Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-16

brighter, and will continue 10 do SO long human
rights prevail Speaking Of making money plenty ant
masking il scarce, MIR Jefferson tells what lie had learn
cd from his friend Brown. lie says:
s'Alr Brown tells he has II from merchant here
mat during the last winter, &c. Here he quoted the
DOCK, showing how the cuntractIoms and expansions
were made ssMen made fortunes in sixty or ninety
daJs-contraciions made by the directors that
.hey and their friends might buy -then expansions,
that they might sell out"
Tbs reminded Mr.. &. Of rotaire, writing fron,
feTnay, Two hundred miles from PARIS, in his own
beautiful and simple language
u have friend in Paris who writes to when
mere IL a BANK contraction. | then buy in socas
ana he writes when there expansion then sell
out, and thus make n fortune sitting IN my chair
Now, Sir said Mr.. B., that which yc.aire did for
himself want to do for The people of this Union bv
tins amendment. want them 10 have Il friend to tell
them when TO Luy and when 10 sell bnt 10 simplify
the operation and reach every man. want il To be pub.
Iishrd in the gczrtcs Of tn" country. want the world
10 know when this great Fiac going to change the
prices Of labor and every thing else, that all mag be
prepared &c.
Mr. Walker read table of expansions AMI cor
fractions Of The late Bank Of the IT, States In speak
ing Of the tremendous powers that would be exerc srd
or Contracting the crecy b. Their orders Mr. Wal
kcr read the table OF discounts by the late Bank Of The
United States as returned by the Bank itself. Omit
ting fractions, The expansions were as follows: from
lcl1 10 ISIS SIS 900 co., contractions from ISIS 10
lSig st Gj, G00 from lc9 to lc20, S4OWl,Ota; from
le2u TO !al II 010O ou: from I-2l 10 I-22, S20oo,
600: expansions lc22 to lc25, $4,000; ls23 10 lo2l
3 nGU. 100; contraction lc2i u leo, 0Oo; ex-
pansion from l-23 10 l-26 S2Uo0,OOO: contraction
from l,a6 to le27 81. $4,000; expansions from lc21
10 les .,5, coo 900 from c2S lc2l, S6,GOO,hhO,
from l-2g 10 Io'O, 81 .0U0.GnO; from l7@D TO ISL,
81 000,OUO: from 1851 to 1872 $22 ,2Gl coo Mark,
said Mr. Walker, the expansion from ISL TO le:i2
the year The Bank applied for rfchartcr, It plunged
nt'
than twenty Two millions ol dollars Now the actual
circulating medium Of the country IS the standard 0!
value and priccs-prccs or foil as that medium Is
increased or diminished, winch done at pleasure By
the uncontrolled orders, Mr.. Walker called them,
the British orders council 81 N!S central board Now
this board thus, by these orders, exercises much
greater control The industry, property and bust
ness Of the Country, than both Houses OF Congress
This board will lay tariffs money at their pleasure,
or take off, hlr Walker sad the total wealth oil the
nation estimated ut twenty thousand millions oil
dollars and if contraction affected the price Of th's
whole property ten per cent, il would make sinking
II ts price Of y.n thousand millions Of dollars, and al
me per cent would amountln year to two hundred
millions Of dolars--and shall these orders be kept Sc
crct permitting these directors 10 realize East India
fortunes every year:
Mr.. Walker proposed an amendment restricting the
directors Of The branch banks in the power now lett
with them in the charter OF lending much to them.
selves as they pleased, and 10 members OF Congress
He showed that the liabilities Of Bank directories Of
New Orleans being l7O in number, amounted 10 seven
teen millions. The directories oil the states OF Lonsl'
ana and Mississippi amounted to = millions. ms
alto in these States would bring II 10 fifty millions,
il extended to all tie banks Of the Union, aud would
infer The astounding fact that bank directors welded
for their own bcneh;, one-iourth o inc "hoic oah"s
capital of the Union.
Hlr. woodbury. referred 20 'he report ~ ar s't'
nov Presidency Showing, that by the loans 70 di.ec
tors Of ;ac board 8. Baltimore, more than the #h"f
capital Of ,!;c ha:ch cone ana nan mlliohs) WIS
used up by then III The course OF iour years; nc
pointed 10 Two notes d directors WHO" "1''
nliiiinh' . 49,; 5;oo,or.
w ~ 80 " ~ ~ IL, ~, ,,,rL members
l'ars III ~" o. sa'af'es, iie "0uu ~. hs, ~
oi congress as u""ofu's :" -,
rrinsih. the"' '''hs w "'u " 49,, ,,..-. ),
. ~ "ou"pui! P "' ~ 80 hnnl-od tbous,nd
baltimore ""'I"'' '''e ] ,I - 80 ,;Ilio,
dollars ont OF Inc o!ahcn' w''ose '"l''"' -" ~ '0
five hundred thousand dollars.
VIZ a1"'' VIII -. ,l 49,, .xi,d. ,he,, i, III,
bers Of congress. ne """'" NJ ~ ,,' H., ;.
4 o""'"he ""," "l ~ - 49, 7,.
elevate mem ao''c "e'"@"'o9 -. -, !, a., on
Mf. h'"g .! .i'a'a''. Wa ~. ,aIo,;,,on IN ~
-. ,n,. ,be mos, ,pnor,ant proposi,ion
otaer s'oe " ae'as' NY way '''Oo
suon'',.". =, could too ho,ah, IN Tho amend
W. 80 ca,, M,ss;s.,n; Md nat done So
-, " 80, 49,. e. !,
~ ,;aa i.ro,ho- Go,, tho Senator from Ken
,L alr CLAW, N regard TO the effect of the selfde
,,l ,rh,cb uonld induce members 10 exclude them
Iys rn,n ,he nriyil.re Of borrowing from the Bank
The members Of this Congress were about to create
,ast source Of accommodation and emolument. They
wee forbidden BY the Constitution t. receive en!o!u
,s ~ ~ Office created h. them wear its honors,
- axscu,a ts mowers. because these considerations
m;sh, influence members 10 establish places of power
rmoumv"t from ..h %"rrs, 'ans' ''a r"D
lie CONSIDERATIONS - 'ne' ie ,,i md ,h., ron
which placed millions at r''r I'sposa 49,, az" II ,t
senrd 10 receive tfen'' Wo9'o ''' ,''e I'M, !,
could be held a badge Of disgrace t'at meNhoeis =,
Congress-. while establishing the greatest ionn'an oi
sordd influence ever known 10 The country, should o.
the spirit Of the and n GS ."on d som
lie nputation Of Deing influenced b. expected accom-
mediation from the Bank. There was sniilcent room
for suspicion Tie ability the barking interest 70
BRING donceurs 10 operate on those 'h,y co.," NM
cncr During The struggle Of the .a,s ba"3 'or new
charter, he knew many members OF o"nets' "'i1 "'
received ,ra,nodatnns from u "hch .''e5 cur" ~
repay IN kind, and they became active aoe'e"'s v ~
,s,,iu,ion lie would shut the door upon acc'hliho
datlnns - h:eHio'i' = ,r,io, ,r tho LoGv
least, excioae 'hc SusP'e''" =. -! a, do,,caur