Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-11
VOLUME xxxVH.-.-No. AZ.

jain Law. What IS this proposition: IL IS simply 10
advance 10 the paufr in currency that mus, deprfcI
ate most no more than he can usua y cell his
for in sound money in hand 1t amounts also, TO giving
these banks and their co-spscra,os he use Of the mo-
ney from the shipment Of The cotton until they are
pleased TO make of sale. IL gives the banks the
credit which caches 10 large business as well as
the profits of factoraee Thus The banks ard their part
in the speculation possessing the entire control OF
the cotton MARKET will hold in their hands the late ot
the whole commerce md business Of all the South.
The management Of the cotton market OF Liverpool,
is already little else than the gambling of The stock eI-
change. The frauds in cotton Gales are immense, and
OF daily Il is not unirc4uen, that false
sales returned, and il continually occurs, that large
factors glut The market particular days after the
manner of The stock exchanges procure The cotton pur.
chased in, their account, and then dispose OF IT
ai,erwnd DIS Tor their advantage when the market 10
more favorable. Without impugnng the motives or
honesty Of the operators this specuaton is obvious
that the scheme proposed increases the opportunities OF
fraud AT all events, subjects the planter TO the Ger.
,anty Of meagre and The other evils which have
| attended shipments by the banks in this State. When
The planters will adopt system OF selling their cotton
for cash in hand they will find plenty oil buyers nj their
door, md be relieved from enormous brokerage and
The frauds Of factors without capital or merit, Who gam
Bile upon The product of their labor.
Another cogent objection 10 this scheme 49, That sue
cessful il would permanently establish and perPetuaia
The miserable post note currency. II would inevitably
drive all convertible bank paper out OF The staple States,
and leave worthless srciusice paper money currency
il " Guild give 10 o few men the monopoly OF exchanges,
and thus derangc ard dcpress the Whole business aaa
commerce OF the country.
Fellow citizens you cannot but perceive the great dan.
ger cf permitting banking institutions TO turn merchants
Universal spectators and dealers in the various subjects
Il property Mir Jefferson Continually warned his coun-
rymen Of The dangers OF associated wealth; Ont even
us sagacy never ioresaw the calamilles which have
arisen from the unwanantabe in!erInedding OF these
corporations IN trade.
BANKING institutions monopolzne in their charac-
ers md dangerous 10 liberty when confined 10 The Leg
imalc objects of their creation What do they NOT be-
:nme il permitted deal in lands or merchandizes-
Could any monopoly BE- odlous CT desfuctre 10
individual enterprise; All competition with them Will
be out Of The question II permitted thus to speculate
ond deal in property, they will drive Inc in merchant
from the land and reduce the independent yeomanry OF
The country the dependent aud ae"ct condition. OF
English lenanry and Russn sers. Some o! them nave
already entered The politics! arena and will not be long
before their loans and tasors vii! be openly dispensed
with reference the political sentiments OF the applicant,
unless some check is speedily placed this open and
agrtious violation Of their charters There IS no end
10 The preensios Of these corporations, II they ale thus
permitted With IMMUNITY To transcend Inc ohec's OF 'hsr
enactment, 10 plumber The country and lay waste us Gre
dit resources.
The following ex.rac, from The Bank Commissioners
Rrpcr, shows The system Of lavotIsm which has gene.
r,y prevailed IN the operations OF The banks IN 'is
State:
iii will be seen bv an examination OF the foregoing
statement, that 20 directors Of 81 banks owe the banks
they nearly much one half the entire etrc.
iaiioa If Tho reny flee GGnhs This, however, IS only
their ,i. d.are able5 plysrs 10 taelr own oahKs;
bu AZ bey often have pnper discounted for their bene.
fl, without appearing liable either as principal OF en-
rscr. and many OF them have extensive accormoSa-
ons in each Others banks, we are unable TO state ihe
amount, Of bank credit used by these PUB directors
Is il matter Of astonishment that distress inyaGes
country where such unwarrnntabe monopoly Of bank
facility prevails; Is il singular that reckless specua.
ton cA,raragance, bankruptcy and ruin should have
followed in The Train OF such stale OF thngg IS u
debts their should have been reduced 10 poverty
by endorsements, when such system OF bank creGs
prr vail! Ii is nothing unusual, Tor II has been the tate
uf all countries where similar banking system has
been tolerated Thus it Ia, that whole community are
grpvousIy taxed and The honest and industrious drg-
rsd down to wretcEedness ard want, TO enable o lfw
men 10 amass orergrown fortunes and 1--we IN nihnencc
and spendor. The inequality OF such asysem, It's mo-
features its oppressive operation upon all Ia
bo and every branch OF ndusiy have been sufficiently
illustrated the unparalleled commercial distress which
perrades this State,
The industrious never enjoy the rewards Of their
labor in country where such principles OF banking are
permitted The fortunes "f bank managers are hched
IRON The toll aud labor of The producing classes Their
gain is The people loss
Ii is no, only in their business that the people Of the
q have suffered By the de!lnirences OF the banks
their Cove nmcnt las aso been deprived OF larg"
amount Of funds, placed IN the hands OF The hanks or
sal. kceping AS means of keeping and disbursng
the public and incidentally Correcting The pre-
pustd The Democrats offer The Constitutional lrrasu.
~, usually denpminuted the Sub Treasnry-ihe Wings
propose Banks, State or National
TIE REMEDY
I'm the opinion Of the Democratic party, National
Bank IS not warranted By the Constitution. Congress
can create il only BY entering the field oi construction
and Interpolation, and ampIng upon The doctrine, that
The Constitution grant OF specific powers, and 'a.
all powers not delegated 10 the States, prohibited
to he States secured to the States respectively or
people; Tor such is the languag" and theory Of HE
Constitution proposition was made IN The convention
winch framed The Constitution 10 0nihorize Congress
IN crao charters of incns pnraon with view 10 charter
National Bank and refused Thus The power IS not
only moi 10 be found in the Constitution among those
drlrpaed but actually negalvrd by The trainers OF
ll,ar instrument The uncunslutionally Of this meG
sure should be sufficient objection To II An argument
has been drawn favor Of the bank upon the ground
o precedent upon examination II willie iounf ihat
the weight Of authority IL against the power he On
preme Court did not drcde the bank constitutional d.
recty bu, only ha! Congress was Tie proper Judge OF
lis necessity and consuonaiiy. Under this opinion
every Congress Judge Tor Itself and no weight OF
authority can be drawn from that quarter One Con-
pres in 1911 decdrd in favor OF the bark and another
IN Icll against IT, one in lslo against another IN leih
in favor of IT, another in 1887 against H. and Inc people
against il in their reelection OF President Jackson
President Jackson declared in his veto message TINT
sf We resort he States the expression OF LEGISLATIVE
judicial and executive opinions against The bank have
been probably those in iis favor, as four 10 one But
il is idle 10 talk OF determining political constitutional
onpsons on The ground of precedent IN representative
tirvernmeut Such rule never Obtain. IL would
sp for ever the voice aud syinpahes OF me people IN
n bundle of arbitrary rules. often 'ouhoeG ih Hauo anu
violation Of their rights ana hne',fR
The authority 10 charter National Bank TO furnish
has been claimed under the power 10 regulate
commerce Currencys no more necessary to commerce
Than yrsses wharvps and steamboats, yet no one cup
noses il is within the power and duties of Congress 10
furnish vessels, DC.
Ii hs. been claimed and exercised under The power 10
regulate tie collection Of the revenue, yet the revenue
may collected in The money Of the State banks, or IN
gold md silver as il has been
Il has been claimed under that clause OF The Cons'!.
comforting oil porers necessary proper carry
.ftct hs orsgo,ng porers It IS not proper be-
such institution is inexpedent Us not neees