Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-04
EFFECT OF a NEW NATIONAL BANK UPON

i
The Boston Advertiser and Patriot has an article
upon the effect which the establishment of National
Bank will have upon the resumption of specie pay
mcnts The Federal Editor of this print is decidedly
for National Bank, but is compelled 10 admit, in
discussion with correspondent, that National Bank
cannot be looked to tactty to specie resumption
On the contrary, the Boston Advertiser and Patriot
yields the point that it will he obstacle. We give
exracts to show the reasoning of this paper
"NArIos,L BANK Asp RESUMPTION OF SPECIE FAY
aESTs.-We published without remark yesterday, The
communication of correspondent A. relative to the
effect which would be produced BY the establishment,
OF National Bank restoration OF specie payments
IN Philadelphia Baltimore, nc. He maintains that the
attempt to establish such Bank will he decided OBJ
stace in the way of such resumption BY requiring a
large amount Of specie capital the basis OF It's opera
tions before it commence business. he goes on
to show that the process of drawing the necessary
coin from the banks of New York and Boston, would
occasion pressure in the money market, greater or
less according TO the of money required, and
that this operation would increase the difficulty of OBJ
tanning the necessary supply of specie at Philadelphia
and Baltimore, to enable them to resume payment
with safety, and would interfere very materially with
the curtamen which must inevitably be made, wher-
u state Of suspension and deprecated currency
exist
awe fully CONCUR in this view of the subject, and
admit tina, such would be the effect produced, if it
attempted 10 carry on the two operations simua-
neously.'
After stating that he had urged and still urges, the
immediate establishment Of a National Bank, not as an
aid to resumption, but nder .he impression that there
immediate prospect Of immediate attempt TO
restore specie payments in Philadelphia and that /" j
The establishment Of National Bank be deferred until
this cecnt shall first take place. The period is rery remote
chen can DC expected 10 go into operation the Editor
| adds:
"That the Withdrawing of specie from its ordinary
uses, TO form the capital of National Bank, will be
likely to produce temporary pressure in the money
market while that process is going on and before the
Bank goes into operation, cannot be questioned This
effect has often been perceived greater or less de-
gree, and small SCALE for few days, on the esa.
blishment of our local banks"
Here, then, we find that The candid among those who
wish the establishment Of National Bank great
political muchne who do look TO as relief mea
sure or calculated to facilitate resumption. Their
object is avail themselves Of the power derived from
bank distress, to combine bank strength with that of
the Government and change the union Of States into
system like that which has consolidated the three
kingdoms Of England, Ireland and Scotland, into one
sovereignty, centralized BY the commanding moneyed
power Relief of the multitude from oppression Of any
sort, part of the policy Of money ars-
tocracy in any country. To put burdens them has
every where been found the surest of quoting
people into tame submission. Hence, notwithstanding
the Bank has been presented to thousands of duped
debtors relief measure it will be employed to tax
and cucumber all their eIertons for their relief
Its capital will be built up out of Government depo-
Sites nsidously 6lched by the invisible hand Of new
tariff from the wearing apparel-the tools Of trade-the
humbest comforts of the humblest log cabin even in
the far West-while all its facilities and advantages
will be given TO wealth. The specializing classes,
who have become bankrupt while welding vast
amount of credit and deyotng it and their efforts to
make acquisitions by blending political and Peeu-