Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-04-09
zPREL o, 1899.
Politics.
Effects Of a National Bank in the South !
I.ff,1 of !Scnntor NICHOLAS

al Bank particularly upon the interests of che planting
States They iudicious, and calculated to aVea be-
nehcal effect Upon this document the Globe remarks,
that the very able letter of the Senator's OF Lou
isiana in reply 10 the resolutions Of the Slate Leglsa
ture pressing upon his consideration the necessity Of
the recharter ola National Bank presents some striking
and original views in connec ion With the financial his
tory Of the country Mr. Nicholas is man Of cnse OBJ
servalioD great pzperirnce and much reading subjects
of nnnce He friend to the banking system; but
constitutional principles, well views of political po
licy, opposed To- Nntons Bank As Liberal CONNER.
cai well Southern plaster he is hostile osuch
an institution UNJUST and mschevoes monopoly.
He oppossdto the nden Treasury system,
conflicting with The interests of The banks mpnirng
their powers 10 resume snd become useful From his
letter, il woDld that his objections to The nnanca
management proposed by the Executive are in some de-
gree removed But never for moment. while they
eIt in iuii force, did he permit them to aenn,e
him from the cause and party with which he has ever
been associated Although voting with Mr. Ryes for
trying again experiment of State Banks deposito
RES yet his whole course towards the Administration
and his Democratic friends in TIE Senate, in honora-
bic contrast IN sher respects He maintained his
with frmness bat he did not join the enemy"
We are happy to see politician, like Mr.. Ncho-
las, remaining true 10 his political friends in their sup
port Of the he may diff
fer from it single measure. The respect and conf
dence which he commands, is another proof that Mr..
Rves not 10 be prescribed simply for his opposition
to the Independent Trensnryas his friends nnd himself
have attempted to impress upon the Republicans
oF HUBERT L. NIlfOLAS, ESQ,
zone Of the U. S. ScnatOrs)
To tie Governor Of louisiana o" he Re'ot4ti0ns If The
General .lsscmEy.
wA.A,NGrcs, Feb 26, 1889.
SIR In acknowledging the receipt from you, Of the
resolutions Of the Legislature Of the State OF Louisiana,
passed the Oh instant, ii will nc, be deemed obrusive
in present. through you, TO that bnnuabe body,
distinctly but most respectfully views in regard 10
the various points embraced in them. With the most
enre difference for the superior wisdom of the Leglsa-
ture my purpose is b.ehy 10 the honest conyc
tons of my OWE mtnd, more particularly when They do
concur with The recOmme nda0ns OF The resolutions
Deeply impressed with the sacred obligation Of the
preventative to obey the instructions OF has constituents
and considering the Legislature the fsres practical
exponent OF the wishes q" the people o! the State. the
proper OF the Senator should ques
lion It's authority give such instruction Even recon-
mendations when pointing 10 any practical action al the
moment, would Coia;naah my Obedience. 1t may, how
ever, be remarked that tis mode OF expressing the con-
siuent WILL rather embarrassing 10 the representa-
live; for whilst il feHers his Judgment, II subjects him
10 all the responsibility But the great principle in my
Judgment being that tr representative should not stand
IN the way of the viii Of his constituents, it will be dis
lincy undPrsluod sha It will meet no hlndsance from
me- hpnerPr there IS any probability Of accom- lishing
il, whether thai will be expressed in the form OF ins'ruc
tons Of earnest reCOmTIe nta'Ion know that, IN
this my views Of lhe obligations uf the representative
differ from mos, of my political friends; but impressions,
upon this subject, and Bank Of the United States,
early received and csnnot be land aside IN defer
TO others.
With the opinion, taa, 'the power provide the
tody and control Of The With The repre-
spntsv.s, ''as free possible from Executive direc-
ton" 10 class Of pOitciuns, nor individual of any
class would as far as know, dissent. Existing laws
sanction the OF the opinion expressed in the
second resolution. Ny Judgment acco'ds fully With the
third resolution and my has been in conformity
with ~ INDEED, II differs very little with exlsnng laws
and the practice under them
Nv opinions in regard - the Suh-T-easury, 10 which
the fourth RESOLUTION wusld seem 10 refer dtfr now, as
they have always done, from large ma jory Of my pc
llral friends thought, w!ien II was first pra2osfd
that II -t,med, we'll as IN judicous, and lmpaC
tcabIa II seemed i'll timed because, IN creating
demand for specie, II would render resumption Of
specie payments more difficult an early attainment Of
which object was, IN my opinion of great Importance TO
the prosperity aud morality 81 The people. consider
ed il inudicious because lis friends nGed that 1t
and Bank of the u S. the only alternatives
Under this belief, and with entire RELIANCE on the
prnclicaby aud general expediency OF the measure,
they bound To- give their strenuous support; as,
hut for this confidence, 10 Rational Dunk. in
their opinion the only remaining eSpeden would have
becume a necessary consequence Ii would then nave
become and proper cans 10 carry into exc
cu,On Of the most important Delegated powers IN
the Constitution and OF course, on their own pruci-
plies, constitutional. With my impressions of il I'M
prac,icabily | feared that the Sub Treasury would,
IF odupted inevitably lead 10 new NATIONAL Bank
To me- il seemed that great injustice done the
Slate Banks and Inurs disposed to rely on them
than on the proposed mfsso7e. as The only alierna-
tive between the then state OF things and the infection
on the country of oil the evils Ikey tn flow from new
Bank of the United States. Although now, then,
decidedly opposed to the Sub Treasury, confess dors
not inspire the npprehen Now no enbarrass
rnpnt would be felt IN ths resumption OF specie pay
uens that being already fully accomplished Should
il now fail or gradually glide ntu the present and past
use OF the State institutions probable the one or
the other take place without driving us 10 the
then alternative OF Noticnat Sahk, mat oehg 10"
nearly repudated by NIL
Befnre prpsentino OF NatIop1l BANK, Inc
question substa naily emhtnaed in the remaining reso
luton wiz make few observations on the disasters
that beel the banks and country, generally IN ie3i
I'm doing this, will be necessary 10 look te lhto
the causes "a which the Gala nifty then ascribed AT
this distance of time these may be estimated, by MINDS
some what freed though not entirely purified from The
fumes Of party heat
l, will be rccoec,ed that, whilst side in the
Gold bill, The removal Of the depnsiles, and the specie
circular the fruitful of all TINS the other side
found il oyertrnding foseIed and cherished by re-
dundant circulation, and the easy oil oahS
credit The first contended that these alleged causes
were the necessary Consequences OF the measures OF
which saey complained. National Bank was, IN their
snainn the preventive and sale reneoy Oh seen
evils The State banks, in their opinion could not sale
IN sawd unsupported and hnsustaned by great over
SHADOW ng national instaeton For the truth and sound
nesa & these views. experience confidently appeal
cdto | propose O bring them to thst t<st.
ilurnp the existence of the first bank It's circulation
was yety small return for o05 making it only ST..
1S1 600 with a n amount OF specie OF $l5j ,OOO-
This as far know very prudentiy conducted
bank although most decided party one II is mani
fest ,ha, with limited circulation" i, could not have
exercised mucs control, had the disposition been
h;, over the business Of The country OF thai OF The
banks Accordingly, we Gad tina, when it was in The
suI exercise of oil its strength and inHuehce large
number of banks in New England rnn into wild exPsn
Sims and were ruined would SEEM tact IN ihe nos
oemmereia part of the Union all the evils rendered Ia
,piar to u.s. by recent events were experienced ~hei
! she frs, bank in foil and vigorous OPP ration.
The few years that elapsed between the expiration
the bank ard the period when The burdens o. ,s wa.
hogan to press the Treasury passed onuhieu " ",
CURRENCY difficulties Bu, when the war expenses wei
10 be provided for it was stated that the oansng capita
consisted of So many millions, that one,ha't OF lna
""iou" d., :, WAS intended 10 borrow the othe
',1S ro avoid The responsibility of rtsorting to taxa
n"I'' ,,;.er,bls expedient fornd favor. necesss