Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-07-12


f-liuw.czens. Divide those thirteen millions among
The several Siates, relative propnr,inn The aspcc
live number aud wealth " their citizens they will g"tsr
toward covering their whole public expenditure IL fol-
laws. then, II We ndupt ilr proposed amendments and
establish State banks, properly called. shall no.
only have banks whose credit will be above suspicion
but new resources will be supplied for extending AID
completing "ur valuable works Of internal improvement
without resulting 10 higher rate Of taxation. BY sub
stituug banks The stock Of which belonged solely he
respective States in lieu of JOINT stock companies, il or
pears TO me almost certain, that auothar deslderaun
wnuld b. aained-onP, loo, upon which the advnca1ss
nf "a Bank of The United States have drscantet,
long and loud-a low reie Of exchange between
those paris Of the Uninn most widrly distant irtryr
each other. Because, as, in addition 10 the specie
capital The faith and of each Stale would he
pledged for the redemption Of notes issued by lis bank
banks, the national Legislature could have soe
objection 10 those nntes long they continued 10 be
promptly redeemed in gold aud silver, being received
liquidation Of all debts on drnand due 10 the General
Government. Hence. notes Of The Bunk OF Arkansas
wnud pass current in Maine, and The rate of exchange
between Arkansas and Maine, conse qneny, less ihas
the expense OF transporting specie from one place tc
The other. The great and, with The Democratic party,
nsupt rnble -ction, il there consIi.
lullA,al one, TO Naliu,al Bank does not apply
10 this system Of State Bank9, il would rfirct.
ualiy preclude the Federal Executive, or Govern.
ment, from controlling mrddling with those in
su,ions. The people of each Stale would arrange
their monetary affairs independent Of and liza
Die 10 be affected by any foreign influence There could
not grow out Of il concentration Of the mDneyed pow
rr, must unavoidahIy be the were bank 10 be
chartered and the stock thereof exclusively owned by
The General Government. Neither would The proposed
system give additional patronage the Federal Execu.
tive. IL would also tend to preclude that, which the
Democrat: party have at all times unnchinay nppos
and in The clearest and strongest language denounc
ed the ienst approach touard consolidation Nor could
The weight OF The dominant party be it Federal De-
mncralIc the national Legislature, be brought TO bear
upon sway The banks of an Opposition State; because
The power which appointed The Bank Directors would
represent the political creed of The nry in that State,
the directors themselves. as a matter of course, would
BE- Of The same political faith; consequently, there
al all lmPs, 10 The near approach in point Of strength
between the two great parties exist sure pledge, that
no concerted general and Simultaneous action Of the
moneyed power bank conspiracy could ever be orga
missed Owing TO the vicissudes Of trade. money might
be 10 Ohio and Kentucky, and very abundant in
prnnsy lvana and York. hat condition n The money
market in either of those great and veal by States would
have its origin in legitimate causes susceptible Of
panation by The Acknowledged laws of trade pro.
ceeding from foul and preconcer,ed combination of
those whom had been con6ded the shp Of the
banking privileges As the directors Q! The State banks