Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-30

| de. se 10 Gseais one power for It's rd.poso II
! ing another, you mast make them "anla.oo,.,.'
Their in point of interest Of inclination q, ~ !
| Bot will yon change the nature Of these n,pa j
and make them better than other men. b. ,;,,,
al the head of National Bank, II you r,n,' .
! this miracle, they will then feel the same ,n,..
! the same inclination with the Directors os !
! Banks to expand the currency--to accom,,,,.,
favortes and lricnds-to make money plenty. ,sc
crease the profits of the stockholders.
! No. SIR, m; in the honest opinion Of -,
| far from making these directors better. ,o,,.
them worse than other men. Stationed h..
CAPITOL, and under the baneful influence .,
cited political feeling, believe they wil l. -.
| inclined 10 act as a restraining power ln.n 49,,
TORS of many other Banks OF the country II.
impulse will be 10 promote their own in.er...
accommodate their friends as far as pos..ba -
this is the power which you intend = esl.i...'
purpose of controlling the government, II H..
Banks, and preventing them from beng pui,. :.
cess. They would not do this II they could !.
they will act upon the same universal aw VIM.
yerns all bankers and directors of banks, ami I.
them TO extend their business and increase tlr',,.
a. far as practicable
| But | say that this Bank could not RESTRAIN ,la
Banks even if It would; and this want of pows,
been recently demonstrated in England. Ii "a,
/ easy for me 10 MAINTAIN this position ~ arqum.,,,
yriori and 10 prove that this bank, with i cam
| thirty millions, could not control the issues .; !,
sand State banks, whose combined capital i g,g.
ten times that amount; but, reasoning would b. +,
waste of time, when tins conclusion has bpeue.,..
ed by well known facts In l-3G, the Bank d To..
clearly iorcsaw the approach OF the storm WI.'
forwards spread rum over that country as wei! !.
| The foreign exchanges were against England (,
cie was exported. The pepper currency had L...
/ q yDa nupl that .ha prcCg al all dome 81
were high, and consequently il was The mtpT,s,
| reigners 10 sell every thing they conld II that F
and buy little there possible. | nder lAcse .
stances, the Bank .! England determined 70 pllt..
It's power, IN order 10 reduce prices and restore IL
llbrium OF the foreign exchanges. 1t according.
menced system OF rapid curtaIlment Of rs loan.
sues in the VAN hope that the loint stock bauas
kingdom would be compelled 10 follow rs east
Much 10 its astonishment, II found tina; as i cont.
they expanded; and at the end Of the process, ..:
more paper money in circulation than al Is comm
ment So entirely satisfied are we'll informed s.
England that their National Bank, even VIA i ca5
seventy millions Of dollars, cannot control these !,
sions and cuniractions Of the currency, thai III,
seriously thirk Of combining tie issues OF paper
to one Bank 10 be under the control Of the Govern
and ofexcluding all the ether banks Of the kingcy
the enjoyment Of tins privilege. And set, III
Of this we'll known fact, 1t is seriously contente1
that tins Bark Of thirty millions mill possess Tie
to control the loans and issues Of the ,housaLa i.
scattered over vast country. Ii VII d. ~ /. .
this respect, and much evil.
during tie period Of The late Bank ,Sis'r.,
was the primary and efficient cause 81 all II. {.
great expansions which afflicted the county
mention but one OF these, though might f,i,i:.
Of I-23, lc3l, and l-3i. In Tie years l,!o, ~.
ISIS the first three years after the date u - 4
what vas lie COURSE: IL was I mere speculate
chine. 1t expanded the currency 10 such ~ ).
and made money plenty that every taIng so>s
enormous prlce In the county whrre | T,sc,
commanded from two 10 four hundred dollars u.
and IN one instance | know tract 10 have Ire,
for s. SEQ per acre The expansion u the Blhl
L. :. encouraged MI the country banks 10 ioiioa
ample, and bank notes became cheap that Il Il
large amount Of them Ia purchase any at
value The Bank thus literally stimulated tie
speculation to such high degree almost u I.
general arrangement OF the public mitd
travagance was never witnessed before.
The reyulsicn callp, as come II always mus,
Bank. 10 all appearance, was IN the last agony
then that Mr.. Cheyes was called 10 preside or,f
order 10 save IL from Destruction, hc was ceay-
reduce It's loans and curtall It's issues with Gn,i.
rupldity; and IN consequence, the years Ill, +
lc2l, were the :nost disastrous that tins coca.
ever experienced since the Revolutionary var
=
hands BY forced sales during those three yta,
sc have witnessed n similar period heic'c u (
and all attributable directly 10 the influence 4 (
ample Of this great regulator OF the cufFta,.
lc2l, the price oil flour sunk to 81 - per bsf
PhladelphIa; and IS Tar west AZ the State q =
scarcely commanded any price There !;
thing under the sun, and should THIS new B.as !
get INTO successful operation, from The :ery l-e
nature, II Will follow the footsteps u u, Ill.
predecessor. 1t w'il be powerful 10 do e.l, ~
TO produce good.
The last reason which has been given by tir
tor from kentucky why We should establish l
the L. :, Is, that other nations have Nations
and therefore that we also ought TO have srct
stitution. Let me say, III the first place, ~
nations have no such Bank as the "icA .,
pose 10 establish The Banks Of France
land belong 10 individuals, and no part Of H. !
either IS held by the Government. but, Ga-+
charter, our Republican Government = Y
interests with those Of the money power, u +
the proprietor CT more than halt OF tie "a,a
OF tins Bank Does the Senator suppose ~
Bank o. the United States had continued = s
der It's charter irom Congress until May, 80.
then have weahered the storm, Fas d!atrtNl
have been It's fate. IL would have brcn The IT., =
uhier the revusion Of that fearful cflss ant,
very reason, that being National Bans, -
ton wrh England would have been more in;aa
direct then that Of State Banks Tie BIO"
then prostraed our banking institutions came y
country, and it would have fallen with rst
force on National Bank as II did on the Penr.
Bank Of the United States, which occupec
position.
Sir, other nations have empcrors and kings
ties Of nobility, and established churches, a ".
tlonal Banks; but is that any reason why the r
the L. ). should abandon Their Republican Pi
and initiate these foreign forms ol Covering
though the Senator from Kentucky may ~
believe does not desire such change, get ~
tualy accomplish IT sooner than he antcipi'ts
can create tins great National Bank, aud ca -,
the Government in Washington city on term
closest intimacy ii lie can thus conccntu's
nry power here, and render It's interest G.nu +
that of the political power, he may succeed
bshing for this country not a monlfci!
very worst government with which MANKIND
been cursed. An hereditary aristocracy i's
this infamous pre- emlnence; but the govern.
moneyed aristocfacy would be- Sill. worse I
terest and from habit, landed aristocracy -
cherished some feelings Of kindness io! the r
an upstart moneyed arlstocracy has no heart I"
them, no desire 10 promote their welfare. y
mankind as mere laborlng machines f.! IL 4
fit. 1t never ndul yes III those kindly and !
sympathies which make US feel that all me- 2
created in the image Of their Maker, and ar s'
THIS is the kind Of Government winch ~
tablished by an intimate union Of the po!itici
money power. We may approach nearer =
vernments OF the old world, by establishing w.
than the Senator or any of his friends lmagns
should be the case, corruption viii instnutIe /"
the sinews and nerves, and very ritals nt tn
! 49, 4 rt,n s,Ip