Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-13
friday's Proceedings.
CONGRESSIONAL, ANALYST.

IN
WAsuisGroS, July 9.-The special order beng m.
nounced, Mr.. Allen proposed the amendment tsngt-i'
ed yesterday in Mr. Calhouns SPECIFY providing tll'
the Bank shall Immediately give notice oanv order ~
recng curtailments, extension Of discounts -
These orders he insisted, the Bank set up tone
gulate Tie currency, would, on the admission d ihe
friends of the Bank, have direct operation N conta'
ing expanding the currency-dlmnishing ~ ~
creasing prices. This made the reasons which ~ere
so forcbly urged yesterday in favor Of the prlnrp"
publicity most applicable to the proposition nov oii'
ed II must be manifest that nothing can be moe ~
portant to the community than It's currency; and ~
thing Of more vital interest than its proper atla'''
ment Here IS an institution processing to unc"FtaaS
the regulation Of not only that currency, but Of ~
foreign and domestic exchanges Of tins country y
must be supposed that this institution being Bank cor
poraton, WILL a natural consequence, revert to no
system Of all banks and the right Of adjusting
the currency and exchanges so as 10 produce fhe Fea
possible advantage and convenience 10 'sri, ~ cH
larging It's discounts and issues when It thinks Pfope
and contracting them as II discovers that -
interest 10 do So The Bank like all others, will looH y
lis own profit. 1t will seek TO regulate the currency
solely with view of benefng its own stockh"idef'
1t is influence the currency through the medium -
lis discountsby that great engine SO often and 80 ~
cessfuy made OF by the late Bank Of the u D W.
system of contractons and expansions ms im"iehs
influence in all its operatons-its discounts, exchahs
expansions, and contractions must have p0wefia' -
feet on all the business, property, ands circumstance
OF the people OF this Union. II was remarked yes'efa
with powerful truth that the tremendous influence =.
this institution will be greater on the people OF tbs co
try than any act the power of Congress 10 pass
act 10 impose poll tax Of s. every inhabant q '"'
u s., would not infict so sudden change on i"e ~
cumstances of the people, make greater inr.a' -
their means than order from the directors OF ihs "
suon to contract the currency 10 the amount 81 -
O0O,O COO But il would not be the pecnniary 'es'ufs
of the people that would be most affected BY t'S" i"
order of contraction II is in the power OF mo-
can at pleasure make withhold such orders !" "
auence not alone the currency, bnt through y -
tuations the ELECTIONS. He (Mr. Allen nau -
disposition to rake up all the articles resor'ee
the supporters of the party in power, :. h.
nv the late Presidential election. But one mn n7.,s
would call to mind-that the great issue maze
the people against The reelection OF The Del...~
President, the low prices and assumed 1s,- tia
ment Of the currency charged upon ms ,.sory
ton. And how that arrangement OF ms
produced Is it any longer to be doubted 'i's rI,
combined effort of the banks in contract,ns, IN.
conrived to goad the public mind into osi'si - Be
only remedy for the pressure thus created wa NE
found in a change, which change would ena -. ~,
money power TO obtain this very regulator o. ~, Irte
renew 1t was charged home on the head o. ~ Did
Administration, that he had made money scare :;
not those who charged this, for mere eiee''0Hs'''