Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-13

\ out any specification OF means and therefore we
i may lawfully exercise all the usual means | need
not particuarizc these means state at present,
\ s" what shcy are or may be- One is doubt proper
regulation OF receipts At the m.houSes, and
/ /" land Offices Blu, THIS Of !tscIfs not enough Ano-
Z" Their IS National Bank, which fully believe would,
g now, answer all desired purposes and renstote
8 the currency il ninety days "Thc great measure,
" Sir, is Bank; because Eank is no: only able to
RESTRAIN the excessive issues Of the Stat. Banks but
I" IS able also to furnish for the country a currency
I 5" OF universal credit, and Of uniform value This IS
the grand desIderatun: until such currency
b!shed, depend II, Sir what necessary for the
prosperity Of the country Gan mover be accomplish
! Sir the deep-toned earnestncss and solemnv With
which this great urges on Congress tie csta.
bshmen Of Federal Bank, are equalled oniy By the
splendid beauties and marvellous powers of his own
/ vast mind
/ think 81, .ou"e,a ,c,...tu-Nr PROOF
triumph Of the National Wings must result in the i'm.
mediate Incorporation Of Bank; and from my place,
cali on all t,sc opposed that to pause and
ponder before tAcy this day take the .ata! step. tie
who this day sus;das Mr. Rvcs, virtually sustans Ge
ncra! iarr'sonend his strength to the support Of the
Fedora! cause and 10 Ire establishment Of Fedrra!
Bank. And It becomes Nm TO make up his mind 10
bear the FIJI weight of his SHIRE of responsibility FOR the
''long list of Ills which the s,ccess Of that measure
would entail on the country, s eEcs extending az Tie
/ least through the double term Of the siege Of Troy
ST. in the relation which bear 10 ne political par.
ties Of the country, If felt authorised address any
remarks TO the consideration OF those know as Conser-
vaves, would conjnre them, BY their sacred obiisa.
tons their country, 10 reeXamin" their pos.n ard
determine for thcm scvcs what object II IS which theY
hope 10 mpsh-wha; valuable end they hope to al
TAM b. urging the fortunes of William c. Rives. Do
you indulge the dcuSve hope of establishing your
plodcd experiment OF State Bank system of Federal
/ Finance; Is such hope al all rational; iOa cannot
do II of your observation-disclosures can you derive
Tie necessary aid: Not om the Wings. Did they not
dcnounce it from the first; Did they pronounce it
INV or;hy Of rldcnlc: Did they not f"retcl lis ms
! rabla end: Has it not fallen with mighty crash
/ Can they be supposed devoid OF prudence 10
link their fate, to chain their destiny, 10 the hrou5
body OF ocrthrown monster already woundeG,
dying, dcadlf such be your hope, how great Is goG-
dels,on; You will not deserve the sympathy Of
mauknd-Yon will have deceived yourselves. Yea
cannot clarr" deception on the Whigs-lhey have
told you plainly what you must eXpect-They use
you defeat The plan OF an Independent Treasury
They place you in the front Of the battle 10 meet t:e
fate of the fatcd Uria and If success attend YOU. 81
forts they snatch The fruit Of all your TOLL and cstah
lish for themselves Fedora! Bank Ia the speech
from which have already quoted, Mr.. Clay says
pcssy "thc Senator from 5 Carolina reminds ~ thai
we denounced the .e+-hank system; anil SO dit,
: ami do. The substitute (Alr. Rives pet Bank
system) is not, think, what the welfare o! the c"ua-
ry qnires II ,aay Serre tie purpose ofa good hait
run h0uSc" Mr. Webster has often expressed tho
same standardization avowed the same purpose 10
sustain the substitute as mere cHpedent to secure the
establishment Of Federal Bank The course of the
Wings controlled By the Nationals, is marked out as
with the pencil of light They intend 10 establish a
federal bank The Conservatives des re- tn" State Bank
system. The Republicans, rejecting al bank agency,
seek 10 establish an Independent lrcasuT The Wings
adroy coalcsce with the Conservatives - destroy the
plan Of an Independent Treasury. and whrn they shall
have accomplished their object they direct :heir fierce
assaults their late allies aud cali on the Republicans
To AID IN sweeping away the noXions scourgc The he
publicans regarding the State Bank system rs equally
Unconstitutional and in p-ac;ce, more objectionable
than the Banh II the [. States, JOIN III the assault
the system falls before their united efforts and then, on
the Of rival is reared the marble Palace OF
the Federal Bank unchecked unawed freed from the
At Of all rivalry it enters on its reign Of terror, in
| stately majesty, irowning er the land.
| Sir, have observed with pain, growing disposition
the part of those accustomed 10 large moncd trans
tolerate the incorporation OF Federal Bank.
In nv opinion TINS results from very superficial cN-
animation Of TIE Subject. Recurring to the state o.
things, Immediately before the expiration Of the char
ter Of the late Bank, when we enjoyed "A currency 0p
| yarcnhH sound, they attribute subsequent caarItes
/ to the loss Of that institution, not remembering that
the institution continued under charter from the
/ Government of Pcnnsy vana, with advantages cQn'i
TO those enjoyed when it derived lis being from the
unconstitutional legislation Of the General Govern
ncnt II boascd that its powers, privileges, credits
resources and general advantages under the new were
ample those, enjoyed under the old charter. Them
if It could have furnished sound currency, under the
! OLD, why has il been unable TO do so, under the new
charter By lis friends, its inability has been at.ri
buted 10 the loss Of lis branches, and Of III" public
dcposes but refer the capacity of the Eank 10 fur
nsh u sound currency, TO the POSSESSION Of the dcpo
sites admit, that suc! currency IS the result, not
Of the aptitudes of the Bank bat Of contributions,
levied IN society The community is taxed for the
obiect-and humbiy conceive, that airy agency may
be efficient if virtually vested with the power OF
Unlimited taxation. Nor is the argument more avca.
bic addnccd from The loss OF its branches, because
there were various cxpcdicns BY which its notes
thrown into circulation at points remote from the
Bank; and it is notorious that those notes were
sought with avidity by the country, and for tie
mere purpose of cicclnT issues, those cxpctpnts
were available branch Banks; and if it be
Piled that the usefulness of the branch Banas and
their aptitude for regulating the currency founded
on their ability to restrain the issues of State Banks by
means of the powers Of discounts and curtai!meIts,
answer that the regulation Of the State Banks 10
within the ghtiul functions of the State Governments
and the argument which the inability Of STATE
Governments to restrain the issues Of State Banks,
whilst afrms the ability of the branch Banks 10 e:
feet that object does III fact and assert thai tho
powers of the branches OF the United States Bank
greater than the powers Of The State Governments;
but the State Governments reflect and exert the powers
of the people of The States therefore, the argument
that the powers Of the branches Of the Federal
Bank are greater than the powers OF the people. VIII
the Representatives Of sovereign people recognize
the validity Of argument, which establishes the m
fcriorty oil their constituents But The history OF the
late Bank far from establishing the aptitude OF that
institution the purposes of sound currency forces
the mind TO the opposite conclusIon-Since it was
among the first TO suspend specie payments IN 1897,
though il had enjoye! monopoly OF public depc-
sites through series Of near twenty years; and was,
perhaps, the very first to resort 10 that e=PedIent
n the catastrophe which now. convuscs the
II rv Sir the bank mania had not reached its cri-
sis in the palmy days Of the Federal Bank, when we
| had currency apparently sound The seed was sown
the plant had vegeatedhe bitter fruit had no, RI
! pened The banking institutions Of the country had
not universally engaged IN those exravagant and ca
lamitous excuses, in which they were ied-not re-
stralned-by the Federal Bark. They had not then
formed those "entaaglins alliances with foreign
tions in which they were led-not rcstrained-by tie
Federal Bank The waters Of bitterness abroad
in the land-They have since collected into mighty
torrent sweeping the green fields Of our hopes,
clothing country in bight-in desolation
Sir far from my purpose to discuss the numerous
interesting topics which connect themselves with The