Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-04

necessary dnager that must always arise from ah III"
constitutional organ.
rne of the unconsttutionaty Of National Bank, e.
Their recommend sanction the creating OF one De
This asit nav we feel very confident that in The poPu
lar branch Of our National Legislature, there VIII De
found no uncomfortable majority opposed 10 crealns
monopoly of similar nature to that under the pio"S
of which the whole country now lies PROSTATE.
The Chamber of Commerce, at their meeting yester-
day. resolved upon the appointment OF commt'ee 20
draft memorial to Congress, for the incorporation o.
National Bank. Upon motion oil those oPp'seu ~
matter, the yeas and nays being called Tor, the vote
stood -
For indefinite postponement, "a
Against it, A.. tl
This is respectable minority opposed to the bank
bnt even this is not SO large one as can De mustered
against il when the occasion shall require New loik
went on her knees that arch scamp Nicholas Did
dlelet her not do SO again, if she values her honor
wv G.f. Y. f. Post.
From sae -Nfr yors Journal Of C"mmerseJ :,
NATIONAL BASR.-The grand question oil VA
,;ooal Bank is now again fairly before the people If
there should be any difficulty about forming ONE 1t VIII
certainly not be in the want of plans The plan OF the
| las, Bank however, has admirers. The fences
which were intended to enclose and restrain the OFF,
GERS of that institution all eaped as deer leaps
six rail Virginia fence; and SO all hands are deter
mined not 10 let them remain where they now are, but
TO set them up afresh positions, generally with
the intention of making the pen smaller. But we
cannot see that they will be at all more dhcut 10 get
over than those of the former Banks. On the con-
trary with the skill at lcap.ng which now exists IN the
country We think if it were possible to put the rails
ten feet HIGH instead OF SIX, 1t would not make Inc
least difference
One of the plans which has been broached, would
establish two Boards control the nstItutIon-one
over the other. Such double guards look well in
theory, but in practice they have always been found
TO make the matter worse, instead Of better. With
4 k,t tl,a hucI 10 uiuc \
as TO be nobody's; and an enlargement OF numbers,
and especially the establishment OF two Boards, would
be capital plan to hide all delinquencies; for, the
Boards could each cast the blame upon the other and
SO both go clear. A better remedy would be toappont
the President manager At his own dscreiion subject
only to annual perhaps quarterly vistations Of the
stock holders. Then, if there mischief, it would
| be known who did 1t.
| writer in the National Intelligencer recommends
n Bank to be located in Washington with branches in
the several States the officers 10 be elected By The
peoplc That would be grand rlan,-for then we
would elect officers who would discount the peoples
notes or in some way divide the money among the peo
pie.
| Another plan is TO have mere Bank of issues for
circulation. The whole business of the Bank would
be 10 receive deposites of specie or United States
stocks and issue therefor its circulating notes redeem
able in specie This plan, il is thought, would secure
uniform currency. As some of our friends who are
generally sugacious in matters of finance, advocate this
!
he something in it, Still guess it would turn out
like the man wooden horse, which capital horse
in every respect except that it would GO There is
no United States Stock and ought not 10 be, unless Tor
short PERIOD and for small amount That would draw
interest and be taken by capitalists, who would not be
likely TO exchange paper drawing interest," for paper
drawing interest 1t might be that IN time OF mo-
ney pressure the price Of stock would fall below the
par value. Then, TO be sure holders would exchange
it for money, anything for which they could instant
~ to Tho
currency the exchanges Of the country The owner
of specie, who wished to make use of it as money,
would not go TO such an institution; for that would be
to make himself the trouble Of double operation
When he had obtained the currency of the institution,
he would take il his bank Of general business, and
that bank would send it its origin and get back the
coin. What good would that do? Such paper would
not be used a medium Of exchanges; for there would
always be cheaper and better methods OF accomplishing
that object. Such an institution would ofcourse do no.
thing profitable ITSELF and cannot see that would
do any good TO others
From the Money article Of the fti5 York He'adl
There seems 10 be no hope Of speedy restoration
| of The currency. The Banks have obtained n CON-
plee mastery over The State Government, and they
have no longer the power compel the Banks to pay
specie. The last hope of sound currency seems TO
be the possibility cf the passage of Bankrupt Law,
including institutions. This would have the desired
effect by closing up ali those concerns that committed
acts of insolvency. 1t would indeed produce great
changes in the face of affairs but would not be
violent in its operation than would be the establish
ment of National Bank, which IS the speculative
road to sound currency. 1t seems, however, far
more likely 10 involve the Federal Government IN the
same difficulties that SUI round the State Governments
OF all the States that established State Banks, there's
moi one bnt presents almost the last stage oil insolvency
Georgia, Alabama, Mississippi, Illinois, Pennsylvania,
and Michigan all existing witnesses OF the evaDe
msfortunes that beall government bound IN the mesh
es OF moned institution. The two last have indeed
not themselves established the banks nor have they be-
come partners the business, but they have placed
themselves in the power of the banks by learning to
lean upon them for assistance Alabama and ILLINOIS
are instances of the folly Of government itself turn
inn banker In spite OF all this repeated experience,
there are some intelligent who seriously lend their
counenance to the designs of stock obbers IN their ef'
fort to obtain National Bank What has become MS
tory in regard to every Bank heretofore chartered The
events of the last few years have proved satisiacto-
rilv that nothing has saved the General Government
from the Illuminating spectacle presented by the State
of Pennsylvani
The explosion of 1867 was inevitable, sooner or
later Had the Federal Government gone on IN It's
connection with the u. S. Bank, nothing would have
prevented the loss of the revenue and the ruin Of the
| nublic credit The vast bubble and accumulation OF
speculative credits that grew up previous TO 1850 could
not avoid explosion. If the Government had con-
tinued lis cooperation, the catastrophe ~ouiG nave
been delayed perhaps year longer, anu woulo nave
proved SO much the more disastrous. The Federal
Government would then have been without funds
or revenue, in the tolls Of the Bank, and as power
less in her hands as the Government of Pennsylya'
MIA now is. Then indeed would the integrity Of the
country have been hopelessly gone. The establish
ment Of new Bank with large capital will iuevI-
tably lead similar results, after having to struggle
for least ten years against the opposing interest con-
nected with the 200 banks already IN existence on
the contrary, mere enforcement, of specie payments
through The operation of bankrupt law, would re-
store the currency without the commissions incident
upon withdrawing large capital from its present chan
nes of employment, TO turn it into new ones p,
The Michigan Lee islature has adjourned sine de
The Treasury Note Bill had passed both branches and
sent TO the Governor for his signature, by an
amendment 10 this bill The State Treasurer IS invest
ed with extraordinary power to proceed to New York
and Philadelphia and make such arrangement in re-
laton 10 the payment of the April and July
of the five million loan, in bis discretion be may
deem advisable He is also authorized to hyPothecate
the securities of the debt due from the Morris Canal
and Banking Company in order 10 raise money to meet
the State drafts the April instalment, provided the
| p,aI fha