Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-12-25

attempts, and the fna extinction Of the Bank as nj
tona institution. will have great and salu!ary inht
ence upon the destiny of the Republican ConfederacJ
The Bank will stand like beacon on dangerous an
desolate shore covered with wrecks the false lights e1
lingushed which decnyed ships The rocks, and CAV
their wealth 10 the wrtckcTs All who once shape
their c"use by Sir. Biddes national light have bee
! stranded
The great politicians were drowned and their surviving
Par,izans have met in conventions only TO orswea
and denounce il. The merchants and speculalors VIII
mad eyes but for The Bank have miserabiy PeIishe'
amidst shocks and panics; and all who have faith II
such an institution in connection with Government
now talk o! reviving it in different place, under olhe
auspices
OF Mr. Bidd!e's extineushed corporation revived
again State institution, he says enough IN the CON
muacation before to excite anew tie sppre!snsion
under which the first fell.
The public is told
l. That this State institution dccreed the payment o
the foreign debt Of this counI5an with ITS own en-
ergy, executed the decree Yihe people, achieving
"a esa gtOry uo,M thousand victories; and in effect
ing this, the Bank assumed an active ageen collect
Ing the debts oike Bank Of Engiaud-gave every facility
for the recovery Of all debts aud stimulated country
~9 to til, III o., Of ,h course ~, Of
exclusive interest.
2. convention being called TO represent The sove-
regnly Of the people OF Pennsy lvania Mr Bdde resolved
tha, it should be constituted cnnsecrse,
constitutional principle the doctrine that The Legislature
have The power 10 sell the political rights of the people
TO q corporation, in the shape OF charter and that no
power in the State redeem them, even If "undniy
granted "suLsegutnHy misused, but ia court Of jus
lice, J due II lac This, Mr. BiddIe tells US.
he said shau DC done, and it done. This seems
to have been political interference Of the money power
in The very origin Of It's present constitution.
3 This State Bank having undertaken the control Of
the credit and commerce OF the States and foreign mar
kets, Mr.. Bidde therefore "lhought 1t most e1pecient
10 establish American agency in London, the
centre and the general support Of all American
securities where, in addition to the appropriate business
OF the Bank itself oil the public and corporate stocks Of
the States mig hi find shelter and protection"
4. The Bank undertook TO carry the commerce Of
the country, and give il that direction which supposed
The emergency (iis own or The nations) required.
The manifesto ssys
elm like manner the arrangement Of the currency
placed the staples Of The South entirely ct the mercy
of The foreign purchaser who could have dictated The
Terms Of sale TO the prosracd planter ], was though!
proper TO avert that evil by employing large portion
Of the capital Of the Bank in making advances on
Southern produce.
The first object, we are told, "to pay It's
bnnd, issued to the o York merchants in tier e7trent
distress the other 0 Introduce into the tnarks! ntr
competton' for the benefit Of the planters! This dc
ta,Oria power! exerted In these communGng measures
the commerce Of the county,, are buppy in.
formed, temporary'-" they were Cf
emergency adapted az the midst IF r"Jc eaasaity ard
TO DC 6isc0ninucd trh e necessity nh'ch ranStd Mcm
D. The grand process in which the Bank exerted
lis nali1na! hGuities when it "oponrd The way 10
the resumption Of specie payments. This it did by
purchasing liz own bonds held by the Government for
capital hal should have been restored al the end Of the
after the dissolution OF the corpoat!On viz:
in March lastt:e bonds being thrown INTO the markc,
By Congress The Bank paid Of these bonds, and,
consequence. dor which The nation mast be tbank
mlD is told .t resumption. 0cc"rdingy took Pi"ce
MrougkCu; tie nidGie Stairs the lh # .InUSt md
Ia mong of he S0srn and UeStcrn States njter.
And now, CONTINUES the mani'cso.) upon reviewing
the events which followed the suspension, Il is source
of great qualification TO that all that II designed
TO do has been done.
1t proposed TO protect the character Of the
country from the first shock Of the suspenson,o ef
iec the honorable discharge Of fore IN debt with
the lsas, sacrifice Of the property Of The dcb,os-lo vim
dicsle The good faith OF the Stale Lrgisaturesto dis
courage all premature attempts 10 resume-but, by
cautious delay for those States which were Jess pre-
pared, accomplish universal resumption. AL! these
done, and tie troubles Of the country have happily
censed
This recapiula,on brings the wieldcr Of the foreign
capital TO which il seems The destiny Of this continent
s attached 10 the surrender Of the dictatorship for the
present
I" Having done this its extraordinary duties ceased
For the future il abdicaics this involuntary power 1t
has longer any responsibility to the Union. 1t has
no longer any controversies with the Government of
The Union Il now desires only rePose, and it vii" take
lis rank hereafter as simple Stale institution devoted
exclusively 10 lis own special concerns.
81, abdcaes this involuntary power! This is well,
and the less so is admitted 10 have been ab!
WaTy. WlElbn 'CORFOfTSNS leiN inc uOtTRWCW ~ INC
Ueion, 10 hch the welfare Of The nation is committed,
unde. the Constitution, and therefore, well Described
"e1trGcydnGry duties" execurdby iscoiG"tGry P0rcr
Tie power is certainly "nvounlary, derived i!"!!
the only recognised Of such high power in this
country--,le people. The Bank never called 10
the dictatorship which il now, with 50 much humility,
resigns by the people Of the u S and we doubt exceed
ngIy whether The people Pennsy ivania will ever !ecog
it in the character il now ussumes"d simple State
institution, under which at HOtc dCsirtS oniy 1rp0Ec -
IT, however they acoaiesce in the ion measures through
which has obtained lis fooholdii they consent that
the Royal Tiger shall have lis lair among them and feed
It's foreign brood from It's herds aud ycks il is not The
rice Of those residing beyond lis reach to disturb the
reposo and excite the freely OF the well filled, and ur
the present, satisfied monster. We shall not certainly
hazard the comfort ot the people Of Prnnsy !vama by Of
ferng i, annoyance: but II. believe they AMI
mated Ivy the patriotism and spirit Of Their fathers and
should Go.e The hunt 10 drive the iE,rudng and usurp
ing stranger frutn their confines VOICE we hope, Of
ali liza, 's,rriic rort (once s,isma,ized by Mr. Bid
d".l That helped 10 expel il from tha national domain
will be wanting TO force from It's refuge III PennsySa
MIA GiOGe