Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-23

From the wor'hessness OF the Bank, Mr. b. pIoceede,
to its offences and undertook to show that, coding in IL
power TO do as pleased, and its ability TO escape in,
ice, 1t had repeatedly violated its charter rampled Con
gress under its FOOT oppressed the community and Fri
umphed in tlie IMMUNITY OF its misconduct The first in
stance that he would bring before the Senate was IN,
case OF the famous currency Of branch bank drafts: which
had been so often mentioned in the of the debate
But was moi TO argue their validity that now smoke
| them. That point was settled by law and reason tw,
years ago. minds of ho,e Weld TO re ason il 10
| settled by authority, the last term of The Sunro,
Court in the minds Of those with whom authority i
more potent than law and Ii was not TO argue e
legality that he referred TO hem 6ut TO eipe e;,
hisfory-an instructive detail should be 10 all
who should hereafter undertake TO create national bank
and to bind it by charte For this history Mr. H. would
have recourse TO The evidence obtained by the nvestga
ting Committee two years ago, and would use the verv
words oil the President Of the Bank in giving that b.tory
10 the Committee. This is his account of il:
Inc inability Of the Bank to furnish the amount Of
circulating medium which il created to supplv he
came apparent at an early period. In year after ,s
organization, the directors presented memorial to Con
gress, dated the 9th January, 1918, requestug that an
dteration might be made in the charter so as 10 autbo
nze the President aud Cashiers OF The several branches
TO sign the notes issued by those branches .Tbe sub
ject was renewed by another memorial dated Novem
Der 24h, 1920, requesting authority TO appoint .oners
to the notes THE application again renewed and
Select Committee OF the House of Represen,aves ro
ported in favor Of allowing the appointment of sion
ers ON the 27h oFeb 1923, but there was no action
OF the House upon it, 'On the LIST of ember 1926
the President was instructed to or 10 procure me
necessary change 'He reported, on the 27ib of Fe
1927 that action The subject would take nacs in
's' session o. Congress; a"cora h he matter ~as
So far, Mr.. B.. said, he had read the word. of Tho
sdeD as contaiDedn the volume OF evidences brought in
by The investigating committee. IL presented a lively
picture oil The easy promptness with which matter
winch Congress for nine years had refused 10 ACT unon
ana by feesng' had acted upon, could be referred as
ming oil course aud "deeordiHgiy TO subordinate com
"tt'ee ot the Bank oil the United ST. tes sppointed amd
presided byihe President Of the Bank himseI '''
Mr. b. continued: The matter was now i'm the b,nds
Of committee, not OF Congress. but Of the Bank Of the
United States; aud leaving il in their hands for uls
while, he would dean the moment ,o r
fresh The memories OF the Senate with the Of
late Scottish invention Tor Increasing the ouantitv oJ
soend currency" and the old Roman wsy OF o,a1ina
h'te readynade law, when the pincl required H. and
mere was none OF The needul kind 10 be found in the
twelve Tables OF IN the books Of the SyI. i'm The pr
torisn edicts, or The Imperial Constitutions ar in ,Ja 80
PlebIscIiuT, or atus-Consuum. The Scottish con
friVance would Grst be attended to- II was tho
OF money dealer OF Aberdeen, who conceived Thai ba
could largely extend the sphere OF paper rcuIaon and
greatly protect the ssuers OF IT, iroa demands for hard mo-
Oy gVng 70 US paper sort OF double hsbitaon or
homesteaJ that's say tissue IL at place and make
~ payable al anOiherssue obscure Mace and nae,
ae'e ~ great commercial citJ Tor example issue rom
Aberdeen, payable in London. The esseore o1 az,
coDtrivance was that all the paper dssged sIoit H.
OF small denominations, such were Used by ,bo,i1
anu working people, aud who could not travel four
huhafed males 10 London 10 cash a one or two Mound
noe' AT the same time, for their aceommods,on
hosgh not compelled by e Of the bste or bv an
pay any where except In London yet tlIs generous
"onu also pay them in wA en- reouesed
ms was ue coniysnce; and il worked 80 veil ,La' 49,
s1 hosms az scotland all Ireland aud AZ England vas
n.vshls q, anos,n shu o, paper issued at place
PsyhWe ~ sDeher, some bendIed miles OFF and ali =,
small deDominaions In little Wilde e oa,,si S i o
the system developed ITSELF when Isboping S Wv ~
present these small notes 10 the issuer 10 cssb ,I ~
answer began 70 be given these notes are .av.he 49, e
Ion, or, In Dublin, In Edinburgh. have plsesd o
mere 70 take them up and cannot keep geld Ia two plscs
opsy the same Doe; but you will take paper on sucb
bank, will give II 10 you; or II YOU will step 10 nsih
such sn-one, who wants Metropolitan funds he lii aJ
'OU '"e s0'o' Win small discount for his trouble