Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-06-03
Twcmty-tlaird COngress.--Ist scss.

the motion Of M H'e5sier for leave 10 Introduce
BIZ 10 continue The charter IF The Bank The Uni
ted States for sir years after the expiration of the
present charter (coNcLUDED
The Senator from New York, (alr. wrght) in assign.
ing his for believing the Bank OF the United Sta
10 be dangerous than those of the States, said that
one bank more dangerous than many. That in some
respects, may be true but, one and that most i'm
-poant one 1t is srkngly the opposite mean i'm the
tendency oil the system TO increase Where there i but
one bans the tendency 10 increase is strong
where there many, illustrated in England, where
the system has advanced much less rapidly proportion
TO The wealth and population Of the kingdom the
United States But where there limitation n. 10 their
number, the increase will be inevitable, so long as
bsnking continues to be among the most certain, eli.
gibe, and profitable employment OF capital now
the With these Inducements, there must be con-
slant application for new banks, whenever there /.
the least prospect of profitable enploymenbanks to be
founded mainly nominal and fictitious Capital aud
adding little to that already in ex,ence-ani viii
our just and natural aversion monopoly, il is cuut
on principles OF equality and justice TO resist such appca
ton The admission OF new bank tends to diminish the
profits OF the old and between the aversion of the old TO re
d"ce 'heir income and The desire OF the acquire
profits, the result is enatge of discounts affected
by mutual spirit OF forbearancc ndisp sition on the
part oil each to Cypress tue other; and finally the creation
OF community oil feeling to siigmatze aud oppose chose
whether banks individuals, who demand specie pay.
men OF their notes. This community OF feeling which
ultimately Identifies the whole peculiar and disinc
interest in The community, increases aud becomes more
aud more inense just in proportion as banks mulply
they become, II may use the expression, too populou
aud from the pressure of increasing numbers, in
tanning their existence, there results corresponding
crease OF issues, IN proportion 10 their which
plains the present extraordinary dpoportion betw
specie aud notes. in those States where banks have
most muldped; equal in some TO sixteen There
results from this state OF things, political consdera-
tons which demand the profound attention OF all who
the liberty and peace of the country.
While the banking system rests solid foundation,
there will be, their part but little dependence
Government, and but little means by which the Govern
ment influence them, and little disposition on the
part OF the banks 10 be connected with but in the pro-
gress OF the system, when their number is greatly multi
pied aud their Issues IN proportion TO their means,
cOTespondngly increased. the condition of the banks
comes more and more cricdl. Every adverse in
the commercial world, political that dis,u,
the present state OF things, agates and enJangers ihe.
Ihey become snld, anu ANXIOUS Tor their safety and
cessay court those ia power in order their pro-
lection. Property is, in its nature, imd aud eeks pro-
lection and nothing more grateful TO Government than
to become protector. a union is the result aud when
that union takes place when the Government, in fact,
becomes the bank direction, regulating its favors and
accommodation, the downfall OF liberty Is hnnS.-
Are there not indications hit not lar re-
moved from this state oil things Do we ROT be-
hold in those which have deeply agiaied us
within the last few months, and which have interrupted
all the business transactions Of this community strong
tendency 10 this union the part OF department OF
this government, and portion OF the banking system
Has this union been, in fact consummaled in the
largest and commercial of the States What the
safe system OF New ok but union between the
banks The SaIe and consumu,aon by law, that
community OF feeling in the banking system, which
attempted to illusratc The object OF which is
their and 10 obtain which, the interior banks
tina, State have actually put themselves under the mme
diae protection OF thc Government The effects have
been striking. Already they become substantially
paper machines; several having ilan
cents in specie TO the dollar. when compared
with their circulation, and taking the aggregate, their
average condition will be louDd TO be but lille better.
care no, (said Mr. c whether the present IS
are parsans oil the present Stale administration no;
whether the assertion of the Senator from New York. (Mr
Wright) the Government Of the has
fered in the control OF these Institutions he
Whether has taken pace not interference is nevta.
BILE In such Of weakness, feeling OF dependence is
unavoidable, and the control OF the Government
action OF the banks, whenever that control shall
necessary subseTve The ambition the OF those
in power Is certain.
Such is the strong tendency OF banks 10 terminate
their in The paper sysIemin open suspension
progress TO conyusion revolution will be rapid The
currency will become local, and each State viii have
powerful interest to dcpecale IFS currency rapidly
than its neghbor, the means, at the tnIe ex
empling itself iron the taxes Of the Government aud
drawing the commerce oil the country its ports This
strongly exempied after tie suspension of specie
payment during The late war; when the depreciation
the rapid progress, till checked by the establishment
of the present Bank OF the United States, when tie
foreign trade Of the country rapidly convern to
the point the greatest depreciation, with view Of ~
emptOn from dutis' by paying ia the DECEASED currency
OF The place.
What then, is the disease which sllcts the system
what the remedy; and what tie applying il
These are the questions which shall proct ed TO
consider What have already stated points The dis.
ease u consists in great and growing diproporon be-
the metallic and paper oreulson Of The country
effected through the instrumental Of tile banks, adi-pso
portion daily and hourly increasing under the Impulse of
country TO that state OF CONFUSION and revolution winch
have indicated The remedy is its future progress
and diminish the existing disPrOporionio the
metals aud 10 diminish the paper vancing I'LL The cur
rency shalt be restored TO sound safe settled couG
ton. On these two points all must be sgreed-Ihere
OF any party capable OF reecliDg, aud " no
will take Tho pains TO inform himself, but must agree
that our currency is in dangerous condition, sad
that the danger Is increasng is there any one who
doubt that the only SAID and ehecfus remedy IL TO
diminish the dispropoftion 10 which haze REFEREED
Here the extremes unitehc Senator from Missouri (aIr
BenoD) who is the open aud avOwed advocate OF pure
metallic currency, and the senator from Massachusetts,
(Mr Webster) who stands here the able snd
advocate Of tio banking system, Ibis point united
and must from II In the same direction though IL
may be the design Of the 10 20 through aud of lie
other TO bolt after moderate advance,
There Is another point in which al must be agreed.
present 10 another and sounder condition. SLOW and cautious
The necessity Tor this results roui ha, hieh ly delicate
nature Of currency which have already illustrated ANY
sudden and great change from present 10 even a
founder condition. would sgiise sni cOny0se society TO
che centre. On another point there be but little dsa-
greement Whatever may be the different Theoretical
opinions Of The members OF the Senate 10 the extent 10
which the reformation Of the currency should be carried
those who think IL may DO carried practically ssd
safely 10 The restoration Of metallic currency, 10 tie
ere exclusion Of paper, agree that tie restora on
ought not to be carried further than cautious and slow
experience shall prove that II be done, consistently
and with The property OF tie country, the existing fiscal
commercial condition OF the world 10 20 beyond the poln
20 which experience shall show II is proper co. would be
TO sacrifice The pablo interest merely 10 sfsyode concep
hon.Thare may be ultimately disagreement Of opinion
where that pOiu, B but since a be agreed 10 tnoys
forward IN The direction and she same pace lei s sci
In the sDifit aud posco t.ouoh