Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-07-12
EGR The EIQuiEER

~ c.. When c,nyersing wuh on, few days
since of The inflicted on The c"mnuiy al large oy
The vast quantity !" appreciated paper currency no" TX
s,,nr IN Tho II We both CONQUERED III expr' ssing the
n,innp that The very foundation oil our BANKING sys
lem was laid in error and could not support 'a aho
pupdy SUP. rslfucure. saId then ara repeat II now
tina, The first impression MADE on my i.u % nus nv"
was by the psrusa of letter adtressee by you sh"sy
before your der ature Europe TO gentleman IN Ala
bama In that letter you assumed inc e'ou'o' ''at me
rich 10 Issue piper species ~ en'e"cy roS an ~
friLye of orsieeny shoufd onfg 0s f1rtsed dy inc po
Etrg pDuer and ntesr dtrgatsd to othr hH"ds II IS
denarIure from this rule the snunGness o' which wi"
am persuaded The CLOSEST scru"y' lha' mas hereto"
fvre produced, and will. II moi ccfrecen, Continue
10 produce incaIculahle distress and misery IN every
country, The Government OF When snail empower
certain Of its citizrns banded together as Corporation
To- issue bank at their own discretion say ~
their nn discretion, because, IN truth ne restrictive
no allies imposed for The purpose OF preventing over
issue arc SO slight seldom sought to be rofced aud
On easy evaded Us uford no rrn'eclI"n to The CON
munity uGans the cupldhy al The barker. surely, u
il be sound pulley, that in all wfli.govafned countries
The sovereign power uiOne should maze aud regulate The
metallic currency, il is still more necessary 'hat among
an eprerpIisinG commercial and wealthy people, "hrn
owinr The immense and rapid transfers OF property
every moment going paper IS wanted IN hooilion 10
the metallic currency, as representative on Vaine, IL
should be created by, and equally under the vIglant
and controlling guardianship OF the government ne
precious metals by the common consent OF mankind,
are every wheJe received not merely as being The orst
measure of The value Of property but. as really IN Me
s.pes inrinsicaly valuable While, the contrary, The
pslIry piece of paper which the words OF bank note
are ergrnvrn cannot be used Tor any ernrhcla purpose
is only an tridencs of debt and is estimated trei"Strg
in proportion The good faith and sovency ol lis nsH
er is il not Of vital consequence The reure that stand
ard Of value purely artificial yet winch from 1rnefai
use has become of SO much Importance, sh"G!d have
broader and deeper basis Than thu integrity or fortune OF
lew individuals however wealthy and hon"rnhle they
mny he? The main difficulty is, under our peculiar form
of Government how provide such basis as VIII give
security To The holder Of The note mad OF The same time
not rndanger. in any way impair! The constitutional
pd,fce On tina, head il you Iecnllrct, ven'nitn 10
make few suggestions, hch if vanity did not had
me asitay you appeared consider not unworthy oil no
tee.
Subsconent fnciinn having rather strengthened, than
Diminished NY belief in lrir correctness and feasibility
al last concluded 10 put them IN tangible form and sub
nit them if INDEED they shall be dremrd deserving {" IT,
ir observation Of men posse ssng clearer and sounGr
judr .rant than mysrif
What proposed was. n amend The Constitution Of
the Unilrd States By declaring that, from and after Tie
date of The amendment, State should incorporate, IL
cPnse, in any way authorize, private individuals TO
make, utter. issue, hat are community called and
known bank notes, promissory notes, rurparilng
be payable 10 bearer for value recevtd That, from
und alter The dale OF The amendment State should
extend the time OF any charter, by II previous
~ granted, whereby the cnrporntors WIRE entitled To
make. uer issue said notes: That Congress shr uld
| om time Time, prescribe ttr lowest Denomination Of
note Ilch might be issued by The Banks Of the q 'reD
States. and ax penalty or punishment, on The officer
officers of any Bank found gully OF having violated
the prescrpiive law. These believe substantially
the views laid before you. Tint they any oI SINH
lar character will find f. Dr with the monpyrd interest
in Ibis country, have no hope. great sruggr, coe
val with the establishment of independence. some
times openly sometimes silently and secretly has been
steadily and unremirlngly gning between tie Aris
pcracy wealth and the Democracy al numbers. as TO
winch should govern the hnancoi concerns Of the ma
tim. So far, the monryrd power through The ingenious
and varied devices of cnrpnrat"ns has had the ascend
uncy and he result has BEEN that banking operations
are and have been carried simply for the benefit and
Advancement nf what thought |" be tie interest OF
the corpnranrs without ever brstowIng solitary thought
as what The effect of those operations he on The
great bndy Of the people. To day, ~hrn nr"rgrnwn
wealth desires dispose Of property and convert the
proceeds into cash. apparent. bnr drluslvr nnd fleet
ing prosperity produced by widely spread increase
of the paper currency Tom"fr"" hrcInes drsirous
nf entering The market buyer, and forthwith sud.
den and spnsmndc contraction Of this currency followed
b. its inevitable quPnca panic and pressure, re-
| ducrs Inc properly so per cent in prlcr
To lrr'sp mode of preventing The recurrence
Of these i,ighfu fluctuations, Is Object of laudahle
purs wit every man who has The goud Of his cnunry
al heart; and haer myself that 10 make The attempt,
even though it end in failure, will bring no "bofny on
| the pr jsctor. To my limited undersa; ding II has al.
arpraTed radically wrong. that the comparatively
small number Of ftuw -ciizrns who. irmm the very
of their arncaons, mrst IN The habit OF EN-
p!Iyng paper currency, money, should BE- at bsr
- 10 increase or dlnnISh lie quantity rs sulIs lDe
good pleasure
h!i bat ~ measure Gf safely 10 The res! Of The
community. the power create, we'll II regulate
he paper currency ought TO h. entirely Withdraw from
those ho most s,rnEgly tempted 10 abuse IT, BON
here aud Eng land here Barts. iniscat National
has been clearly shown by evidence taken
before committees, respectively, Of Congress and q" Far
lament that when extensive merchants have hrd me i
tuann Of directors in those ns uuns, it too frequent.
~ happentd that The particular individual interest oi the
drrect end the public interest apiag5nsi int rests
do not pretend TO assert. for really do not know h"w
the fact stands, that in the plan OF the amendments
above skeciipd out, there is any thing original but
entertain thorough cnnVicIinn that The r,inrptc lad
dorm by y0u if fairly Developed and acted upon, III
guard producing CLASSES which constitute the bone
aud snew ni strength against thu miserob Bile trash OF
lrcGsemabr bank paper hch has long and often
been impused upun them, the serious injury nav,
rum Of themselves aud tht ir families There
not am persuaded, by any means, be the same imml-
danger ni STATE brcning insnlvPni there Will
b. Of private cuPurann: another material ndvan
tage TINT must eDsup, II banks nn, y the States
The only banks at issue The prcffs dcrred from banking
r0ufd be rnbr pr"rfry thus furnishing source q!
revenue without aiding 10 the huthen Of taxarion.-
There s.h"mgh al the presen, day TO b. embark.d in
banks, throughout The Uni0n, capital OF 1920 Co.,
which doubtless yields, si,er 0eira wing interest the
original capital and all expenses average dividend Of
our per cent being nearly thirteen mlns OF dnars
prnf per onnum!. Now that is precisely the amount
al which the pssen, bank c"rporatnrs levy trir
f-uwcillzens. Divide those thirteen millions among
The several Siaes IN relative propnr.inn To The respcc
live number and wealth " their citizens, they will g"or
toward covering their whole public expenditure IL fol-
laws them II We ndupt tir proposed amendments, and
establish Slate banks, properly called ~e shall no.
only have banks whose credit will be above suspicion,
but new resources will be supplied for extending AID
completing valuable works of internal improvement
without Resulting 10 higher rate Of taxation. By sub
suliug banks The stock Of which belonged solely 10 he
respective States, in lieu of unl stock companies, il or
pears TO me almost CERTAIN that another desideraiuEn
4 ha rl,Irhf Tho
nf Bank of The United States have drscantet,
long and loud-a low reie Of exchange between
those parts Of the Union most wdry distant rtry,
each other Because, as, in addition 10 the specie
capital The faith and of each Stale would he
pledged for the redemption Of notes issued by It's bank,
! hanks The psitLpal IsIaiitn cnId haxe s.:G