Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-08-23

posed TO ,s assumption by it upon any preence w,
If its possession shall 81 any time become necas
sary the only just way to obtain it, is 10 ask it Al rl
hands of the people in The form prescribed by the Co
stiiulion Holding this opinion: and swo:n 10 rurso,
that instrument it is, could not find in the circu,
stances TO which you REFER either excuse e.
the exercise Of the authority in question: and am Not,
only willing but dcsirous that the people Of the unnt
States should be fully informed Of the precise rrouod
occuoy upon this subject. desire more cSaccilIv liz,
they should know it now when an opportunity, the krs,
our form Of government affords, will be presented
to express their opinion Of It's i'opr!y. If they ate IA
favor of a National Bank: permanent branch o.
institutions or if they desire Chief Magistrate who
Gill consider it bis duty to watch the course Of event.
and rive or withhold his assent To such an ns,tu,,
according to the degree Of necessity for t. a, NAV in
his opinion arise from the considerations 10 which! yorr
G,eslon refers they will that my cO.opcraon in hc
promotion Of either Of these views he expected
IF on the ether hand with this scasonlLlc rxpllcl, ard
published avowal before them, majority oi the prop,,
of the United States shall nevertheless hrs0w UPON n,
their suliraprs for the Office o.! President, >rrpcisol H.
self must cease 10 doubt, and admit their will To be- Tia,
there shall not be any Bank Of The United States NH
,Er prope in the exercise o.. their sovereign agtory
see fit to give ~ Congress the light 10 establish one
It, because cannot doubt that the expression Of l.,
ncpy!ar will made under such circumstances. Inus, hayc
tendency to arrest further agitation Of this d.lrf,.,
subject for four years al least, and most rrtay rc
the great moral influence which the often ,,p,.,
opinion of the ma ority Of the people III Rrpr5ca,
Government entitled to- for much longer ?riot ,,
am thus full and xplict upon the point L. aacE Won
nave called my alirn'ion However much ~ may t.:
for uoon Ike abstract question involved in this c;no
yrrsv no rclrCng can doubt the aihiu! and IL.
v;rnra.ing effects which any ;hlng that looks Ike a SCI,
ttIrenl OF this question must have upon all the business
a. we'll as political relations Of the country. Tn" puc
mind has been long and painfully "ga;cd hy 4. .rI
needs 1eposc The fruits of this agitation have teen a.
ter and abundant Hen Of business require 10 be rr,.a
situation TINT they may adapt tirlr affairs stale #
h;nns which promises permanently Hat cta742,r
alone necessary 10 give success 20 the present sy>r
No rational plan for the regulation ct III" fiscal "arS Of
the country can fail to succeed, II the Of OF! midas.
rjous and cnterprizng population, without regard u L..
cal sectional or political distinctions, only sine rpy
DESTROYS for is Oacc satisfy them that things
are in this respect to remain stable: and II Is not in the
nature of things possible that tiicy can refuse tai, ai
and support to that which concerns them nearly. and
upon .ch their prosperity. private as well puHlcs
50 essentially dependant. II our correspondence sa.!
have Inc effect 10 contribute in any degree 10 bring ABOUT
4 state Of things in which We all have 81 deep an IN.
.crcs and whicl should DC ucsleu " al, Wi i'ce
that it has taken place.
But whilst so confidently entertain aud 50 readily
p-umulra,r these sentiments in regard 10 the wg'i Il
power to establish in any OF tie States National
Bank am at Tie sane unc equally drs:"us that l.
should be- fully understood that am decidedly opposed
10 the creation of any sGch institution III The DstT! Of
Columbia. / do not believe that any National Bank,
there or elsewhere is necessary TO sccur" either 81 t.:
advantages to which your question has reference TIE
pruciral grounds relied upon by IN" aGrrcal"s rr
Bank 10 establish lis utility and necessity; as U"I
stand t!.rE!, are,
Ist That such IN institution is necessary :or the
mission and safe keeping Of the public moneys:
2nd 70 secure safe, cheap and convenient system
Of domestic exchange; aud
Sd TO ,,akc and preserve sound currency.
The limits Of this letter will not admit OF iu Gcu''
sion of these points, but cannot re tra!n from retiring
To few Of the facts which belong TO them say "cs;
for after The many spccuatIons and anllcraiHs III r.
gard the currency, tho public revenue and th" public
prosperity with which the country has been srTi'il'd
fr the last years, to which thousands have trusted
and By which thousands have been decelvcd may say,
think, without offence, that II would be Tie sn'cS be-
cause the only sale, course to regulate. cur oPn'vHs IL
future somewhat more than heretofore, by asccl!hrd
facts How then, do the facts stand upon the first !9!r
viz the necessity Of the Bank place OF sat" Keep.
inG 10. the public moneys and rs an agent Tor ' iiS'
mission 10 answer the wants Of the government;
Tie official reports Of the Secretary Of the Treasury
show first that the average amount uf money annually
transferred by the Bank the United States. from lc
10 1923 was from ten fifteen millions OF dollars. and
the Amount transferred by the Drposile Banks: from
Jure t3 to Ap! lS.G, about ten months, over Sc
;cnecn millions OF. dollars In both cases the operation
has been without loss, failure or expense Ana ''
Their appears from the source, that at 10 previous
period has the safety Of the public moneys been more "'e'
fully or securely provided ior An examination o! TIE
u!cia documents will, we'll satisfied, tally sustain
these positions. w at foundation lltH WIS UItiE ''
the assumptions upon this part of the SUBJECT "I:a
were put forth with much solcmnIty and ns'S'"! "?
with much carneS;ness, IN the carly Cscu'So, "p
on the subject Of the Bank: II so much has bee" '''
in this rcspcc Whilst the substituted agency has hlG u
! contend with the most powerful Opposition that w"s
cvrIn,aGc upon any branch o the public service" via!
Nay we expect from i. now, when II las Trc'''n
the legislative sancon-and if there be rot gross det"'
LECTION Of faith and Guty-"lcn II must also receive INC
support Of ali parties:
! II, G,ln,yi;Ir l7S
are also established By the authentic source, '.I
that the OF domestic exchanges performed al We
last returns by the d"poste banks, cNcecde" uF?''e
millions Of dollars and at no return for many !'"'''
has il been less than twenty-five millions; W!hc III Gil
average of 10000 900 at each return would be ~ :f';
$50 900 GOO if each bill OF exchange on al aTc''s %
sixty days. On tie contrary. the Amount OF !''"s,''
exchanges performed by the u. States BANK, dd nos
many years equal twenty millions, al any one RETURN a"
seldom exceeded i;hcng quite onc'hivd less than "h''
is done by the dcposite banks. 1t sn ti"T ""'al
that these exchanges have, III many Gases, bte' '.r
nj lower rates b. the dcp0Sc banks than by TIE '''
States Bank. indeed, it he doubted, tat even Ut
there was not single BANK, State Nt"c1!. IN '"'
country it would nevertheless be quite easy 10 81 tac ~
domestic exchanges upon ldvan.ayrou and si!r tony
ing, long there I5 suiliccncy Of solid capita; 70 W.
employed in the business. From the nature Of Ii" hi-
itself. and from III" experience at Europe, we Gaf ~
assured that the profits and necessities oil tad" w"H II"
wife and obtain ample facilities for the business u e.
change from other sources so long as the commerce.
community with one accord desire il successful
carried on, and assist in good faith in cllrc'Ins II
Lastly, the Currency proportion Of orr "ao =
circulating medium that was composed of The notes
! the Bank Of the United States during the existence "
that institution, was much smaller than was :'nri'"!
supposed. The circulation of the u. 5 l'ank as an
informed, ranged for years before 1t cxr'e": ..
about 20 millions, often below that amount, "h,cn W." ~.
not fourth OF the paper circulation OF tn'
States. Some think it has been less than oneD''"-
| The great mass of the business o! the country WIS
therefore even then carried on, so far rs money vas
poycd in it, by means o. the notes OF Stale DANES a."
specie. The beneficial effects that were Claimed f" "
rendered b. that institution in respect 10 the cu''''
consisted liant.
Ist. In supplying bills that we're current 'h''0s"''
the Union, and ,h,
| I'd. The sautary effects Of its supervision '''I ~,