Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-04-09

duced heavy shipments OF s9.s .c - mSs.;,r This 10
hplo, reanced more than hall, ana enPposhg lus "
10 ,S tfsc Of the expectation Of The precious metals
20 This county. the Bank OF England oe'erm i p
. a,o, n 40 alarming State OF things. WIN we"
- ,h object all the usual credits we're withheld rom
w. hnu.es there engaged in American business. ine
cnnseouerre was The immediate prostitution Oh Tue Pe
OF our great staples, diminishing our acuVe r ii
much less if any, than between thirty ana 'o,y "".
lions An immediate pros,ration OF business lnu
sSonce GoIloved here which was felt in Engaho
40 severely TO induce the bank TO retface ne' pi
Nv depressing the value Of our Proouce' sue 'oo
from a large expectation OF our sPece' as,n,rr;no
Goo short months she the active agent IN returning
- NO that the restoration Of our activity might relieve
the sutf. rings of British manufacturers no QUE ~
,ions that in adopting the course she o'u' u V ha
s ,c,n,,ed by honest motives Its wisdom was q. 'ne
Voc. S,cihv srrapned by several able English writers
viii The liGhs that possess, 1t WIN scarcely We
dcn;sd thai The policy emnenl!y ua"ise' gnu uop
\sfwtSSut proper estimate OF the eVs "sS ny
tS.produce An error so mIschieVous' ~,
,n5e1netenced bankers, aciualed oy tue oee'
hnna ,dmonish Us of the danger oil creauhg Po"eil
rorua,or of that which may be more safely e.' W is
nsn rsaul,on If unintenlional errors be Just Gauss
NJ snnrebension how much more may 'hose DC a'eao'a
thai have their origin in sinister purposes!
IN, sInerience in New Orleans furnishes STRIKING
mnle of the dangers 10 be feared from the power 10
control currency and exchanges, beng piactu II. ~"
hands of great central corporation AS etho'ae"e g
f,ure that did not belong to the more serious ou' l
sam remembered movement, in 1884, will ask mo
nen,'s attention 10 that of 32 Business men VIII re-
collect that this occurring in mid SUMMER INC 'u' %
rious consequences seemed impending, ana wou,u Pto
hsh,v have ensued but for the relief aforoea oy 'ne
Union Bank, then about commencing ope'a.,o"'
I, was the wear Of the Veto and OF the rresoeHual
Election How far well tuned embarrassment J." I've"
O,esns would have been felt in that contest IL Is MOI
nv purpose 10 inquire, nor is It necessary, II oes
ds,;ed Thai there was any such object in view we
have been informed that the branch IN New fo'h oe
inc imprudently extended that oil New orleans "A
stricted 10 give the other relief Nothing, surrey oo
-, In sSna nj
The he,d Of New Orleans Yet the directors are not 10
be- blamed; the fault in the system mol III .ne'
We cannot be SURPRISED that they should tho" Inc DUR
den of from their neighbors on to those al
with whom the sympathies Oh Hshu'"'P 1"N
existed in much less force.
In Thai instance the unjust though natural operation
of an oyershadowing central money power was ea anu
vsrv nearly produced the most serious oisuess pu' a.
1bonsh such effects would necessarily De lei' d u'
~, on,s vet il is not in these that the most serious
h;ec;ons are found We the growers OF Inc vaua-
bic exports of the country and the commercial
ore the BUYERS of products In placing among 'en
AN institution that will exercise controlling ihnuehee
ovsr the currency do we not place in the hands OF
The buver the power Of making our produce hgh or 10"
NJ nlessures If prices be Influenced by the abundance
or seatc,y Of money, and bank can make IL plenty o,
otherwise must be undeniable. With our recent ana
mad experience of the great power Of National BANK
and of The adroitness with which may be welded, nus
me with as,onisbment that the planting interest should
he willing 10 trust antagonist interest Tor the next 10 OF
2D with so fOTmludOe po"fi' he po"S "oS'N
mt only be most dangerous but it is difficult to shut out
the conviction that it would be entirely without control
So many instances fresh in the recollection oil ALL OF
n-r impotence of restraints imposed BY charters, that
il NAV be safely said, that they afford no checks cah
scarcely be denied the enlarged knowledge as to
banking and the practsed facility acquired tor using IN
uence of that kind for interested political purposes
render it very different thing now from ~hatt was ~
vears ago. At the termination of the first charter, The
bank expired wi,hou, struggle; The las, made fearful
efforts for recharter, and, under State authority, IS yet
in full vigor If u third charter were granted, Tor ~
wears where al the end Of that time, would be ouno
the power strong or bold enough 10 deny It's demands
He, indeed would be bold man wbo should venture
to @bell the cat" So alarming to me has seemed the
renewal of such power to the interests OF our perticu
lar section that driven by necessity to such
resort should seek, in my opinion, tohaVe diVoea
One such institution among the buyers, and another
among the sellers OF the produce, would be more equal
and promise more security.
But if the expedency were as clear as 10 my mlno
is other wse may well be questioned by The reflect
ing if sound policy would recommend measure That
s and has for nearly half century, been believed by
large party be entirely Unauthorized by The Consttu.
ton So long large and respectable party exist VIII"
deny the power, long will the question OF granting
new charter, the renewing an expiring one. be the
source of political strife, and Of embarrassing derange
ment in the currency. However clear then, tho advo
Gates of bank may be in the power, would seem 10
be due the harmonious working OF their own system
first to obtain amendment to the Constitution grant
ing distinctly and une9uivocelly the power Until this
h, done the exercise OF such power will be productive
as has been apty said, of mscheis nea serious
are experienced in unsettled SUGGESTIONS in monarchca
Governments
10 the sixth and seventh resolutions, not only is the
power asserted but as it has been assened to by Wash
ngton and Madison, and been affirmed by Congress and
the Judiciary Is inmaed, that It can now ecarceiy
be considered open question. AS ours IS Govern
ment of limited powers defined and prescribed in writ
ten Constitution which is made under obligaliouof
OATH the rule guide for each and every member oil
syery branch of the Government authority, however
venerated would furnish apology, much less usti-
caton for disregarding that sacred instrument Judg
ing from the apparent state OF things in 1916, Mr. mad-
son and large majority Of hs political friends thought
it proven that bank was necessary ana proper
means 10 carry into execution the powers delegated by
the and that it was therefore constitutions.
al The subsequent lights of xperence have convinced
large part, if not majority OF that party that very
mistaken estimate placed on tbs condition OF the
country in TO- that it fell very far short OF establishing
the necessity Of bank and consequently its oons,tu
tionalty. Many who agreed then with Mr. Madison
entertain the opposite opinion now; Il IS surely not ha'
harding too much TO suppose that his powerful aud pure
mind would BY the lights, have been carried back
to it's orginal forcibly expressed CONVICTIONS.
Ife sanction Of prior Congress were to be received
as conclusive such questions then we should nave
10 look into the statute book, not the Ionsl1uoh' as
the rule Of our action. "
The approval of the judicial trbunals,' would be
very unsafe substitute for the Constitution Besides that
we know that approval has been given to an Alien ano
Sedi,iou Law; we also know, that IN the Government
nearly resembling ours, their decisions have rarely
been adverse to political power. But, on this question
understand the Judiciary did not 60 into the ques
ton of the bank being necessary and proper mea ms
considering that as falling properly within the legisla
tive functions who having decided afirma,vey, the
judiciary of course the measure to be con
stitutional Nothing can be more plan' than that al
doubt ito being constitutional must end, when II
established or assumed, to be necessary and proper
have endeayored, fully, fairly, and firmly, though
hope with perfect respect and Difference to present my
opinions the subjects embraced in The resolutions
will conclude with the expression Of the solemn con
viction of my poor Judgment that this Government bat
no RICH, to charter bank; tina, such on institution
would now prove dangeroust TO the tranquility and gres
interests Of the nation and emineny petn'cous 10 h'
planting interests Of Louisiana. With these opinions
i bos been with heartfelt qualification, that have wit
messed here the apparent reputation of the measure
al parties. Should any change unfortunately bring
sos;p into favor il will be nv pride and pleasure not 4