Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-08

be periodically afflicted BY those expansions anu
toctions of hank issues which incident to- ana pro-
duced by the depose and withdrawal OF the puoic o
new from the impression Of banks who hold II win per-
mission 10 loan it. ,h;
ment in a time of profound peace and great national
prosperly we find the banks all over The country Qh
GLIDING The late United States Bank, under Ills ola'e
charer with their vaults closed, and the banKs 'hu'
used for receiving depo'es 10 be nuhen
INV TO The Government the money which has been
with them on deposite The consequence is mat WINE
The money of the Government has been invested ny
these bank in doubtful deferred loans, TO the raahS
community it has been obliged to resor, to all issue VI
Treasury notes to pay the public expenditures inns
has produced considerable inconvenience hut shohiu
such an take place as would be almost GER
tain TO dog in time of WAR, disgrace and RUIN ana nm
lona bankruptcy and disl'onor Woula Oe It's
consequences. .
Such disaster TOO, would be quite likely TO happen
from inability the part OF The banks, Us from design
to either or both which the Government must be SUD-
ected and it would be likely 10 occur where one
bank had the custody Of all the public treasure than
where it should be in the custody OF many banks be.
cause single bank could act with more direct concert
in thwarting The Government or IN withholding us
effect any favorite object OF lis own, or vi
political party.
presume that none Of you would hazard the opinion
that The bills Of nonspecie paying banks should be re-
| ceived in payment oil the public dues. II, however,
YOU must perceive on reflection, that just discrml-
nation could be made between banks that may ultimately
be found solvent and those whose notes are mol worm
six cents on q dollar Would you undertake TO main
tain that The Government shall be compelled 10 receive
and coec. its debts in bank paper which no individual
can be compelled receive for debt due 10 hln No
man in the community can be compelled to take any
thing for debts due him but gold and silver; then why
should the Government be coerced 10 take deprecated
paper?
So far from the friends of the Administration attempt
ing unjus,y charged upon hcm to make one cur
rency for the people and another for the Government
their effort is place the Government precisely on inc
same footing in this respect that which every moi
vidua in the United States now occupies DesIaeS Gu"
thing be clearer tban that Cnngess by authorizing
y,hing gold and silver, their certain equivalent
To be received in collecting the public revenue, wouo
violate TINT provision in the Constitution which declared
that preference shall be given by any regulation oil
commerce TO the poris OF one Slate over the
ports of another Now, if the notes Of non specie pay.
banks 10 be received for customs, and Inc nns
of the banks in New Orleans and Charleston should be
fifteen per cent. below specie, while the notes oil Inc
banks Of New York aud Philade pha only Two ana
half per cent below specie and the notes OF all these
banks are receivable, would there not be plain aad pal
pabe advantage and preference given, "by regulation
Of revenue" to the ports Of New Orleans aud Charles
ion the porls Of New York and Philadelphia: This
is certainly forbidden by the Constitution.
II has been urged against the Democratic party, Of
which | am i member, that hostile tn State
Banks This is unlounded so far as understand the
sentiments Of the party, and know il to he unjust SO
far it relates To myself My only wish Isl 80 lar as
any action of Congress is concerned that the banks
shall be permitted TO trade upon any pretence
TO loan use, the public money. In this there is no
hostility Iu the banks, unless II can be shown lhat IN
addition to the other privileges conferred on them ny
their charters, these corporations have right TO claim
tie possession and of the money belonging to The
people of lle u. S. aud collected for the lawful purpo.
SEES Of Government. No such righ, exists; and The
banks have more cause OF complaint against The 60
vernment this account, than they would have against
an individual who would not let them have his money
10 loan out and trade upon. AS TO tie State Banks,
would saw the States have created them, and whatever
control should be exercised hem TO proceed
from the Stale Governments respectively and not from
Congress- which has power either 10 establish or aoo'
| lish them.
| Equally unfounded is the Misrepresentation made by
the Opposition respecting exclusive metallic currency
for all purposes. II is certainly desirable that all bank
ing institutions should establish and secure their me-
tac basis, that the paper circulation founded upon
may be rendered SAFE and convertible, in times Of depes
sim we'll prosperity, into gold and silver, at the
will of the holder and that this converbility shall he
substantial, and merely theoretical. 1t would also
be highly beneficial Danish all small bills from cIrcu
lalon, This would introduce specie into common use
for the ordinary transactions Of life and would also be
protection 10 the industrious classes, who always suffer
any bank failure, because thry hold The greatest
portion Of the small bills in circulation.
But for the accomplishment of these Objects The peo-
pie must look mainly their State authorities, and not
! 10 the General Government.
AS to United States Bank my opinion is unchanged
and confirmed Waving all constitutional difficulties,
should look upon churterng such an institution
creating power dangerous 10 the lIherles OF The
people; power that would not merely control The cur
rency The rise and fall Of property but would con
troll Inc Government itself Ii would hDd in lis hands the
make peace, and to dictate all the poll
cy and measures Of the Government.
1t is all delnsion suppose that Congress, by lis
enacmpns could feer and bind down such an Insllu'
| uIl tho pthp
banking institutions in the country must be subservieDt
Place around it what legislative guards you please, IS
still all uusiorn SAMsoS, that WILL pleasure, snap
asuuder all The ligamenls with which you may seek to
bind it, The late Bank of the United States has disre-
garded the very law of its creation, whenever IL hecalne
It's interest do So in the OF the investigating
committee appointed by Congress, It's exclusion OF The
Government Directors Sc and no reason exists TO ai'
horize belief that another bank would not conduct III
similar manner. Il it should oppose the Government
i, would be stronger than the Government If il should
unite with the Government, it would make the Govern
| nent stronger than the people.
In conclusion, would remark, that you have exercIs
ed right which you possessed in iastructDg me-, and
have only discharged duty which you have imposed
me, in making this address to you as declaatve OF
my views. We are co.agens for The people OF Iennes
see, in different positions. Your instructions do not
at all cnncusvey prove that either had done wrong in
that respect should have done wrong had they not
been given. They only show difference OF opinion be-
tween you and myself which, in this case no doubt does
really exist But as understand and snail practse upon
the Right Of Instruction. it not busec on any supposed
superiority Of the inslrucng members OF the LegIsla
ture, the Senators OF The State; nor is 1t founded
upon tic idea that the particular individual opinions
and feelings Of Those members who vote To instruct
create any binding obligation upon the instructed Sc
naloI, because these opinions and feelings may moi
he the result of a careful consideration of the sub
ec, knowledge Of the will of the people, but may
be produced BY party prudices Par,IaIies stimulated
from other sources Than the people themselves to effect
party purposes On Of these is the right of nsirnc
lion founded; bu, it is founded upon the presumption
that The members of the Legislature from their great
number their mode uf selection from all parts OF the
State, and their supposed with the people,
| are the safest opponents of the public will.
But the great arbiter, the people Themselves
rint decide all questions bel their aGenis