Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-12

TO some borrowers at five per cent less. The cores
pnndence of the commissioners employed III eAain'I
the state of the bank. preparatory % inc S'"e' ~ g
the value of the United States stock shows mass
Io,ns +, the amount Of twenty three millions oil d1hS,
on extended or indefinite ne and at rates rom r.
s. }, 10 per cent per annun. n" aono' man.! ~.
The three per cent per month pollo"e's e'I ''e'' f
plies from part of these loans :,
3 Pauics commissions, and stoPpdgcs.-lhcse Nsl'o
Mr. By are inherent in the paper system. hty 'aNe
place in England in defiance OF al! power III inc W.
yern;lent and the banks themselves 10 Keep ts'h "o "
There no panics are pcrpctTaed TO scOuge inc cnHhf
or 10 oyerset the Government, and except inc w"
pclical ones lately seen, Mr. Conner s, ana The one
durinu the nerregnum of Lord Greys administration
But here punics ll!c regular Work OF oa"AS az"
li;icans and are now looked Tor whenever Il" 'P'
election is depending, Congress is TO DC excited
J. Tic c1yensc 81 The pHPcr System - MS was pIo
baby greater al present than the expenses U. Tx
raj Government and the whole tax upon the Pe'uoo
tive classes The number o! banks was about one l".
sand each bank had It's officers. and they Their saas'
each had its Stockholders and they Their proI's ny"
came losses fr broken banks counteTirlts anu &c
ted uaoer and changes in the value oil properly r'
expansions and cunractirns Of the currency -
and losses were the price paid by The People
for Dauer currency; when they can get CONSTITUTIONS"
currency from the minis, with paying sa''r;
nishing profits. or sustaining losses paper "1' ~
and confined To large notes , ~ ,J
< S,o,k cuuJJiu, fyygcrirs, bantshmcM 0t all gnu
aal siiccr were all great evils inherent III Lux PaPe
trt and too obvious 10 need, or even 70 t"uu', and
nicuta1y. Mr.. B., therefore, barely nah'" ''.'' ~
loft every one \ knowledge and memory " w e 'S''
Air r. oached the conclusion Of his remarks on
this great subject 1t was, indeed, great SuoJect' "
rovIng that n"nrntOus question, We n"''on"'
The Treasury order measure Of F'9uial'o" up"
the State banks intended to save the Lnuiccs ana e
currency as we'll Us the public lands. he BANK oil 'e
United States regulated the State banks by tie simple
process orycludng their paper from 'e l'urIa Iece1
aud expenditures; and this ctrd ny inc 24 anu
o5h articles of the hv laws of Tie corporation arrahy
Sha linda
notes; and Ibis The extent OF her SIKH ana ohel
merit in all this bcasted regulation OF local cuf'ehces,
OF which we hear much. The Federal government
has OILY to do The same and the State bank issues are
npp3 upon their sources. and become comparatively
lrrmess 1t is cccivGGy Tor federal dies: Ills Fecsi''
ability at the land Offices custom houses and post oillccs
which gives them wings 10 fly over The continent, ana
enables them pass, without regard 10 the cre"it OF
snlvency Of the bank from which they come. IL Is
Tie Federal Government endorsement winch does lEe
mischief and this endorsement, Tor all The purposes o
false credit and want of responsibility, is gwen 10 Inc
whole issue of every bank whose paper Is mace fcccT
able for public dues The experiment has been Nlru
and local paper has failed national carrency, ana
out OF that failure the second United Saies BanR
1t will fail again and again and forever There IS ia
safety for the Federal revenues but IN the total excursion
oil local paper and that from every branch u lc fr'e
nuecusloms. lands and post Office. There Is no sHir
for the national finances but in the constitutional lcd
u.l Of gl! and silver After forty years q wandering
in the wilderness Of paper money we have upProacneo
the confines 81 the constitutional Nt'uiull
millions o.! specie il the country, with the prospect oi al
annual increase Of ten twelve millions tor tie mex
four years. branch minls to commence next spring
and The complete restoration OF The gold currency, an
nounce the Of Pesdcn Jackson great measure
for The reform OF the currency and vndcae The C"nst
ton from the libel Of having prescribed an mPraccaol'
currency The success complete; and there Is II" way
twa H. bu, to put down the Treasury order: ana to re
open The public lands TO The inunGann t" paper money
Oh this ii is not be dissembIed there is great danger
Four deeply interested classes al work ~ dc IL spe
cula,ors local banks L. s. Bank ard politicians out
power. They may succeed but he or b. "'o"d no
despair The darkest hour of The night Is just oc"E'
the break of day; and through The gloom ahead he sa"
the bright vision OF the constitutional currency Greet
radiant and victorious. Through regulation, or cSPio
sion success must eventually come. If reform inea
surrs 90 en- gold and silver will be gradually ard tenn
ppra,cy restored if reform measures are stopped, lhc'
the paper system riot. and cxpodcS from lis nWt
expas!on Then the Bank CT the L. S. will eXult II
the catastrophe, and claim lis own reesiablshnEnl a.
the only adequate regulator of the ocal banks hen
viii be said Tic specie experiment has failed Bn; no
the contrary will be known, that the specie experImen
has not failed, but it put down by the voice an'
rower Of the interested classes, and nust be put U!
again by the voice and power Of the dsnetes!ed com