Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-18

b. astsurd ~ Support, the DAYS If miracles nn'
pa.s-d-t.e Eibi"q,aa eau change his sk:n and III"
leopard his spo's = Var : proclaimed Tn b"'h
sides and W. "xrrc - see II prosecuted 10 tic anie
The Greut K,guiuto,!
PENNSYLVANIA B.i.Nk OF THE U. ST.4TES. |
Fortunately for lbe country, the friends OF Democratic
Principles have acquired the power in both branches oil
the Legislature, al the very moment when II Is most I'm
pnrtant for them TO exert il. An energetic Governor,
strong majority in both Houses, backed by strong Po
puiar majority, will enable Pennsylvania 10 assert her
rights against The gross Encouragement and abuses oil
the strongest Corporation which hasever been establish
ed by of The States OF this Cnnederacy. Pennsyi
xana owes this duty not only To herself butt" her sister
States. Unfortunate II, for herself as well as Tor
them that temporary schsm III The Republican tar,y
gave the Wings majority in The Legislature, and ena
bed them 10 revive Institution, which The RrPubl
ems had SO CALAMITY opposed, and as they believed
finally put down II was in vain. that the Republican
States protested against lis establishment |, was 70
purpose that they pointed he abuses which had
marked lis progress and The abuses OF which so en"r
NOUS power was susceptible The wings would u.s.
ten 10 no rpinonsrrances-they would be convinced by
no arguments They dlsdained the appeal OF her SIS
ter States TO Pennsy lvania-She Bank OF the unl'ed
States was revived with The sume amount OF capital
under similar auspices, with almost the same siockh"d
ers, with The same President, with the same gasplng
and arrogant spirit which had previous
administration. True; il had not the Depostes of The
Revenue of the United Slatps-But Mr. Bddle congra
tulated his sockhnders The separation and vaunied
that his Bank stronger then than it had been
under financial connection with the Government
What were the consequences OF an Incorporation thus
rUihrSsy established IN the temporary heyday Of the
Wing power, and whose immense influence was destined
affect The prosperity Of every State in the Unun?-Was
it 80 conducted as 10 evade the suspension Of 1882 No
it compelled 10 suspend lis specie payments-bn
with the hypocrtcal assurance that II had yielded out
Of regard TO the nher banks that could easily have
avoided il, and that II would be The fret to pay
mens.
Did il comply with this PLEDGE Nn-lt threw cold
waller upon The Bank Convenon and refused TO sccede
IN hp ntpEth a lan boo InE Tho
other Banks fixing upon day for the resumption. Did
ii accede they had carried out their resolution
No-but this boosted Bank the iavne pet Of the Wings
stood out until found its credit dishnnored abroad
and lis stock falling home Did refuse, upon the
ground that The other Institutions resumng al too
early day?l, first took tina, ground; but subs quent
y abandoned IL, when The repeal Of the Specie Circular
hy Congress gave il fair pretext TO abandon IT, and 10
specie payments. 1t therefore, rather ton late
in the day for the Wings Justify prese suspension
upon the ground Of ton early resumption For. MS Mr.
Bldde wrnte 10 MIR. Albums on the 3lsi May, 1898, that
he had previously stated 10 him, hefe could be no SAFE
permanent resumption Of specie payments by the
banks, until the policy OF The Government towards them
changed The repeal Of The Specie Circular by
Congress makes that change. | see now what until
now, have SEEN the means Of restoring the
cy
When it resumed, how did it conduct itself; In
way calculated I" confirm the resnmplnn or To disturb
the currency and of every State in the Unlon
Did conduct itself by the rules OF sound disc
or did it "shoot madly from the legitimate sphere Of
Banking Did II husband its resources did il weaken
them' Did il use its power wisely or wanton!y abuse
them? Its career was marked by wisdom. II as.
sumed powers, which were never given TO t- violated
lie provisions Of lis charter Where are the regular
of its condition, which is called upon To make
to the Executive of Pennsy lvana? 1t PERMITTED 10
issue under $40; but the contrary it threw its
old 50 notes into circulation These notes ought TO have
been cancelled, instead of being used II undertook TO
conduct commercial operations on lis own account
intererrd with the private pursuits OF merchants and
either purchased ITSELF made advances cotton
1t kept out the article from market, and prevented lis
proceeds from relieving The exchanges Of the country
Ii has contributed tn accumulate such unsold Of
cotton in the English markets, that as Gen Hamilton
writes, unless keep back The crop Till Fob airy,
the article will fall In cents To- II Is said In nave
wasted Is or l6 millions in State Securities
These too Hike lis cotton not avaabr but at an enor
sacrifice then threw large quantities of lis pos,
notes into circuationIhese have been dshonored al
hume. md It's drafts have been protested ahroad-Thc
magnificent boast of MIR. Bidde, that he Ind sent NJ
Jaudon 40 England To project The commerce and main
tain the credit OF The States, diss pned into thin
The operations of the Bank likely to have very
dtrpn, result; for, the London Times Of the l7th ut
contends, not only shat its credit is essentially sha-
ken, but that it i'll be extremely difficult to establish
confidence American securities OF any description =
And adds that ihe effect TO be anticipated from
timed distrus upon the intercourse between
the two countries IS Too serious 10 be contemplated with
out feelings OF the most anxious kind.
And now 10 wind up its eventiul history to this mo-
men ls affairs have been grossly misnanaged that
II Is The nfst BANK 10 hIlng on mira SuSpPnson ahu
to drag $ many other Institutions into The vortex
Such have been The blessed effects OF re establishing
such inonsrnus machine os this Such the bless |
ngs which the Wing misrue Of Pennsylvan has
gbt moi only upon herself but upon We call then
upon the Governor and Legislature Of PenAsylv 10
their powsr-lo probe the acts OF this Institution
10 The very botiom-to examine its abuses and The NO
a'ion OF lis Chartrr-and apply the best remedy, WHICH
is due the character and interests of Prnnsy ivania-
well her sister States. The wrong which she
has done ought TO be Enthusiastically, but firmly.
SUSPENSION If The Banks
There is strong effort making 10 force the Banks
Of New York, and of The North, inte suspension,
keep the Bunk Of The S in cnunlenaDCe. No press
i, in IN