term
oil ten years. with very important changes, cslcuat-
ed 10 furnish much experience upon the nature OF bank
ing operations and currency. Ii is highly desra-
be il the bank charter should be renewed or new bank
created that should have the full benefit that expe-
Renee before the expiration OF The which would be
effected by liking the period for the time have desg
ted But as my object IN selecting the charter OF the
Bank oil The United States was simply to enable TO
present the suggestions have made in the clearest
form, and moi TO advocate the charter, shall omit
TO indicate many limitations aud provisions. which seem
to me 10 he important 10 be considered when The ques
ton OF It's permanent REVEAL is presented should il ever
be- Among others, entirely concur in the sueges-
ton of The Senator from Georgia OF fixing the rate of
interest at five per cent; sugge Tie very high.
est Importance, as having most important bearing The
value oil property and the prosperity of the country in
every branch OF its industry aud 10 which but obje
ton cam in my opinion be presented the oppos.
Ing interest OF existing all which dis
count at higher rates, aud which may defeat any
OF which constitutes part. In addition will
simply that for shall lee disposed adopt such
provisions as are best calculated the Government MI
from any supposed influence the part the bank or
The bank from an improper interference the psri OF the
Government; which may be necessary 10 project the
rights or interests Of The States
Having stated the necessary to apply the
remedy, am thus brought TO the queson-csn the
sure succeed which brings the inquiry Of how far IL
may be expected TO receive the support OF several
parties which compose the Sena'e, and which shall
next process 10 make a few remarks
First, then, the State tights party give il their sum
port-tiai party oil which am proud ofbeing member,
and for which entertain strong an attachment The
stronger because few among many? In PROPOSING
this question. not ignorant of their long standing
constitutional objection 10 The bank, he ground that
this was Intended 10 be- is usually expressed
money Governments Government whose circulating
medium was intended 10 consist OF the pre- metas
aud Tor which object The power OF coming money aud re
guidg The valve here0i expressly conferred hy the
COnstu ion. know how long aud how sincerely his
opinion has been entertained, aud under how many diff
cues it has been maintained Ii is my inc niion 10
attenp 10 change opiuOn firmly fixed, but m ey
be permitted TO make few observations in order TO pre-
sent what appears 10 me 10 be the question in refer
tnre TO this constitutional poinn order that we NAV full
iy comprehend the circumstances under which we are
placed 10 reference il. With this view do not deem
necessary TO inquire whether, in corierog the DO or
to coin money and 10 regulate lie value thereof the con-
suiion inter ded TO limit he power strictly 10 coin
ing money and regulating its value, whether il in
tended 10 confer general power over the
simply 10 the metals, may be extended TO ohsr sub
Stances II through gradual change they may become
the medium OF the general cualon OF tie world mass
these poims Whatever opinion there may be entertained
IN reference TO them, all must agree, as fixed pnc
pie IN our sysem OF thinking constitutional que ,ons
That The power under confederation, like other political pow
ers Is trust power, and that like all such pow re- il must
be so exercised as TO effect The object 1.-The as far
II may be practicable Nor disagree tina, the OH
iect Of The power these States safe uni
form, and stable currency The the pow er; the
terms used 10 convey is the history OF the times; the ne
cessiiy, with the creation Of Government, Of
having common and uniform circulating ediup: and
the power conferred TO punish those wo by
may attempt TO debase and degrade the coins of The