Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-30

ccu,ire influence The second Bank o.the u. S. had
also twenty five directors one fifth oil WHOM were ap-
pointed BY the President but still eight Of those elect
ed by the stockholders must be gained over 10 the Co.
varnment in order TO Obtain majority As If for the
very purpose OF rendering this Bank mere Gorera.
ment machine which will work easily the number OF
directors has been reduced TO nine. do not say that
this the nenton aut such must be the inevitable
effect. When We consider that these nine directors
be permanently ,hlished here under The very
eve ci the Executive il must be admitted by all that
there never better coatrivance tor making ts
rotten borough political Bank, 10 b. used Tor MS
benefit and ut his pleasure throughout lhe ho.'
whenever occasion may require. Bu. nine soaFy Vi,
rec,ors, And what else, Onc.third Of these instead
of one fifth as Formerly, To be appointed ny H'e
President They will be has own depehoeht creatures
and directly under his own control In our iofher
Banks the directors received no salary IL was sup
nosed they would be men of business, owning stock
- tho institution who would give their time and
vices TO promote interest and thus TO benefit them
selves as well The community OF winch lhey were
members But this Bank the directors Will be sala
ried officers, and three of them may be dependent
for the bread which feeds their wives and their children,
on the will of the President of the u ). ii he can
obtain but two of the directors elected by the stock
holders, he will then have minority OF the Board
In this he will encounter difficulty wealth and
mower are ever ready 10 rush into each others arms;
and the Bank and the President will act IN harmonious
unison For these reasons, | most solemniy declare
that believe the proet OF Fiscal Bank, reported to
The Senate by the Secretary OF the treasury, Is the
very worst and dangerous exercise OF the power
claimed to create Bank which has been attempt
cd under this Government do not say that II is the
most unconstitutional; but this is only because there
can be no degrees of uncons'itu,'onality Viewing
The practical evils which would flow from such Trea
surv Bank, should it be called into existence, it de-
tes all comparison with any former Bank. am sorry
the Senator from Kentucky ever yielded his consent
10 il so far as he has done Let this city be the place
of its location and you make !, from necessity the
Bank of politicians, and not oil business men,
I'm the DAYS of jackson we have witnessed the en-
ceution. not the rule Then the money power arrayed
itself against the political power, and the struggle
tremendous. Nothing but the unexamPled personal
popularity Of this great man decided the contest IN hs
favor But these two powers will never again assume
= hostile attitude towards each other. Ii IS their
tua interest 10 cultivate the closest alliance Hence
forward, tie money power may play the part oil war
wick in setting up Kings; but It will never attempt TO
pull them down. 1t will always be the fast friend OF
the existing dynasty
Why, Sir, The very power which the Senator from
Kentucky has conferred upon the Secretary OF the
Treasury examine the accounts OF private lndvidu-
ais with the Bank far from bclnya restriction upon
il beneficial to the public, will only prove to be new
.ource Of Executive influence. This examination IS v
,ally confined to the Secretary Of his agent; because
The occasions will be extraordinary and Will scarcely
ever occur until the mischief has been actually done
when either House OF Congress or meeting OF Inc
stockholders will appoint committee tor the purpose
he alone will thus have it in his power to examine or
not To examine to conceal disclose the condition
of the Bank according to his pleasure Should there
he any thing wrong in this management, as rom us
very nature there must and Will be- what an huence
over the Bank this power VIII confer upon hh'
Whilst the power of examining private accounts is
virtually given to the Secretary alone, the socknoiue.
who is partner the concern, and perhaps interested
10 the whole amount Of his fortune, has neen eSeuo'u
from the exercise Of this right privilege WI not can
81,
,hs Senator's report and before | had examined his
BILL was disposed 10 admit that he had least intro
duced one excellent restriction, that OF Puocity' mo
his charter: but when discovered that TINS pubiiciy
wos i'm fact confined to the Secretary OF the treasury
whose daily associates Gin the groves OF the Capitol
will be the nine Bank Directors stationed N ms city,
1 was compelled 10 change my opinion then al once
decided that this restriction, like all the rest was one
in name and in name only.
If you will afford real publciiy-if you will make
known those interested, who are the borrowers from
the Bank and the amount borrowed BY each; whist
you thus nilict real injury upon It or upon any OF
lis honest and solvent customers, you VIII impose
most saaary restriction upon It's operations The true
condition of Bank can never be ascerained except
from the character and circumstances o the men VINO
have borrowed its money. To exclude the n"c-hod.
or, and the stockholders from this knowledge, and 10
constitute the Secretary of the Treasury, who may
have interest in the pecunary condition OF the Bank
its sole examiner, will IN practice prove 10 oe no EN-
Gent restriction whatever Had real publicity been
REQUIRED under the charter of the late Bank, i would
have saved thousands II widows and orphans IRON De-
ing ruined by its Encouragement
Now Sir, wha, power will these nine directors one
third of whom will be linz dependent creatures OF the
President exercise: Within the broad limits OF the
charter their will is law. They establish branches
where they please, and them when they think
proper. On them is conferred The patronage oil ap
pointing all the directors and all the other officers OF
all the branches throughout the whole extent OF the
Rat all hIs
thing compared with the power which IS claimed Tor
the Bank by lis friends. If this exist, these nine wash
inrton city directors will possess the power TO make
money plenty make money scarce, over the whole
land; the power to make rich to-day and poor to-
morrow; and the power, by expanding or contracting
their issues raise to depress the OF real ana
personal throughout the Union These are pow
ers which safely be entrusted to any directory
of mortal men; especially to men who must, from the
nature of their condition, be partisan politicians Sir,
If YOU desire that these vast powers shall be exercised
with any regard TO the safety OF the people, you VIII
do as your fathers have done before you you will place
this Bank at Philadelphia or New YORK; and put II
under the control Ct practical merchants, and men
of business and not IN this city, under the control OF
these nine pensioned directors If this be the seat OF
Bank power, whenever panic IN the money market
may become necessary TO accomplish political oo-
iect a panic will be created Whenever, IN order TO
effect any purpose, il may become necessary TO con-
vince US, that the most miserable ard Cypress
ed people upon the face of the earth these nine drec-
tors will be at hand to turn the screw /" the proper
point of agony. On The other hand, when the Ptes-
dent may desire to satisfy the people, before an cleo
lion of the bene olence and wisdom Of his Admnisra
,ion-a case which may long occur-the screws
will then be removed from the patent-paper money
will then be issued in loods-a fictitious prosperity wi
persade The whole land, and from the groves OF the
Capitol the exclamation will spread over the whole
Union: "I.o. how prosperous and happy our Govern
me mt makes as. think, then, have established The
position tina, this will be Government Bank to all m
tents and purposes, IN regard to the controlling lnhu
ence which the Executive will exercise over ITS direct
What strange mutations do We witness IN the con-
duct Of public men, even within the brief space of one
or two years. | very we'll remember that the DUSTIN
guished Senator from Kentucky delivered speech
here of two or three hours in length and was one
his able and eloquent efforts, 10 prove that the In
drpendent Treasury would be nothing more nor les:
Than Government Bank. | shall never forget the t.
lie nnse OF this speech: Upon il the heads OF his argn