Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-10-19

Corporation toe creature OF another government
National Bank, II i, have The power 70 !eTda.' 'e
issues Of the State banks niy control tie cAe. "i &C
10 the ptoc iTo:n these bank, aad Mus
feet the prices o.. property ~ making money OF tue
srmb!ance of money plenty or scarce NJ i:s ie"s"''
IL is not supposed that aay one c"ncGr.i'r* N-iio
al Bank as substitute ff the SAFE San@s en''reiy u
il red as an instrument e.cci aat Tei":m 10 N"
STATE banks which has not been yet attempted b
the State Governments. II is urged - means not oil
local accommodation TO th1sr Who WISH Ia of'"W mo
ney, bu. possessing pnNer through rs ea'e"1'u
branches 10 regulate exchanges between is"''e eN"
lnercie POINTS If The Sa:. banks were pi"Fe'p :
formed so tia, ,eie issnes would t" apt""f eS''n
aiv he wha; hcy CHIT b. tr representative " CIV
and silver, mcdian would De iiFnis!i"" '"' '"'
laton nt exchanges al once SAFER ana u, j. .,p
than the notes ola u ; BARK rane" a'u
,oins,ered too on the same defective ana dTcfP'se
n,,,coIes as the present State baDs IL is mol 10 oe
ted ,ha; National Bank on sonndet ana h'.e
restricted plan than that OF the p'esen state oS'"s W"
b. created. The measures ALREADY pf'P'ssu 1o.''' "
,,,a The establishment, of I. ). Bank under charter
,,o,ar 70 mos, Of the State bGnss. Hos, II may hE
asked is such bank to be managed say "euf' u'ee
n National than unles State charter - 'hC'''sN
movers and the extended spnefe OF us ac'''''
would only expose lis directors 10 stronger anu %
resstibe temptations While the? wo"'d a'muis 'i.s
chances OF detecting any mal-adin'nstfa''oa o. 10 d.
FAIRS
While National Bank, viii! capital 81 some twenty
or thirty millions expected 10 reic'ai the abuses VI
The State BANKS, through lbt i''''
branch or agency each at - States, its saa iha inc
,ask i hopeless in the hands Of the aad isen;y State
Governments themselves. II Is alleged that thfie can
be no uniformity in the reformation u tie iocai oahSs
10 the State Governments. Il may b answered mat
States which are nothing bu; masses 81 ncTduels as
,oci,.ad together. and exercising the functions OF Go
yernment tor Their good, w: without exception,
ilow the natural dtcla al 'her own 'aer.s aha
cannot thai any STATE w;ii Dc Interested IN Ea'ina
worse cure ncv than Is reghbofs In. necessity
r 4 H., .srl;
nrom, MI the States 10 ,ate the first good example
They would he the sufferers II they DID nell "nie :" So
who established their own banks On SQUAD bass,
,yopld BIZ the aiiaers. II only one State Baa& cocl
he established firmly principle ot adequate resPon-
s,by and confidence, the notes oil ,aa oinH wouo De
taken every where IN preference 10 inferior paper.
II was urged in the Convention which framed the
Federal Constitution, IS an argument against con'er'
rag Congress the power To create corporations that
II would Ultimately snpersede the power in the States
10 charter banks and it argued that ths power
Tins expressly negared them necessary IL regulate
the same power in the States. The power 10 regulate
IS generally power winch can also destroy. II the
banking power is conceded t. the l s, how is II
10 be limited escep, BY the discretion oi the Federal
Government: Ii one haGh can he made by Congress
why may not fifty banks: Shall we be told tim, the
.m2ocy Of banking will restrain the Fedora! Co
vernmcnt more than the State Governments: Both
Governments represent and reflect The wishes OF the
same people, aud the which lead TO excuses III
On. Will operate in the o;he. Oar Federal Govern
des gned 10 acco! under the grants Of 'ie
Constitution those objects for winch the governments
I'll the States inadequate 1t should attempt no
thing which involves the assumption OF powers Ee'
GRANTED, which be more safely exercised ~ 'e
States While the banking power has been 50 i'hg
exercised BY The States net 10 ue no" qicsinheu'
!, has never been employed hy the United SAFES
without the disappToba,'on OF large portion u no'
a majority Of The Union The arguments for
National Bank have varied with the circumstances
ri the country In 119l i was urged by Alexander
Hamilton and the politicians OF ms school as neces,
sary 10 aid the establishment oi naioEa! credit an5
10 facilitate TIE payment q the cett "i the heVo'
luton In Ioi6 when a ncay9 debt had been accu-
mula,ed IN the last with Lngland, VAR 10 winch
most Of the Federal party we're opposed, !!e second
Bank VAS sanctioned by some "s those VINO h!d OPP
posed the first, and It voted against by some oi
those who had resisted tie declaration and prosecution
Of that var GA both OCCASIONS lie ign relations
aad financial necessities o: tae q ,reran.n %-re ,ip-
posed influence the question, md Il BOTH periods ;ie
power claimed and resisted rs one 81 at class 81
Incidental powers reference |" whch political par
lies have diyded since the Constitution WIS ratified
Snch have been III. abgscs Ut The baGsin- s2scn IN
the L. States, aud such the change OF punlc "paun
.. 10 lis influences society, tiat NOW National
BANK ia no longer urged means Of accommodate
~ the mass ci the people hy u .pans bG SIM
py "a a fsca! ag-n. enable The f.dr-a, Government
collect, keep, and dsbuise lis revenues II Bank
only necessary for ;hese purposes Why II sought
extend the charter ,r period Of twenty years and
associate with tic Government number Of other
corporations and lnGrsca1.s Way IS Il necessary 70
pyc the power 10 lend and to borrow 10 buy and
sell, to acquire property and hold II; fiscal
agent may be changed dispensed w',h a, the conre
Of the Government, as It Is designed only 10 AID
I'll Government 10 execute It's unqres,orcl powers
collecting, safe keeping and dsbuFsng The public
revenue. The argument tor I |. ). BANK fiscal
agent, Ike that IN favor OF regulator oi the crrfcncy,
Is derived again from the defects o the State Banks.
II the Safe Banks managed as - furnish a
convenient aud safe currency for the people, IL IS
clear ,ha, they would also furnish medium IN which
lie taxes &c. Of the Federal well the State Co.
yernmen;s might be- collected.
Conceding FOR the Argument sake, tie question Of
constitutional power IN the Federal Government to
create banks let look tire xpeGlencv If creating
merely 70 furnish the medium through is noes lis
vaults, and lis officers Of collecting, keeping and pay
ing out the First, tie Government st,pu-
laes with the corporation and b. nds itself 10 It's
notes in payment Of the revenue. Second, III" Bank
permitted by compact 10 keep the public money and
10 II in the form Of loans To us customers iler
wise at lis pleasure. The privilege Ct furnishing in
It's proiassory notes medium which Government IS
bound 10 receive IN payment Of taxes, &c, and the
privilege Of trading the public revenue when col
iec,ed part Of the capital Of the bank. privileges
conferred the individuals constituting tie corpora.
Ton They receive interest the notes issued to
furnish q medium in which the taxes paid, aud
the amount Of the revenue deposile which they
enabled loan out. Can il he necessary tor govern.
ment TO form an association Of Individual. by is char
ter, merely to obtain the convenience Of nsrg IN tins
their credit inferior to lis own IS i to ena
bic these individuals TO The credit and the revenues
nf the Government for their own ends IL the bank
the benefactor Of the Government, the Government
OF the bank, when the creates the other, II
credit and privilege of issuing lis Obligations and de.
handing interest fer them, cpmpcls Itself TO receive
them money, and allows II TO the public reve-
its property, while the other does nothing
IN return but enjoy these privileges
But 1t is said The people apart from the Government
have interest IN National Bank as a means Of
gulatng The currency. | have endeavorcd 10 show
that unles~ such Bank Is better organized and a
mayed than the present State banks II would
quire the same regulation. No would be will ny
that Congress should regulate the currency circu.
lation Of the State banks by law, and yet s NAM
tanned that corporation createa by Congress may do
II. Ii The notes ola bank received IN payment Of
dues to the Government, Government has the same
right individuals to demand their payment in specie,
and with of fifteen twenty millions gear,
II easy perceive that the power OF the Government