Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-14

Congress have BEEN By the petitions Of the Female
Fanatics to the North for the abolition OF slavery IN
the District But have trespassed too long on your
patience aud have nothing to say in extenuatton OF my
offence but that it is the privilege of our sex to be IN
veterate takers and scrbblers and bidding you fare
WELL will only before concluding express The hope,
that you who have aided in teaching US these fears, will
dispossess of them by seeking to remove the Chief
cause of disquet from among US, and then again
our slumbcrs when sluUber will be sleep, and not
\ continuance cfenduring thought
FOR THE ENQUIRER
4 Bank Proposition.
It appears from the deranged condition OF the cur.
rency radical change is necessary IN the present
system of Banking, which is Indispensable to regulate
the currency of the country. The United States
Bank has been resorted to- That also has failed IN
answering the purpose during the time It was in opera
ton. Several commissions have taken place IN Tue
currency:-one in Isle one in p one IN IS or IA :
and two since the United States Bank Of Pennsy
has been IN operation, which IS welding the same
amount OF capital as the United States Bank DID and
if United States Bank should be again chartered
with capital sufficient to give power to regulate the
currency of the country, the States would reiln-
quish of the main powers reserved to them IN tue
Federal compact The United Statcs would be as liable
to into error, of Banking, as tie States,
as it would be managed by men with the same human
frailty the States There evidence OF the
fact Shortly after the u. S. Bank went into opera
ton, the issues great TO render 1t doubtful
whether could be sustained not and Il was thought,
If II had not been for the protection by the strong
arm of the government, 1t would have stopped pay
ncnt. We have lately seen, and now feeling the
effects of like extravaganza IN the Y. :. Bank OF
Pennsylvania, with the other State Institutions, and SO
far as experiments have been made with the Banks, 1t
has found them inadequate TO give sound currency.
Therefore, it should be the policy OF the States, not
to grant charter 10 any corporate company for bank
ing. 1t produces inequality in the rights OF the ci;i-
zens, and departure from vital principle IN the
Constitution, where it declares, that al men shall have
equal rights Ii State tolerates Banking, Il should
be by the State entirely-to have principal Bank
and branches if necessary, under proper restrictions
the benefits arising from the institution TO belong eS-
clusvely TO the State TO he applied 10 Internal I'm
provemens literary purposes, orin any other way mat
may be deemed best for public beneht-Flrst, as near
practicable ascertain the amount Of the means OF
the State part of that amount 10 be issued in
Bank paper, and in the commencement Of the Bank
operations, issue nothing less than ten dollar notes
for one year. The second year issue twenty dollar
notes. and take in the tens, and gradually continue
curtailing the circulation of the smaller notes to one
hundred dollars prohibit all notes under that denomi-
nation from circulang-That would bring about some
thing like compromise in the circulation Of paper
and coin, and would, in few years fix more equal
value the circulating medium of the country-Frst,
it relieves the labourng class of the people, who
the bone and snew of the Government from their de-
pendance Banks; IL releases them from the mpo-
of the counterfeit notes; reasurably sepa-
rates them from the political struggles about Banks,
as the system would be more fixed, and they would
better understand the principle II II be the ne
cessy of the Banks 10 suspend specie pa ynents,
the vital interests of the community would not be
SO directly nterlered with. 1t necessarily would be a
means great extent to preserve the whole inteest
of the Union. Ii would TO degree check The
ira c the Bank paper the paper circulation would
necessarily be thrown into the hands Of the large deal
ers Of The community, who would he better Judges Of the
mana cement Of it, and would be capable Of keep
ing it al equal value. The hundred dollar would
answer all commercial and mercantile purposes. The
exchanges would be kept equal b. the large notes,
and when based State alone, there should be
something like equilibrium in paper and CON- where
both to circulate in the community, the pa
per will Danish the coin, it is nothing more than
mere representative of money, possessing real value.
system Of Banking something like the one suggested
would remove all timdity and fears with the people
about Bank paper and doubt would bring more gold
and silver into circulation than is the vaults
of the Banks, which at this time lying dormant in
the hands of the private citizens OF the United States,
and not useful, from fear if they let out of their
hands, it could not be recovered again That, with what
would be drawn into circulation the Bank Charter
EXPIRES would be sufficient to supply the vacuum pro-
duced in the check of the circulation of the small
The State Banks under suitable restrictions would be
safe depository for the government funds under spe-
cial deposte. The State issues to be limited to the
amount that would be sufficient to pay for the surplus
products of the labor of The State, could be
ascerained That would be sound basis for the paper
issued-and show in the face of the the of
the means OF the State, and what portion of that
amount would be in Bank paper That would give con-
fdence, and it would pass gold and silver Under
the restrictions that have been proposed State could
have nducement to reduce the credit of the Bank
paper of another State. The paper of the States
would be current in the foreign markets There is
abundant proof the fact State Bonds have been sold
in the European market, much 10 the prejudice of
the interest of the States The system of banking sug
gested, would have tendency to check that of
policy by the States and prevent the exrayagant issues
of Bank paper, and keep the currency more stable
The gold and silver would fall into the hands of the
people, where it ought to be placed it suits
them better TO transact their business WITH than any
other class of the community The best possible means
that could be given by legislative aid should be exert
ed to protect the people in the currency; and
other is left but put stop 10 the circua
tion of the small notes.
The Bank is suggested to be under the constant su
pervison of the Legislature. Appoint commissioners
every session. whose duty it should be- during the inter-
val of the Legislature 10 examine the condition OF the
Banks and not to take the officers report, but to take
charge of the books papers, and funds of the instr
tuition, and make out report of the true condition OF
the Bank, and report to the Executive and his duty TO
report to the nett Legislature at the commencement OF
the session. This would bring the monied interest
near to the action of the people, where it would De
more safe under their guardianship than any class the
community 1t should be the policy of the States and
the community to adopt some system to manage the
money matters of the country to keep down United
States Bank. Let that be the last resort, it would
be one of the most dangerous entertainments o. the
liberties of the people that could hefa them.
EQUAL RIGHTS.
U' In laying before readers the preceding pro-
ject of respected Correspondent, we beg leave re-
spectuly to state great doubt whether his pro-
position does not conflict with that provision OF the
Constitution, which declares that no State shall issue