Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-07-15
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The author Of the following Communication, is among
the most powerful writers il Virginia. Thinks to his
industry! our columns have been frequently graced
with his productions On The sub jet which he now
touches we are happy to give him the opportunity Of 4
full and fair hearing The establishment Of Banks, and
the best Of their organization, are now demand
ing the deepest attention of the American Fo!tlcian
Il ihr kim be truc-and who will deny It's truth 10
large eytent:-thu accumulated wealth Is Tie Dynasty
of modern Stales-who can dispute the Importance OF
the question, how far that wealth should be permitted TO
accumulate by 4hc authority of Government, and by
what restrictions i; is best to be regulated: We differ
with our Correspondent in one point We think that The
banking capital should be increased to certain extent
and paper medium should he employed within certain
bounds But we should cordially agree will! him in ano-
the that those bounds ought 10 be rgidy established in
all the States of by their own auhority-that is
20 saw that Banks ought TO be restricted TO The issue
of the larger notes. in order TO insure more general c
cnlaon Of gold and silver in society, and more solid
,neiaIIc basis for its paper. The OF notes ought 10
be confined TO larger transactions than 1t is with US
Adam Smith earnestly recommended that no bank notes
should be issued for less than 10 stelng and both Eng
land and France are reapng The benefit OF such
policy The States Of America ought 10 do the same
or we shall be continually liable 10 be flooded with pa
pcr money place Of gold and sve-and we shall have
also our markets and property constantly disturbed
from the great influence "t the BANKS ana Tie hue
tuauns Of the paper medium: au,,, ,,,.,r-,,r,
ssBsnton s. Co. in the 7sane-7#c cold Currency hum,
TalLmadge, Haikcr and Mees, against G'at0" ana
Some of the tribe Of " Washington Correspondents
have represented hlessrs. Taadgp, Walker and ivrs'
az bitterly hrraycd against Messs. benton and wright,
in the late debate the DcposiIc Bile ana te " h'gs
throughout The country are rejoicing at lne ProPtE %
splii in the democratic ranks II IS asserted that all
Inadge and Walker rdicued in the everest manner,
Denlons anti Bank principles and his schemes Tor IN
creasng the Gold currency These rulnors are dscou-
raring 10 the democracy of the country or rocue Is
the Gank arisocracy may Mr. Bentuns opposition 10
u,per SYSTEM and his exertons to carry out Tie Princl-
p!es of this Administration in relation TO the currency
there can be no doubt that the great body Of the people
are with Jackson and Benton 1t will require stronger
arguments than the cry 'humbug, to satisfy the peo
pic that The present paper system ought 10 he contnu.
ed and increased instead Of being returmed and placed
upon more honest, safe, and solid foundation, IMAM
naked credit
1t must be plain to any intelligent man, WHO mas
watched with any attention, the action OF our Legsla-
lures both State and National upon the subject OF Banks
the currency and fiscal in general, that the
Banks do to most fearful extent, control our interests
In many instances they seem 10 have absolute dominion
over our Legislatures They may violate their charters
swindle the people, play into the hands of
cuail and expand their issues for sinister purposes
crease or diminish the price Of labor and Property-
Short do almost any thing they please and the more
they sin, the tamely we must submit JUS! IN pro
portion TO their excesses is the danger of calling them
to account If they cry for farors at the hands OF
Government they must have them, or 'Prcssuie upon
the money market and to the trading interests are
the consequences. If is proposed no matte
how Obvious the eXpedcncy of it, the necessity Tor II
ifthe Banks to be affected it. hands off, touch not
or you will ruin the country The Banks and olhel
Corporations are gaining the mastery over Us ana ou
Reprcsentaves-And the politician rho has examined