Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-10-20
a REPI ELICAN.

November election 49, III us most important feature,
The identical question, which short time ago, came
before the people OF Mississippi, decided moor
rcclly and plunged the State into incXrcabc difficult
ties The question was simply, "SniLL \ LL"IsLA-
iiyE or CoSsrIrrTIsSAL MAJORITY COVERS. IL was
decided in favor Of the legislative majority. The pre-
sent Governor of Mississippi was opposed TO the bank
making mania, which unfortunately afflicted the peo-
plc Of that State. He pointed out to them, in for
chile language, It's evil tendencies, hut nevertheless
pledrcd himself, that If the people elected LegIs
aiure favorable to charterIng great State Bank
REGULATOR, with capital of fifteen and half mil.
lions he would not InicrpOsc his constitutional
to, bn, would lei the legislative majority govern
Under the pledge not to the veto against the PR"
poscd bank he came into the gubarnatorial char with
his hands tied precisely Cen Harrison proposes
come into the Presidential chair, pledged before hand
not 10 the veto II majority OF The people should
he in Yor Of charterng an l. ). Bank
The people of Mississippi were As much opposed TO
excessive banking as those OF Virginia any other
State, but they decoyed INTO the measure by the
devices Of a class of persons calling themselves Wings
who in truth were neither Wings nor Democrats, but
sn.cuators Nearly all their projects for banks, which
they submitted TO the Legislature, had opened -
them some railroad or other species OF internal in
provcmcnt to be constructed at the expense of the
Banks in one more OF the anii-Bank counties
Many good citizens, believing that the evils Of
perabundant paper currency, even If it should dcpre
ciae on their hands would be more than compensated
bv the benefits of the works Of Improvement which the
banks proposed 10 make became the advocates OF the
hank naknr policy, and the bank party thus acquired
a majority in the Legislature The bank making party
used It's Temporary power with no sparing hand Nj
mcrous banks were chartered throughout the State,
subscribing only the purposes Of the spccuItors aud
soon filling the people pockets and the State Treasury
with an irrcdeemablc and worthless currency
The anti Bank counties, which had gone over tc the
bank making policy got their full share OF deprecated
paper but they got roads any of the improvements
iiat had been promised them twas then proposed by
the Spectators TO make great bank regulator in the
form of an Union Bank with capital OF fifteen and
half Millions pedgng the faith OF the State tor The re-
de,nption of the stock 1t was confidently predicted
that such bank would regulate the currency and make
all the other banks pay specie but the important fact
was overlooked, that the most OF them never had any
specie 10 pay, and that neither State nor an T. States
REGULATOR could make them pay what they never
had aud could not get The legislature chartered the
treat bank regulator: The Governor against his con
science was cOmpcllcd under previous pledge, TO ap
proyc the act and TO sign the bonds padgng the faith Of
the State for their redemption, Nicholas B'ddc bought
five mil lions worth of the bonds and the great regulator
went into operation The money was loaned principal.
" 10 spcculaors A large portion of the whole crop
of cotton was purchased with the bills Q" the bank,
and then the bank broke; not only leaving the people t"
pay the bonds but dcPrvlng great n"iiIoer 81 them
of their only means Of payment. Having exchanged
their crops for worthless paper, and having no other
means OF paying their debts they had 10 sell property
Where there were sellers and so few buyers,
The property was sacrificed and Tell INTO the hands OF
ttc spccuators But what Will be the effect upon F'r
rina and the South of chartcrng State Bank, under
nretcncc of regulating the currency: 1t may be SAID
that such bank would be better managed than the
ureat Union Bank of Mississippi II could not be bet.
Ter managed for the benefit of the SPECTATORS But that
il will be- managed for their benefit TO the prejudice of
the pcople of the South, there can b. no doubt An
ned States Bank, by ccntraIIzng the money power
in one of our Northern cities, and by concentrating
around The capital invested IN commerce, VIII throw
into the hands Of the monopOlists OF the North
orn cities the foreign trade Of Virginia. and all the
Southern and Western States. The people Of Aissls-
siup when they voted for Governor, pledged not to
his veto against bank regulator, little dream
ed that they were IN effect, voting ora bank 10 build
IN the fortunes of few hcartlcss spectators nj Their
expense Let Virginia, the South and the West tahe
raranr that in voting for President, pledged before
hand not TO veto L. hank, they are, III effect voting
for a bank, which will build up the fortunes of the
speculaors and nonopolists in our Northern cites
at the expense of the Southern and Western foreign
trade Let it be remembered, that the sceptre has de-
parted from Judah and that Virginia and the South are
IN minority in Congress. Before the electors give
,hcir votes next November, let them weigh well the
consequences of voting for President pledged not to
exercise his constitutional veto on question OF such
vital importance to them. Let the great political truth
uttered long ago by the apostle OF liberty Thomas JET
ierson that 'the government OF one hundred ana seven
c.three unchecked legislators, would be desposm OF
the worst kind" sink deep in the mind ot every voter
The veto of the President has wisely been made
Constitutional guarantee against the oppressive legs
laon of Congressional majority. il this constitu-
tional safeguard to the rights of the minority, engrat
ed on the Constitution by the great statesmen OF r-
rina be virtually annulcd cvaded by pledges, be.
forchand nterpose against the despotc VIII
Of legislative majority, it will not take long Tor an
MINORITY in Congress to reduce the weaker
South to the condition of Colony or Province By al
single fat could destroy Southern commerce. by cen
Trailing the money power of the whole country IN one
of the Northern cities by means OF a United States
Bank Bv another fiat it could cypress the South by
an oncrous Tariff and tile money, thus indirect
ly wrunr producing States, to be taken from
the Treasury of the nation, and deposited IN Inc
great Northern bank be loaned TO the spectators
of the Northern cities, and finally expended IN ex-
works of Internal improvement by TIE
General Government, constructed with an especial
view TO force commerce from is natural channels, ana
to build up the seat Of the money power INTO great
governing metropolis cqualling or exceeding that OF
London The first step 10 great National BARK IS TO
ret President who will not veto t. iartn Van Bu-
rem has molly declared ''uncompromtStn@ hothhy to
such an institution Gen. Harrison has declared that,
if elected, he will not interpose his constitutional veto
against Congressional ma ory favorable to charter
ing National Bank. The point aimed at by the mo-