Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-07
fate already pronounced by the voice of the naon and
called for by the highest considerations connected with

fae already pronounced by the voice Of the naton and
called Tor by tie highest considerations connected with
The safety OF our Tree nsttutonsand To bring forward
their powerful! aid cirt 10 restore The, Government
loils true constitutional character and Observation-Disclosures
OF Il simple, SOiid hard u0ncY Gorcrn,atut'
The means proposed by Mr.. Rves 10 restore The Co.
Vernnent TO It's constitutional character wise and
prudent, had they been practicable He proposed TO
withdraw small notes gradually inuse more specie in
the currency and then, he ordinary channels OF cir
| culation being thus supplied with gold aud silver, the
Government would De prepared without hardship TO the
pubic CREDITOR 10 require payment Of its dues in specie;
ana mus realise reform, than which could be
more deeply interesting every aspect To the safety
and prosperity OF the country" With these sound
views Us TO the constitutional destination of Govern
mcnt, ana with these prudent measures attain that des
linalion looked forward with anxious hope 10 the
fuhment OF his pledge. But how great was our dsap
polnlnent, when the currency bill Of 1887 present.
ed to us as the practical result of his previously express
ed opinions. How deep was our modification when
mat bill was adopted by Republican Congress as their
ultimate policy
We were promised system Of finance which would
Tree the Government from corporate Influences and re-
Store II TO its constitutional destinations but have re-
ceved instead thereof, scheme which binds the Go.
vernment and the Banks together in perpetual union
constitutes their promises to pay tho only currency I'M
DER hard money Constitution, and makes the treasures
ana domain OF SIX and twenty sovereign States capital
anu bounty Tor speculation, extravaganza and monopo
lies Bitter the thought that all toll for years had
been IN valn-tha all our victories Bank power had
resulted in nothing but substitution of kind OF oP.
preston tor anoherthat had only cut OFT the head
OF one hydra that FIVE and twenty might spring in It's
place Sad, indeed, The reflection, that repre-.
senlaves had played the part of the kind swallow IN
the fable and driven away stated blood sucker that
hungry and ravenous swarm mig ht fall on The exhaust
ed victim and drain the last drop Of his life blood
For my own part as a constituent of Mr.. Rives, who
the leader in tins business and who had promised
such different results, felt myself consaine TO ex.
press my dissent in the most public and in the
solemn form. In series of resolutions spread on
the journal Of the House Of Delegates in March last,
Qo37) will be found The following language: {" The
Banking institutions created by the States have become
ntowoyen with their policy and have taken such fast
hold The interests Of The people that they cannot be
easily eradcaled and The only means by which they can
be controlled and kept reasonable limits Is Tor the Fe
dera Government to adhere strictly 10 the letter OF the
Constitution and to receive in payment for dutes taxes,
debts sales of public lands nothing but gold and sill
Ver the constitutional currency Of the United States
not alone in these opinions; our Democratic prln.
cipes forced every acknowledge their truth; but
few were prepared to act upon them spell seemed
to have bound the tongues and the actions OF men, In
prosperity we forget principles All the precipice
10 which we were Fastening; but would lift the
voice of warning. All predicted evil; yet each hoped
10 escape lis consequences The bloated and unnatural
prosperity accustomed by the union of Bank and State,
deceived neither people nor rulers All condemned the
alliance; vel each to profit by its continuance
Borne up on the Dndalan wings OF expanded credit,
mel scorned to reflect the possibility of faloat
ing down the swollen tide Of imaginary wealth, they
quaed with delirious joy the Circean bowl which
TO be dashed from their lips. Alas that disap-
poinment and disaster alone bring men 10 their
senses-iorce them 10 reflection and TO first
principles When the banks suddenly paused in full
career, and like shock of Nature, overwhelmed thou
sands in run-owng tens of millions 10 the com.
munity they refused 10 redeem arthlng save in their
own deprecated rags and promises-hoding immense
sums Of public money, they suffered the Treasury
10 be banSrupt-when by common consent and con.
ceried movement communicated with Geographic dis
patch from post 10 post they proclaimed their in
de pendence of law and their resolution defy the de-
mands Of Government-tben were the eyes of the PEG
pie opened-hen were they aroused from their apathy,
and thoroughly awakened from that ethargic dream by
which they had been spelibound. They saw fully,
and appalled, the extent of the evils brought
them by the Banking System, and It's unnatural connec
ton with The Government. And that separation which
had taken place by the voluntary act OF the Banks the
people prepared TO make perpetual. They felt
conscious that now was the time if ever TO
the Constitution and TO first principles. lncalcnabe
evils had been brought on the country by the Banks
possible legislation could increase etn nor could 1t
much alleviate the dstresses OF The mercantile classes
most affected by banking operations without trenching
on the rights Of others. This then, was the favorable
time loose from private and corporate influences,
and restore the Government TO its legitimate purposes
Now was the time TO introduce constitutional reform,
which would have met with little no favor at any
former period The same Legislature which, in March,
would have refused TO vote proposition requiring n
OF
hrir principles would doubt not, in June have readi:
" adopted such measure And "the Currency Bal,
which received almost the unanimous vote OF Congress
in February, would in September have had no support
bu, from the avowed advocates of union of Bank and
Stale A measure but little dissimar in its character,
has only received the support OF those who hold that
union Of Bank and State is necessary and Proper-lhat
the fiscal affairs of Government cannot be conducted
without their agency and that the Banks canno, keep their
circulation up 10 the constitutional standard of value.
without the funds and the credit OF Government, 10
tain their operations. Such men may differ as To the
mode of carrying out their measures. but there not
particle Of difference in their principle Some may be
for United States Bank, chartered by Congress Some
may advocate the policy Of single Bank in each State,
based the credit Of the State aud linked to the rca
sury fiscal agent Of the Government Others, again,
may be for unlimited charter Of Bank Corporations
by the State and selection by the Secretary Of the
Treasury Congress- of those whose paper and agency
shall be used in the operations Of The Treasury
Here is some difference in the details ola but
what possible difference there be in the grounds Of
argument, by which they are sustained The same
course ofreasonng which led Mr. Clay, in 1916, 10
for National Bank, has brought Mr.. Rives III 1873, 10
the conclusion that league OF State Banks necessa
~ 10 the Government in the discharge of its functions
By similar process Of analysis, they brought to the
same results and impeed "to confess that the force
of circumstances, and the lights Of experience have
evolved 10 their allibe understandings the necessity OF
a Bank (or a banking system) as an auxiliary means 10
carry into effect certain powers, specifically delegated in
the Constitution" There is no need Of hay ,Cdy
house, bring these gentlemen together; they are cor
dial companions and coworkers in the same cause the
measures they respectively advocate differ only in degree
and in kind their principles and results are the
md those that sustain them constitute that class OF men,
spoken ofby General Jackson, in his Farewell Address,
"who profit by the abuses (o the paper money systemD
and desire perpetuae tem who conrve to besiege the
halls Of legislation in the General Government as well
in the Slaes and seek by every arce to mlsead and
deceive the public servants" They hold nothing in
common with the Democracy Of the land They profess
our principles because, they lead them into power But
they have proved by their acts that those principles have
no.abdng. place in their hearts, and controlling inu
ence over the mind Protesting those doctrines which
restrain the Government from comforting bounlies and