Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-03-31

Bank was not compatible with our fundamental laws,
nor with the public policy and welfare. And OH the
wisdom of that declaration placed the issue of the Pre-
sidenta election in 1896 Besides the public voice,
proclaimed at the polls and echoed in the halls OF e-
gslaton in unambguous and decisive manner, de-
creed the sleep of death TO the National Bank-that
boaed, reckless, avarcous harrdan, which the genius
ofcorruption had employed in the seduction of the ma
tcna morals till the virtue of the republic seemed to
sicken in pcscnce and desolaton.
/ Mr.. Van Buren,, therefore, refused to recommend
either the State Banks, National Bank; but rs
substitute recommended, the safest depostary OF the
public funds National Treasury, indcpcn dent OF all
Il Banks whether National Stac;-and the officers OF
which should be created by the nation, compensated by
the nation, responsible to the nation, and punishable
by the nation for every abuse of trust and authority
The public attention has been freely invoked TO eS-
anime this memorable since the President
recommended it at the called session of September,
1887. Meanwhile, in October last, the State-anks,
including the boastful regulator, the United States
Bank of Pennsylvania once more suspended specie
payments, when we had no foreign war, domestic
calamity to discomfort foreign inter-
| nal trade
We owe it to the bounty of Providence, and to the
wisdom, moderation, and decision of the President,
that the calamity of foreign did not fall upon
the nation at either period of the suspensions TO which
/ have referred The cloud of war, foreign and do
mcstic-savage and civilized still mpend the po-
ltca horizon of beloved country; and the wisdom
Of the wsest cannot venture c prngncst'cate how
.
us If, in the hour of peace and prosperity, the
ton has than once, within very short PERIOD OF
time, been Justly deprived by the banks of her in
dspcnsable resources, would afford those Insttu-
tons additional pctexs f not adequate excuse, to lock
p from the national defence all the specie of the go
vcrnmcnt that specie which is the necessary support
Of the nation-our febood in peace, and our sinews
in war In short, the Banks might, either from neces-
sity avarice the love of power, dictate TO the nation
Inc terms ignomnons peace and the surrender of
onr atior: ;uIrupDUpncp,
i | unhcsa,inglv avow. therefore, that M opposition
to the Independent Treasury has far yielded
10 the convictions CT reason and truth, that am not
only willing but anxious, to 10 the measure fair
and candid experiment. And shall derive the high
est satisfaction if the practical operation OF the system
shall illustrate the talacy of my former opposition and
fulfil the expectations gifts warmrst friends.
! But now repeat, what have often declared before
my generous and confdng constituents, that che
IRISH no hostile disposition towards the State Banks
For whilst have been emphatically antibank in
: all nv feelings and opnions,-harc owned one
dollar of Bank stock borrowed dollar from any
institution oithat sort, cannot but remember that the
State Banks have been created the process oSocety,
by what has been regarded as the necessities mankind
And ostcred they have BEEN by the TASTE policy and
institutions of the country, consider them to be the
useful landmarks Of foreign commerce and internal
trade which ought not and cannot be rashy suddenly
abolished without shocking every interest in our com
mon country Twould willing encourage and support
the Banks in their proper and legitimate vacations.
shall oppose them only when they mady wander from
their appropriate sphcrcs;-wlen they claim their
right the custody of the public purse;-when, backed
by the whole dynasty of associated wealth. they aspire
to become politicians, and darngly contend for lead
and authority in the Government-whcnt they fam
would become the vital arteries through which the
blood of the body polite must either circulate with
wholesome vgor and life or soon stagnae int" pest-
| lencc and death.
The recommendation to Congress of the Independent
! Treasury system, and divorce OF the Government
! from Banks reused against the Administration the 81
mutaneous and concerted hostility of all the ncncycd
institutions Which the President desired to see Invested
of legal control over the National Treasure. Yet the
President offered wrong 10 any of those potent nst
tutions He found by fruitful experience, that the po
litical connection which delegated that control to the
Banks was injurious to the public intcrcs-and wished
by timely and amcable separation to leave the Banks
as they formerly WERE the complete exercise all the
corporate rights and privileges to which they were en
tied under the provisions oher respective charters The
right and duty of the Government 10 dissolve the
nexcn fully and legally accrued on the admitted and no.
torious failure of the Banks to perform for the Govern
ment the most important stipulated duties; duties which
the banks utterly failed to perform and true and
proper performance Of which alone, their connexion
/ with the Government expressly depended.
Still the Banks solicit and expect the Government to
renew and nvirorate the hitherto disastrous connexions
and to ecc their object have brought INTO opc
ration all the fearful resources of combined wealth
Failing to persuade the President into his official APP
probation oi eir wishes, they have continually ID
bored through the agency Of ambitious politicians and
favored partzans, to deude the public nd and to ex
cite the most groundlcss JUDGE against the Chief
MAGISTRATE By the unjust and dsngcaGoas accusation
| that he wckedly cndeavors TO deprive the Banks OF
their legal rights to destroy u" whole credit system,
and nj once dsconccrt the order Of private business
! and national trade.
/ The towns, that almost monopoze the immediate
benefit of Banks have every where been stimulated by
the natural spirit of monopoly to countenance and pro-
paratc this idle and charge; and have lbc
rally encouraged the public press TO denonnce the Pre-
sdcnt for expressing the opinion that the national trea
sure should longer be confdcd to the arbitrary plea
sure the precarous credit and ambitious designs Of the
Banks.
A vast number Of The individuals indebted to the
Banks are unprepared settle their accounts, and upon
whom even curtail would operate like paralytic
shock still greater number continually court pc
cuniary favors from the Banks While the Banks
themselves always bent augmentation OF their
pros naturally solicit the custody of the public purse,
and force their debtors aid the avaricous desire
To withhold the of the National Treasure from
the Banks therefore, to and Illustrate the pc
cuniary necessities of numerous active, and power
! full combination Of bodies, natural and artificial.
! The Banking authorities, with such countless, ne
cesstous auxarcs, combine against the Admin'stra-
tom and by bold simultaneous and perseverlng ef-
fort to control the and finances OF the United
States aspire to the exercise of powers that form
dablc in the extreme and which threaten TO over
throw the freedom of the only hopeful Republic in the
world.
| ftls combined encroachment on the regular con-
sttutonal province Of the nation to collect and dis
Larsc its own rcvenuc cannot be successfully resisted,
the speedy consequence must be total change IN the
structure and purposes of the Government And
those potent corporations, like the hundred Fathers of
ancient Rome, may gradually organize themselves INTO
the parican orders ofthc regal age dictate the nation
al measures, and regulate all foreign commerce and
internal trade And should the structure of the
Government remain the same, the vital spirit of lber.
ty which has animated and adorned our Republic, will
become extinct and still
incorporated wealth never clogs the appetite feeds
Every morsel of the stimulating ament produces in
crease of hunger and hirst-unt at last the pethorc
tendencies of the Diet swell the body polite into puff
ed and reckless lhcrtine.
Mr. Rvcs himself declared in the Senate Of the Uni
ted States that give the Banks the public deposites
without the privilege to trade upon them, mock
a,.da hi,lua,,r A nd q rinncn think demon: