Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-30

With the view Of calling their attention TO them, ana
shedding light upon both we have published MT. AZ
lens Speech Dstribution-and shall follow II up
with MIR Wright we shall lay before our read
ers an excellent Dialogue, from the pen of Vrgnan,
giving the true character and the mschevous conse,
1uences of n National Bank. We shall be compelled
10 break this Dialogue into detachments Dut we most
earnestly recommend it to the attention oil the fupc.
Who can read the facts here set fortt-who can e1a
mine the insuperable constitutional objections, wien
are urged against such Institution; or can trace tue
abuses the p Bank Of the L. s. which have Just trans
PRED since the Dialogue was wrllten,) without paus
ing on the establishment of The mammoth Bank into
which Aessrs. Clay, Webster & Co. are anxious 10
plunge the country, at the Extra Session
Dialogue Je,ccen MAsslsc, Merchant, and Mason,
Farmer, al tie house Of the latter in The country, on
the Isl Of March, 1Sil.
We our ancestors preserve entire those rights which
they have delivered to our care We owe IL 70 our o'
-HdRning.-G0od morning. | have called 10 see you,
and to let you know that shall this Spring purchase
larger assortment of goods than ever, and that VIII
be happy TO furnish what you will need Tor youfse
and family.
For the last twelve years the times have been hard,
but thanks the Wings, hard times about TO va.
nsh, and money will be very abundant and will
so continue permanently. General Harrison and his
friends will speedily establish Bank of the u 5, and
then you will get higher prices for your tobacco and
wheat than you ever did and consequently will be able
to buy more goods of me. | know You voted against
Harrison last Fall, but am sure you will support his
Administrations if he does what is right
.Nason-If Gen. Harrison does what is RI ght will
support his administration, but there is no probability
of his acting in such to entitle him TO my
support, that Of my political friends. have many
objections TO him politician, but need not now
state them. lie the candidate Of the party friend
" TO Bank Of the u S. and the signs are suicient
to show, that the Wings will endeavor to create
Bank with capital larger than that of the old one
And as for the times to which you have referred,
have 10 inform YOU that for the last twelve years
have obtained better prices for my tobacco and wheat
than ever did during any other twelve years OF my
life.
.uanninr.-But when the new Bank is established,
money will be more plentiful, and you will obtain
still higher prices National Bank is wanted for
the Government, wanted by the people, and we can
not prosper or thrive without one. am little over
thirty years of age, and though cannot speak OF my
own knowledge, have heard there complaint
about hard times or scarcity Of money from the crea-
ton of the Bank in 1cl6, until Gen. Jackson went
into the Presidency have also heard, that as soon
as the National Bank went into operation, conractIons
Of the currency, and irregularities in the domestic ex-
changes ceased altogether. SO wisely was the BANK
SO many the benefits and blessings
which il dispensed, that cannot but feel astonshcd
that you should persist in opposing the establishment
oil n new one.
.uuson-You have been entirely msinformed as to
the state Of the currency and the times from $780, 10
presidential chair. lfyou willing to hear will
rive YOU evidence upon which, Think you may con-
iidenily rely, and which will perhaps convince you OF
your error.
.Uanning-I will listen to you with pleasure. ! am
willing TO follow truth wherever It may lead me.
know your mparality, and II am III error, Shall ue
glad TO be corrected.
asou-Your patience will be put TO the test, but as
YOU desire information, will not withhold it.
.Nanning-Give me information, and will listen 10
you with all the patience Of Job should like 10 hear
sometime from the officers Of the National Bank, be-
cause they had no prejudice against il, and their OPP
por,unes of acquirng intimate knowledge oil The
bank were greater than those possessed by many
others After these, then would be glad 10 hear the
opinions of the politicians.
uoson-Ycry we'll Langdon Cheves Pres
dent Of the Bank of the IT, s. before MIR. Nicholas Bid
die was and in the exposition of the state OF the bank
drawn up by Mr. Cheyes and laid before the stockhold
crs he said: :,
"The institution commenced active banking opera.
tons about the LIST January, 1917 and IN the course OF
the year established eighteen branches. The
bank immediately on IFS commencement did very e1-
tans;vp business imported vast sums OF Specie pad lis
notes and those of the Offices, without reference TO the
places where they were payable, at the bank &C
/. : The result was,
b, the Bank and the great Northern Offices were drain
ed of their capital, and on The aoth 1uy iclo, only
c;uheen months after the institution began It's opera
ton, il was obliged TO commence rapid and hcdry
curtoJ,neut The business Of The Bank and It's Offices
Durnu all this tme it had the advantage OF immense
Government deposites. At the moment that curtail-
mens we're ordered the Government deposites in the
Rank and IFS branches, including the dePosites opublic
officers. amounted 10 eight millions of dollars, and
,bev had been larger at preceding periods Curtail-
rents were ordered from time 10 time at the South
ern and Western Offices, TO the amount or three mi
lion sir hundred thousand dollars and upwards, be-
,,n tho Goth of July, 1918, and the LIST of April,
tall Offices oil
Naw York and Boston, because there was no room for
h ,ot necessity Obliged them 10 reduce their busI-
naas verv much The curailments at all points, with
in the above mentioned dates being eight months were
six millions five hundred and thirty thousand dollars.
Yet ,rer these immense and rapid curtalmens, The
no.i sensible and vital points philadelphia, New York
and Boson) were infinitely in worse condition than
when the remedy devised Inc specie
in the ynus of the bank at the close Of the day on
the Isl Of April 1919, only l26, 40 dollars - Genus,
and the bank owed tho city banks, deductng balances
dino n it. an aggregate balance of 1921 dellars ~
conts II true there were in the mint 26 97S dollars
nd IN translu from Kentucky and Ohio, over land,
30 600 dollars but the treasury dividends were paya-
HE on that day the amount of near o0000O dollars,
and there remained the close of the day more than
ono half Of the sum subject to draft and the greater
nort IF the sum which had been drawn during the
dav remained charge npon the bank, in the shape
IF temporary deposites, which were almost imHe-
diatsly withdrawn. Accordingly, on the 9Th OF the
same month, the bank had in its vaults but 'i,o2s
dollars, and owed 10 the city banks balance o, OF
I9G,lls dollars Exceeding the specie in its vaults
l2l sos dollars. 1t must again be remarked, that !,
had vet the sum before mentioned in the mint, as wen
az the sum in transitu from Ohio and Kentucky; this
last 10000 dollars arrived very s Ths San{
IN his situation, the office at New York was little bet
ter, and the Office at Boston great deal worse, Al
the same time the Bank owed to Barring, BrolEefs ~
"a. and Thomas Wilson a. Co., nearly 9ooooo DOL.
lars, which it was bound to pay Immediately and
which was equivalent TO charge upon IT'S vaults 10
that amount 1t had including The notes oil the olices
! circulation of six millions of dollars to meet 10
which were to be added the demands OF aepos,'ots
called forth every disposablc dollar, and there
created demands the Bank .aa 70.
FL sums which were collected daily on account
# the revenue, in branch paper, were demandabe
he next day in Philadelphia, and at the same time
# every Office of the establishment, at the dlscre-
ion of the officers of the Government The revenue
was principally paid in branch paper, as well at B0s
an and New York as at Philadelphia and while the
I,ties were thus paid at counter in branch pa