Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-10

niyeu TO contract the currency and call IN It's oes
find that tie screw was turned by a" Inc BANKS s'o
t,ncopslv The history of the times proves thai u
rlavsd the mart of selfish, avacious, and Interested
iegdcr but never that OF wise and beneicent resu!a
peG,re concluding this branch Of the subject, allow
mp to observe, that some leading politicians urge una
,yc should have n National Bank because Great Britain
has Bank If England The better understand The
,unnIicy If initiating her example, let cafe Il
passages from the distinguished E"slsh author, lhc-
locke In I,ccnt work OF his prices, state 9" th'
circulation corn laws, and banking, in Great Brian
e remarks i'll reference to the conduct of the Bank
| ENGLAND in attempting 10 relieve the trade Of thu
coun,ry in lc36 and 1887, that $50 far from having
eyer,cd any power III stopping the American house:
| in this country, and The New York banks connect
ed with them, the Bank OF England actually nnrSet
them by advances without security for several months
aud il was only on seeing end 10 tie practice
ot nursing that in 1887 il found itself compelled t'
discontinue lis assistance. "'The trnde of this coun
try requires such siering and forcing process ny
operations of the Bank OF England, or any oihe'
banks, in its behalf An improvement, produced ~
such MEANS cannot he sunnd; and still les can 'is
bank which Processes hold out such artificial means
md resources To trade be considered 10 be under aH
tgrv or sofc regulation. 1t is neither more nor less
than system Of ccious intc.tirenee, unbotomed on
any thing like correct principles, and coming pro
nerv therefore under the designation of qnache
ry II is doubtless, great point gained, aud IS nsl
matter of Generalization for the public, that the I'm
nent danger Of suspension Of cash payments mas been
passed But the escape has been naTro~ one, aho
attended BY circumstances OF almost national hh"e"
tim, in the application OIL 'he Dana OF Ehsiahu w :"
sisance from France
..Now according 10 the system professrd on the part
Of Bank in the examination before the committee on
the charter in le}2 ii stated that although against
The effects Of political dscredit and internal demand
tho Rank could not be perfectly secure, Me toreign
,chanoss could al,rGys be rtnifed ,rihoat cr'S'S
lEv,Jence Off. H. Palmer, Esq.-Question and answer
4 673)
re- vulu,ions abroad, and without commercial discredi
mr. poliical CONFUSION panic, Leading 10 internal
demand for gold the Bank has not regulated H.. is
sues as 10 recy the exchanges, which, according u
the system propounded in 1889, II would be able to 40
under ann circumstances but those Of political dlscred
| or internal panic:
at is quite clear that system al all hnS been fo
| io,red and hat more, no system has eItsfsd.
! The Tendon Morning Chronicle OF the Sd Of June
| 1879 observes, that "in a commercial country like
Great Britain, the management OF The paper circuia
ton is necessarily of the most important trusts tha
i; is possible TO rcpose in any body Of mentor the
most ri,a interests Of the community depend on IL
proper administrations Our present system Of naiiona
banking ~ however, rpetc 'ch crrors-whlch, II IS Il
be hoped The Legislature will, III course OF time, r.
move The evils to which We al!ude are in the coa
ficfing notirfs brween public and PIRATE advantage
WHICH il cannot he denied must or less exist "
The nf those who have the direction "f the Bank
Of England and Ireland. 10 both countries they are
iur The most part iniuen'ia wealthy men, who carr,
! on PIRATE operations tJtfnSire scale ard u
! whom, therefore, the rise f n the value OF com
! modtes il mast mdieriai consideration.
I The DuLiin Pioi, III Of lis recent numbers, re
marks that sar. O Council told story al late meet
ing of the tvant Pocruscs, who invented an iron bet
of that peculiar construction that II could be EXTENDED
il The condemned victim 10 be placed upon Il were
shorter Than others; and, ii longer, the gs al the VIC
nj 1tf.
manage The Bank of England, and The fifteen gentle
men who manage the Irish concern, conduct them Jus
/ as Procrustcs conducted the iron bed. When i'icl
wanted cnnlmod.,i ties ehs0ptnfd, they can chop oil h
ers OF the circulation, and then money scarce, am
s,Iines are bad And when they wanted TO price
they stretch gu, the paper issues TO extraordinary d.
uensions prices rise, money plenty; and while all i
apparently smooth, these far0red gentlemen monopo
lists Of them, as We have already shown, may
;! sen ont
Mr. Hume remarked in the course Of speech deli
vered IN the British Parliament, hnt The Banh Of Eng
iand In icading money al Times nj on mftrtt-.ttti
iocer ian Mc matha prcc-on stools md otter sreut
IRIS dill reaIiy urge TO orfrSPfcnai'on W merfaants
mil 10 crerssncs ~ paper ny Joi"f'sfoch 0a"Gs ana
Ia wing got the country INTO great excitement Of h'gi
prices aud apparent prosperity altered their plan wher
their Golfers cn'piying reduced Their discounts
rasd Tic interest, asd IN Frtrcnt the cIhGnstio" 81 Urn
buiiiop, sudacny cr0mptd Ms rho!e II nc comnereia
traasartionS II tic fouBtry.
the Bank Of England, hope gentlemen will not per
sist holding That institution up as ut model ior on
4 imitation To reason by analogy, s usually allaclous
but between condition and that OF Great Br'lain
,hce is no sim ude which vii! warrant rs N drawn-
INGREDIENTS from that Governments for, III TINT grea
! empire we find three National Banks There tn,
Banks OF England, Of Ireland, and Of Scotland Sh'
has three central points Of trade, with bank IN each
;, Again: on viewing the condition Of tins country
We find that those States where u IS conceded
Iatt. ,tlatt
medium ihan plurality Of them, such IS the competi
ton between rival points, end snch Tie demand TO
equal commercia facilities that each tcwn and harnc
!. must be accommodated with hank. While, there
fore single State institution might afford the bes
currency, yet experience proves beyond doubt, 'ha
it would have controlling and cenlralizing effect Of
the commerce Of State. If variety OF banks b
necessary 10 eGuazc commercial facites ana To rem
der equal justice TO all parts of Stae;-lf Great Br
tain is induced 10 counenance three distinct banks 10
her several centres of trade and not 10 rely upon on
bank for the entire cmpire-then put It to genlleme
10 prove the propriey suundness OF the policy the
now propose force the country Either our Stat
: Governments, along with Great Britain, are wrong
having plurality Of banks; or the scheme OF establish
ing one only for the whole Union is unwise,-too cen
trazing and powerful lis fiscal and commercial len
denotes, BIZ trusted 10 Tie management Of any set
men, were they subjected to responsibilities OF tn
highest character.
. II wisdom is 10 lie gathered from tie experience {
Great Britain, or from our own states, " oush W -
tisfy us that a National Bank would have TIC wnrs
possible cfec, the commerce of the country, an
tend 10 make each little trading community trhn'ar
, To the great focus from which ell 81 the princpi
financial aud commercial facilities and transaction
would radiate into all quarters of the Coniederacy
, but 10 return burdened with accumulated treasures
. fched from the honest industry of distant sections
As illustrative nf this view OF the tendency OF
a Federal Bank on Southern trade, lei me invite you
attention 10 few lines able report presented D
Y the Hon. Francis Mallory 10 the Commercial ConveT
+ ton Of Virginia ISIS. The report states that "th
first National Bank incorporated in l19l, with
. capital of SlU,OG0,000. The Mother Bank was IL
Gated in Philadelphia, with branches in The princp;
cities. In the distribution of the capital, 81 10o,cO
6 was allotted 10 the Mother Bank S70OG00 10 III
bank in Boston, 81 500 600 To that al New York; 5000
a coo TO Baltimore; S5OO00n to Norfolk; S6cO,Ou0 |
u Charleston; Ia Savannah S300,GU0 10 New Orean
{ 100000; and S200,00D 10 The District Of Colnmbl'
giving but 50 900 10 the staple States and $1,000
. 900 10 the cthers-and that, too, at period when III
irade IF each sfciion aj"at fquu We find that III
exports Of New York i'll four years from the passage
the law creating H. and when lis influence began 10 ;
r felt had increased from S2505,iG5 in l79l, to $40