Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-05
F':t TIE E-NNt7EEF
70 Ike Members 0fihc Gca:ra .9SscmL!y i M. =

~
70 Ike Members 0fihc Gca:ra' .1sscrlMy Il No.
! neither disposed prepared 10 bring to your
view columns of f.urcs 10 Prove that our present bank-
uI System unsafe, uuSourd ICpubican, and de-
r.nGna 10 the rights aud interests ol the great body ci
the people; and that the creation n banks Upon The
rin: any considerable :Ecrease OF the capital
OF TIE Of! BANS, unrss with he view Of reform, would
Ec ulwise, ard hazardous TO tie permanent Interests OF
the State. ANY who will examine the subject, Will
see glance, that the system is fraud upon The COM
nuiy, and that these corporations could not come to
settlement OF their accounts witou: proving inSolTcnt
The general understanding amongst The people IS. that
the banks perittr 10 issue three dollars IN Pi.
per- for every dollar Of specie in their vaults 1t would
be bad enough al that. But instead u three 10 enc.
find tcm issuing ten, fifteen ard twenty for The
deficit - made up Of what called "sprc!c inndS
which means rGrcr funds. All parties must and ad-
iil. that country, whose circulating medium rests
such foundation as this is III prrcarions condillnn-
All parties hare admitted that such system Is ntIter
safe nor sound. Tie hard money rrn, and The national
ba;ik Icn have forclod drc!ul I&c!ir!S from hs state
OF things; and we have all felt the disastrous
Consequences Of excessive issues of bank paper alter
.ated with Sudden curlaimcnS. Their powers over the
fortunes Of tic people, greater than our governments,
either State National would dare TO exercise AS an
example, lake the article OF YoLGcro: Can it be denied
that Tie operations Of the banks 9!one have frequently
and suddenl" changed the price Of that article two, Three
and four dollars III Tie hundrcdyea, more: and III lie
space Of one short week? Has not this been the
the present yca; Ii has, if the writer is not isin!om
ed. Now, ask you, gentlemen, whether you would
dare directly 10 do anything, which could thus affect The
interests u constituents: DIRECTLY you dare not
Yet you ready 10 saddle and children with
Hitter Of souesS corporations, and invest them with this
dread power Of making poor prosperous, without
any adequate power part TO conrul them.
'Beind The age cxclaims "a humbugger
saith another "An ngruTiin! saith the Arslocrat-
Such slang hath rrrcrs for Neither should 1t
stay NY pcn silence my tongue. II had the Time
the talents and was in a situation TO WELD them with
effect The lessons taught by some of our Repub-
fathers, 10 the odious privileges The dangerous
powers and The cnrruptng tendencies OF paper money
corporations becoming questionable, although sad
icxpericncc has demonstrated their wisdom. They ought
be Iung in the Of our legislators and proclaimed
upon the husngs, until this banking schcming, stock
obLing mania sllal! be queed until reform, radical re-
form paper system shalt be etiectcd-A REFORM
which shall bring the banks within their legitimate
sphere Givest them Of their undue power over the for
tunes Of the community: and make them su5ScrvIenlto
instead Of masters over the larger commercial tTansac
ons-a reiprm which shall Danish all small notes from
circulation and enlarge the specie clrcuaton that our
ordinary home transactions shall be in gold and silver
rrrcat that would not. if could, do any violence
TO our present banks would foster and sustain them
far 10 make them secure and make use Of them TO
effect the desired reform. Butt say your petitioners in
Norfolk. Petersburg and Lynchhmrg. "Ne must have
Independent banks TO coun,eract The undue power OF
Richmund and the old banks. Verify, this with
4 very bad grace from those who have seen, without
dread apprehension, single bank directory, headed
by man, controlling TO fearful extent the whole
rrucy Of the country and the whole trade OF these nj
many llOSl vi YOUR
have NO! only justified this tremendous power in the
hands Of Nicholas Biddlc ond his directors, but they
have branded every dcmagoguc, who has darea
raise his voice against it, Yet, they fear The power
Ct the banks in Richmond and must have independent,
giants to counleract H. Gentlemen beware how you
place any masters your people, upon any such
'rrecnce. IF you the lawmakers of the land, cannot
far control present banks as 10 restrain them from
in undue exercise Of power how you dare 10 create
near Ganks? How you calculate upon any thing bet
ter from the than the old: low can you calculate
upon any additional security 10 your people, b. this sup
posed counteracting influence: Does rot experience
leach YOU that these institutions mare frequently combine
and work together for their selfish Interests regard
less Of the interests of the pcop!e Gentlemen, unless
YOU intend 10 act the servants of the town corpora
lions line schcners and stock obbcs alone down with
this new litter Of BANKS! Consult experience, and you
will Llacc reliance upon this theoretical countcractlng
Influence Besides, whence is to come the capital nl
these banks? Mainly out of the vaults Of the old
banks Of else another fraud is 10 be pacsed npon The
people, by allowing them 10 issue paper upon the faith OF
paper, instead of hard money You then, 10 break
down the old banks 10 build up the new, cheat the
people, and make already unsound currency still more
uusCund An awkward way, mclhlnks, 10 relieve The
trading community, reform re currency! But bc all
this it may. (tur confess am not very conversant
with lie details ofsuch mattcrs the p!ta whence
it may place masters US; but manage, re-
form and do the best you can with The old.
a word MORE upon ;lie subjec, Of Internal I'M
prevemen,s A corrupt system OF l"gro!!ing between
he bank schcnrTs and ruilr"ad projectors, seems to he
HE CiueE Cl llle Jay SeiilltHlcH.
lest yGu kill the Cause you would promote AM no enc
my any scheme OF imProven'rnl which holds out such
PROMISES TO invite the investment of real capital
What faith you repose in system, based upon mere
fiction, 10 lie prosecuted by bu:hcnng the people
against their will? Is it in that way that you expect to
arrest tie tide o: emigration hence: Can you expect TO
effect that object, and accomplish the thousand schemes
foot, by such means? If yon could, what would you
your people gain by it? At most splendid country.
cIeckercd with rail roads and canals here and there
narncned with palace, but with poor oppressed
m"nhy Of people, governed by combinations of privilege
ed corporations, and pamprred stockholders and stock
obbers: Arisocacy and Agrag!anism-lle Two extremes
against which every Of true American feeling ught
surely 20 set his face MATTER o FACT.
FOR TIE ENC UIRER.
REFORMATION!!
Reformation is good thing. Reformation in the Wing
party is rsry good thing Itappears from neutral pa
per in Richmond, edited are told, by Wing that
great reformation has taken place in the Wing party
T.sy. They have become great enemies, it seems, to
prescription; thing praclsed in Virginia. except