Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-07-24

no, our several conclusions upon that punt we unahI
mousv concur in the opinion, that the re'esnrshWen,
of Bank of the u. 8 Is unnecessary, he1Ps's'' ~
dangerous To the pubic liberty ,r:,
A few years experience has given much aa''ona'
force 10 the arguments originally urged against such al
institution leading argument IN favor oil IL IL; '"a'
h S,,,e hanks of themselves Incompetent TO man.
,ra their affairs pruden or TO maintain specie
and preserve sound currency; and that BANK Oh Tue
r. is necessary 10 check and control nrin 40 those
,,ho use this argument reflect that II Is an argument
w." ,oDu,ar 1o1ernmeat itself? The people constl
n;e the governing power IN the unitfh STATES ""u
s bv their authority that the State banks are
This argument assumes that the people are %
IN check and control n class OF institutions WHICH ''ey
create and that new agent unknown to The Sotesaha
irresponsible them The people must be in"ouceu
10 save them from the disastrous consequences OF lef
own acts. - , :; :,
M, The leading argument in favor of monopoly ana 40
eoru,e power throughout The world? Why do kings
,e;gn and princes exercise absolute dominion but be
cause the people assumed to be incompetent 10 act
wisely and protect themselves against The evil cohse
| ouences Of their own ignorance and error:
Assume that the Stale banks are incompetent TO Inc
ends for which they created, and will necessarily
run into periodical excuses enai'ng great ev',s upHn
the country what would Republican look Tor
| remedy? Would he say that the people cannot be
trusted 10 amend their institutions, and that we
must have irresponsible corporation to prevent these
cvs' Would he not rather Justly conclude mat Tue
banking system itself was detective aud undertake 10
reform H. 50 bring 1t under the control ot The peo-
pie through their constitutional organs, rather than TO
assume that it cannot be regulated otherwise than by
the introduction OF power COMPETENT 10 contenu lor
| mastery with the Government itself:
We reject both the premises and The conclusions
We believe our representative and popular Governments
in the States, no created these Institutions fully com
pstent to modify and reform them, ard 10 impose all
those checks and restraints upon them which The bank
! inr system is capable of receiving.
To awaken the people 10 due sense Of the magnitude
of that power which The advocates Of Bank OF The U
States would create, let look at the amount in "men
| and money" which they propose TO make dependent
! upon institution.
The number of State banks and branches now, is $50
The number of presidents. directors and other officers,
il not over estimated nt eight thousand two hundred -
The number of stockholders may be safely estimated at
three hundred and twenty thousand; and the number OF
debtors exclusive Of stockholders ut SIR hundTtd and
fiiy thousand. The aggregate Of these is near million
of persons whose business relations and p"cunary int
ress are directly involved. The capital OF all the banks
is about &3l7 G3G 10; and the amount Of their loans
nbout $50 t3l cG1. Here, then, We have mass OF
about one m0n Of PERSONS and money and credit to an
amour, exceeding fire hundred millions OF dollars which
are in great degree dependant upon the operations OF
| this bank credit system.
Left TO b. governed by the general laws OF trade and
credit these elements of power may continue TO be com
paravey harmless in their effects upon our political IN
slilulions; but what does the Opposition party PROPOSE
/, proposes by The establishment Of National Bank,
10 increase concentrate, and combine those elements IN
one corporation. The project is not merely TO establish
Bank, with an immense capital, pnI u Is uIso w
pye head and manager 10 the million Of persons ana
five hundred millions Of dollars embraced IN the existing
! State Banks.
When the first Bank Of the u. s. created, with
eleven millions Of capital The number Of State Banks
did exceed four. and their capital was not over Two
million five hundred thousand dollars; yet The R"pub
cans Of that day dreaded its power. When The second
Bank was established. with capital OF lhlrtyfve mil
lions the number of State Banks did not excred 1884,
and their capital not over So .o22l22 Palrouc
fears Of its dangerous power then also ascertaned
If there any for fear those occasions, how
ought Republicans feel now when it is proposed 10
pu, neal one million Of individuals. and more than FIVE
hundred millions of dollars, under r substantial dom
MON of one corporatinn The President OF the late
Bank of the u. S testified, upon public occasions that
there were few Of The Stale Banks which 1t could not
! have crushed had il been disposed The power OF
the proposed bank will be greater and every new
State Bank which has been may be established. Will
add 10 its power by increasing the number Of its depend
| ants. and enarging the sphere Of It's influence
What, under such system, is 10 become OF the nde
pendence Of the several States and their right and power
| 10 regulate and control their own institutions: VIII
the State banks be governed b. The States which created
them or will they look for their superior 10 the monarch
Of he nrrat bank crcdH syste whom the inc xorabie
and inevitable laws of credit and Of trade confer The
power crush them, according to his uncon'
trollable will,
Every wear increases the danger Of establishing such
an institutions for every ycar adds to the number Of
State banks which must OF necessity be It's suOordinates
and dependents. If it ever be established every bank
within the States WILL necessarily, become the ally ano
citadel of this central power Surely 1t IS enough that
the Interchangeable laws of credit and trade subject the
distant State banks to the influence Of one common CEN
ire That consequence is inevitable and unless trade
should be more extensively dfused, must be borne
But as friends of The rg,s and independence OF the
States can We desire 10 see this subsection made more
abolue and degrading by artificial regulations Least
| of all can we desire To the administration OF the
laws Of credit and trade placed in hands which are not
only independent of the States but Of all that is popu
lar in the General Governments When guarantee
can be discovered against the ralltes OF our nature,
mankind may be safe under absolute DOMINION when
directors of banks be selected from superior race,
then the existence Of Bank of the United States may
be compatible with the rights Of the States, and The IL
berry, prosperity and happiness Of the American people
That there are Advantages TO be derived from
Bank Of the U s. cannot be denied species OF paper
answering the purposes Of money and nearly uniform
in value as 10 be available at par throughout the Unlnn
is for many purposes, great public convenience But
what Republican would purchase 1t al the hazard OF his
liberty especaliy when he that effective subs!I-
,ue NAV be obtained without il, II may be doubted
whether such bank could now be OF any real utility IN
eqnaliziug domestic exchanges
That which is very generally called The difference
Of exchange is reality but difference IN The value
of the prevailing paper currency at different points 10
put end To that, requires no Bank OF the u D. IL
now vanishing as fast the banks resume specie pay
menrs and we trust, will soon cease throughout The
Union without the agency of any coercive power what
soeyer The real difference Of exchange will then re-
man, consisting of the cost OF transporting specie OF
specie funds from place To another. In thiS ouS
ness there has been heretofore and will soon be again
vas, competitions which will reduce the expense To the
loves, amount for which the operation be performed
For the country this is the safes, basis which it ca"
rest. If great National Bank be established having
as must the mastery OF the whole banking system OF
the Union It will be strong enough 10 prescribe The rates
Of exchange and Dive competition out of the market
no, by reducing the price, but by wave OF its 'cepsre
fit were 10 indicate TO the State banks that exchange
was considered its appropriate harvest field IN which
blata h,pa tnp
cessnriiy submit to The will Of this legal superior, and
wi,bdray from the business Would II be safer to have