Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-03-01


in such may be deemed expedIent. II is al
ways wise To adapt means to ends. and not attempt like
"lle man of prelrnson, 10 erect magnificent palace
which may bring ruin and bankruptcy. whrn a m"re
humble and comfortable establishment will answer
his pnruss Large property hodrrs, and mriIinvuvrd
i'll debt may brrscussd Tor supporting any that
may make money abundant and cheap Its their v"ca-
ton But tn" industrious and rCunn,cal rronanrr
of th country Consent sub themselves o the hazard
nt ,sc virt fluctuations in the currency. incident 10
the Sudden and expansions Of rxcrSsv-
E.ikng SUE men Ike 10 know what they are about
VI hen lhrY sci their property time they rXi"ct ny
in money of rGnal value In liiat which i1ry
and wien they bay time, they honestly
wish Tor i'' They NOT Ike the In"
ney-changcrs whose calculations nr the most part
founded OH the different values OF Inmnc:.
On the Gctais Of the Bill rrI"r,rL hy the Committee,
nmhy be remarked, that they in s"mw respects emil
mny dettctive hut it is against the principles OF the
Bill that these observations directed V.
FOR TIE I.NQCiRER.
FOR THE SCHEMERS AND STOCKHOLDERS;
OR, FOR THE PEOPLE,
Toe the mark! No finching dod"ing"
have given to the Report of the Special Committee
of the Legislature, upon the subject of Banks. hasy
eruSal have NOW only part of it. before me, and there
fore u not prepared 10 gvcit particular analysis In
deed, am but poorly qualified for such task. But
stubborn facts, the lessons of experience and plain
conmon.sense view Of the subject in NY opinion
sufficient to rrfutc every argument aud theory which TIM
committee have brought forward. To prevail upon the
General Assembly 10 saddle us with Banks: unless
indeed, it be right to egsate for the fac, the injury
of tho many.
The COMMITTEE figure themselves into The conclusion,
that about oneto fourth Of the circulating medium OF the
state is derived from the United States BLnk and that
upon the winding up OF that Bank there j. to be def
CT the Governor vacuum over agaln) to that amount
and they tell us that & under This view of the subject
q they are so Impressed with the Necessity Of increasing
/" the Banking capital Of tho State, that they may III
" permitted to consider it proposition, which requires
I" no further illustration"
EpaUp The puDUat yh rh f,ie
conclusion rests. Ii is based upon errorpapable error
Aud the confidence with which 1t is put forth. Onght
not 20 shield it from scrutiny, from the r"buk. which,
it merits. This proposition, which is so scterdent IN
the eyes Of the Committee as TO require " no further il
lustsalion is based upon these PROMISES r wit: That
the circulating medium mus! consist OF Bank paprr:-
That the amount Of paper in circulation ought TO be.
aud cannot be safely diminished: That Tie
the circulating medium will br lssc,cd the extent OF
the circulation OF the United States Bank unless there
be increase OF the banking capital OF the State at ras.
To the same amount and that such Increase Of the
banking capital of the State, will prevent the nschefs
apprchended.
| am no great calculaor--coniess | am mot well
TerSrd IN the MINUS OFaandl OF Bankns-know but 1t.
tie ut the prevalent theories Of political economy o.
COMMERCIAL operations Nevertheless, | think | may
safely pronounce these premises 10 be paipdblv
sound, to 'rrqure further ,;siratIon. What is
TO bccone OF the millions OF gold aud silver pen up
| The Mammoth Bank: Are they TO he annila;cd lpor
the expiration of It's charter; No They must be seal
tered amongst the community unless doomed to
that institution rcchartered another Ike i. establish
ed, to be ecrnay cursed with unnlsr and vicious
system Of legislation, which takes Tor granted, this
Committee TO do, that nothing bu! paper is fit to
constitute circulating medium, ana nothing but PAM
| pcrcd cUrpo atoms ht To furnish that paper.
deny that the trreIen ott country dependent
upon Banks for circulating medium The effort is to
make DEPENDENT, and truly, it has we'll nigh
| ceeded. We have felt the power OF Banks. But the
experience Of the last two three years has demnnstr-
ted that the productive labor of the country cam and will
ultimately command hard money, and tint in spite of
Banks if there be no foul play shown in the way Of c-
gislallyr quackery Will our Senator'S and Delegates So
direct their efforts, to render independent of
these corporalions Or will they side with the Banks
and The kJobbcrs and war against the permanent in
tercsS of the Of the people Ii they will set
about in good earnes and in good faith reform the
currency, will they be good TO let alone? We
! doing we'll IN the money way-bcter than ever
did before, unless our present prosperity he dcccpous,
being ia part the fruits OF too much banking. We
told that mischief is upon us, and that more
Bank paper is the only preventive. II political
ducors have no better lrophylactic to prescribe,
| impl"Ee them to let us aione and leave the apPre-
Lenucd disease to Nature. We nave tried Bank quucke
ny often and long enough. 1t has invariably operated
Lschievously, suun or late.
But. again: II all appreienGed racuunn be appalling
it dinnu;ions i'll The circulating medium OF the
Try be such crying evils in the eyes OF this Bank COM
mtlee, how they come forward with Il recommended
ton TO increase the number and power OF Banks wien
they themselves admit that the Banks have The power
une aud their sudden cnntractIonS at another To
bring tins very evil upon at any tur-io make mo-
ney plenty scarce, and thereby u increase and dml
ns the prices Of property almost at their pleasure
The Committee have put forth lung strings OF figures
tables Of population, and of the circulation and Bank
inr capital Ut other States and countries, all blazoned
forth prove TO us that for rnnt Of B"nkS the poor
.Uld Dominion" is behind all her States, behind
France and behind England, in commerce.: internal i'm
,roYemels i'll wealth, in uxurirs in every thing, that
"beaullfy and adorn country, and cOnduce To the
prosperity and happiness of man. care not whether
these figures and calculations Ge right wrong. Nor
will stop to enquire whether the theories based upon
them be- true false, regards commerce. internal i'm
| pfoyencns, &c. Neither will | debate the matter,
whether is the Banks, other causes, that make n.
York, Philadelphia and Baltimore large importing ctirs,
whilst we, for mantgf Banking tacitties doutned TO
sweat jaded Impoverished fields, in making cot
ton corn, wheat, and tobacco. at 10
the marrow Of the subject. and ask whether any
Der of the Committee will seriously contend that the
great of the people Of the Northern States. Of
France and Of England, are, in fact in more Prospe
and happy condition than are III" mass OF the
people Of the poor pilird Old Dominiun:" This
imposing array of round millions OF capital seems
designed TO produce that impression is that i'm
preston false The capitalists ot France and
England may jingle hei. millions of pounds sterling
but look at the condition of the graf mass of the
people,! Our sister States of the North may boast oi
their jontstock companies their railroads and canals
their splendid factories, banking houseS mercantile
houses. and fleets Of shipping; but how is it with the
great of those whose abour sustas ai-tIr great
mass Of voters Is it not notorious, that moned
poratons banking corporations particularly. tend 10
rich thu rcl and mpoversh the poorand not only the
poor but the great Of the bone and sncw Of the
country;
Fellow. Citizens Of the Legislatures Whilst your
1nter are dazzling your with figures let humble
VOTER refer you to document, which will lead you, if
you study it honestly and faithfully, tn much safer and
sounder conclusions than you will deduce from the
pages Ricardo, by calculating the millions of New
and ENGLAND, LUUE
Take the names of the honest voters GENEROUS
cnn6drnc has honored You-exnmne by one. md