Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-02

p.i1 out OF The properly Of the stockholders. III Woulu oe
90 paid by them, il, V hen il was counted out, they were
rcriI; 80 inpch money out of pocket. This, hnwevcr, IL
no, so. The b, inns is TO be considered merely as SO mHch
money adrnaeci by the stockholders winch they reliace
with interest, by mcuns of lie money nakIng iacilities
with which the charter vests them. Considering no"
much stock may be rut. into action with very llile mo
ney, and what enormous interest is thus received on Tue
in put. it is easy 10 perceive that a portion OF The Pr"his
may be applied TO replacing the bonus, and still enough
would remain 10 form dividends OF more than u per cent;
The bonus then is paid by the bank 10 the State: ana
then absorbed by The bank from the nation, and repaid
TO the stockholders under the name Of dividends. 10
simplify the whole matter, then, we may CONSIDER 'me
people as vayipo through the bank q sum Of money call
ed The bonus-ior what: TO induce the Stale 10 vest n
company with the lucrative monopoly ol taxing lhrHl'
selves by lending bank credit. If This view OF the sub:
ice; were kept before our eyes, viz. that the erection OF
every bank is Il tax upon us equal to the amount oil tie
bonus, plus the cxcrss Of dividends over Z per cent how
few men should we find in our Legislative halls who
would venture TO propose 4 bank or even 10 Sanction one
by a silent vote? Yes, If this conviction could once gan
alodpment in the public mind, should not despair OF
seeinJ the tables Of the money changers overturned anu
all their adherents excluded from The political temple
What is there al which the people vince with S'ch sore
ness as al n proposition TO increase The public ournehs'-
Those who represent them are acquainted with ms tatt
in their temper, and accordingly, if any new tax, now.
ever slight, is proposed, there is always an abundance OF
patriots ready 10 sound the alarm. Witness The Efforts
that have been made TO increase the Governor $ salaTy
by a few hundred dollars. Gentlemen could not hear
with patience 4 proposition introduced INTO mat MUSE
which had for lis object TO take more OF the people s mo-
ncy; they were opposed 10 any new tax, no matter "
what purpose il might be npplied-wlth other popular
common. places. The next week or the next year n bank
bill, sadding upor the nation 4 tax q thousand times great.
err, (but gided over with The name OF q 6onusD IS intro.
duced and carried through with hardly The semolance OF
opposition. This is strange. But the generation - no
novelty; for, we are told there were men IN former Times
who would ''strain at a gnat and swallow a camel
Direct evidence that the bank bonus is thus recovered
from the people cannot he Supplied, and is mt from lie
nature otlhe case a%ttainabie. Neither can such evidence
be produced that the vendor Of imported goods extracts
the tariff duty from the consumer-yct the latter Is a
fact Universally admitted, md the former must be equal
" manifest 10 every discerning mind. MI. king OF
Georgia stated in his late speech, that a bank IN his State
had divided as mach as 80 or 80 per cent. per annum.-
With dividends like these, or even ] = or I'D OF these,
how soon would each stakeholder recover the portion
of the bonus he had pn;d and still pocket handsome dIVi.
dends:' To point TO these tax gathering engines as as
surauces Of the freedom Of the country is either tecxcess
Of Ignorance or Il mockery Of the understanding OF the
people. The Government quarters them on allotted dis-
tricls Of the State, and auihorises then TO tax the people,
provided they will give her a share OF the spnils. Now,
this may he ! liberty to some men, but 10 me II Is as much
like the actions Of an arbitrary government, ms anything
ever read or heard Of in my life. 10 me 1t has a most
snwful squirting towards the Turkish despotlsm. I'm
the Ottoman or Turkish EMPIRE says the FederGllsi,
No. 80, 'the sovereign, though in other respects absolute
master of The lives and fortunes Of his subjects, has no
right to impose a new tax. The consequence IS, thai ne
permits the Basiiaws or Governors Ut provinces 10 phi
iage the people at discretion, and IN turn sGneezes out of
them the sums of which he stands in need, to satisfy his
own cxigencies and those Of the State Here We have
the prototype Of these baastcd Institutions. They are
descended not from the policy Of free States, but drduced
in a right line from the terrible system OF oriental drs-
po;ism. The business of the Baslaw is, to extract as
much as he can from the penp!e So is tina, OF the hanks.
The Bashaws derive their appointments from the sultan,
for which they pay him i share of their sPoiis: The
banks derive theirs from Government, Tor which they
too pay "A share OF their spells. The Bashaws eSl"tl
their tribute under tAr lifted sword The banks gather
theirs as efficiently under the hammer OF the auctlonrer.
In short, the Eastern p%lunderer is an unit, and therefore
more ,ulcrablr while 4 bank, with lis brokers and usI.
rions farorilcs, assaiis Us lIis 4 monster with many heads.
defy the frmrst friend of The banks 10 disable The JUS
lice of this parallel; or, if he loves his country, to dwell
upon it without shuGder;ng. | hope we shall hear no
more Of that dognatizing cant, which would establish
the existence Of banks as the exponent Of a nations
freedom. II were endless 10 answer the rnthie OF re.
commentators which have been urged IN behalf OF the
banks. Those which have been passed in review may
serve as n specimen Of The most respectable. An equa!
quantity of paradox, s~ophistry, and bold assertion, was
never beinre united in defence OF j political MI saiice:
hasten TO notice the interference Of banks IN political
affairs, the most banclul of oil their tendencies. and one
which, in the absence Of every other objection, would
be sufficient 10 condemn them in The eyes OF q true
Republican. This argument has been pressed against
4 National Bank with such ability, that inspiration itself
could hardly improve it. The political power excrtrd
BY this institution was manifest, and 50 odious to a majo.
rlty fthe people, lhatit may be viewed as one OF the main
causes Of its downfall. How. indeed, could the exist
ence of this power and the arrogant displays made Of il,
escape the public eye, or fail 10 rnusc a people naturally
impatient Of control: So confident had it become Of its
might, as 10 set The Governments al defiance in her efforts
TO lnsoect its proceedings. Committees appointed for
.tar purpose wire tnwarird by vcxatious delays or rcfl.
sails TO exhibit the required documents; and on u"e ucce-
sion 4 supervisor or spy was sta,inned in the committee.
room 10 overlook our representatives While engaged IN
the discharge OF their duties.
Such glimpsrs, however, rs were caught of ills trans
actions were sufficient 10 reveal its lransccndani power,
aud as it approached lis dissolution. we were taught 10
feel with what searching energy that power might be
exer!Pd. We were awakened 10 the 'cxtcnt, the alarm.
ing extent 10 which this institution had mixed itself up
with and acquired Il control over the ordinary business
aId interests Of the country, y "exsrcisng consequently
4 control over the fortunes and interests, the ipars and
hopes Of 50 many persons. "-[Spcech of Mr.. ltives in
lS3i. Thtse Investigations also created the belief that
"llc leaving Object OF the immense extension Of lis loans
was To bring IS large u portion of the people as possible
under its power and infuence-and il has been disclos-
ed, that some Of the largest sums were granted, on very
extraordinary terms, TO conductors OF The public press
In some Of these cases the motive was manifest by the
nominal or insufficient security taken for the loans. by
the large amounts discounted, by the extraordinary time
allowed for payment, and especially by the subsequent
conduct Of those receiving the accommodations - Pa
per read TO the Cabinet, Sept. 1888, by President Jack.
soa. Nor is it yet forgotten that thousands Of dollars
were expended by this wealthy corporation in printing
and circulating speeches and pamphlets of the mos, in
hanHnatory strain, waging open war against the Govern.
ment, and striving TO lnclte the people 10 JUN in the par.
ricidal attempt. To this formidable list may he added
the further charge, that in order TO screen their designs
from the Government, the Government directors were
excluded from their places at the board. Thus by exces.
sive engagements Of its discounts, the willy President of
this Bank had cnntrived in his late memorable contest
with the President Of the people to en,angle thousands
in his invisible net, and amongst them, picked men, par.
tizans who had grown gray in the arts of political ma
nagcinent. BIZ extending extraordinary facilities, or ra-
tier indulgenclrs, to editors, he enlisted under his ban
ner a corps possessed Of vast influence, and entirely de-
pendent upon his nod. And lastly, by means of PamPh.
lets charged with all the virus OF an Infatuated corpora
ton, all effort was made 10 debauch the people from their
constitutional allegiance and lure them 10 its own insi.
dious embrace. Armed with those powers, with branch.
es distributed throughout the county prompt to obey
its commands, and guaded on 10 madness by the veto Of
liz rpcharler. this institution was seen 10 take The field