Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-29

g II reaches across the ocean, and ends in London the
centre of the credit system The same laws OF trade
which give the Banks i'll our principal cities power
over the whole banking system OF the United States,
subject the former their turn to the money power in
Great Britain 1t is not denied that the suspension
of the New York Banks in 1887, which was followed
" in quick succession throughout the Union, pro-
duced by an application OF that power and it is
alleged in exenuaton of the present condition OF so
large a portion of Banks, that their embarrass-
" mens have arisen from the same cause. From this
influence they cannot now entirely escape, for It has
its origin in the credit cnrrences of the two coun-
tries It is strengthened by the current of trade and
f" exchange, which centres in London and is rendered
almost rresistibeby the large debts contracted there
" by our merchants, Banks and States 1t is
g thus that the introduction of bank into the
most distant of our villages, places the business OF
that village within the influence OF the money power
{" in England. it is thus that every new debt which
we contract in that country, seriously affects our own
currency and extends over the pursuits of our citl-
zens its powerful influence. We cannot escape from
" this by making new Banks, great small, State or
g National The same chains which bind those now
existing TO the centre of this system of paper credit
" must equally fettcr every similar institution we
create. 1t is only by the extent TO which this system
g has been pushed of late, that have been made
fully aware of its irresistible tendency to subject
g own Banks and currency 10 vast controlling power
in foreign land; and it adds new argument TO those
which illustrate their precarlous situation Endanger-
q ed in the first place by their Encouragement, and
meets them with the oftrade in country
they are yet subjected, beyond all this TO the effect OF
whatever measure, policy necessity or caprice, may
" induce those who control the credits OF England, to
I" resort TO. ] mean not to comment upon these mea-
present past much less to discourage the pro-
secution of fair commercial dealing between the two
" countries based procal dement's; but, 1t having
been made manifest, that the power OF ni'ctlng
" these and similar injuries, 49, by the resIstless law
Of credit currency and credit trade, equally capable
Il thar rnsf fnh
" fcatons OF our banking SYSTEM and by that means
" indirectly obtaining particularly when our banks are
used repositories of the public monies, dangerous
political influence in the U. S., have deemed my
" duty to bring the subject to your notice. ana ask or
" il your serious consideration.
ais an argument required beyond the exposition OF
these facts show the improperly of using our bank
ing institutions repositories of the public money
Can we venture, on to encounter the risk OF then
$ individual and mutual Encouragement, but, at the
g time to place foreign and domestic policy en-
tirey under the control of foreign moneyed interest
To do to impair the independence OF our Govern
ment, the present credit system has already Im
paired the independence of banks. II IS TO sub
nit all its important operations whether OF peace oil
war; to be controlled thwarted at first by our own
banks, and then by power abroad greater than them
I" selves
81 cannot bring myself to depict the humiliation to
which this Government and People might be sooner
or later reduced, if the means for defending the
" have the most powerful of motives TO impair them.
If the picture which is here drawn OF tie inflated
condition Of our paper currency and OF the
of the Banking institutions of the country upon those
located at the great Of commerce. and those II
turn upon the Bank of England, he true-and that il
is So our observation well as recent experience
proyes-is there with American heart IN HI:
bosom, who is willing to place not only the commerce
and industry of the country, but whole revenue a
the mercy of foreign money power ana tnat 100
r.;,l lodo pdd tod bv fnrniun CDvpruments
[ We have thus, fellow-ctzens, noticed the leading
questions involved in the approaching Presidential cleo
ton and must leave Them for the present, to your can
did and sober consideration.
We beg leave to call your attention TO one or
two events which have occurred during the present
General Assembly of Virginia. 1t is we'll known, that
the election of Senator of the u States to supply the
place of Mr. Rlves whose term of service had expired
has excited unusual degree of interest IN the coun
try This resulted from the fact that Mr.. Riyes who
had been prominent and leading member OF The DE
mocratic party, and had received at their hands tho
highest political honors found TO differ with The
present Administration, not only upon the subject
the Independent Treasury, but had made that difference
of opinion the occasion of abandonment of has par
Q ", and an alliance with the Wings
q The political position Of Mr.. Rves at the last session
of the General Assembly, although well understood b.
very large number of the Democratic members OF TIT
Legislature, was not understood by all. lie had as
sn9.d wat pleased TO call all EARNED ncu,ra!i
= ty, and studously sought to involve his future
r in mystery In this State of things, he taken
as the Wing candidate for the Senate, under the hope
. of CARRYING his election by the aid of a few friends
. then known as Conservatives His election however
was defeated that occasion, and at the present
sion of the General Assembly the whole Wing party
(. with the exception of , Individually backed by thu
. whole Wing press of the country, have again endca
Il yored to elect him to the Senate Of the United States
In this last struggle we had fondly hoped that his few
Conservative friends who had adhered to him with Sc
much pertnacy at the last session would have unitc'
with us, and fulfilled their resolve 10 abandon him,
soon as it ascerained that be opposed to thu
present Administration and did not conhne his oppos
' ton to the Independent Treasury.
in this well-grounded expectation, We have beer
most sadly disappointed; for, notwithstanding the
/. known determination of Mr. Rves to support the cleo
ton of Gen Harrison, and his letter to correspondent
in New York, "a copy of which is herewith subjoned,
f they have again united with the Wings, at the present
session. and defeated the election Of Senator of the
United States. This is not all At the recent election
of Governor of the Commonwealth, where the lssu,
fairly made between the two great parties, they
f with exec pton, united with the Wings, and have
thereby thrown off all disguise The refusal of every
man of them to come into this Convention, remove:
all doubt as to the position which they occupy be
fore the publclt is not for to question the motives
of these gcntlemcnonr great object is TO show TO the
{ country their true political position, and that they art
HhigS, doing battle in the ranks of our opponents no
in the election OF Senator only, but upon all other oc
casions where party questions are involved BY thea
aid the election of Democratic Senator has been de
feated, and Wing Governor fastened upon the State
for the next three years These things while they fur
nish subjects of deep regret, not wholly wthou
/, their beneft-hey speak language not to be misun
dersood by the people at the polls in the ensuing cleo
tons 1t is, that there Conservatives; dnt
that to elect indisiduat protesting to DC Conscrra
tire, IS 10 elect WING.
AS we about giving finishing touch to this Ad-
Dress the letter Of William G. Rves of the 18th inst
written we know not to whom, put into our hands, az
it is published in the columns of the Charlottesville
Jeiersonian Republican of the Goth instant We have
no time to crtcise it at any length, fit were en-
titled TO such distinction. But it amply confirms
every statement which have made in this Address
about his political position. After playing the part Of
.commttal polit!cian after playing part which
is at open with the magnanimous and free spirit Of
Vrgnian, he thinks fit 10 cast aside his mask, to
discard all mys cry, and TO out the decided enemy
of the Administration. The People will Judge of the
motives which he pleads for his past equivocaon, and
of the extraordinary position which he assumes