Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-07
Maj. for Hubbard, 90


Maj. for Hubbard, 90
Dialogue ba,cccn NAMING, a Merchant and Mason. q
Farmer at The house Of the utter in The eountru, on
The Isl Of March, lSil.-[No I'LL
We owe u 7" our ancestors to entire those rights
to suffer their dearest inheritance to be DESTROYED
!hason'-lhe bank changed its name, but retained
It's principles aspred to regulate the currency and
changes of the whole Union II established an agency
in London and endeavored become the rival Of the
Bank of England in London itself II established in
YORK branch bank, under their free banking law: il
bought up Stale banks and converted .hcm I'M branch
es in Louisiana and Georgia; it dsdained 10 con6ne t.
self to banking operations aone but invaded The oro
vince Of the merchant and sought monopolse the cot
ton trade between Europe and country In little
more than year after its charter from Congress had
EXPIRED although had continued pursue very near
ly the policy that it had done before il suspended
specie payments with less than million and hal
dollars lis vaults in specie. At the suspension Of spe
payments in 1887, it among the first suspend
and the last to resume and in the suspension of $50 il
was again among the first TO suspend. Having re-
sumed about the 18th Of January, 1911, it has again
suspended, and perhaps it will never be able TO
and maintain specie payments in future. Upon the re
organization of that Bank by the Pennsylvania Leg
lature in 1885, MIR. Nicholas Bidde not only declared
the Bank 'sater, stronger and prosperous than ii
euer ,cas, but that "u original misfortune
the structure Of the Bank, that ii 1rds IN any cay
ncced aciM persons IN office. The instincts of all poll.
teal power make that association dangerouS-useful to
neither party-injurious to 6O." Yes, the institution
which in 1896 MIR. Bddle pronounced "safer' and
stronger than it ever was, has suspended since
that period three times
1t appears from the official reports of the Secretary
Of the Treasury, that from 1887 to 1888, the paper
money circulation Of the United States diminished
thirty three millions from 1898 to 1889, it in
creased about nineteen millions from 1889 to lS40, il
was diminished more than twenty eight millions.
-hanninS.-The amount of these expansions and
contracons is entirely too small and HiFin1 to have
produced those disreses for money which have pre-
vailed for the last four wears
.hason.-I will leave YOU and Mr. Webster TO settle
that question. When can do So | like 10 give you
high Wing authority, you seem somewhat disrust.
full of the views of the political party TO which at
tached! will not undertake TO decide whether your
judgment is superior, or otherwise, 10 that of Mr. Web
ser. In the discussion the recharter Of the u. S.
Bank in 1889, Mr.. Webster declared for the ank "to
call IN It's loans at the rate of eight millions year,
an operation which, however il may be conducted,
not but lnilict blow the community OF tremendous
force and frtghJM consequences" Yet you think a
contraction oil thirty three millions in year, and
twenty-eght in another, insufficient TO produce pres
sure and distress; and would be glad to have the peo
pie believe that The hard times Of which your party
have been so long talking, were caused By Mr.. Van
Buren,.
.Aanning-Of course, yield my opinions 10 the
effect of these contractions upon hearing that Mr..
Webster has expressed opinions Numerically oppo-
site 10 nine. confess that in general prefer 10 have
the authority Of Wings to that OF Republicans, but
somehow or other during conversation, have been
coniounded and puzzled at your bringing Wing guns
TO fire Mt every edlfice which construct cannot
plain Of this mode oft attack though wish the Wings had
not have been quite so open-mouthed with their no.
TONS and had made fewer declarations of opinion tor
the public eye You will soon see my party in
favor of National Bank. They cannot endure the
ubtreasury, the Pet Bank System, will they
10 allow the present banks go they have
done. The establishment; ola National Bank will
among other happy eects completely arrest the crea
ton of any State banks That it will produce
this effect, you surely will not doubt deny have
been told that very few, if any, State banks were
incorporated during the existence of the two National
Banks. Now, what has happened once may happen
again, and knoc Of better rae han 10 Judge the tu
turc by the past.
Hason-When the first Bank fthe u. s.
ted in 1871, there only three banks in the Union ;
when lis charter expired in ISL there were 60, shew-
ing increase Of 81.
| During the existence of the last National Bank, the
different States incorporated three hundred and twenty
one banks Refer TO the bank statistics, and you will
find the evidence. Adopting your rule of judging the
future by the past authorized to believe that
Bank OF the u S. would not have the effect antic
patrd by you.
.uaunng.-B that as il may. the Wings will have a
National Bank The Sub Treasury might have suited
Lycurgus and the Spartans but does not suit this age
Of credit and steam. Iron money and black broth went
out Of fashion long ago; and the precious metals Will
be used only by the manufacturer OF watches and
pute You will see that the Wings will pursue the In
dependent Treasury system with hostility as irvete-
that Of the young Hannibal, when at the altar,
he swore eternal hatred against the Romans. Above
all other men in the Union does Mr. Van Buren, merit
lasting infamy for being stupid as TO recommend that
the revenues of the Federal Government should be
gradually but ultimately collected in gold and silver.
The idea could only have emanaed from his contracted
understanding
e di.t;
country who have recommended the same policy, for
the recommendation OF which you have denounced Mr.
Van Buren, in such strong terms, may mention MT.
John Tyler, the Vice President for whom | Imagine
you voted As far back as 1919, MIR. Tyler advo-
Gated the specie feature of the present Independent
Treasury. 90.
"Our revenue (said he) amounts 10 twenty millions
of dollars annually. Require fourth, or even sixth,
to be paid in gold and silver, what would be the effect
The merchant would collect the notes OF banks, and
deman spcce for them; and thus test would be adopt
ed bv means of which the sovency of each institution
would be ascertaned The demand far specie tins pro-
duced arouid hare the Beneficial effect q INTRODUCING
more of into e country for money IS like crcry other
article, and nil fnd It's ray to The market ehere IS
most iraniiRg 49,, ),
Nonu;un ePshaw If ! had known this before the
Presidential election | should hardly have voted for
him WHY cannot the Federal Government collect its
revenues in Bank paper which is good enough for the
people, and ought 10 be for the Government know
venue in gold and silver, and that the Independent
Treasury bill is entirely eonsutionat-but the Federal
Government has lost little or nothing by receiving pay
ment of its dues in Bank paper, and am in favor OF
continuing system sanctioned by experience OF lis
s @ssns ea The Sy " aan 9' pe
s,aa3 If the precious metals has not exceeded fifty or
one hundred thousand dollars. Now this sum IS very
nconsderable, when reflect upon the serious OPP
nresson incident 10 demand for gold and silver, the
constitutional currency, though not the currency OF
common sense.
Mosou.-I am unable to state the full amount which
the Government of the u s. has lost by its omssionlto
demand and TO receive nothing but the precious metals
in payment of the In April 1880, Mr. NJ Dui-
flo in his report as chairman of the committee oil ways
and means. stated the amount which the Federal 60,
men had then lost Exclusively for the want OF sound
currency and an efficient system OF finance, 10 De
aforty-sir millions Of dollars :" Had not Congress
dsregarded its constitutional duty, by conssnt"g Ito 10
receive paper money instead of gold and silver TINS
immense loss never wond have been sustained. HOW
much the Government has lost by bank paper since
1890 | am unable to inform you.