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

Ircnder bank OF discount-when the banking caPlta
Of the country was SO large-expedent-even were 1t
constitutional
3. That such Bank this, so loosely guarded, and
so badly loca,ed-so lll.tlmed and unnecessarymwas
not proper however Bank may have heen in 1871, or
| ISl6 The Supreme Court had only decided that a
Bank was constitutional ut any me and IN any form,
if first found to be necessary and proper by Congress
j. That experience in the last years had shown
that National Bank not necessary as fiscal
AGENT because our fiscal operations had been safely
and promptly conducted without such a Bank.
| d That Government should not embark IN trade or
banking and, especially, oa borrowed money 1t was
psltry and Ill Judged, and Improbable. But it should
make merely fiscal agent, with no powers Or iunc-
tons not necessary TO mere pubic objects
| G. That the community and the Government were
both safer if the former not borrowers IRON Inc
public Treasury and the latter were not dependant
Tor their dcpnses and daily means on the caprice and
spcculaons of Bank Directors and Stockholders
T. That National Bank Of discount could not I'M
prove or eQuaze crehanses, without costing as mnch
to the community in SOME way as exchanges oiu now,
And that the exchanges were mercantile inaiers anu
should be left merchants brokers' and bankers ahu
were as cheap with them, with the Bank; ana u
high they corrected our trading and our Indebtedness
ana were and should be, charged to the SPECTATORS,
and would be- whether done with or without banks
: That a National Bank would not add to the cur
rency beyond ten millions in one hundred mliohs "
pauer. and even that no better than State BANK
,p,ad =, Now York and its notes made receivable for
public dues ,,.a
O. That the capital too large II any was allowed,
nIevs il was made sufficient to control and root out all
STATE hanks or be 800 600 900 instead OF 3OO0uooo,
and then nobody could check or manage IT, 1al,atin
and Appleton say ten fifteen millions are enough LOT
a fiscal agent. : -, ,r.
:, roo, check and control the bad banks till all re-
- ~ ,;rJ nm The States must take hold of their
own hon first or there will be permanent relief
The Spb Treasury checks now as much as tins BANK
would Ia
IL A National Bank, instead Of giving relief by
ssenng debt increases sixteen millions. Inc damn
; of England is in capital, all 1o'efhneh. 1eol
ran, ,acrassaa and overwhelming. always tnlows u
its tram. -
70 A National Bank of discount will not add to the
real capital of the country, but increase our issues IL
place and contractons IN others, and consequent
upgravaton of existing evils.
IA National Bank abroad we'll in the u. S
with power TO discount and circulate bills presumed
to be- by the best writer's and the soundes reasone rs
injurious to the peope-ruining more often than bene
, 6ttinr-and should be secuted from the Government
, and IFS fiscal machinery.
H. He said public Bank for public Department
was like Sub-Treasury act, liable TO repeal, and HI
was thus instructed and should thus vote: this being
!, such Bank.
This was legal and not sedltious-peaceful and no
vioent--and let those who embark capital in such
Joint stock trading concern with the Government take
earning.
Is ii such mammoth Bank went into operation
which he doubted-it would and must be resisted by tho
Democracy. 1t was an avowed party Bank and mus
take the fate Of party measures
The chairman preached repoSe repose, as IT we were
TO lick the hand that sm,es US, and Hndoo
to be overloaded with taxes-grealer pense-anc
large national debts without resistance. lie would fine
&, himself mistaken.