Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-11
ef" but this they 10 by fixing by Law the value Of goi
and siirer coin and this power exeeued by the nt.

e" but this they 10 by fixing by law the value Of goii
and siirer coin aud this power execued by the mint
aud moi by the Bank The argument Is, that a National
bstk il necessary regulator Of the piper currency
at he States Il this he ten Congress have conferred
upon corporation OF its alton, power which they
do themselves possess Congress possesses power
either express implied, 10 create agent TO regulate
the paper currency OF the States. IL is power aud
check throw the States holly unknown the Con-
s,itutoD To create arbitrary regulator o paper
reucy, without competitor, which may contract
pand Its issues pleasure, il put in s power the
regulation OF the money price OF the hole property
OF the country. BY contracting s ssues, il makes
ney scarce, AMI IN proportion 10 it, scacy the more
valuable, an1 thus the money liice OF pro-
perry: by expanding its business !, n'skes money
abundant, and raises the price Of property. icgu
is'or wihout any power reserved any "iere 10 cheek
or conuoi H. might subject the property oil every IN.
Lyidual den, great aud ruiuous depreciation Is
safe the value OF the whole properly OF the
~ 10 the fluctuations in price with such regUaor,
IA the orn of irresponsible may,
tainy would produce? We have i, from high authority
(be President OF The Bank OF the United States himscl
that tho State Banks exist by the fOkeaGnce Of the Bank
OF the States and that 'bere very few State Banks
which might have been destroyed by the exeriion OF
the power OF the Bank of the United States" Ought
sdch powered destruction 10 be granted corpora
ion! Was such power deem to be necessary by the
| trainers OF the Consiiiu ion?
propose very briefly look into the origin history
OF ih Bank question under The federal government. The
Inst national Bank es,atli-bed, the Bank North
America That Bank iucor GRATED by the CID Con
gr.ss IN December, ISL Doubts existing the pow
eroi the old Congress to create such corporation;
,ions adopted requesting the sewers. States pass
laws OF incorporation Accordingly Penas lvsna passed
an act Incorporating the Bank 81 North America ia
1882 three yeats afterwards (n 1852 she repealed her
act OF incorporation aud in the repeating act is found this
preamble assigning reason OF the repea
Whereas the Bank established city OF PLilsdel
pll. hath been ouud Ia be injurious TO The tceldre Of
h's STATE and ITS tendency appears to be ncompdti
Die tcM The public safety, therefore" sc. The act was
repesed because In heopinn OF TIE Legislature OF the
Commonwealth oi Pennsl lva Ds, the Bank incou-
| pa IDLE vii the public safety. IL il true that two
years afterwards I'm l7S7) another political party
| INTO powcrin that Sa,e, and passed law repeating
the repeating act OF 1876. aud thus revived the Bank
North America But in the preamble that act also
u dee la ed thar in the charter OF poraon, such n
thtons and restrictions should be inpoed the Bank
that should no become can object Of jealousy op
PTehension TO The good People ~ this Stale" This
Immediately preceding the eling OF the Convention
which framed the present Constitution, aud the
public opinion in relation the Bank OF North America in
Pennsylvania, aud doubtless in Other States also must
have been perfectly familiar TO the members oil that body
In continuation OF this Mr. Jefferson, in his pond.
euce details the following important facts, viz:
"March IL, 1898 Baldwin mentions at table the follow
ing lact When the bank bill under dscu in the
House OF Representatives, Judge Wilson in and
was standing by Baldwin, who reminded him OF the fol.
lowing TACT, which passed in the grand ention Among
the enumerated powers given TO Congress- one 10
erect corporations Ii debate, struck SIEVE.
raj particular powers were then proposed. Among Others
Robert Morris proposed give Congress pow esia-
bls National Bank Gouverueur Morris opposed il;
serving that II was extremely doubtful Nhefher the Cen
situuon they framing, could be passed all by
the People Of America; that give il its best chance
however, they should make palaabe as possible and
put nothing n'o il very essential that might raise up
enemies; that lis colleague (obCr Morri) well knew
tina, Bank was in th,ir State .nnsy vana) the very
watch ord of party; that bank had been the erea
bone OF contention between the two parties OF the State
from the establishment OF their Constitutions having
erected put down. and ereced again. either party pre-.
donnaeG HAT, therefore, 10 nsei this power would
sianiy enli.t ag'ns the whole instrument, the whole
the anti bInk party OF yvauia Whereupon, il as
rejected every other special power except that oil
giving copy rights TO authors and patents inventors; The
genera power OF Incorporating being whied down 10 this
| shred Wilson agreed the fac,.'
These facts show the jealousy with which, at a very
early ierOd, moneyed corporations were viewed The
secret journal oil the Conveni published Tor the first
time lew years ago, show that all attempts TO confer upon
the new Government an express power 10 create such
corporation the present Bank oil the United States
csved no favor in that body. Such corporation not,
therefore, that time regarded either indispensable
! fiscal agent, or as regulator OF currency.
When The old Bank OF the United States was incorpo.
rated ia February l79 it was not upon the ground that
Il was required as Iegua OF the currency, aud that the
State Banks were incompetent to discharge Tie duy OF
fiscal agents Upon the point OF te competency OF
Banks do the bus nesssoi the Government, MIR. Jer-
son, in his Cabne opinion, on the occasion Of granting
The charter 10 the old Bank II the United States 1871
thus expresses himself, viz:
"BSSdes the existing banks WILL without doubt, en-.
ter into arrangements Tor lending thcr agency; and
iavorabIy, The will he competition Ung the m
Tor III whereas the bin delivers bound TO the national
bank who tree to refuse all arrangement, but their
terms, and the public not tree such refusal,
employ any other bank That OF PhilaJeiphs, believe
does hs business by their Iost notes, which, Ivy
arrangement with their Treasury, paid by any State
collecIo TO whom hey are presented. This expeden
alone suices prevent the existence of that necessity
which may justly the assumption oil
powcr Tor carrying Into effect
one. Tie thing may he done. aud has been done, and
ell DONE without tts assumpi therefore, it does not
III that degree Of necessity which honestly jus.
uty IT,"
In the mortal OF tina, bank for renewal of lis char.
ter presented Congress December, 49, 1870 the same
olecli urged against the employment OF State
bhnks that heard from those ho advocate the re-
charter u The present bank. In That memorial, the old
Bank OF Tic United States holds the following language TO
Congress, VIZ:
''As the State banks your mcmorissts fully SEN
shlc Of the benefits resulting Iom thtr esai shment,
and Of their suciency Tor the purposes OF their
the local accommodate OF the places in Wl ch they
ist. But their capitals by adj quate the
demands OF the General Government, in time oil
gency when e ordinary claims their own Slate
Governments, rnd OF tkeir particular customer,
would be increased, and entitled 10 preference Neither
could tie transmission Of the public moneys from one
quarter OF The Union TO another, be Ieced h sufficient
and despatch, 10 The reque extent, by banks
limited capital having connection with, dire clion
/ over ach other.
Nor WOULD be prudent in the Government TO trust
the der0site OF its funds, The which they
sometimes east in variety Of institutions united by
common bond, and in degree p0nshe Tor each other
hose conduct the General Government could have
no contro inO whose management and condition it could
moi legally Inquire, and which those is sutions, il
disposed could legally communicates independent Of
tile hazird 10 which tie public moneys might he subject.
ed by nsman gcmeu power would be placed in hands
~" ch, hoIn ont Of responsibility aud OF control,
might be used 10 Injurious purposes" Z" Nor is il easy
10 calculate the effects which the destruction the Bank
would produce the loss it would the public
revenue TO charitable institutions, HidOws, children aud
others Interested in tie stock; from The pressure which
| the other Banks must be inevitably sui je ted; from the
ty4 tfnl 10