Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-09

and The quantity of valuable property The British are
buying up IN every direction the profits of which are
20 lie carried ts England, | cannot fairly estimate
And what have got for all these debts foreign
country? Internal improvements which have cost two
or three tmes Is much as they be WORTH and
which IN tue aggregate do not bring in than
enough to keep themselves in,rcpa,r; Improvements,
that have Dten made with almost q single eye TO con-
centrate trade IN some Atlantic Emporium, where the
banking sys.e'n had already concentrated the money
power ms extraordinary state of things either exists
now, or shortly will. We shall have borrowed money
from the British To make improvements the stock Of
winch VIII nave been sold at reduced price and
bought up by the British, who will be receiving
the tolls upon the works and the interest mon the
money they had loaned 10 make the works Such
transactions between usnrcrs and their debtors |
have heard of, but never between nations
Again, ask, to whom do the profits of labor in This
country belong To the British To- be sure-of course
nothing, except in name, but provinces The
vile calumnles that daily put forth by the tongues
and pens OF our Demagogues, the pride and pomp,
speculation and usury which are the fruits OF the bank
ing system, and almost every where exhibited and
praclscd, but the evidences Of the RIGHTEOUSNESS
which has often overthrown liberty and therefore
cannot be considered evidences of freedom
From this condition of things, can the banking system
be resuscitaed In 1919, from the enormous prices
got for our crops which were hand at the end Of
the war, and for the crops OF the four succeeding
wears, We had foreign goods III the country with tr
fling annual addition 10 last three four years-We
sold TO the British for specie, its equivalent between
forty and fifty millions of Government stocks-above
fifteen millions Of the United States Bank Stock, be-
sides various other stocks, and owed foreign debt
We had about one hundred aud seventy Banks, and
we have nine hundred and yet It took the sys-
TEN TO get INTO decent condition, with the high tariff
deposits and the accung crops almost conlscaed to
assist, than four years. Every thing in our
favor then-eyery thing against us now.
Can another Federal Bank relieve US: No 1t must
h,h nLn h fntp Ran upIt ha
that occurred from 1919 to a again, greatly aug
mented gone over, mus; be arranged to break
the State Banks, which will not al all mend matters
in the next ten years and the end Of it, should
still be subjected TO the secret moving money Govern
ment, as despotic it is corrupting All this while
hear of no remedy seriously proposed relieve the
unfortunate debtors, who and will continue
be required to pay their debts currency worth three
or four times rs much as it when tho debts
contracted No, these people must be first sacrificed
and then retg VIII come 10 make new batch of VIC
Tins. Can the Banks, in good faith, become specie
paying Banks again: Except few creditor Banks to
the North that are daily collecting specie and shipping
II TO Englnnd-they cannot Our Banks here say they
are spece-paying Banks but they have, with wise
policy passed law which enables them TO pay not
to pay whom they please, and what they please And
what part are the Southern and Western Banks per-
forming at this moment Issuing paper, and draw
ing all the specie from the hands Of the community,
even down to the half dollars and quarters-which
shall attempt to resume, in good faith, and will be
readily transferred TO England. England can, in
trip Of the British Queen, draw for money than
there specie i'll the vaults Of every Bank in the United
Staes-Forcign countries don. take our rag money,
and follows we must send either specie or produce
at her own price, the maxim of the common law
well common sense-That the debtor is at the mercy
Of the creditor, applies with ten times more force to
nations than it does to individuals.
Before | quit the subject of Banks, ! will barely
...,t,
regard 10 it, In the first place, it is generally
supposed that Federal Bank regulates and equal
ICES the currency If regulating currency means
controlling currency, | admit it; but this is
power secretly performed too, greater than the au-
tocrat possesses; and, therefore, cannot recon-
mend itself 10 any friend Of American liberty, or to
any friend 10 that virtue with which liberty alone
exist. Does IL equalize currency: No-the very
reverse is the fact We all know the way for indl-
viduas communities 10 get money honestly, is to
sell more than they buy, and take the overps IN mo-
ncy. Now, under this banking system, the comnunI
ties and too often the individuals who sold the least
proportion to what they bought, and INDUCED IN the
greatest extravaganza have the most money too ms is
eGuallzng with vengeance. Because tins bank ISSUES
currency that passes every where therefore sup
posed II equalzes currency but It Is an unhappy delu-
SON. my counrymen labor under. They do not note,
that through its branches and the power il holds over
the State banks this bank has the power and It Is but
often the interest of the managers, TO render the
currency every thing but equal Agaln-it is believed,
that 10 increase banks is 10 increase the capital OF
country; but lie must bs capital who believes It
Banks drive honest money, which IS capital, out OF the
country. They control and concentrate capital, as
well as power in the worst Of all possible places; IN
the hands of few money managers, sitting IN secret
conclaye. Again-it is supposed that banks will en-
able people IN debt T. pay their debts, but the reverse
the tact-managed upon the best possible principles
they necessarily involve the community IN three times
as much debt existed before; debts Of the worst pos
sbe kind carrying usurous interest. You cannot get
money out Of the bank unless in brbe, or you steal IT,
without contracting new debt Agan-it is beIieseu
that the re is not specie enough in the world to form
currency The reverse is the fact-ther0 is too much
The dandy bank gentry themselves admit thus, when
they say il too nconvcnent to carry, and therefore
they want notes. This objection s, however, seldom
urged by those who have any money OF their own TO
carry If there was but fifth much gold and sill
YER. one dollar would buy what five does now.
Again-lt is impudenty asserted that the lndepend
ent Treasury is something Why, it IL as old as
Government itself, and almost as universal. When
the Banks rot too strong for the peoples Govern
men, they took the peoples money into their holy
or rather unholy keeping to enable them the better 10
plumber the people, to corrupt one portion oil Tic COM
mun,v and ruin another and then, doubt, 10 destroy
the Government ITSELF for that will be the conse-
oueuce The insolvency and dishonesty OF Banks are
too well understood now Tor intelligent people TO trust
their own money with them alone, and follows, the
Ranks must 90 down unless they can get the public
money to sport upon. Individuals, who trust their mo-
ney in Banks, remain close by and watch II very close
ly-The public money is looked for one year after it is
gone, and by who possibly, nay, probably, are
partners in purloningh This taking of the public mo-
nov which is an unlimited capital for the Banks 10
flourish upon and the making of their notes legal ten
der in the mos, sacred Of all debts-to wit duties and
are The features in our system that have enabled u
Ia RIM IN the extreme, which has made us the derIson
Of the intelligent, throughout the civilized world
The latter privilege gives power to force into crcula
ton the base currency if for no other reason, because
il is the meanes; while the former, by the possession
of The revenues, in addition TO other privileges and
powers. makes the system Government which II need
he evs. direct taxes for its support, under the pre-
text of making roads and canals, contracts foreign
debts TO supply itself with SPECIE or its equivalent from
abroad p,
Surely the question of an independent Treasury
,bould not he debatcabe even in Virginia. Out Of
about three hundred sherif,, who are receivers and
dsbursers of the public money! under their bonds and
securities there is scarcely ever dollar lost, while Dy
the single public officer, the Treasurer who was re-
oured 10 de post money in banks we have lost thou
sands and thousands; and no one knows better Than