Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-10-10

", al ~
posaion. Unheppiiy these never 0ssc=-ihat
y, to say enough. when occasion comes Tor recurring TO
them. When Bauk fails its assets always less i.an
It's debts; that responsibility fails e Instant iha, liability
aecrues. Let say that the Bank OF the United
States great tall Que greater IN an H. and is mus
otype has Jailed, aud that in day, and for twenty
years al Tine The Bank OF England failed IN 1891 and
the Sank OF the United Seies on the point OF falling
IN 1919. The same cause, namely stock. iobbing and
ovetifadng carried both 70 the blitk OF distractions the
same means saved both, namely the name, the credi,
the helping hand OF the governments which pro,e ct.d
ihen Yes, the Bank OF the United States may la,l and
rs stockholders live la sendour upon the pncely estates
acquired with its notes. while The ut ious classes who
hold these notes, will be unable receive shilling fer
theme This is unjust iiss vice ia the charter. Tie
true principe in Banking requires each 10 be
liable 10 the amount OF his shares; subjects him to the
summary action OF every holder, he failure of the in
snon u lac Ia. pad upte amount OF his subscription
hs is the true principle Ii has prevailed in Scotland
Tor the last century aud such thing as broken Bank
has been known there in all that time.
y. To have the United States Tor a partner Sir
there is one consequence, result OF all
between government aud individuals which should Of
usei and in mere mercantile point Of vew condemn
ths association the part OF the Federal Government
is the principle which puts the strong partner
To- bear the burcu Whenever the concern is i'm DANCER
he weake' members ioek TO the strong partner the a
proach OF the storm; aud the necessity OF ventung more
10 save what he has already saked leaves him no aerns
tive lie becomes the Atlas OF the firm and bears all
upon his own shoulders This is the principles what i.
the tac'! Why, that the United States has are adv Lecn
compelled TO sustain the Federal Bank; to pop it vi her
revenues aud It's credit in the trials crisis Of its ea,ly
suffered by the United States account oil this partner
sr-the immense standing depoes Tor which we ceiye
no compsnsa'ch; The loan OF five millions Vt our own
money, Tor which have paid million and half inter-
est; the five per cent stock note which we have Maid
our partners 81 1926 900 interest the loss OF ten millions
Oh the three per stock and te tic uous stropbe
OF The miserable 6onus, wbch has been paid TO us with
fraction OF our money: pass over all this and
come 10 'hc point OF direct loss as partner in the di
vidends upon the stock itself Upon this naked pont of
proh and loss. to he decided by rule i'm arithmetic we
have sustained direct aud heavy loss The stock held
oy me United States as every body knows. subscb-
e' not paid IL was stock note deposited Tor seven mil
Mons OF dollars, bearing interest OF five per cent The
hnucement 10 this subscr pton the seductive con
Sspuoh 'hS,' 10y paying hive cent on its note, the u
deS would clear iour FIVE per cent in getting dyi-
d'hd oil eight or ten. This The Inducements now for
the realization OF this iue option Let us see it
here II =: an official return from the Register OF the Troa
suy OF interest paid aud OF dividends received The ac-
count stands thus
ineres, paid by the United States Sl725 600
D"'uehns received Oy The U. States, 1929 .I26
Loss TO the United States OK AZ,
advantageous as This partnership must be to the IT,
states IN iaoneyed point of view. there far more
grave and FERROUS aspect under which view it, Ii is The
po'itca aspect resulting fom the union between The
Bank and the Government This union has been tried In
hgal ana h2s been lound there 10 be just disastrous
conjunction as The union OF Church and State II is the
conjunction oil the LENDER and the BORROWER; and
Holy Wit has told which Of these aegories III he
master oil tie other But suppose thew apee 10 ,,on IL
valy, and unite their resources Suppose they combine
and make push Tor political power how great is the
head wish 10 use The language Of one of the brehtes
patriots OF Great Biitain no has shown himself i'm
these modern day. to be the worthy successor OF those
on iron 0GT0nS whose patriotism commanded the unpur
cha'eabe eulosium of the elder PIrr / speak of Sir
MILAN PULrENEY, and his speech against the Bank
oil England, in 1897.
THE sPEEcH-ExrRAcr
VI nave said enough TO show, that Governmen MT has
neen rendered dependent the Bank, more parcu
larry so IN Tue lime oil war; and though the aux has moi
yet 4llen into the hands Of ambitious men vel |, s evin
tia might, in such hands, assume a power sufficient IN
control aud overawe, not ouly The Ministers but King
tlus become dangerous Government il might, on the
her hand, by uniting with ambitious Minister became
the means OF establishing fourth estate SUFFICIENT r.,
'o'e 'is nAton Ia slavery ard there
lore TO he dreaded much a certain East Inli, Iiu
was Justly dreaded, A. period very remote will
Lo' say HAT the present Minister (hc Younger pi,tN Inv
ende avoring at this crisis take Bark OF Enelan,i nm
DER s protection, have any view to make use here
aer; OF mat engine TO perpeuare his power and 10
enable MN % donneef over our Constitutions il tht could
be supposed, would only shew that men can entertain
very different rdin OF IDEAS when avorDg TO OVERSEE
rival from what 10 theG, hen Intending 10 ann
port and fix hemscl. NV object il 10 .ccrre H. i
ny against al risk either from the Bank rs opposed 10 Co
veihmen', or as The engine OF ambitions men"
Ana tins Is my object also wis, secure The Union
from all chance OF harm rom this Bank. wish 10 pro
vide against its friendship, ell as its enmyapaius
an danger iron It's hug as we'll from its blow wish
pros against all risk aud every hazard; for il this
risk and hazard were too be BIZ K1Nc
LORDS, and COMMONS III Great Britain, hey must Ger
tainy he too great be encountered by te neonIe NJ E
onn'd STATES, who are but commons alone.
lO To have foreigners .or pdrners.-1his MIR prosi
ueh, VIII Oe STANCE story 70 be told in The Vest The
downright aud upright people Of Thai unsophisIicated re-
gon believe tfai "",ds mean what they signify and ,,
The Bank ~ the United Stats" is the K'nL % I
United Siaies How great then must be fIieir astoni,I
Wen 10 learn that this belief is false conception and M
'hs bs Kills whole name TO contrary noS itI.ianJrg
just d. uucb Tie Bank OF ireigucfsa is the Pre, I
h0Hefifrnt Here would like 10 have tile tro, Iist NJ
HE uSmes aud nations, 10 establish This almost cr.h
fact Bat l have access EXCEPT TO The nubjir dc',
mens and from OF these learn as much as viii AZ,
swer the escht pnch. 1t is the report Of The Connit
Tee Of Ways aud Means in the House of
Tor The last session OF Congress That report admits ma
foreigners own millions of the stock of This 1mL
and every body knows that the Federal (;ovenmat 60,
seven millions also ~
Thus il ~ proved that Foreigners are as decnIv o,,
ed in this Bank as the United ates seu n ,Ic s.,,
OF renewal OF Tie Charter they viii be much moro e,
interested man at preen Tor prospect RI ,ise in th
STOCK 10 ZoO and c uns tiled state of fngs in Erone
VIII induce them IN make great Investment IL 4, -, ~
purpose to say that The foreign stockholders cannot he vo
ter. directors. The ans ,yer 10 that spoge.,io
lhe io elshets have The money; they pay down t rel
anu WSt no accommodations; they iendeys moi b,
'oce'Sj dndn great moDeyeh institution such stoeEtol
eTs must nave The greatest Influence. The u1,ue nj ~ =
BANK Is deception upon The public A is ,o, ,hc RI
OF the Fcdersl Government az its Mans yro,i ~ H
OF the States which compose ti4 Union but ci.n,, of
PV"c huNiuals, foreigners, isel uatiyes d,u1eo
and ualur~iiLed su jscis They own tweufv.sisI nj,
mons ~ the siock Tie Federal Government but seven M
uoAj "' 'rse seven are precisely balanced by the stock
oil The aliens. The Federal Government and e ,I;. 80
equa ming oneiIftI esch and there out he a. .t
truth Ia calling IL the Engisl Bank as the Bauk of , n
states ROW, marx a icw OF the privileges which a 4.
charter gives 10 these Foreigners: 10 be landboders Ia
dehtnce FL ie State lave, which forbid aliens IL h,lt
s"' We ladioids, by incorporation, and hold Ame
rc"n czens ior tenants; TO hold lands in utorfto;1
10 lie brokers' u,efcl,atfs h,,