Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-09-11
VOLUME NXxy.-.-Ne. aG.

III expos u chDduon, liable I've withheld from W
ir use aad Appropriation al the mare Measure OF ari.
cal and responsible bodies acting under the sugUes
tons at fraud caprice, enence nscessity Er
posed TO such contingencies and destitute contend
ut complete remedy we cannot, with strict p.Up!ie-
ry affirm that The in place of security
lie, who is rIprsrd 10 danger, rho is IN nctua peril,
cannot IN truth be considered safe because probably he
may have the good fortune 10 escape without injury
The banks again suspend. (shoU!d they generally
resume and get possession Of the public money! may
usr tn redeem their promises, may Violate their con-
tracts and may disregard all heir Obligations because
they may ultimsteIy prove solvent, because they may
perhaps. # sn inclined, Ireland the money placed IN their
custody and because eventually nothing may be lost,
1t therefore safe prudent 10 subject the Government
For IT'S suppo: and very continuance to such contingent
cles: To speak with accuracy and precision, cannot
admit that 5snks such agents The pnEc ought to
believe safe md suitable My colleague, Mr. Garland,
hnwryer will insist that banks give security aud are as
much responsible the officers Of HE Government end
that wc have all the power over them which We have
individuals.
II will be exceedingly difficult task demonstrate
that there is the same degree Of responsibility 10 Tins
G"vtGnmcnt. on the part o! State BANKS and Federal
officers 1t will be rash undertaking TO strive, by urgu
mrn. 10 prove that we have sll the power them
which have individuals holding Federal offices.
TINS subject o: corpO'Gte responsibility, and corporate H.
ability 10 coercion and punishment has alrr afy been an
lciphird SNppOs d. flame OF all principle II should
De attempted 10 declare by law the penalties, the
sancnHs against State corporations against in
divrdua! officers Of this Gucrrnmsnt for delinquency;
BY Tie cOnrNance OF cnnpdcls ana
you foot species of prosecution in the Federal
courts: how their Judgments and sentences be en-.
forced against bodies polite OF the States? II the coer-
"t the civil magslrGcy be Intucent, shall resort
had 10 the of arms; II absurd TO think OF
fine, and punishment aud imprisonmsn as applicable
To corporations In the very nature OF things, thoEe
cannot be the kind. The same degree, ot res.
possibility their pat the par, Of regularly aP-
painted officers In the nature of things, no 90
yrrnmcn exercise all The power its o'cn c0p",
ratinas which 1t may exercise over individuals; ana
much less can ought thi. Federal Government 10 eS-
all the power the State banks, which may,
and does It's officers But there Is an
ack know dyed distinction between a lac commanding
aud compelling performance, and compact or agreement
for mutual service Or favor Suppose violation OF he
by the Government. It's officers where IS the
remedy Of the corporariQus: ConfsCaon Of the pub
lie money: Suppose violation or failure on the part oil
the corporations how specific performance ol ms
lie rnorccd And again, these contracts may
be- prohibited hy the State Legislatures; nay, more: may
be ASIDE HuEd by Ike stockholders III genera! meet
ing the Of the contract made with The BANK
/ oil EIrgnn.
Having made these suggestions in relation to security
and safety, responsibility, and to the practicable APP
pllcsIiOn of C"crcvc power proceed 10 take very
curs"ry view Of the manifold advantages so confidently
promised the ressli IL ia" fiscal connection with The
banks. am much mistaken, If the ends TO be accom-
rl-hrd, the benefits designed wi not be found, on ex.
animation 10 be Oflrcts not Contemplated or authorized
! by The Constitution Tn" power 10 raise revenue, a"d
! to d-hurse IT, is uuQrestionally granted
!
restrain the banks from issuing below certain
Denomination to BE- prescribed by act Of Congress Con-
grss has power III dirrc, any such pro-
ib"n. aud ye, principle scGuuy violated by the adoP
"n If regunti"ns indirectly accomplishing the same
purpose 1t proposes TO stimulate The banks to good
management, and to deter them from misconduct, by
! operating their "hopes and fears The hope OF
being permitted 10 d'r'P"Ht from the Use q" the re-
y~nnr the tear OF lo>nSth opportunity Of enjoying
tbs boon held out Inducements TO the banks 10
c""'" their proceedings to The wishes oi Federal au'
lh"rry The power 10 i"stec and encourage domestic
Manufactures IN The States, by means at The revenue
power and BY force oi cnnmgrcil rrgua;Ions rests on
10 better foundation than the power 10 foster and en-.
couTa gc the issue of 4 local cuTrrEcy. The powe! to
encourage the manufacture of articles Of prescribed d.
mansions and Quality depends upon The rule OF con.
sruct"n a. the right 10 encourage the msnulacluIt oil
bank r"'rs of prescribed denomination and value The
rfIht public confidence III the strength and
durability of the article n cloth clear rs the right
T., impress. pubic cnnlid'nce the article Of papes
promises 1hey both articles OF DOMESTIC manu-
iacture and may be produced with or without acts oil
! incorporation
THE .reward' Of public confidence is proHpred TO
class. the w'hh dGnc Of puhi!c CGntden the rod 81
"puuishmcnt" to another ca,s Of banks Where Is The
constitutional power convert the public confidence
AID III" credit 81 the Government INTO system vi ie-
rds md punishments;
1t virtru Is as abshns treaty Of peace and co opera.
ton with the plant and n:urnSb!", and makes war
Gppn The so!Yrrc and credit OF the Fecuant aud non
cuaiprmiug bnnks
The power ni selection is unded upon The nssnnp.
ton of right pronounce upon the SOictHy and suiiI.
crncy If State institutions. In practice, 1t makes
Od!uua unjust. and injurious c!scHminati"" t' ell
feet divide the local currency {" The States INTO two
classes: one cass have III" credit ana confidence OF
the Gnvrumr and It's are TO De received IN pay
lncn Of dues the other class has not the endorsement
u The Guvprnmrn for liz sovency has not The favor or
its confidence and good opinion aud lis ISSUES are no'T
criy.br in pa m"ut of dues Equal. though they may
be IN all other respects the r'cr"abty oil one IA pay
mrnt of dues and the ,xclrsi"n u the other, destroys
their uniformity The additional function Of dscharg
iag public dues enhances the value OF the one in public
estimation, and deprecatrs the other
On this subject OF currency the U s. present an eno.
maly.
No Stale can make any thing but gold ard silver coin
tender in payment Of debts Inc power mus pfonD''
ed To the States nh"rc conferred on tongrras -
ITO coin money regulate the value Thereof" and oil To-
reign coin, and fix the standard OF weights and inca
snrcs" 10 power Delegated 10 Congress ana expressly
d.uied 10 the States The gold and silver coin, mus
und.r the regulation Of Congress is the only money
/ known to the Constitution and of which Cong7r" can
take cognizance can produce or fegua'r IN ao1I-
ton this current and constitutional com OF 'he "h"'o
United States, the States respectively ca'tn nha no'e
exercised the ripht OF creating banking companies WIN
the privilege of issuing promssory notes, serving tho
purpose of a local currsncy.
Tho advocated nf the dppoe system propose. by an
utilization If csrain banks placed by contract unoet the
.uocrysrr control of the Federal Government
he a., annIicsion Of the power 10 convert This
ocgl currency into general currency, and to mPaft 10
il uniformity Sir the plan, at the outset chargeaole
with the absurdv and inconsistency Of promising uai'
E,rmi,y and actually agersvating inequality by INC
mode and terms of selection. The promised uniform.
y in the mufarious and diversified paper cotfene'.s
! f 80 n,,,v seo,r,,e communities, can never be con-
.numn,sd Such is it's versatility, such It's uncertainty
and inequality different times and PAGES, dnh
seems To mathematical truth to Tde1e ~"
! A bank note in the city Of Rlchmo may &c I;, ~
- Oa"S 49,; "a 40 mn, another bank note, OF similar de-
no nomination uprs, n' be in st. Louis Now, Sir in m.'hs
mac. that things EQUAL to the s'me are san. nal. to each Zen
other is truth independent o. 'i',e 81. ~. ,re
WHO h,nk notes would be sgregoasly deceived
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