Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-04

Those who deny the power OF Congress 10 c'ea'
National Bank and also deny lis power 10 Iii. nss
qula,e PAPER currency should not object 10 inns s
sure because the power pass it, has been SHOWN
the iudcia and coming powers Further, whaese'
may think of the consltulionality OF hc ael "
Incorporating the bank the fact, thal u was
that it acted and IN lis action laue o"u '
cannot be denied. d., ND
Legislators must deal with facts as they hnu 'nes a",
act practically The facts being thai these ps ~e'e P,
aaoat under law of Congress actually passe C"n
Loy ,,e now aGoat 10 doubts as Ia The power oi WI"
gress 10 prss acts should prevent Congress from sup
pressing the evil in question ii the'e ~e'. w ph,
to authorize the issue OF these notes Jito' nf
Congress to suppress them: lnsleau ~ D1e a" ;,
,,sr to create the bank being an argument as"'hs,
sunnressinp these notes n0'0 woulc nave uech so'o
reason 20 Years ago. that is as Congress became
satisfied That the Constitution had been violated by pass
ing unauhorisec act w :, =,
have used in reference to the first section equally apply
10 it, proydes for The issuing OF an injunction against
the trustee and those acting under It's authority, anu
clothes the Circuit Courts OF the United States, si'hg
in chancery with power TO cause these notes To be can
cped In SUPPORT of this section there is the addition
al argument that the United States have direct Pecu-
MARY interest in the matter
If the Government were suable think il very clear,
that in case OF failure 10 pay by the trustee, The 90
vernmpnt would be LIABLE in equity for such of these
bills issued before the expiration OF The charter
and have been redeemed, 10 the extent oil Inc
stock il owned in the corporation, and for which II mas
withdrawn corporate fnndS III IL cOulE De proved
the holder Of bills had received them from the trustee or
It's apeus after the expiration of the charter, that might
be proof of notice the holder, that they were issued
after the dissolution termination OF The partnership
which would exonerale the United States But The
proot Of this fact would be dficn IT moi impossible:
under any circumstances; and therefore is fl case for
chancellor enjon the party having them in posses
sion from issuing them.
Although the Government cannot be sued, its moral
obligation thai the trust be not violated remains,
nd does lis
dvdual under the circumstances, would be com
PEELED 10 do by the Judicial tribunals OF the connrya
lust Government will do voluntarily. 1t would be I'M
possble to distinguish between the bills which were put
into circulation before the expiration of the charter and
redeemed, and those which have been redeemed,
and again put into circulation, that all tine bills Of the
late bank which may be in circulation in of fail.
ure in the trustee to pay them, will constitute claim
against the United States, 10 the extent have stated
This pecunary interest," added to the other consdera
ton have mentioned makes clenr case for the inter
position aud action Of Congress For ii much the
duty Of Congress 10 provide against The arising or crea
ton of unjust debt deIand against The u States
it is provide aginOt the incursons OF the savages
any foreign enemy.
have understood that doubt whether the Uni.
ted States would be liable under the circumstances
which have taken place. | entertain no such doubts
provided the u. 5 could be sued. | admit if A sells
his stock in bank To B, and transfers IT, is longer
liable, because by this transfer the funds of the bank
are not Iessened and It's ability to pay diminished;
but this is very different Here a corporation,
out OF It's corporate funds has paid to partner
poraor eight millions Of dollars, which sub ec 10
the liabilities vi the bank and for the redemption Of
these old notes To that extent its ObHtty pay
duccd II may be assimilaed TO this There are
three partners IN trade; their properly md liabilities
extensive At the close termination OF their business
one Of them wthdraws, while the other two continue
The business, undertaking TO pay all outstanding debts
The party Withdrawing, receives out Of the partnership
property lis proportion Of the capital and supposed pro-
fits. In OF q failure, would any one say that the
partner who had withdrawn would not be answeroble:
presume not.
Upon line second question, Is it cxpedien to suppress
the circulation Of these notes: Will the circulation OF
the bank be diminished: Certainly not if it be the in.
tcn,iUn Of the present bank 10 act fairly and honestly
As to the hand or under its control, the bank
has nothing do but 10 issue its notes, instead of
issuing them and OF those in circulation when.
ever they are redeemed by the bank The ability of the
bank extend carry its business, does not depend
the kind OF notes 1t puts into circulation ii all are
paid in specie demand 1t depends on lis means OF
payment and its credit. If il shall be said that the old
no;es will have credit than ones this false
credit which ought not to be permitted 10 exist This
bank like all Others should rely lis resources
that is lis money and its credit.
The character of lie Government requires that stop
should be put the circulation of these notes Such
was the intention of the Congress Of lSlG and such the
plain import of the charter under which they were made
1t is dsrepulabe TO the Government TO permit any set
Of individuals to pervcr It's enactments to purposes al.
is plainly and palpably the in this instance No
man who voted for The Of Incorporation in 1876 sup
posed such evasion 10 prevent the Closing up oil Inc
affairs OF the corporation. as has been practsed would
be attempted. BY The seventeenth section OF the orr
rna charter the power is reserved to Congress TO make
laws to enforce the payment of the notes of the bank
twelve per cent per annum in favor OF the holders
now they crculatedby corporation which dSclams
the power of this Government 10 make any law what
ever to enforce their payment In this way The power
! of this Government is euded.
Mr. President this is the institution which has placed
itself the head OF the resumng banks and lis pre-
sdent as gcncrassimo OF the allied Forces has called
upon his supposed eudatores and dependents TO come
his assistance in the he is waging against the peo
! pie and their Government. lie has called but will they
obey his mandaie' May we not hope that there
sufficient number of honest independent banks who will
dlsayow his authority and refuse 10 unite with hun IN
this crusade against the rights of the people, undertaken
without cause and carried against all law and sound
morality Yes, sir he may call spirits from the Vastly
| deep, but will they Gomez" | hope and think not.
1t is little remarkable that, in all which has been
written by the President of this institution, not one
word is said 10 excuse paate his refusal, or the
refusal OF those he is attempting to influence to COIL
ply with their engagements He has the money To pay,
| and will not do ii. The law commands him 10 pay
morality requires il; still law superior 10 ho,h IN his
estimation, tobids. That superior law is his o,on 'osi
which, for his own purposes he has substituted for that
code OF laws and morals which most feel consrain-
ed to regard
In lns present llIOr
this bank is able TO pay its debts, and meet all lis lIabl
es am obliged to do this, because the President oi
the institution says the fact 50; and he has not fur
nshed, in his letter, line Of enabling 10 form
opinion for myself When he stated that he had four
millions Of specie in his vaults had he stated his avail
able means; had he also stated what amount of notes
payable on demand, old and new were in circulation;
what the deposes in the banks were; what were the
balances in favor Of other banks which places al
very high amount, aud his other items of indebted.
| sumpthInp
formed as 10 his ability 10 and continue specie
payments. When he stated that he had eight or ten
millions of specie in England, had he stated what de
mands there upon him in that country, then the
public could have whether any aid could have been
expected from that sustain the bank in Pha