Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-24
~ spcoe, Ct The late Bank Of the u Suites, against lie

s,rcole, cf The late Bank Of the u States against lie
warfare urged against it by the Fedora Executive,
STEADILY sustained that institution on ih' GROUNDS nom
of It's Si,n.vr !ulnrss and lis c"nSl''uunay' ma
will add that there is part oil my Pubc me l" hcn
I,ok hack with more satisfaction Than to this stiil
believe Bank Of the United States to be constitutional,
and am confident reason ard experience can ane
me on any similar question: that II The Drst
means of maintaining uniform currency ana low ana
uniform ofexchangSs over the hole o"i'en s'a's;
SO long as paper money constitutes the larger Poion OF
our actual currency
Dut nm constrained To say. that in The extraordinary
distinction and cor junction of political parties when
have recently taken place. am left almost as "sm'iaty
and alone" on the subject Of Bank OF The uni'ed
States as MIR Benton was when he put MS cee-
btn,rd ball in motion. | always supported such an
institution antagonist power to The o'ae oahhs
and az II means of restraining their exuaragant 49,
sues Its utility consists almost entirely, IN my OPT
MON in TIE exercise of this saulary CONTROL over such
State bauks were inclined 10 run INTO excuses ouch
were then the uPini"ns OF those with whom l uc''d
But now the state IF opinions is entirely changed as
vol "a the relations Of the banks. The present advo-
Gales of Ba nix OF the United States maintain pacicay
if not in terms that bank credit the most potent OF
all the agents for producing wealth. The more We nave
Of it, the better; and they seem to regard INN as an
old fashioned poilicai economist who should doub! that
the issue of every additional hundred millions OF BANK
uarer added Just that much wealth to the country In
fact the party now urging The establishment OF pahA
of III. U States are the oGen apoogsts and advocates vi
The pcl bank system which they cOncurred with me IN
denvuncing most fearful aud stuPendous system oil
ptun sud Of despoic power IN the hanos OF te
Federal Executive. was perfectly sincere when Sau
that il would he easier to resist President al The head
of 80 COO regular troops than one who welded such
conitderacy Of banks Yet after This system has utterly
failed those who denounced when WIS mere exPe
mpnl have adopted II as stepping stone to- bank
fihe United States with capital ot 0V0O,uJO, 10 De
located in The city of New York ! confess that with
my opinions wholly unchanged the general subject,
should regard bank established under such auspices
thus located and with such capital, as an institution
emnentIy dangerous TO the liberties OF The country.
Will not disguise my opinion, That Bank OF the y D
established under the favorable circumstances how
ever perfect regulator of the currency is liable to
become very dangerous institution IN the hands ol
the Federal Executive. The old Bank Of the United
States scrupulousy absianed from pocs until forced
in self defence To ABANDON III some degree lis neuual
pOsilion regarded this Of its great merits -
But what would necessarily be the character OF bank
Of 80 millions established IN New York. under the pre-
sent circumstance of the county, Bank or no Bank
il clearly and distinctly the issue which is TO decide The
mex, Presidential election and 10 be- decided by it
Such Bank would be unayoldaLy mere engine
IN The hands Of the ascendant party, tremendous IN
s!rument Of power and m'chie thus created and lhns
welded You may recoIIect that in my last speech
on the dpposite question, stated as reason for sup.
porting the existing bank tina, lis overthrow would pro-
duce precisely such state of anarchy as we now have
in the currency and exchanges and TO c4rcale them
selves from such condition, the people would lily INTO
ve that men will seek refuge from anarchy in the
worst form Of despotism fear my prediction has been
very nearly fulfilled For the chances are, that sny
bank established under the prevailing auspices, would
BE- in fact Government Bank whatever II might be IN
form And her. | am reminded Of tie extraordinary
speech Of Mr. Clay in which he maintains that the pro-
posed organization Of the Treasury making II indrpend'
cnl of BANKS is IN fact 4 Government Bank. What.
ever other objections be urged against tha Treasu.
~ scheme it certainly free from this has not one
OF the attributes Of bank IL would neither discount
notes nor Issue bills II would have no ayos 10 confer
upon body, unless the payment OF lnst dept may
he so regarded If the fact al drawing upon It's own
funds to pay It's debts will make the Treasury Bank,
every man is n banker
Bn, 10 return to the subject Of Bank of the United
S,,les When found the late Bank OF The United
States abandoned TO its fate by all parties, came 10 The
conclusion that the wses course that could bc pursued
on the subject would be to let every other expedent be
fully and ary tried before any attempt should be made
TO Incorporate another Un.c.s the public mind can be
brought, in England, to regard such bank as ma
tonal institution supported by all parties alike II will
always be party engine. A party contest tor The re-
newa of the charter at the end Of every ~ OF " years
would be almost equal to disputed succession ~ mo-
narcby The most painful Of all processes IS the reform
of the currency by The agency Of National Bank after
several wears OF unrestaned and excessive bank dsucs
Such was The case in 1919 20 and such would be more de-
cidedy the Such dreadful remedies are not TO
be used every day. And can scarcely see wh patience
many of those who operated with Gen Jackson, IN de.
sroyInr the late Bank when it unpopular, con
tending for the establishment Of another when distress
has turned the public opinion in favor OF National
Bank under The and delusiye expectation that
will relieve them from their pecunIary endorsements
Nothing could prove conclusveiy that distress IS
a bad reasoner, than tina, people who are involved III
debt should expPct 10 be relieved by such institution
lis very FIRST Office would be 10 correct redundant cur
reucy. Let US how this would be performed. A
bank Of fifty millions would probably issue al least thirty
millions Of lis bills This would increase the exist
ing redundancy and of course render IL necessary for
the Slate Banks cura! their issues much The more
I'm fact if National Bank performed liz duty, ts entire
operation FIRST would be ~ increase the pressure upon
the Stale Banks and through these the dstresss' oil the
people.
Nothing has SURPRISED me more than th, the State
Banks should in quarters of The Union look 10
National Bank n means Of relieving them. On the
contrary so far as they concerned the National Bank
would be than Independent Treasury, with
the specie feature it is called. The public monies
would be of course deposited in the National Bank
Now we know thai although the late Bank Of the T. S.
was very liberal in its dealings with the State Banks,
they were constantly complaining that when their bills
were deposited by the Treasurer IN that bank hahiu
ally demanded the specie FOR them or drafts upon dis
,snt poinIs that were equivalent 10 specie. This
out Of the common usages Of banks, and the obligation
Of the ba nix place The funds Of the Government where
they might be wanted. For example. the Government
collect. half million of revenue in Charleston, in the
loo bills and Gcposiles them in the branch of the
U s. Bank. These funds wanted al Surf,lk, and .,
S G. bills w not answer there, the branch demands
specie dait on Norfolk which is perhaps as costly 10
tie local banks
Upon the whole. then, though belle We well regna-
ted and well conducted Bank Of The United States the
best Of securing sound and uniform bank paper
currency should regard The establishment Of National
Bank under the existing auspices, highly dangerous.
unG calculated 10 increase, instead of diminishing, the
pecuniafy endorsements OF the country.
t,Jo f.r a