Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-12

h,eh En
~nc' Wy ~ re reference to the tables already al
- =, 4 will be seen that, both II respect 70 '"e
nnmber and capital, the State banks are wei''.'sa .
,;mes greater or more powerful thaa ai ''e WIS.,
nerops peried Of The existence o. the ia'e DaA' 90.
oil be natural and unavoidable consequence '''A'
they will share in corresponding oeg'e@ ''e '"''~'
of bank loans, discounts, aui ISSUES ,,,h
Ana lac, though not least the Bank now ABOUT 10 u
established is conirssedly party mach,nc-a" -, of
tive bank springs 'ato existence iron, .n,"rgh this
.r,, y;,ac,iypness 1T vas forced through ~"
tnna nv n decree OF party violence, OF aslesa ~
r,r,;omsn;ary usage and all The une-'io"'.. t
of LEGISLATION, which, venture !" say W." her,.,n
fore witnessed in the dei.oefa " - ,,. n,ult
l.ongress Yes, Sir, il il The olspf,ns '. 80 ,o,o
H. ,rnhy Of a miserably achieved parry ''e,o
The monument of pride and power On o"e '
and defeat and prescription on tue o'".i. "a ~.
N" Il presents most extraordinary anu s""e
S ah']ao" h, y.en the money and political power
LIS ~ ,,men, il to own one third, ana IN cetta'h
n,;nrency more than onehuit oil us cuP''a.: -
=, be governed by nine directors, ohe-'nru VI m"o'
are 20 be appointed BY the Executive ns s -
,:,;a,l o,mosohere of the city OF washington sePa'
ra,ed from the business aud commerce OF Tue cou"5
IN habits of daily association Will the EAecu'e e"
ne Departments officers OF GoSerhmeht' "eu,oe'a "
%o,,,oss and hungry s.lhsh, and corrupt politicians
Sia.a rhlc edIices are TO be the objects oil their
d;r,t;ou; the groves of the Capitol their places
IS Adv resort In word SIR, these bank directors
arc 10 be poi,icans-party politicians; anu VINO eau
fnr
that be they will poison the sources oi is.s'a.'o"'
snborne politicians prostitute the and demorai'ze
The coonry, And il is incontroveruoy true, tna' 10
the extent that is subjected to the o.asng
of marty will its ability be diminished 10 FURNISH 70 Tue
conn,ry sound circulating medium.
In view then of these three important cohs'uefa'
,;ons-,o wit a diminished capital; the greater comPe,
titon arising from the increased numbers ana capai vi
the State banks; and the necessary Prc .r..,
NORTON of its means to the support OF corps OF party
dberents-t is PLAIN beyond the shadow OF DOUBT; uA'
this Bank never furnish with safety 10 i'sei' u ~.
country, as large proportion OF the currency '. ~
conn,ry as the laie Bank did, even IN ITS best
H., 6, for the sake of argument let us suppose thal
with the aid and counenance Of the Government
will he able to furnish an amount eqnai 20 ,he @veis
circulation of the late Bank, during Inc who'e P.'oo
r ;,s raronal existence which was traction above
.II o0O 600 We may safely estimate the whoie
amount of bank puper currency to be employed mere
after in the business operations OF the country a. soe
thing near Sll0000Unn OF this, the sum OF ~
o0o i the ONT. tenth part Thus it appears That the
e,ep parl only of The currency OF the country is
no furnished BY this Bank; that ~, every tenth mar
NAV have his money in u S. Bank paper every mar
mag have onetenth Of his money IN such paper, a''e
aynu the necessary premium tor ~ or eaas '' mos
,,;.l,, he tbe easel few SmaH class o. men
con,aratyely-wi!im onopoize the whole amount, az
the mass of the people be le as ,hey are now WIS
The local paper of the local banks. ano' SIT, FPen.
he ful6lment OF your oft-repea,ed promises people:
" Of money" and .soi good money too, }as all Go
And do YOU not further that, inasT paper OF this
yernment payments will be made iSunt tor crcua-
Rank (which vii. also diminish the yourselves to the
ton amongst the peopleO you ehusiy urged against
old hackneyed objection, oiltem-that OF providing
The Independent TreasnrTs and another Tor the peo-
one currency for Office paper for the ohce-hoders,
ple; United States BIZ the laborlng classes
and State bank pap, too, to all who have bestowed
Il must be appnon upon the subject and who have
,,o s|ighest redre Of the nature and operations 0!
the least ks viii be utterly impossible for thus Bank
MISREPRESENTATION any portion e"a,eeef Of us pa
70 keeDse sections of the Union where the STATE
nor ire in state of suspension The deprecated pa
bof those banks so long the degree OF their depre-
aon should not he great as TO amount TO ense as-
credit will continue TO occupy the channels Oh cfcua-
,on Ia the exclusion OF the more valuable paper OF
National ns;;tution The very same law OF currency
that drove out of circulation silver change when the
miserable shuplastcr trash that is now scattered
through the country was permitted 10 oe issued, WIZ
e.ctnaly drive from circulation as rapidly US u may
be issued, the paper OF any spsciePayng oahK va
,ona or State so long specie paying BANKS are
nsrmtted TO food the country with their paper The
smount of bank paper n circulation al TINS time ranges
somewhere between one hundred and one hundred
and ten Millions Which, whether we CONSIDER me ac-
,,a valne of The mss, its nominal amount ~ abnnd-
anv sufficient for all the business uses OF the country
The demand for currency is demand Tor so much ef.
raangeaLie raiue without reference to the nominal
amount of the substance OF "hch IN eeaum Q, c'ic"
ialion NAV be composed. Ii the country require one
hundred aons Of cound specie par currency and ITS
bank per be deprecated 30 per cent below specePar
j, is plain that two hundred millions OF such deprecated
paper will be required to answer Inc business DE,
ands for money and if the value of snch deprecated
n,ner should be restored level with specie, hy the
resumption of specie payments BY the banks ISSUING H.
il is equally plain that one half OF II, IN that event
would leave the channels oil circulation, and una en-
novmenl somew where else; thus leaving in circulation
one hundred millions of sound currency, the amount
reouired by the business wants oil the country The
amount of currency employed IN the business o. coun
try regulated and controlled by laws OF trade, as GER
A. In NJ
rovern The physcal world. There cannot remain tor
any considerable length of time, IN any community,
greater amount OF circulating money, IN proportion 10
the trade and business Of that community, than crcn-
laes in other communities IN proportion l" their ousi-
nas. and trade A greater amount OF money IN one
community in proportion TO its business wants, than
exists in Others in proportion 10 their business wants
will have effect Of raising prices OF property in such
community above the level of prices in the other COM
muni,ies The effect Of this will be 10 invite excess
sve mporstions of foreign commodities INFO the COM
1nunly where prices highest, TO be exchanged di.
rec,y indirectly for SPECIE which will be exported
TO those where 1t can be exchanged Ter the
lnrrest amount of commercial commodities Tor where
those commodities at the lowest price to be again
imported and sold for specie, in the community where
money is most abundant and prices highest The Ell
fec, OF such natural and unavoidable and certain ope
rstons Of trade will be TO withdraw The excess OF cur
rency or money from the community where there is The
greatest supply, and distribute II amongst those com
muni,ie0 where there is the greatest dehcency; un,I
aally a lust proportion OF circulating money, IN rela
y. TO the business wants Of each community, will be
oo'a'. by EACH aud prices brought near to level
aaaongsu us beneficial exchange Of their comnod
,o vau anawisc beneeien' and Just laws Of trade
nov 80 % ,i,less will be the efforts OF Congress
sL g., = res, through, the mutt pcaon oil
mn, .,d ,h,. re'4sa l, to make money more abnnd
coun,r, Evsru IA, is called The distress Of the
pouring an additional qus,;,y Of water in n vessel al
ready in'i and Overlooking IL ,aa, YOU pour in vii
run over, and in great mcaAre he &--ed Sir, yor
,n ay eonyeT the Federal Government into AS, sys
ZEN OF Federal banklng you may make your vas'
nc ooman' your custom house reysnps Snd a nm
H. seSr@an immense mass of public stocks to be cy
changed for banking cupita the State Legislature
may do the with The State Governments, ant
the resources of their people; until, finally the Who'll
spirit and mind of the people shall became engrosse