Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-07-09

But we owe it 10 the bounty Of Providence that the
mlschlevous dispositions of lie heart are scmeim baf
He'd by strange confusion Of the head, which often
makes politician presumptuous without skill arroga
without gain, and Enthusiastically mpolen, save only in
| The inevitable ier trEcy 10 harm himself
Even the BARK lahd 10 consrcrae, fer ury consde.
rrhe Duration, the disastrous blunders and appalling
schemes OF Tue elder Adams, who had CERTAIN fixed
pants Of character which tended naturally To the de
Urine Mt OF any cause 81 which he the Chief aud Of
any administration Of which he was The head and
whose -ErGnrs and jealnuses greatly distracted the
supporters OF the Government.
THIS vain and passionate an-lhis i'll starred Pres
Dent, and lmpoten, leader of the Federal party acted
like an incapable and Needless chymsl Who in The fer
Vor o, experimental zeal is continually ponrng his peril
Gus Hnids from one vessel into another corking down
some quantity oil prs'llrrous and Iianmainry u ill
some unlucky accident desperate blnnder sels
The whole into flame. and blows up the laboratory and
the chyulis too.
But The banking laboratory survived lie fortunes of
the political chymst, and used The full period Of time
for which il was constructed But after the hoops and
sanchons, which passive obedience 10 the laws had
abed The FederaIss 10 ilsten around this formidable
engine, fell off from It's support il exploded in lSIl
under the res"lule action and concentrated pressure OF
the Republican party
Yet this avorite scheme of Federal finance was ne.
yer abandoned nor forgotten, in the darkest hour Of
lis PROSTATE condition and wihered fame but was
carefully preserved till some disastrous crisis n our
onal affairs should call it into action again and stamp
1t as The Offensive saviour OF the national credit.
During that period Of MIR Jefferson ed ,nnislration
when the hostile encroachments Of Great Britain
maritime rights had suspended The foreign relations of
this county, and reused the people To spirit of resist.
nnce, The nnn.lnercourse uc the embargo, and
efficient measure calculated 10 uphold the honor and in
dependence OF this country received The cordial arpro
baton and continual support OF the Administration BAR.
ty. And when the national renown Of The conlederaicd
States could endure no further wrongs when The folly
aud injustice of England had driven the blessings Of
honorable peace from the land Mr. Madison advised The
War which The nation declared in 1872 and the Repub
cans supported il with zeal wisdom, perseverance, and
Throughout The period Of The restrictive sys.
tenn, the iorbearance Of our peace loving people, and
their aversion 10 war, were strikngly illustrated in
patient endurance OF their pecuniary sacrifices and pain
full embarrassments. These became, Of necessity,
greatly aggravated by the unavoidable caames Of
that endured for several yeas-a that deranged
individual and national nances-disconcerled the
whole order of our foreign commerce and inter.
nal trade, and goriousy tried and confirmed the
power and permanency Of free institutions =
But il is potent fact hostile TO the advocates Of Ma
tona Bank, and cheering to the opponents Of such an
institution, that the country passed, with accumulated
honors through that great crisis OF our national fate,
without The support existence Of any National Bank
whatsoever; After successful negotiation with Eng
land had bound up the demon of war in the chains OF
eeace, aud restored and nvI goated our commercial re-
ations with foreign powers the national character OF
these cciede States reached pitch of grandeur,
soidity and strength, which would have sustained
credit and resuscitaed our pecuninry affairs. without
recourse 10 any unconstitutional c1pedien walsoever
And the disciples of Jcfierson-the advocates of unda
mental written laws and oil the lovers OF our regulated
! lreedom-that freedom for which Washington fought
Franklin cuunseeG and Henry spnke-may plore The
wou hour when, 1916, the genius OF America COW.
cred beneath the mercantile csamor for National
Bank that monster, that had neither the ears nor The
eyes the bowels of patrio and which turned into
avarce the hearts of those who nursed in lis princ
pies.
This camor had failed from The nation such
an institution, even when urged as measure condu
10 the successful prosecution OF war Tor national
honor and nas pendeEce. Yet annals record that
this loud, nercenary and poentous clamor, which
revived in the towns, after The peace, spread pa
mic The land that nlmidated the representatives. of
the people; and through groundess apprehension and
alarm, coerced bank from Congress and the President
when the nation reposed in a state CT profound and
prosperous peace with the various powers OF the earth
! Under the auspices Of Mr.. Madison The Republicans
had, in 1911, put down the U. s. Bank; and encour
aged currency founded principally, the credit the
and agency OF the local banks This policy
originated in patriotic disposition 10 get the nation II
beIatsd from unconstitutional measure; and al The
same time TO strengthen and conciae the States and
20 create among them additional motive to support
our federaiise system Of government. The intention
justified the risk; and the experiment succeeded 10 peace
| iu times But the rude, earthquake shock Of wnIry
war blasted the delicate system OF finance which The
Stiles had furnished md turned the cherished expecta
lions Of the nation into chaos and desolallon.
IT, instead Of creduous and hazardous dependence
on the precarious ability and wisdom Of the Banks
hanks that forget heir promises and obIigations-
wandered from their spheres, and proved TO The world
that they had permanen 10 encounter nnd sus
tain The casualties Of warthe nation had organized her
own proper resources; invested the Treasury with the
functions entrusted TO The State Banks issued lis
paper and re.esabshed the constitutional currency for
the Federal Demands The pretended necessity had never
arisen 10 counenance The resort, in 1916 TO second
Bank OF the U. )
/ But The error was commited and in The general de-
sire 10 retrieve it, that old engine of political power
the l. S. Bank-was cnce more fabricated and brought
forward exricale the nation from her difficulties and
embarrassnents.
The necessity Of resuscaiins the exhausted finances
Of The nation, became obvious 10 every enlightened
and patriotic mind that it diverted, for season, the
public attention from those cardinal and Fundamental
principes which created and separated The two great
political parties in the U. S. And many of the Repub
leans voted for this Bank in 1876 under the expecta
ton and belief that such institution might become
the temporary supporter of Republican freedom while
many of the FederalIsts from similar approximations,
frowned on this darling offspring Of their early love
On The 4,h April, 1916, MIR Webster, then in the II
Of representatives., opposed the charter for second
Bank Of the U. s.. and said il subject on which
great change Of opinion had taken place on both sides
of The House; and anmadvered on what he called o
compromise of principle great moneyed institution,
and the deseron only Of principles but OF friends,
which had characterized The proceedings on The bill In
his argument against the bill, he polntedly deprecated
the participation Of the Government, in the direction
and manag cement Of The Bank-and COMMENDED, Ina! II
the Government retained any influence over great
moneyed institution like the then proposed il could
moke any suber Went 10 its TERMS and dictate The
proceedings of the other Banks.
II would be useless and dsngenuous therefore, TO dis.
own the fact for the debates in Congress- and The history
and legislation Of The country prove IT, that some OF the
Republicans advocated the incorporation OF the Bank IN
1916, because they other way 10 extricate the
Gnyernmen from the rredeemable currency OF the local
banks and that Of the Fedeulists opposed il from
Jealous fear that this avorite child Of their ambition
The U S. Bank would cling to the fortunes OF Re
publican Administrations and help lis new patrons and
supporters out of the troubles which The war had created
lille experience, however, dispesd this idle fear,
and proved The calculations of bath the conendng par
ties to be groundless and vain The needle TO the pole
was never more constant and true, than the direct ten
dsncy wealth 10 foster and encourage the
ex,ravagant aspirations Of the Federal party From lis
natural allegiance to that pny The incor Poa'ed Ans
,ocracy Of the towns cities and borougbs never
be induced s,rny We behold and feel this potent
A po,y ihn djsDay ufc onioined and g-