Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-12-12
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shing state of the country in all its branches OF
dusry II is pleasing witness the advantages which
have been already derived from the laws regula
ting the value OF the gold coinage. These advantages
will be more apparent in the course of the next year,
when the branch minis authorised 10 be established in N
Cosoina Georgia, and Louisiana, shall have gone into
operation Aided as it is hoped they will be- by further
reforms IN the banking systems ofihe States and by judi
cons regulations the part of Congress relation the
custody of the public money Us, may be confidently an
ticpaed, that the of gold and silver circulating
medium, will become general in the ordinary transac-
tons, connected with the labor OF the country. The
great desderatum, in modern times, is efficient check
upon the power of banks preventing that excessive
OF paper whence arise those fluctuations in the
ard OF value, which render uncertain the rewards of la
Dcr was supposed by those tho established the Bank
OF the United States, that from the credit given by
The custody of the public moneys, and other privileges
and the precautions taken guard against evils
which the country had suffered the bankruptcy of
many of the State institutions of that period, should
derive from that institution all the security and benefits
OF sound currency, and every good end that at
ainabe under that provision of the Constitution which
auhorises Congress alone coin money and regulate,
the value thereof But il is scarcely necessary now 10
say that these antcipatons have not been realized At
ter te extensive embarrassment and distress recently
produced by the Bank of the United States from which
the country is now recovering aggravated hey
by pretcnsons to power which deied the public au-
thory aud which, acquesccd in by the People would
have changed the whole character OF our Government
every candid and Intelligent individual must admit
ior the attainment OF the great advantages of sound
currency, we must look Of legislation radical
~ different from that which created such institution
In considering The of obtaining SO important
end, aside all calculations of tennorarv
convenience, and bc Influenced by those only which are
IN harmony with the trne character and the
interests othe Republic, We must first princi-
Pies and see what II is that has the legislation
oil Congress and the States the subject of currency
from satisfying the public expectation and realizing re-
suts corresponding TO those which have attended the
ton OF our system when truly with the great
principle of equality upon which it rests, and with that
spirit OF forDcarance and mutual concession and gene
rous PATRIOTISM, which was originally and ever
continue to be, the vital element of our Union
On tins subject am that cannot be mistaken
% In thp midi
nance which has been afforded the ept of monopoly
All the serious dangers which system has yet en-
countered may be traced to the implied powers
and the use OF corporations clothed with privileges the
effect OF which, is to advance the interests of the few
at the expense OF the many We have felt but one class
Of these dangers exhibited in the waged by the
Bank of the United States against the Government for
the last four years Happily, they been obvialed
Tor the by the indignant the ueople
but we should recolect that the principle whence thew
sprung rs an active one, which Will fail renew its
efforts the in other forms so ong ne tnro IL
hope of success founded her on The of
People, the treachery of their representatives. TO the
subtle progress OF It's influence. The Bank is in fact
but one OF the fruits of system with the genius
OF all our Institutional system founded upon political
creed, the fundamental principle of which is distrust
oil The popular Will as safe regulator of political power
ana whose great ultimate object, and inevitable result
should prevail, is tb consolidation of all power in
our system in central Government. Lavish pub
lie disbursements and corporations with exclusive pr
veges, would be its substitutes for the criminal and os
yet, sound checks and balances of the Consuon-the
means by whose silent and secret operation con,rnI
would be exercised by the few over the political conduct
OF the many, by first acquiring that control over the la
Dor and earnings of the great body of the People
Wherever this spirit has effected alliance with poiiti
cal power tyranny and deposm have been the fruit If
it used for the ends of government il has to be
necessarily watched, or 1t corrups the of the
pubic virtue, and agates the country with questions
unavorabe to the harmonious and steady pursuit of its
tgUe interests.
We now to see whether in the present favorable
condilon oil the country, cannot take effecual
stand against this spirit of monopoly and practically
prove IN respect to the currency well other import
ant interests, that there necessity so We
resort 10 il that which has been heretofore pactsed
The experience of another has confirmed the inter
iaacy OF the idea that the Bank of the United States
was necessary as a fiscal agent of the Government
Withoet its aid SUCH indeed in despite of all the en-
barrassment was IN its power to create the revenue
has been paid with punctuaty by citizens the bust
ness of exchange both foreign and domestic has been
conducted with convenience and the circulating medium
has been greatly improved By the use of The STATE
Banks, which do not derive their charters from the &c
ncral Government and not controlled by its nuhori.
y II is ascerlaned that the moneys of the United States
can be collected and discussed without loss or inconve-
nence and that all the wants of the community, in re-
aton TO exchange and currency Supplied as we'll as
they have ever been before. H. under circumstances the
uniavorable the stcadess the money market
1T has been found that the considerations OH which the
Bank ofthe United States rested its claims to the public
favor imaginary and groundess cannot be doubt
ed that the experience of the future will be more dcc
slve against them.
1t has been seem that, without the agency of great
moneyed monopoly, the revenue be collected and
conveniently and safely applied TO all the pu poses
public expenditure 1T is also ascertained that instead
of being necessarily made promote the evils of an I'M
checked paper system, the management of the revenue
be made auxiliary the reform which the Ie0isla
lures of several of the States have already commenced i'm
regard TO the suppression Of small bills; and which has
only TO he iosered by proper regulations the part of
Congress to practical return, the extent re-
CURED Tor the security of the currency, TO the con-
stituliona MEDIUM. Severed froIn the Government
as political engines, and not susceptible of dangerous cx
tension and combination, the State Banks will not
be tempted, nor will they have the power which we
have exercised, to divert the public funds from
the Legitimate purposes of the Government. The col
lection and custody OF the revenue being on the
contrary, OF credit them will increase the Sc
OF their trusts by multiplying the scrutines which
lEeir operations aud accounts will be subected-lhus
disposed, as well from interest the obligations of
their Charters cannot be doubted that such conditions
as Congress may see nj to adopt respecting the depoes
IN these institutions, with view the gradual dsuse
OF the small bills, viii be ehcerfuy complied with and
That we shall soon gain, in place of the Bank OF the
United States, practical reform in the whole ia Der
system of the country. IT, by this policy we can ult-
maely witness the suppression of ali bank bills below
take their place, and become the principal circulating
medium in the common business OF The farmers and me-
chauics OF the country The attainment Of such result
Will form an era in the history Of country which will
be dwelt upon with delight by every friend of its
liberty and independence 1t will tighten The prent tax
earnings Of labor and do revive and perpctuate
those habits OF economy and simplicity which are SO con
genial 10 the character Of republicans than all the egis-
laton which has yet been attempted.
To this subject feel that too earnestly invite
the especial attention of Congress- without exercise
OF whose authority, the opportunity TO accomplish SO
much public good must pass uniroproved Deeply i'm
pressed with lis vital importance Tie Executive has "a.
ken all The steps within his constitutional power 10 puard
ihe public revenue and defeat the expectation which the