Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-29

rr''',gea az tfrss-Is' r'csTaes, rs conceded
majehe/vIse ana prudent 60 rechsrtcr our present
conducted banking establishments only infusing III
currency more coin, the argument exchan res -.
force, unless it could be shown that present Banks
and private Bankers could affect .lrn
liaYe often been surprizrd the readiness with which,
the Legislatures OF Rpu@ic0R States grant charters ii
incorporation TO almost all who apply for them, ami
al The powers which sometimes So nc,nti,,.l,,
bestowed Surely unless the corporations are from their
nature altogether harmless, they ought to be limited 10
great and necessary public objects unatainablc bv in
dVldual means and to be guarded BY provisions which
should prevent them from becoming hereafter nulIic
nusanccs, instead ofpubic blessings Already their in
conycnenccs have been experienced both by individuals
ana large classes OF mem IN consequence of
granis and neglcctng to subject them to lcois,tiv
"rvision and repeaand the evil is likely T. increase IN
time 10 como. II ough, To bc rccollccted that Mi IN CO
grants are Incompatible with equal rights bccausp The
object OF The charters is TO confer on associated com,
panirs privileges denied to others, and powers taken
either rom tie government the people To Ronk
ing associations, tbs remark applies with peculiar
force The authority to Issue Bank notes pay0blc
10 nearer ~ both an exclusive privilege, and ire
mehdcuS P3wcr,-neary equivalent with the power
" to coin money, which il denied even to the States
- proposition TO nves, Banks with tic power OF coin
ing money, said De WIT Clinton, in his message to
the Legislature Of New York. ia tic fall Of 1878 "wouId
nave ~ advocates, and yet might not be so cious
as the authority already grated OF emitting Bank notes
S'ockhoidgrs Ia Banks nave also exemption from
ing thcF debts except to the of the capital stock
they subscribe; and thus whilst they are entitled to ali
inc gains they can make the Banks fall the greatest
loss may iall on The noc hodcrs-and this too is an
elusive privilege for i'm other cases men must nav their
debts, 60 to Jail
Our Bill Of Rights declares that no man or set Of
men are entitled to separate cmoumcnts or pTirHeges
hut IN consideration Of public services Cunbt not oar
Legislature to be well satisfied that the new tanks uro.
posed 70 be chartered are necessary and win render
pubic services before they extend the system
Mr. Pit IS said to have remarked "lc the Americans
adopt their funding system, and 60 into their banking
institutions, and their boaslcd independence viii be a
phantom"
Mr.. Randolph said in 1915, that under the BANKING
system Icn established privileged ordc of new men
4 orr gr IN
ieit on his neck: and MIR Jefferson uses no less
teal language, when in speaking of our copvjn, Eng
lahu lac remarked, "te Dunk mania is the most
Iii''ciihg OF thosc mutations; 1t IL raising mp n
med afstocracy in country which has already SGT
uir government at defiance &c "That paper money
ms s0mr advantages cannot be- denied In, ts al,so, arc
fHrer0c; and that 10y iroak g sp n, ,ac0ss az ,oi,c
1t makes lottery OF all private property cannct be de-
med To these might be- added the opinions OF our
greatest ana wiscst Statesmen. But frhcur either 4,
oe 'hem nGh"r Or 70 consider, as designed to do the
effect Oi Banking institutions az praccd il, orr conn
Try upon the moral character of our merchants and
oLltfs aAd upon private happiness useful chapter
40 r history Of is set g. be written on thi5 subject
but mast b. reserved i1r worthy Of fhc task po
fiscal economists have hitherto treated their
~ reference 10 national wealth But wealth il not ba,,
pncs5 not even ns respects individuals much csg
nations nation may bc rir and yet the body of the
people m1y be pooi and oppfcsscj-and iat dcscrvcs
not the "ame 81 science which does not scc, 10 in
crease ihc con3ore. md promote the happiness of tic
greatest number Banking viii NOT do the 10 con-
cchfairs wealth aud power few hands, aDd on
poses the influence 81 capital TO ponuIer influence.
Ihcss age The Antagonist principles struggling in eur
iand, ana 70 trn We mly trace many OF cur political
sselsons. May iic principles Of Revolution pre-.
vail aud Mag ono hereafter be able to say with us.
lcei as h1s heen Fid Tint" The difference het,gecn
England and Tho United States s simply this in the
"iMtf county exclusive privileges cDnferrcd on
individuals WHO called LOrds in the latter oxcln
siye Pnvirge ore conferred corporations. which arc
calico baHhs The eff ct the people Of both coun-
tho jazz" ANTtPANKs
, ~ Vone'' who pu9ls'e some i2 or 20 months rls ILL.,
Pt .enn eni,9 "a sHu History Of hanaiae
n iHe Lm' sFo nclnias souat Of p.oialil aad ont
neaia'nonr Nc oni h6,ad Mis- Register late ruihrr-
"a ii' fassl Id tne.ra
iifihe in the 'peris he sion eeoaaa itis fica