Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-04

break the new Bank by drawing every cent OF It's specie
These exclusives whether solvent or nsolvcnt, permit
new poachers upon their manors, without making iher
pay heavy penalty. But should MIR Bidde permit TN
new poacher to hunt game throughout its charter, ha
would he the amount Of debts due TO the Bank at III
expiration Of twenty.one years: will not attempt
calculate it, but shall content myself by giving IL US M
opinion, that If its interest as 1t accrurs Is annual
loaned either by individual or company OF STOCK
holders, The privileged gentleman towarcs the close
the charter could not find solvent borrowers IN Eur"p
and America wish the reader to bear IN NINA, ina
we have at this time about three hundred niiions
banking capital in the U. States.
/ 1t may be thought by some that MIR. Bidde coul'
collect all his debts at the end Of his charter III specie
rs there have been notes issued Of less denomna
lion t.an one hundred dollars and therefore, oil heces
sty, there would be great DE- al of specie IN the and
Of the people which his debtors could command
answer, that necessity, mud nothing but necessity
could keep gold and silver, where there is bare cur
rency made 10 supplant it, and, that MIR. sB'ddl'
through his debtors could III sixty three days. nin1nt
the whole of il. There would indeed, be away'
enough at the seat of privilege and concentrated
rnde hut at distance from it, there would always b.
such scarcity TO produce great oppression upon
those who are not The daily habit Of handling large
sums of money. The notes beng the lighter article
will be sought for at a distance from the Bank, ant
must certainly suppant The specie. Topermlt Bant
to issue dollar notes, | admit, would Danish more
of the specie, bnt cannot possibly conceive what al
4
bred dollars either to the community or the Bunk, m
less The Bank wished Ia violate her charter BY lending
nut her specie capital, and ISSUING many more no'r'
than she is authorized 10 issue. In which case, she
would be enabled IT, thousand dollar notes, instead
Of hundred dollar notes, knowing that if demand IS
made upon her for specie TO export, she could com
mnnd what specie there in the country. Two or
three such demands upon the Bank for specie, would
produce excessive distress among ninety hun
dredlhs Of the community, no matter hn" many thou
sand dollar notes in circulation. Here again are
the two currpnces-thousnnd dollar notes Tor ne
British Bank fiction gentry, and dollars Of any sort
for other people.
1t is a mistake, that France, as suppose, nc
qnircd her six hundred millions o dollars of specie ny
limiting her lowest issue Of notes 10 five hundred francs:
She acquired the specie before she entered upon the
paper ysicn, and she is now losing her Specie or Tie
world is turning backwards.
| shall be told, that thus concentration Of trade,
caused by the privilege granted TO Mr. Bdde, can u"
cunntcracrd by extending n similar privilege To ano-
thcr. Well, wall examine the subject IN ihat point
of view We will suppose, thar MIR. Bddir has adopt
3D. for tho seat of cDnccntratinn some place nj The
North and has Obtain a renewal oil his cllartcr-wt
WILL therefore, select some gentleman OF base currency
celebrity the South, and, AZ know Of none better en-
titled than the Alexander Hamilton of the South, (as
some of his admirers pleased 10 term himl we VIII
bcs;ow upon him an exclusive privilege I" mannilc-
currency out If paper. nr the Snnlll 10 give MI
Hamilton small apital, would place Inn III the cond.
ton Of mouse that has been taken by cat and carried
away from It's hiding places and played with until puss
has coaxed appetite and then devoured SO we VIII
give him capital of hundred millions, winch we
allow him to have in his brooches pocket and need not
Cypress the community BY concentrating the specie oil
the country through the hands of subscribers OF Stocks
or otherwise.
Let us first take glance at the nature Of this rivalry
we have established for rivalry il must be, MS two m
s;uons of such distinct interests can never act with
concert as it regards each other; and as Mr. Biddle
shall show, would not give up the advantages lie has
over Mr.. Hamilton.
II | were examining into the political influence OF
these institutions, should endeayor 10 prove, u both
succeeded that there would be two az distinct Govern
in the country, as at present EXISTS between
England and France, but shall conlne myself to mo-
nry matters. :,
in the first place, dsnteresed persons may well en-
qurc, what Is the community to gam by ihis Struggle
for monopoly Of trade3 Why should Mr.. Hamilton
ruin Mr. Bidde's monopoly any more than Mr. BG-
die should ruin Mr.. Iiamiltons monopoly Of,
why should either both these gentlemen DC en-
dowed with privileges that would rum Tie trace OF
all other people and places These quersts will be I'M
mediaiely answered by the privileged gentlemen that
they will establish branches agencies every where
to oblge them. | answer, No, no, no. we are 100
wise for that. What, grant charters for these pr-
vcges 10 one two more places TO concentrate trace
to contract and expand currency, to keep secret their
transactions, and then allow them 10 put branch or
object? clump Of these privileges having the same
object and interest concentrate trade can play the
mother well enough, without irving single one the
power to legally orders to contract ana eXpanu AZ
such times best suit the mothers interest AS
a military man, | should say, to allow one OF these
agencies to among you, IS as bad as To permit .e
enemy to erect a garrison within your own lines The
Gree an horse within the walls Of Trey was not more
fatal
will now take view Of the state of things that
must exist al the time Mr. Hamilton puts his privilege
into operation.
We will give 10 MIR. Hamiton's section OF the coun-
,ry one half of Mr.. Bidde's circuation-say seventy
millions of dollars, or else he will be in very bad way
in the very beginning but we must also tax MI,
Hamil,ons section of the country, with ONE hall q"
the debts due to Mr.. Bddle, or, what IS the same
hnu due To his debtors al and his port-say two
hundred and fifty millions Of dollars This sun, al
least through the hands Of agents, partners, ana "'t
merchants, manufacturers and sptcula'ors, must w
due 10 the exclusive manufacturer of paper currency
for ,wcnty-one years-as for that length OF time, ihe
cry at The South has been that nothing can be done LOT
tho van, of Northern capital.
1t must be borne in mind, that MIR Biddle's notes
have all along because other pnahlrnrss prem anof
par with specie the South, aud now that Mr. iami'
ion puts into circulation three bundled millions "l DOL
lars of his basp currency, the advance upon Mr.. bd
die notes will be- Tar from falling Mr. B'ddle has u
in his power 10 say al what rate OF sc"unt he VIII "
criyr Mr.. IIamllons notes from his debtors: ~ he
fixes The discount very hin, ne WIN iuhtoi"o'J "-
ali his own notes from The South to their home, nn0
when they are exhausted, tie Southern partners
and debtors must draw Mr. flantnns specie WIN ms
own notes, and bring them 10 Mr. Bidde, which wonld
break Mr. Hamton's Rank in very short tune. 'n'
this Mr. Bdle would not dc as puSs has now got tue
raj from his hiding places, sh may toy with 'in long
time, both for profit and amusement 10 act wisely
Mr. Bdd!e would fix the rate OF discount nj ABOUT Us
much below our honest currency as hs notes were
above, and thus Womb cause his own nnfs a, The
South to come upon him gradually, some OF Mr. Ham
on' specie, AMI great many of Mr.. Hamilton notes
These notes having received at discount MIR. B'ddi'
would draw Tor himself upon Mr. Hamilton specie IL ~
true, Mr. Biddle might send Mr.. Hamton's notes back
the South where they at par, and enter INTO com
petition tolprably fair terms with Mr.. Hamilton
debtors who are now nrang the Southern trade,
by purchasing Southern prodnctons bnt he would bt
violating his charter, when he could do better hn
sinrss another way.-No Banker should enter int"
trade unless he wishes to put into circulation ms
nsolvcn notes, that he may realize something pre-
paratory 10 an utter failure As il would not he con-
sidered the most gen,er mode of banking, shall moi
count the prof. Mr.. Biddc might make by lending Mr..
Hampns notes To his customers nea. 10 man, VINO are
engaged in the Southern irade and requiring the aus