Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-18
(From IL .,lr York Erenins post. J

There are person who say, when they speak of the
late explosion OF the Philadelphia Bank. that all this
shows "the necessity Of regulator of the currency
What is meant by this phrase, "regulator OF the cur
.ency: If it has any rational Specification, II must
mean power of coercing the banks, checking the ex-
cess Of credit, and compelling those institutions which
cannot pay 10 stop business altogether
Well, we may have such regulator # we will adopt
the scheme Of including corporations in general bank
rupt law Such a law will keep the paper currency
at par from one end of the Union TO the other. II
will hold the banks in wholesome check throughout
the whole country, by compelling them to transact bu-
sness with extreme caution, and with constant re-
ference the danger of being ovcrakcn and wound up
by the law.
Again: we may have such regulator if we allow
the independent Treasury scheme 10 be fully carried
into execution. When the entire income OF the Co.
yernment comes to be paid in coin, it will restrain the
extravagances Of the banks by constant demand Tor
SPECIE and will lead to state OF things IN which the
people will not tolerate for moment the idea oil lbe
ban ks stopping payment. The mercantile community
then have specie, and The banks MUST pay Iheif
notes as the condition Of their existence.
In the third place, we may have such regulator II
the Legislatures of the States will but do their duty
and compel the banks TO make good their promises
Nothing but this is wanted, TO make the currency UNI
form throughout the country.
Here are three methods by which the currency may
be CIRCULATED it is called, that IS by which bank
ING corporations be made to pay their debts, all oil
them, in our Judgment ctieciua But we want, say
some, National Bank For what What can be
done by National Bank towards reforming the cur
rency. more than can be done by the three methods
we have mentioned: National Bank can purity
the currency only by breaking up the State Banks
which issue deprecated notes. 1t must make war
upon them al once drive them out OF The money mar
ket, wind them up, destroy them, and displace then
notes by others equivalent 10 specie or else you nave
no reform of the currency All these effects may be
attained bv 4 General banrup. law applicable 10 cor
pora,ions or Uy the Independent Treasury law, when
It's final provisions 90 into effect; or by The legislatures
of the States doing their duty with more regard 10 Tie
interest of the people than 10 the interests OF corpora
tons
Suppose new National Bank should accomplish
this change b. destroying the immense brood oil state
Banks in Pennsylvania and other States which DO mol
pay specie you have then institution fastened upon
you which will reproduce the very evil 1t was crea
ted TO remedy. Your National Bank will go on, like
other Banks created under American system Of
BANKING, to expand its credits, encouraging the sP
rt Of speculation, anu encouraged by 1t IN turn 10
commit greater extrayagances, until the usual reac'
ton arises, turns upon the Bank, and compes II
to stop paynent. You get rid of the little broken
Banks. and in their place you have q great brokon
Bank. which you have endued with power that sou
will find hard to take away. This has happened al
ready and will happen again You will realize The Ia
Bile of the horse who took the hunter upon his back 10
make upon the stag and alter having obtained the
victory found himself after the slave OF his rider
The oeoplc will not be content with broken banks tor
their masters whether they be few or many. II IS Tor
tunate for this country that when public opinion be-
comes strong and loud venai and corrupt egsia
lures are oyerrwed and submit to do It's wi-else We
minht fear that at length the people would try another
and less peaceab!e method of reforming the currency
that of pulling down the delinquent banks and wind
ing up their affairs BY shorter process than that OF the