Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-17
THEPREslDENT's MEsSAGE-No. 2
Banks-Associatcd Wealth.

4.
Van Buren's late Message is his adoption OF one OF
the cant phrases of the day-whch seems TO us to
embody principle subversive OF all enterprise,
aud which. though, it chimes APPLY with the
prejudices Of the ignorant and unrenectng, would
practically paralyze national energies aud throw
us back century behind the age. The phrase to
which we alude is this: The anti republican ten
denotes OF associated wealth" II mean any thing,
II is of course a declaration of hostility to all corpo-
role companies--"hethei for banking or for manu-
iacturiEg OF for tie improvement of the means of
communication between different sections of the
country by roads and canals and to what cond
lion should we be reduced if such n principle were
now acted upon by local LIE legislatures. War,
Peslilence and Famine, combined, would not exert a
deleterlous influence upon the condition OF the
country than would the annihilaon of all such as
sociaions now existing. and the steady refusal to
sanction such combinations in future, and TO permit
nothing TO be achieved III the various fields of en-
ierptize, which, in this county. almost illima
BILE, that may not be accomplished by individual eff
fonts aud resources.
But if this be Mr. Van Burens meaning then
we meet him with the broad and unqualified denial
that these corporations deserve to be thus characte
rized and thus stigmazed. We deny that they are
constituted exclusively, manly, of the ueal
| Thy classes OF the community aud we deny that
they anti-repnbloan in their tendencies. On
the contrary, they open TO all alike, SO all alike
participate in their advantages from the moment
that the books opened for Inscriptions TO their
stock until, ifthey be banks, their Offices ready
for " discount aud deposite,' or, they be manu-
featuring and internal improvement companies, uuril
they in successful operation. The poor and
the rich meet together on The broad platform of pu-
litical equalily-lhe poor taking shares il they
choose thus to invest their litle means the full
extent Of their capacity, and the rich enjoying
greater privilege. True the rich may secure
larger number Of shares than the poor: but, on the
supposition that there were no chartered conpa-
MES they could also buy more lands or build
more houses. 1t is The most contemplate slang in
the world. then, 10 speak Of The ant-rcpubllcan
tendencies Of associated wealth" II there be an,
thing in wealth itselfcourary TO the genius of epub-
hcanism, It's association, in The foms advered to,
! aud know Of no other TO which the remark can
possibly apply, does not increase those tendencies.
On the contrary, II neutrallzes them to great ex
tent, by supplying capital for the cnterprzing,
honest and industrious poor man, who is born
with a silver sponn in his mouth, aud by providing
means of employment FOR millions no would other
wise be deprived ofthose comforts which are gen
orally dffased amongst population, the conse-
quence of the demand for, and the high price Of la
bor which this associated wealth. every where
creates, and the appreciated value Of our agricultu
raj products, which is the necessary result OF the
competition which ii gives birth.
One might suppose. however, from another pant
Of Mr., Van Buren's Message, that, after all, he is
not opposed to The banking sys,em-indeed, he ex-
pressly tells What, then, does he mean
when he speaks ofihe an-repubican tendencies
of associated wealth.! If this phrase does
fer to BANKS no matter what peculiar form of or
eanlzation they may assume it has no meaning at
all. And yet although Mr.. Van Buren, threw out
this gulI-t.ap TO the Agraiians, who weekly assem-
BILE in Tammany Hall to listen the lectures of
Fanny Wright he. in an after part of his Message,
demonstrate his own nsinceritv, by admitting
their utility, when properly managed, in promot-
ing the interests of trade and through that chonnel,
the Other interests Of the community" No the
stock Of incorporated companies, il they yield good
dividends, is generally to very great extent held by
widows, by orphans, and by Of small means, who
seek for their limited resources where
they will be certain receive the lie al Interest, and
where there the strongest guarantees Of the ul
mate safety the principal. And where they yield
smaller dividends, as is frequently the case in compa-
MES other than for banking purposes, then, the
history OF all such companies will attest, the loss
falls principally the rich, who incur the hazard
for the purpose Of improving the CONDITION and aug
menti ne the resources Of the cities, neigh
borhoods in which they reside.
With some men, we know, the very word " char
ter" is but another term for conveying The idea OF
" exclusive privilege" But we deny that the one
has the remotest affinity TO the other When
charter is granted man is excluded from the pr'U
Ieee of subscribing for the stock thereby designed
10 be created 1t is open all alike-to the rich aud
10 the poor 10 all the professions and to all the trades.
to Jew and Gentle to Turk and Christian. And
the fact that IN most cases, the difficulty is not in
tazeeinc an overlooking subscription. but in filing
it up to Il amount required, is evidence as strong
as any reasonable mind could desire, that, SO far
from being regarded an exclusive privilege
to hold stock in such companies, IL Is not esteemed
pfvllege at all-but rather burden, which patriot
ism rather than avarce induces ndvldnaIsto assume
If those no are in the habit of denouncing charter
, I'd companes as so many nurseries OF arlstocfacy
would look at the question ia its true hight the,
coud not bu, be astonshed, we think, n, the eHcn
NJ their own delusion-a deluson consequent upoI
rho C,eonent by influential men, OF such Sian