Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-27

bank efectualy IN the hrst instance 10 uose OF
our commercial cities, and, in the end, TO a foreign
mower In word cannot but believe that with the
full understanding of the operations OF our banking
system which experience has produced, public senti
less opposed to the creation OF National
Bank for purposes connected with currency and com
MERGE than for those connected with the tlsca opera
tions Of the Government.
Yet the commerce and currency of the country are
suffering evils from the operations of the State banks
which cannot and ought not to be overlooked BY
their MEANS we have been flooded with depreciated
paper which was evidently the design Of the trainers
| of the Constitution TO prevent when they required
Congress to 'con money and regulate the value OF
foreign coins" and when they forbade the States "to
coin money emit bills ofcredt, make any thing but gold
and silver tender in payment of debts s'pass any
law impairing the obligation of contracts If they did
guard explicitly against the present state OF
things because they could not have anticipated
that the few banks then existing to swell to an
extent which would expcl TO great degree the gold
and silver for which they had provided from the chan
nels ofcrculaton and fill them with currency that de-
feats the objects they had in view The remedy for this
must chiefly with the States from whose legislation
1t has sprung No good that mig accrue in particu
lar from the exercise of powers, not obviously
conferred the General Government would authorize
its interference, justify course that might IN the
slightest degree increase at the of the States
the power of the Federal authorities-nor do doubt
that the States will apply the remedy Within the last
few years. events have appealed to them too strongly to
be disregarded. They have that the Constitution,
though theoretically adhered subverted npractice
that while the statute books there is legal tender
but gold and silver, law mpairng the obligations of
contracts, yet that in point of fact, the privileges
conferred on banking corporations have made their
notes the currency of the country that the obligations
imposed by these notes violated under the mpul
scs of interest convenience and that the number and
power Of the persons connected with these corpora
ious placed under their influence, give them fear
full weight when their interest is in opposition to the
spirit of the Constitution and laws To the people it
is mmaterial whether these results are produced by
open violations Of the latter, by the workings OF
system of which the result is the same. An n4exble
execution of the existing statutes of most of the
States would redress many evils now endured would
effectuay show the banks the dangers of msmanage-
ment which impunity encourages them to repeat; and
would teach all corporations the useful lesson that they
are the subjects of the law and the servants of the peo
ple What is still wanting to effect these objects must
be sought in additional legislation if that be made
quae in such further constitutional grants or restric
lions as may bring back into the path from which we
have so widely wandered.
i In the mean time, it is the duty Of the General Co.
vernment to cooperate with the States, by wise e1
erese of its constitutional powers and the enforcement