Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-11-20
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trai but an independent journal. 1t discusses most
public questions with great spirit On the SUBJECTS OF
banking and currency it susains those We "'e
held by all sound political economists wneu'ef guy
belong TO the Democratic party, 10 The wing, OF 10
neither. ~
President, The Constitutional Treasury system cannot
be abolished, and National Bank established, ih'
edor is M haps too confident Lett To tar ie!d oi
ARGUMENT and 10 the operation of the causes enuiitra-
ted by him. the resal, would, doubt, be such as ne
predicts; hui lie has not made due allowance of ''
effects of bribery and CORRUPTION IN deciding me iues
ton. We say bribery and corruption, Tor snch are
bank loans 10 members Of Congress when made WIN
The intention of influencing their voes IL Is one o.
the worst firms Of bribery and corruptton because u
is one in which the conscience is iuileu 10 steep We
have known so many men who have been elected as
onnonents of National Bank, afterwards become us
nar,isans that we cannot think the causes mentioned
BY the editor Of the Public Ledger viii DC as effective
he supposcs IN preventing the establishments oi
one.
But whether one be established not one thing IS
certn that all the bubbleaowcrs in the country Will
not be able 10 produce any thing more than temporary
imitation of prices. But this some OF them Jay Is ao
thfg uaa The get their o"n had bargains ~
stocks and lands off their hands, and then 'hej care not
how soon how low prices fail
rms r, Gts" e rf 4s ss A & BUSINESS
During The last two years, and especially during
the very last, the whole country has been agatta pE
the Presidential election. Of one party, the sole bus
ness has been TO keep the present administration m
of the other, To turn II mt. During the conflict, most
of the ordinary operations Of business have been neg
lected and Presdtaf making has been each c'ti2eh
primary concern. The result beng uncertain, some
have been afraid to engage in new enterprises Others
already engaged, have been afraid 10 prose Ute lheir
business with due vis"r and others, terrified by aPpre
hendcd results, or peTP'eNed by uncertainties, nave
retired from business, - waste time IN ldeness I'll ts
con,e>, should be decided. At the sane ti's millions
Of dollars have changed owners through gaming upon
elections and millions Of days have been distracted
from useful labor 10 listen to the stump speeches Of
demarogues; and millions more have bern expended m
building log cabins ard erecting hickory poles, III RI
Giculous, Degrading mob creating professions, IN su
. fyng, soul. bod -dcs;roying ntemperance, IN
paving stump orators in preaching treason, ana IN
brbing knaves 10 commit perjury, and cast fraudulent
votes Who calculate the loss OF productive IN
dustry and the moral degradation which thus contest
has PRODUCED: If the former has passed the land
like whitening Srocco, the latter has swept over II
ike desnatine hurricane \, least four years OF re-
d ,se and OF moral determination viii he necessary
10 purify the public nnd from the ccDaucanS hil.u-
ences OF this election.
But The contest is at an end; and whatever be
the md The country Will be eyed from great evil
IL Mr. Van Buren, lie reelected, the roicy o ms ias'
administration in finance, il is called, VII be NAM
tanned, and his principal project, the "lncependent
Treasury act Will continue TO DC The law OF The land.
The ct ct Of this will be TO compel the insolrent banks
TO ,riad mp, to restrain the solvent banks within sale
and legitimate business, and thus, by preventing ex-
parsions md specu.anns TO protect the manufacturer
and the american importer against destructive ioregn
competition. Besides these effects, STATE stocks VIII
advance in value; for, as the polcy OF MI Van buren
administration viii be opposed 10 the creation OF
stocks and this policy sill exert ar extensive nn-
ence over the States few more State stocks Will
BIZ created, the States will feel the necessity OF pre-
serving their cred,; hy providing Tor existing stocks
and therefore sucn stocks will augment in value. II
General Harrison be elected the first effort OF his most
active partisans will be TO repeal the Independent
Treasury act, and to establish National Bank: and
the expectation Of success in these attempts will pro-
duce immediate rise in the value OF all Stocks ana
of all property held by Spectators at speculative
prices This neca,on may also lead to greater ex-
pansons by the banks, and aud extensive enter
prise in business. In short however the question be
settled the result viii BE- confidence in the certainty
of business tie success of Mr.. Van Buren, producing
confidence in slow, moderate and healthiu business
and that of General Harrison confidence in extensive
business, great profits and unusual prosperity There
fore the country mag congratulate itself upon the settle
nenf.
Bot however high the hopes inspired by the election
of General Harrison, will venture 10 pronounce
them delsiye and !" predict very serious dlsappont
n,en,s tn those who entertain them If we should be
charged with presenting partizan views Of the case
reply IS. that the contest benr ended, have
no interest in presenting any views hey ond that which
every citizen ought TO feel in the prosperity Of his
country; and that shall be Judged cand,dly by all
who not prevented by rabd partizan preiudces
direct Pecnnary interests, from understanding plain
truth. First, then, We say that National Bank
Sluurupnutnt
Treasury act cannot he repealed: thirdly, that the
entary expansion and speculation which the hopes
Of such will produce, immediately after Cen
Harrsons election, Will be- followed hy coHrart0a and
merchants, and the total prostration su.cnlatn-
WI. offer these conectures, founded upon prcsont
appearances. Ii they verified, we shall lave spo
ken prophecy; # not, shall have been mistaken,
like millions before
FIRST, then, National Bank cannot be created. The
Southern States have generally opposed such an insti
futon upon constitutional ground, and have aided III
destroying tro Besides this objection, they urge that
National Banks, BY concentrating capital and business
nj the North, promote its prosperity AT the expense 81
the South This was Mr.. Calhoun objection in ISIS
and in his mind and those of his Southern partisans
has probably loot Of lis force. New York has
combined with the South To destroy two National Banks
because they were located in Pennsylvania, the OBJ
Ject OF New York being monopoly of such ii;sttu-
iinn Reasoning from the past, say that New \ ork
Will support no National Bank, unless be located in
+" Wall street for suppose that after such
exertons to destroy National Banks because they were
created in other States New York will Support another
without the monopoly. This would be throwing away
the exeriions Of the past through tins combination
Of the South with New York. Pennsylvania has last two
National Banks: and when Pcnnsyvanans consider
the motive of New York TO their destruction, wc can
believe that they will support another to be located
in the latter. The contest about National Banks al
wavs has been, and always will be, a between
I" Wall street and Chestnut street, and as neither will
Yield the monopoly, New York and Pennsylvania can-
NOT agree about National Bank, and either, united
with the South, viii constitute decisive opposition
Secondly: the "Indrpendent Treasury act cannot be
repealed. The only substitute which lis opponents viii
offer al frs is National Bnnk. That measure being
defeated have already proved their next suhs,l-
will be State Banks, fscal agents Of the Fe
deral Government But the people will remember that
this experiment has been tried twice, and has utterly
failed, producing the deplorable mischiefs; aud
cann" believe that they will forget the experience
of the past, and submit To Mirl trial Hence this
project is out of the question. If them substitute
Tor the "ndependent Treasury project can be adopted
/ must remain from necessity; and if do the election
If Gen Harrison will produce effect upon the
business Of the country, than that Of Mr. Van Buren,
pt the shorved expansions and specuations pro
.accd by the deusve hope of National Bank, that